New homeowners need to plan for more than making a down payment on a home. Canadian homeowners need to realize that closing costs can add another 4 per cent of a home's selling price to their expenses. While buyers may finance a home purchase with a mortgage loan, it benefits them to set aside additional funds to cover necessary fees and expenses often required before getting ownership of the property. Learn more about closing costs and why potential buyers need to account for it as part of their budget today.
For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.
The Closing Costs Deposit and Offer to Purchase
A closing cost deposit is done before a final down payment. The costs can vary and are also related to the size of down payment a buyer offers. With an Offer to Purchase, a minimum of 5 per cent can be required and would be considered to be part of the expected closing costs of a home. This deposit is rolled into a final down payment with the finalization of the sale. Homeowners can generally expect a refund in the case that they do not close on the home.
A home inspection can be thought of one of the legal and administrative closing costs. Generally tied to the Offer to Purchase, potential buyers...
Here in Canada, many households have a furry, scaly, or feathery critter living as part of the family. In fact, 38% of homes have at least one cat, while 35% have at least one dog. While Canada clearly loves its pets, many real estate advice blogs say that selling a home with pets is extremely difficult, and some even go as far as to say that homeowners need to get rid of their pets entirely if they want any chance at selling a home. However, this is just untrue. While selling a home with pets can be a bit more difficult, it definitely isn’t impossible. Here are some of the different strategies homeowners can use when selling their home that don’t resort to taking Fluffy to the pound.
1. Repair Damage Caused By Pets
It’s nearly impossible to own a pet that hasn’t left some sort of mark on its home. Whether it’s a stain on the carpet from an accident or scratch marks on the door, homeowners should take note of things buyers may be turned off by. Other things to look for include:
- Scratch marks on wood floors
- Drool and nose marks on windows
- Dirt marks on walls and corners
- Dead grass outside
- Food stains near bowls
- Fur on carpets and furniture
While some of these might not seem like a big deal, many little things add up, and buyers don’t want to buy a home only to have to fix all these problems immediately. Taking care of these problems before selling can be a great way to give buyers...
Many new home buyers know little about home insurance and may be disappointed with their home insurance policy. Those who are not paying for a home in cash and are financing their home with a lender are generally obligated to take out home insurance. Learn more about home insurance for properties in Canada.
For informational purposes only. Always consult with a certified insurance expert before proceeding with any real estate transaction.
What Is the Purpose of Home Insurance
Making necessary repairs happens to come with owning a home. Fire, vandalism and storm damage can make for unexpected damages that can be a financial burden on a new Stone Creek homeowner. In order to protect equity and maintain the value of a home, a homeowner can buy home insurance. Even though it is not a legal requirement, it is useful for those who want to work with a lender to finance the purchase of a home. It is important to know more about types of coverage and premiums, as it can be frustrating to buy home insurance that offers minimal coverage when an emergency hits.
What to Know About Coverage
Home insurance generally applies to the dwelling, providing liability to the one holding the policy and their...
Outdoor living rooms have become very popular in recent years. People love spending time outside, and they especially love spending time outside in a comfortable living room setting. If you're thinking about installing an outdoor living room in your backyard, these tips can help you get started with the task.
Make a List of Goals
As with any home DIY improvement project, it helps to begin with a list of goals. Making a list of goals will help the homeowner choose the layout and features of the outdoor living space. Having a list of goals can also help the homeowner talk to contractors when the time comes to hire a professional. Common goals and features for an outdoor living space include:
- Space for entertaining friends
- Ability to cook and serve food outside
- Shelter from hot sun or rain
As the homeowner makes their list, they must think about what they want for their outdoor space, and how that can be achieved.
Pick a Colour Scheme and Decor
Installing decor can help make the living space a more enjoyable place to spend time. There are many ways to make outdoor living space more attractive.
Homeowners can start by choosing a colour scheme to tie together furniture and any other decorations. Once a colour scheme has been selected, homeowners can buy furniture to match the colour scheme. Plants can help bring the space to life. If the area is sheltered, homeowners might even consider...
Homeowners know that the real cost of a home is so much more than its original price. No matter how expensive or stable a home is, homeowners need to perform maintenance and repairs on a regular basis to retain the value of the property. And increasing the value of ones home can help sell the home faster and for more money. However, the cost of solar panels is why they may put off installing green energy technology in favor of more pressing matters.
But before homeowners dismiss solar panels, it helps to understand how they work and what homeowners can expect from their installation. From utility costs to resale value, keep the following facts in mind before deciding to make the investment.
There are a few start-up facts to face before calling for estimates:
- Average cost of solar panels is $22,500 (costs vary widely based on province)
- Tax incentives also vary by province
- Recouping the full value of solar panels takes between 7 – 20 years
- Areas with frequent cloud coverage may not be suitable for solar panels
There are ways for homeowners to make solar panels work, depending on their location and vendor they choose. However, they should start with realistic expectations before they take the next steps.
Solar Panel Advancements
Solar panels have become extremely efficient in the past few years, and they're only getting better at extracting energy. Some...