Mortgages and home buyers

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Most people when purchasing a home for their family, do not have enough money available to pay for home in full, so they turn to banks for financial help. Depending on their income and expenses as well as their credit information, a bank approves them for a loan called mortgage or 1st mortgage.

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Causes for price increase in the real estate market

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There are several reasons for the price increase in the real estate market.

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Most important and main reason is demand is higher than supply, meaning there are more buyers that sellers, it can happen in any neighborhood and can last a week or a year, in this situation bidding wars happen for the real estate properties and the homes sell over the asking price forcing the market price to go up. Continue reading

Home inspection

home inspection, real estate torontoHome inspection is done usually by the buyers during the due diligence process of purchasing the home. Sometimes it is done by the sellers before listing their home on the market, but this case is usually with much older homes. Inspections are done by a certified house inspector, they take from one to six hours depending on the size of the house and the costs depend on the property size as well. The average inspection cost is from 300 to 500 dollars. During inspection the inspector checks if all electrical and plumbing is working, if the roof and the windows are in decent condition. Inspector checks for any damages or leaks in the property, as well as appliances. This is a visual inspection only and there are no warranties usually given, meaning that inspection report is only good for at the time of inspection and if anything goes wrong a week after the inspection it is not inspectors responsibility. Inspections are usually done for the buyer’s piece of mind when purchasing their home or any other property. If inspection finds any problems, buyer has the right to ask the seller to fix before closing, deduct the amount of money that repair will cost from the agreed sale price or in some cases not to proceed with a closing of this transaction and to back away from this deal by signing a mutual release document and getting the deposit back.

Homeowners’ responsibility: shovel snow

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Snow shoveling in Toronto is a mutual responsibility of citizens and City

In Canada we have four seasons that show off in full force. In summer it can become really hot, in winter we have sunshine and the next day snow storm with piles on snow on the roads and properties. Snow is good for fun and winter activities, however, it is also a responsibility. Responsibility not only for the City but for homeowners too. Continue reading

Steps to buying a house

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If you are emotionally ready to make this move to purchase your dream home here are a few easy steps to purchasing it for you and your family. Make about an hour of your time available to visit a mortgage broker of a mortgage bank specialist. This visit will help you understand the budget that you can spent towards your new home. Continue reading