Jan52017 by JGilbertNo Comments
Tips For First Time Home Buyers

Tips For First Time Home Buyers

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May 2014, Five Great Tips if you are Looking to Buy for the First Time: Buying your first home can be an exciting yet stressful experience. It is imperative that you are informed along the way to ensure a smooth transition to home ownership. Here are the top five things to consider when buying your first home courtesy of an article written by Mark Weisleder, a real estate lawyer in the city of Toronto who writes articles published in the Toronto Star.   1)      What can you afford?   The first step is to sit down with a mortgage broker who can help you by looking at your credit score to determine what steps you can take to raise your score. If you plan to shop around using different mortgage…
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Jan52017 by JGilbertNo Comments
Renovations That Build Equity

Renovations That Build Equity

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What kind of improvements should I do to add equity to my home? The first improvement I would recommend is upgrading your  kitchen . The kitchen is the heart of the home where families gather and spend most of their time.  Some ideas:  new counter tops (engineered stone or granite), new hardware on the cabinets and even replacing the old faucet with a new one. To take things a step further, opening up as much space as possible by knocking down a wall to create the open concept that everyone is after. The next value adding reno is the  bathroom . No one wants to use an old toilet that doesn't even flush properly. The vanity should permit lots of space without compromising the overall size of the bathroom. Double…
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Jan52017 by JGilbertNo Comments
Get Started in Real Estate Investing

Get Started in Real Estate Investing

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Over 90% of millionaires have made their money through investing in real estate. June/2014, Investing in real estate can be far more lucrative and rewarding in comparison to other forms of investments, but before deciding if this is a strategy or career you would like to get involved in, it may be helpful to  ask yourself the following questions: Am I prepared to make a long term commitment Do I have the capital or funding for: Down Payments Qualifying for mortgages Lawyer's fees, taxes, adjustments Will I manage properties myself or hire someone Am I willing to educate myself and do the research needed Will I be able to sleep at night, or will I worry about everything The most common real estate investment involves the  purchase of a rental…
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Jan52017 by JGilbertNo Comments
What Is a Good Credit Score

What Is a Good Credit Score

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How is it determined and what can you do to improve your credit score Experts have agreed that a good credit score is a score of 720 or above. A great credit rating would be a score of 760 or above. If your score is in the 680 range, it is still considered good and if you apply for a loan you will most likely get the loan, just not at the most attractive of interest rates. Your credit score is made up of a 3 digit number that is calculated by a mathematical formula from information in your credit report. The number is essentially a prediction of how likely or unlikely you are to pay your bills. The higher your rating the easier it will be to get approved for a loan and…
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Jan52017 by JGilbertNo Comments
Check In On Your Investments

Check In On Your Investments

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Make sure you hire the right property manager. Owning a rental property is not just about collecting the rent on time. It is also about making sure that your property/investment is being properly maintained. Here is an example of what can happen courtesy of Mark Weisleder, a real estate lawyer in the city of Toronto who writes a weekly column for the Toronto Star. A man in B.C. wanted to rent his home for a year while he traveled to Egypt with his family. He hired a property manager to find a tenant and manage the property while he was away. The property manager found a tenant, who moved in and eventually trashed the place. When the man returned from Egypt, his home was in terrible condition and he sued…
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Jan52017 by JGilbertNo Comments
Frequently Asked Questions About Multiple Offers

Frequently Asked Questions About Multiple Offers

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Answers To Frequently Asked Questions The real estate market in central Ontario has become extremely competitive with multiple offer situations becoming much more prevalent. With help from an article written by Mark Weisleder and additional insight from my personal experience let's go over some of the common questions regarding the bidding war. What does "holding back offers" mean? A listing real estate agent may try to create a multiple offer situation by pricing a property slightly below market value and stating in the listing that the Seller will not review any offers until 5 to 7 days later. This strategy allows all potential buyers the opportunity to see the property while trying to generate as much interest for a hot property. The one benefit to Buyers is that this affords…
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Jan52017 by JGilbertNo Comments

What You Need To Know About Chattels and Fixtures

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When purchasing a new home, you are not just negotiating a price and possession date, you are also negotiating for the chattels and fixtures you would like included and excluded in the contract. Let's take a closer look at what you should know with regard to chattels and fixtures. A buyer cannot refuse to close a real estate deal if an appliance is not working, or if there is minor damages on the property,  unless  the contract says so. Having said this it is wise to seek advise from a knowledgeable real estate agent to help write a contract that would protect you if something like this were to happen. Sometimes a buyer can write in a " Hold Back Clause " that will allow the buyer to hold back…
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Jan52017 by JGilbertNo Comments

Why You Should Consider Selling In The Winter

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Working as a Realtor I often hear people say “We are going to wait and sell in the spring.” I cannot tell you how many times I hear this. While there is nothing wrong with this I would like to point out a few examples of why it’s a good idea to sell in the winter. Last year I was working with Brian and Sandy who had a beautiful two story home in north east Barrie. The house itself was very nice but their backyard was awesome. It was substantially larger than other properties and also had an in ground pool. At the time we were listing the property for sale, there was a significant amount of snow to the point you could not even see that there was a…
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Jan52017 by JGilbertNo Comments

What You Need To Know When Buying Power of Sales/ Foreclosures

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Power of sales and foreclosures usually happen when an owner is no longer making their mortgage payments and the lender is selling the property to recover the amount owing on the existing mortgage. The process that is most frequently found in Ontario is the Power of Sale and not a Foreclosure. The main reason being that Power of Sales can be completed much faster than a Foreclosure. Power of Sales can be completed in most cases in 3-4 months, where as Foreclosures can take up to a year to complete. Banks and lenders like the shorter process as it permits them to get bad loans off their books faster and if there is any shortfall, they can immediately sue the original borrower for the deficiency. Lenders are supposed to try…
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Jan52017 by JGilbertNo Comments

Five Things To Remember When Doing a Renovation

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Spring time is around the corner (hopefully), and with the warmer temperatures home owners often start to consider doing home renovations. Here are 5 really good things to remember when thinking of hiring someone to renovate your home. 1. Check References Make sure to ask any contractor how long they have been in business and for a list of previous customers that you can call to make sure that all work was completed on time and on budget. You may even wish to go see the work that was done, this way you can judge for yourself the quality of the workmanship. Also make sure that the contractor is licensed and insured in the event that someone is injured on site or there is damage to your property or even…
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