Viewing Homes

What should I look for when viewing a home?

You pull up to the curb and there it is - the home of your dreams.

Calm down. Take a deep breath and start again. The hardest thing to do when looking for a home is to remain objective. It is easy to fall in love with a home's appearance, but it's very important to look beyond the window dressing.

Here are some things to consider when looking at a home:

General upkeep

First appearances do count. Is the home dirty and cluttered? Are the lawns uncut? Are the walls chipped and in need of paint? If the owner hasn't bothered to keep the house looking clean and attractive, what problems are lurking below the surface?

Water leaks

Water can do a lot of damage to a home. It rots wood, undermines foundations, and leads to mould and mildew. reshingling a house, or repairing a cracked foundation to stop water leaks, can be extremely expensive.

It takes an expert eye to find most water leaks (which is why we recommend you have a house inspected before you buy). If you spot stains, bulges and other signs of water damage on ceilings or walls, make special note that there could be a problem.

Appliances and fixtures

Test the lights, faucets, toilets, furnace, air conditioning, and all major appliances that are to be included with the home. Make sure everything is working as it should.

Floors

Floors should be smooth, even, and solid. Soft springy sections, excessive squeaking, and unevenness are all indications that expensive repairs may be needed.

Doors and windows

Check that doors and windows fit snugly and operate smoothly. Look for flaked paint and loose caulking. Check for drafts.

Drainage

Walk around the yard looking for areas where water might collect. Soggy areas near the foundation indicate poor drainage.

Grout and caulking

If the grout and caulking around bathroom and kitchen tiles are loose and crumbling, there is a good chance water is finding its way into the wall or under the floor.

Structural

Look for deep cracks in the foundations or loose mortar and bricks.

Furnishings

If you are not planning to replace all of your furniture (and not many people are), make sure it will fit into the rooms of the new house. Be sure to bring a measuring tape. Rooms can be deceptive.

Storage space

Make sure your new house has enough storage space for all your belongings. And that means more than just your clothes. Think of all the things that need to find a home – tools, gardening equipment, old toys, sports equipment, and all those wedding presents that are still in their original boxes. Check the size of the closets, the attic, the basement, and the garage. Rule of thumb: there's never enough storage space.

Inspection

You should take a long hard look at a house before you put in an offer to protect yourself from disappointment down the road. But, nothing can replace the expert opinion of a qualified home inspector. Inspectors can spot problems that the average person would never find and they can usually advise you on how much it will cost to make the repairs. A home inspection can help you determine whether or not you are going to make an offer on a house, and if you decide to go ahead, just how much that offer is going to be.

Purchasing

What do I do when I've found a home I'm interested in?

Once you have found the home that suits you best, it's time to make an offer.

Deciding what to offer is one of the most difficult decisions to make. Offer too little and you stand a chance of losing the house (particularly in a seller's market). On the other hand, nobody wants to pay more for something than it's worth.

I can assist you by showing you what comparable houses are selling for, helping you assess the condition of the house, and judging the type of competition you may face. Once you have decided on the price you are prepared to offer, the Realtor will draft the offer and explain the details to you.

I will communicate the offer, sometimes known as an Offer to Purchase (a legal document specifying the offers terms and conditions) to the seller, or the seller's representative, on your behalf.

The offer can be firm or conditional.

Firm Offer to Purchase: usually preferable to the seller, because it means that you are prepared to purchase the home without any conditions. If the offer is accepted, the home is yours.

Conditional Offer to Purchase: means that you have placed one or more conditions on the purchase, such as subject to home inspection, subject to financing, or subject to the sale of the buyer's e

Negotiating

What happens to my offer to purchase after it is drafted?

Your offer to purchase will be presented to the seller as soon as possible after it is drafted. The seller can accept your offer, reject your offer, or make a counter offer.

Acceptance

An accepted offer means the seller has agreed to all the terms and conditions exactly as set forth in your offer to purchase.

Rejection

A rejected offer means the seller did not agree with any of the terms and conditions set forth in your offer to purchase.

Counter offer

A counter offer means the seller agrees with some of the terms and conditions of your offer, but not all of them.

The seller then makes a counter offer. The counter offer may change the price, the closing date, or add or delete conditions.

Once you have received a counter offer you have two choices. You can accept the new terms and conditions or reject them. If you reject them, you can choose to start the whole process over again.

Closing

What does the term closing mean?

Closing refers to the preparation for the transfer of ownership of a property from the seller to the buyer.

There is no standard method for closing. In some places, "round table" closings bring all parties together at the closing table. In other areas, buyers and sellers complete the process through separate, individual appointments with their lawyer.

I will tell you what is customary in your area and help lead you through the process.

Closing Day
        This is the day you officially become a New Home Owner!

What to expect on Closing Day

Typically, you visit your lawyer's office to review and sign documents relating to the mortgage, the property you are buying, the ownership of the property, and the conditions of the purchase. Your lawyer will also ask you to bring a certified cheque to cover the closing costs and any other outstanding costs.

Once the mortgage and the deed for the property are officially recorded, you become the official owner of the property and your lawyer will call you to pick up the keys to your new home.

Closing Costs

When you buy a home, you will be asked for a down payment, usually between 5 and 25% of the total price of the property. You might also have a number of other fees and expenses to pay.

Some of the most common expenses are listed below. These expenses may vary, depending on your area:

Discerning Property Value

How is the market value of my property determined?

The market sets the price. I will help you set a realistic price to match market conditions.
I will give you a comparative market analysis based on similar homes in your area. It will show current listings, recent sales, and expired listings (a good thing to check because these houses are usually either overpriced or poorly marketed).
I will help you develop a competitive price based on:

• Location
• Size
• Style
• Condition
• Community amenities
• Financing options
• Market conditions (Is it a buyer's or a seller's market?)

Remember: The market determines price. Avoid the urge to price your home based on considerations that do not affect its market value. For example, the following do not affect the market value for your property:

• How much you need to purchase your next home
• How much you paid
• How much you spent on improvements
• The value of a similar home in a different community
• The cost to build the same home today
• Your personal attachment to your home (Yes, it's your house and you're proud of it, but this makes no difference to potential buyers.)

Market Analysis

How will the market affect my sale?

How much you sell your house for, and how quickly you sell, depends on local market conditions:

• Buyer's market – More homes on the market than buyers. Lots of competition from other sellers. Prices drop. Houses take longer to sell
• Seller's market – Lots of buyers. Not that many houses for sale. Prices increase. Homes sell quickly (just the market you want)
• Balanced market – Sellers accept reasonable offers. Homes sell within an acceptable time period. Prices are generally stable

Importance of Pricing

Why is listing my property at market value so important?

A realistic competitive price means:

1. Your property will sell faster. People don't bother looking at over-priced homes.
2. Your home doesn't lose its "marketability."
3. Offers are higher when a property is closer to market value.
4. A well-priced property can generate competing offers.
5. Realtors will be more willing to present your property to buyers (and be more enthusiastic when they do so).
   

Pre-listing Preparation

How can I prepare my property for listing?

Look at your home with the eyes of a potential buyer. What's your first impression? What needs to be cleaned, painted, repaired, or tossed out to make your house as attractive as possible?

A small investment in repairs, decoration, and organization can add thousands of dollars to your property value.

Interior Preparation

What should I do to the interior of my property, before I list it for sale?

Every room should look as spacious, bright, and warm as possible.

• Wash walls, ceilings, and trim. Consider painting with light, neutral colours. Repair cracks.
• Tighten loose knobs, towel racks, switch plates, and outlet covers.
• Fix tight doors and windows, squeaky floorboards, and loose stair banisters.
• Clean and repair caulking around tubs and sinks. Fix leaky faucets; remove water stains.
• Clean and organize the basement and attic. (This is a good opportunity to throw out all the bits and pieces you don't want to move.)
• Organize closets. Get rid of the clutter. Limit the number of items stored overhead or on the floor.
• Clean out kitchen cabinets, and remove clutter from countertops.
• Clean drapes, blinds, and curtains. Shampoo carpets, and wax floors.
• Now's a good time to spray for bugs.
• Arrange furniture to make rooms appear as spacious as possible.
• Remove any items you're taking with you, such as chandeliers and mirrors.

Renovations

What renovations will give me the greatest return when selling my property?

The top three renovations that get you the most money* are:

1. Bathrooms (75 to 100% return)
2. Kitchens (75 to 100% return)
3. Interior and exterior painting (50 to 100% return)

*Appraisal Institute of Canada's 2004 Home Renovation Survey

Other renovations and their average rate of return (the value they add compared to what they cost) include:

• Replacing roof shingles (50 to 80%)
• Replacing the furnace and heating system (50 to 80%)
• Renovating the basement (50 to 75%)
• Adding a recreation room (50 to 75%)
• Installing a fire place (50 to 75%)
• Up-grading floors (50 to 75%)
• Building a garage (50 to 75%)
• Replacing windows and doors (50 to 75%)
• Building a deck (50 to 75%)
• Installing central air conditioning (25 to 75%)

Curb Appeal

How important is the exterior look of my property?

First impressions really do count. If the impact of your curb appeal is strong, people will want to see what is inside.

• Cut the lawn.
• Cut and trim the shrubs.
• Remove dead tree limbs and other yard debris.
• Brighten up the garden with fresh shrubs and flowers.
• Get rid of the clutter. Put away toys and gardening equipment.
• Touch up peeling paint on doors, siding, and trim.
• Repair and paint the fence.
• Fix damaged roof shingles and flashing.
• Clean windows, replace broken panes, and fix torn screens.
• Clean gutters and downspouts.
• Wash the driveway and sidewalk. Patch cracks or holes.
• Clean up the garage and shed.
• Have the gas grill ready for use.
• Make sure outside lights and doorbells work.
  

Showing Your Home

How should I prepare for showings and open houses?

Your house should be ready to show at all times. Make sure it is kept clean and clutter-free. And, those last minute touches before someone comes to look at your home can make all the difference:

• Turn on all the lights, even during the daytime, including outside entrance, closet, basement, and attic lights. Open all the drapes and blinds.
• Turn off the television, stereo, and radio (easy listening music is OK).
• On cold days, light a fire. If not in season, make sure the fireplace is clean.
• Put pets in a fenced yard. Better still, ask friends to look after them. Some people may be allergic, others may be afraid of animals. Clear any pet odours.
• Clean the kitchen and bathrooms. Leave windows and mirrors sparkling.
• Set out fresh flowers, hang decorative hand towels in the bathroom, and place an attractive tablecloth on the dining room table.
• If possible, leave! Some buyers are uncomfortable when the owner is in the house. In their hurry to get away, they may miss important features, or fail to ask important questions. If you must remain, be courteous, but try not to make conversation. The buyer's Realtor knows what the buyer is looking for. He or she can discuss features and answer questions.
  

Receiving an Offer

A buyer interested in purchasing your property will make an offer and, as an act of good faith, put down a deposit.

The buyer's Realtor communicates the offer, sometimes known as an Offer to Purchase (a legal document specifying the offers terms and conditions) to you or your representative. The offer states how much the buyer is willing to pay and details the conditions.

The offer can be firm or conditional.

Firm Offer to Purchase: Usually preferable to the seller, because it means that the buyer will purchase the home without any conditions. If the offer is accepted, the house is sold.

Conditional Offer to Purchase: Means the buyer has placed one or more conditions on the purchase, such as subject to home inspection, subject to financing, or subject to the sale of buyer's existing home. The home is not sold until all the conditions have been met. The seller can accept the offer, reject the offer, or make a counter offer.

Acceptance: The seller agrees to all the terms and conditions exactly as set forth in the Offer to Purchase.

Rejection: The seller does not agree with any of the terms and conditions set forth in the Offer to Purchase.

Counter offer: The seller agrees with some of the terms and conditions of the offer, but not all of them. The seller then makes a counter offer. The counter offer may change the price, the closing date, or add or delete conditions. When the buyer receives the counter offer, he or she can accept the new terms and conditions or reject them.

A signed offer is a binding contract. Make sure you understand and agree to all of the terms before you sign. You may want to have a lawyer review the offer first.

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