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What You May Want To Know About a Home Inspection
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As a Buyer, What You May Want To Know About A Home Inspection.
The home inspection: an often critical component that can make or break a closing. Many first-time buyers don’t know what to expect during a home inspection. As a result, they may be nervous or anxious. On the other hand, they may not see or understand the value of a home inspection, putting them at risk for buying a property with serious deficiencies.
We at Envelope Real Estate like to educate our buyers about what to expect during the inspection phase and is a valuable service that prepares our clients for the potential “surprises” ahead and sets us apart from less hands-on agents. Here are 6 frequently asked questions about home inspections. We like to talk through these topics with our buyers once they’ve made an offer – or even before – for smoother sailing.
Why do you need a home inspection?
Buying a home is probably one of most expensive purchases you will ever make. To know that you are making a good decision, you need to learn as much about the house as possible. A home inspection with a trained inspector will reveal any safety issues and major or minor defects on the property. The inspector will check the condition of the home in areas you may not be able to see or easily access, like the roof.
What is a home inspection clause?
The home inspection clause protects buyers like you by giving you the right to cancel the sales offer to purchase without forfeiting your deposit. If the home inspector finds a problem or problems with the property, you can absolutely back out of the sale. Or you can present the home inspection findings to the seller and request repairs or a cash credit before closing.
How much does a home inspection usually cost?
Home inspection prices can vary by inspector and by region, but expect to spend several hundred dollars. Since this is your only opportunity before closing to identify any problems, this is not the time to skimp on costs or look for a “bargain” inspector. You want to make sure you hire a thorough, reputable inspector.
Who do we recommend?
We have a list of list of inspectors we’ve used in the past. as well, a few never to use!
Will we be there during the home inspection?
Yes, as indicated by the buyer services we discussed when we started working together, I provide a high level of customer service and will be there for the home inspection. You should try to be present, too. The inspector will take photos and provide a detailed summary report, but you should not miss the opportunity to be there and ask questions. The inspector can point out which small repairs you can do yourself and which larger problems may require a specialist. Some inspectors will also offer home maintenance tips as they discover areas that are in good condition now but may need attention in the future.
After the home inspection, what are the next steps?
Depending on the home inspection findings, we will proceed with the sale as is, negotiate for a better price, request repairs or choose to back out of the sale.
No home is perfect. Every home will have at least minor issues revealed during a home inspection – even new construction. As their real estate agent, we are happy to offer advice based on our previous experience, but choosing whether or not to proceed with the sale after the home inspection is ultimately your decision.
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Buyers Want Safety, Value & Location
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Buyers Prize Safety, Value & Location
Safety, perceived value and a location close to shopping or transportation are the most important factors Ontarians consider when buying a home, according to a new survey.
Research commissioned by the Ontario Real Estate Association (OREA) reveals that 93 per cent of Ontario residents surveyed say safety (i.e. a low crime area and building security) is important when considering properties; 85 per cent rank the perceived value of the home (i.e. considered a good buy based on market and amenities) as a top consideration; and 80 per cent want the home to be close to amenities (e.g. shopping, transportation, etc.).
 “Security -- both physical and financial -- is top of mind for Ontarians,” says Ron Abraham, president of OREA. “Home buyers may not know which neighbourhoods offer the best potential to grow their investment or which condo building provides maximum security features. A REALTOR® can help buyers find the right home in an area that meets their top needs.”
The OREA State of the Market survey released recently offers a snapshot of home buyers’ views in the province. The survey also found that:
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65 per cent of respondents age 18-34 ranked quality of local schools as an important factor when buying a home, while less than half (48 per cent) of people ages 35-54 said it was important.
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80 per cent of younger Ontarians (ages 18-34) say a property close to work is an important factor when buying a new home, dropping to 65 per cent for those in the 35–54 age group.
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Men and women had similar responses to the questions. One noted difference was that 62 per cent of men said a desirable neighbourhood was an important factor to them, while 53 per cent of women said it was important.
Among those planning to buy a home in the next year, safety and perceived value are top factors, but the ongoing home maintenance on a property (amount of yard work, fees for condo management, etc.) is also ranked as important by 85 per cent of those surveyed.
When asked which type of home they would prefer to buy (a new home; a resale home that’s move-in ready; a home that requires minor renovations, a fixer-upper that needs major renovations, or a home they would tear down and rebuild), more than one third of those surveyed prefer a move-in ready resale home (39 per cent).
Get These Free Reports Now
PLEASE NOTE: In some cases, depending on your security settings, these reports could end up in your junk main folder or spam. Please check because as soon as you request any of these reports, they are sent instantly and automatically. I hope that by reading these reports you find them helpful and a guide for making your real estate transaction successful.
As well, for those who do keep in touch , we've got bonus material, supplier rebate programs, special financing programs, move in allowances, legal contacts, trades people etc.
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2012 London Ontario House Guide
Curious about home prices in London? What areas homes are going for? Looking for schools, recreation, medical resources in London? This 20 report has proven extremely valuable to both home sellers and buyers. Links to oodles of London contacts and more.
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83 London Buyers Used These Steps and Saved!
These 83 London Home Buyers Could Have Chosen Any Agent in London To Help Buy Their Home , They Followed These 10 Steps and Saved, That is Why They Chose Ty Lacroix Buying a home can be a “hair rising “experience. It can be a roller coaster of emotions …. Finding the right place…. Securing a mortgage….. moving in. And, if you’re like most of us, your home will be your largest investment. The emotions over such a large and personal purchase can often cloud good business judgment. Many home buyers do very little research before “diving in” and investing their hard-earned money. Before doing that, doesn’t it make sense to be as informed as possible? That is what the following is all about. It’s designed to help you avoid 10 common, critical mistakes many condo buyers make. If you follow these 10 suggestions, with the help of the right real estate professional, you’ll make a good sound business decision that you’ll be happy and proud of for years to come.
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2012 London Condo Guide
What do condos sell for in London Ontario? What kind are there. What's a good location in London? What about maps of London, recreational, business, nightlife, education, health care, the arts, the airport. Being either a long time Londoner or a newcomer, There could be a few surprises here, especially if you are looking to buy or sell a condo.
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A Helpful Guide for Buying the Right Home, At the Right Price
The information however is based on facts, actual case histories and of those whose real estate transactions have been either successful or heart breaking! Finding the right home, and making a prudent financial investment is more involved than just “buying right.” If you’re like most people, the decision to buy a home involves a number of stresses and strains. For about 80% of buyers, it’s the single largest financial transaction of their lives. Mistakes in any part of the buying process can cost you thousands. That’s why I wrote this exclusive report…to give you a number of helpful, straightforward tips for buying a home that meets your needs, AND in time become a wise financial investment for you. Here are a few strategies (I call them “strategies” because so many home buyers
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Thinking About Buying Your First Home?
With interest rates remaining low, many renters are starting to think about purchasing a home of their own. While simple rental cost vs. mortgage cost comparisons can be very attractive, buying a home is a serious commitment, and there are many factors to consider
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The Role of a Home Inspector
There are several reasons for having an inspection, but the most compelling reason is that the inspector looks at the property differently than a purchaser does. 1 The actual job of an inspector is to look for major problems visible the day of the home inspection to help you reduce your risk. 2 A good home inspector will also give you an education on the operation of the systems of your home. 3 A great Home Inspector will give you an understanding of how to solve the problems found that day which will ultimately give you enough information to make a good buying decision with everything you have learned. A home inspection and the report will cover eight major systems of the home including:
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You have not selected any of the above reports.
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As a first-time home buyer , need a little extra help? Here is the RBC Yes I Can Mortgage™ bundle
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Designed for the unique needs of first-time home buyers, this bundle includes:
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$500 Housewarming Gift1— available with 4, 5 and 7-year fixed terms
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Monthly Fees waived for 6 months on the RBC Signature No Limit Banking® all inclusive package2 — plus, save even more with the RBC MultiProduct Rebate®3
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120-day rate guarantee4 when preapproved for a mortgage
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Flexible payment options — so your clients can pay down their mortgage faster or even skip a payment
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Whether it's furniture, flooring or new appliances there's no shortage of things that you need to turn their new house into a home. With the money saved with the Yes I Can Mortgage™ bundle from RBC Royal Bank® those things are now within reach.
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But that's not all! The RBC MyProject™ MasterCard‡ also provides affordable and easy project funding for renovation and home improvement needs5. Learn more at rbc.com/myproject/ms.
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For additional advice, you can sign up for a series of advice emails, each designed around a specific stage of the home buying journey (e.g., Should I Rent or Buy? Choosing the Right Mortgage, etc.).
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You can also enter the RBC $25,000 Downpayment™ Giveaway Contest for a chance to win6 $25,000 or 1 of 20 $1,000 secondary prizes. Visit www.rbc.com/downpayment to find out more.
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Contact me today for complete details about these exciting new offerings.
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Your new home doesn't come with mortgage advice. Carlos Tovar at RbC does.
Carlos Tovar
Senior Mobile Mortgage Specialist
RBC Royal Bank
519-494-2221
carlos.tovar@rbc.com
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Our Exclusive Buyer Program
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When I first started in real estate I had two choices, first, I could do everything in my power to ensure my clients had an exceptional and successful real estate experience or two, be like 91% of all the others in this business who don’t seem to get it.
Sound Logical?
Seems Easy Enough?
It’s not that Simple.
You see, not everybody follows the Golden Rule, or returns phone calls, or discloses defects in their home, are reasonable or ethical or takes a shower daily!
One of the first things I did was to put myself into the shoes of a buyer to learn what their fears were, concerns, stay up at night tossing and turning thoughts and over the years have fine tuned a check list from start to finish that would enable myself and our team of professionals to help a buyer, either their 6th home or their first, through the process.
To offer a buyer the guidance & protection required to ensure a satisfactory completion of a purchase and have them rave about our brokerage.
So, here is a small glimpse of it.
Welcome to The Envelope Preferred Buyer Program, an exclusive buyer satisfaction program available only through Team Envelope and Ty Lacroix!
A recent study done in June of 2011, 65% of real estate buyers were definitely satisfied with their sales representative. Think about that – that means fully 35% were not! 
The same study indicated buyers expect their sales representative to perform very few functions. For repeat buyers:
62% wanted their sales representative to find the right house,
19% wanted their sales representative to negotiate the price after checking against comparable prices, and
14% wanted their sales representative to complete the paperwork properly.
This is not a long or complicated list!
Now, how can one third of all buyers be dissatisfied with the performance of their sales representative?
Let me let you in on a little secret. Most sales representatives don’t plan to take care of their clients! No, I don’t mean they don’t intend to satisfy their clients. They do. They generally have the best of intentions. They just don’t have a plan to accomplish what they intend.
Ever hear of the old phrase “A failure to plan is a plan to fail?” Well, welcome to the world of the average real estate practitioner. And it doesn’t matter how many letters or designations you can find after their name. It’s always the same.
They have no systematic way of helping a client through the home buying process.
That’s exactly why the Envelope Preferred Buyer Plan was made available. It’s a unique system specially designed to consistently deliver customer satisfaction by addressing the three primary goals of buyers mentioned above.
More specifically, it’s a step-by-step blueprint to ensure client satisfaction – not a haphazard approach depending on the crisis of the day.
Now some of you might be saying “I don’t want a rigorous program. The right home for me isn’t going to be the same as for someone else”. And you’d be quite right – the right home for you is going to be different.
However, let me ask you this: Regardless of your destination, would you want the pilot flying your airplane to use a checklist or would you prefer they wing it because your destination is different? (Well, you might say that is not a good analogy, but l’ll let you in on a secret. I’ve seen deals fall apart and dissipate in thin air!)
I think most you can see that only by employing a well-designed system do you have the best chance of consistently obtaining the results you want.
So what are the components of The Preferred Buyer Program and how does it work? The exact details ofThe Preferred Program provide a competitive advantage and are therefore proprietary and we will gladly share tthis exclusive program with you when we meet, but for now lets look at how it generally addresses the principle item buyers want from their sales representative – finding the right home.
Generally the first thing most buyers do when they start thinking of a new home is to start looking in the newspaper, the real estate magazines at the supermarket, and more and more, the internet.
If you use this approach for anything other than to get a general feel for the market, I can almost guarantee you’re going to be frustrated!
Why? Well, for the moment lets skip the fact we have not invested the time to analyze your requirements, wants, financial qualifications, etc., and just look at this approach to searching. And let’s further suppose we’ve already found nothing on the market that’s suitable.
When a property comes onto the market where do the best “buys” go? Now I know everybody thinks the real estate sales representative gets the best buys, but let me assure you, they don’t have the money. 91% don’t anyway .So, where do they go?
They go to the buyer who has the first opportunity to say yes!
And guess who that is? It’s the buyer who’s’ sales representative is constantly checking for new listings that meet their clients criteria, the buyer who is already pre-approved for a loan, and who is ready move emotionally when that right property for them comes onto the market.
Can you figure out which properties show up in the newspaper, the magazines, etc.?
It’s either already sold or It’s a property my client has rejected!
Now would you prefer to choose from the gems or choose from the left overs? Does it take a lot of effort to constantly check for new properties for each client? Absolutely! Does it pay off? Absolutely! Is it available to everyone? Absolutely not!
This is just one example of the advantages you’ll enjoy with the The Preferred Program system. There are lots more.
I’ll be providing you with a First Look buyer’s kit. In that kit I’ll be providing some additional material includinga brief on negotiating strategy factoring in the current market trends, comparable prices, and personality styles. There’ll also be more detailed material on the anatomy of a sale so you’ll know exactly what to expect and when. I’ll include copies of a sample offer so you’ll have the opportunity to review it and ask questions before we find your new home.
My goal is to make you so pleased with my First Look program you’ll become an outspoken advocate for my business.
At the beginning I related how fully one third of the buyers couldn’t definitely say they had a positive buying experience. As you approach this exciting task of finding your new dream home ask yourself:
“Within which group are you going to find yourself”?
The choices you make about which sales representative you use will determine your fate.
If you think you’d like to take the next step to explore the advantages and what’s involved here’s what to do now:
Contact Ty Lacroix or a Team Member at 519-435-1600 or email at ty@enveloperealestate.comand we can set up a time to go over your needs, discuss your ideas and let us give you some tools to help you in your search for the right condo. Oh, and save you some money too!
The other alternative is to call 91% of the others out there, they’ll jump and chase you until you succumb to their pressure and arm twisting.
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How a REALTOR Works For You or Should Work For You
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Things You Should Know Before You Hire Someone to Represent You to Help in Buying Real Estate.
Not all real estate agents are the same. If you decide you want to purchase real estate, you need some good information before you make any moves. The most important consideration is: Are you comfortable and confident with the agent you selected? Are they listening to me?
What does it cost as a buyer to use an agent?
The compensation that an agent receives typically comes from the seller’s proceeds. In other words, there is no cost for a buyer to use an agent in the traditional agent/buyer relationship.
Can my agent give me information regarding properties from other companies?
Yes, if that other company is a member of Multiple Listing Service (MLS)- which most real estate companies are. For Sale by Owner (FSBO) properties are not listed on MLS so an agent likely would not be able to provide information regarding them. However, a good agent will contact that FSBO (because the agent is working for you!)
What about new homes?
Again, a good agent can take you through the homes you and the agent have selected, AND, negotiate on your behalf.
What if I find a property of my own?
You should contact your agent and not the property owner or the agent listing the property.Having the address or the MLS number is very helpful and will assist your agent in gathering information regarding the property.
What type of information will my agent need from me?
An agent will need any type of information regarding the type of property you are looking for that isimportant to you. For example, price range, location, number of bathrooms and bedrooms, garage etc. A good agent will ask about schools, parks, transportation, your hobbies and other interests so that you will be compatible with your home location. As well, have you been pre-approved for financing? (Askme to show you how you can save thousands by being pre-approved!)
Can I go to open houses without my agent?
Yes, but make sure that that you indicate that you are working with an agent already. This will prevent unwanted follow up calls or pressure from other agents
How do I find out about new properties?
Depending on your preference and urgency, a good agent will email or call with new listings that match your criteria. As well, a good agent with a great network of contacts will know about properties that may be available soon, but not yet on the market.
When I find the right property, then what?
A very good agent will do the following:
. Do a comparison of the area to see that the price is consistent with the other comparable homes and decide on what price you should offer.
. Prepare an offer that you FULLY UNDERSTAND and add clauses that will protect you such as: Financing clause: Home Inspection Clause: Insurance clause: Agency Relationship (whothe agents represent) and other clauses that will protect your investment and make your home buying experience a pleasant one.
. Present the offer and if the offer is countered back, work with you and the seller to arrive at a satisfactory arrangement.
. Be present at the home inspection
, Follow up with all waivers and assist your lawyer if requested to with any information required.
. Do a final walk-through with you BEFORE you sign any final legal papers!
. Be available AFTER CLOSING to assist you with any unforeseen problems or questions arise.
What if I am unhappy and want to switch agents?
Let the first agent know that you are unhappy and the reasons why. See if you can work out the issues with them. If not, tell the agent you no longer want to work with them and find another agent. (I have a cancellation agreement I offer to all my client’s, you can fire me anytime if I do not perform or act in the way I said I would!)
In Summary:
Work with just one agent
Make sure you tell your agent everything
Always tell other agents you are already working with an agent
Consider your agent as a professional as she or he is.
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Financial Consumer Agency Canada
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Unlike Bank and Mortgage Company charts and how to's, this helpful site is un-biased and extremely good.
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City of London
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Maps,parks,schools,churches,city hall departments, building codes and regulations and much more
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As a home buyer, being your first time or your 5th, most buyers face at least one of these situations.
¨ You’re looking to make one of the most important purchases of your life and you don’t want to get burned because of not knowing whom you can trust, or making a mistake that could cost you thousands of dollars later.
¨ You think you know the values in the marketplace , but are not really sure. You know how much you are pre-approved for, but you don't want to go that high. What you really would like is to be assured of getting the most that you can for your money, without having any regrets after your closing.
¨ You’re feeling out of control because there are so many unanswered questions. Making it hard to know where to start.
Is there an easy way to buy a home?
Some may not think any of these as a dilemma , but as a REALTOR® , there is no need for a buyer to have this uncertainty and perhaps fear of the unknown.
If any of these situations sound familiar, I have oodles of fact-filled information will help prepare you for the purchase of your next home. Not only that, as a REALTOR® ,I have helped hundreds of buyers through the process.
Doesn’t it make sense that in order for you to make one of the most important decisions in your life you should be well informed and protected by working with a great REALTOR®?
Go to Buying a Home to learn how you can save thousands when buying a home and a few headaches!
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GREAT BUYER SITES TO VISIT!
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Canada Mortgage and Housing Corporation
Great information for home buyers, insurance, qualifying, money saving ideas, loan and equity ratios and much more.
Visit www.cmhc.ca
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Is a Home a Good Investment?
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As a fairly general rule, homes appreciate about four or five percent a year. Some years will be more, some less. The figure will vary from neighbourhood to neighbourhood, and region to region. Five percent may not seem like much at first. Stocks (at times) appreciate much more, and you could easily earn over the same return with a very safe investment in treasury bills or bonds. But, take a second look ... Presumably, if you bought a $200,000 house, you did not pay cash for the home. You got a mortgage and lets say you put as much as 20% down, that would be an investment of $40,000. At an appreciation rate of 5% annually, a $200,000 home would increase in value $10,000 during the first year. That means you earned $10,000 with an investment of $40,000. Your annual " return on investment" would be a whopping 25%! Of course you are making mortgage payments and paying property taxes, along with a few other costs. Your rate of return when buying a home is much higher than most any other investment you can make. If you would like to know more about other home buying ideas or tips, let me know and I will gladly see that you are informed and knowledgeable before you purchase. |
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