Buying a Home in Pickering and Ajax, Ontario

Buyers Info

Buying a home in Pickering & Ajax house and dollar sign

You have found the first page of many pages and articles that will explain the entire buying process to you in detail.

In the pages that follow I will explain to you the costs of buying a home, the complete buying process, the emotional issues of home ownership, explain buyer agency, how to use your RSP’s when you purchase, show you many mortgage calculators, school considerations, best time of year to buy your next home, secrets and insight into buying your next home and more.  Or, maybe you are ready to begin your home search now

Before you get wrapped up in the excitement of buying a home, you need to prepare for things you may run up against in the mortgage application process. Following the steps below could save you tens of thousands of dollars or even mean the difference in whether you can buy your dream home or not.

1. Do – Pull Your own Credit from all 3 Bureaus and review thoroughly. Be sure and look at any public records like judgments, bankruptcies and tax liens. Sadly, many companies are quick to add negative items to your credit report but are slow to reflect the fact that you have satisfied them.

2. Do – Challenge and have any errors corrected on your report on ALL 3 bureaus. You can do this through the three bureau’s websites. They are www.transunion.com, www.equifax.com, and http://www.experian.com.

3. Do – Put together a budget to figure out how much house payment you can afford. Be sure and include 1/12th of your annual taxes and property insurance. Also, be sure and consider how you would cope if you had a drop in income such as one spouse loosing a job. Just because a lender or mortgage broker says you qualify for X price home does not mean you should buy a home at this price.

4. Do – Think about your needs and don’t get caught up in buying a home just to ‘keep up with the Jones’. As a part of this evaluation be sure and consider 1) School systems, 2) Commute time, 3) How quickly the home would sell if you had to sell it quickly, and 4) Any money needed to fix up the home to suit your needs, particularly if you borrow all or nearly all of the purchase price.

5. Don’t – Borrow significant money right before you buy a home. This includes cars, credit cards and personal loans. If you just have to buy a car, wait until after you buy the home. The extra debt can cause you to qualify for less home than you would without the debt. I can’t tell you how many people that could not qualify for the price home they wanted because of a recent car purchase. Deciding to buy a cheaper car after you bought a new home is far better than the other way around as a car depreciates dramatically and most homes increase in value. Plus you should get a tax deduction on the interest.

6. Don’t – Change from being salaried (W2) to being self employed at least a year and in most cases 2 years before trying to get a mortgage to buy a home.

7. Don’t – Pay off old judgments or old collections to try to improve your credit score. Often times this will LOWER your scores. If the lender requires you to pay these off or you just want to pay them off, you can do it during or just before or after closing on your home.

Planning ahead when buying a home can make the process much smoother, less stressful and save you a lot of money. Happy house hunting!

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How to avoid paying too much !

AgentSold01.jpgShopping for a new home is an emotional experience. It’s also time consuming and  comes with a myriad of details. Some buyers, however, caught up in the excitement of buying a new home tend to overlook some items. Their home purchase turns into an expensive process. These errors generally fall into three areas:

  • Paying too much
  • Losing a dream home to another buyer
  • Buying the wrong home

When you have a systematic plan before you shop, you’ll be sure to avoid these costly errors. Here are some tips on making the most of your home purchase:

Bidding without sufficient information
What price do you offer a seller? Is the seller’s asking price too high? Is it a deal? Without research on the market and comparable homes, you could lose thousands of dollars. Before you make that offer, be sure you have researched the market. A professional realtor, can offer an unbiased opinion on the value of a home, based on market conditions, condition of the home and neighborhood. Without knowledge of the market, your offer could be too much. Or worse, you could miss out on a great buying opportunity.

Buying a mis-matched home
What do you need and want in a home? Sounds simple. Yet, clearly identifying your needs and bringing an objective view to home shopping, leaves you in a better position. Sometimes, home buyers buy a home that is too large or too small. Perhaps they didn’t consider the drive to work, the distance to school, or the many repair jobs waiting for completion. Plan ahead. Use your needs list as a guideline for every home you view.

Unclear title
Before you sign any document, be sure the property you are considering is free of all encumbrances. As part of their services, a realtor can protect your interests and make sure you have the correct clauses in your offer to protect your interests. 

Outdated survey
Before the purchase is completed, an updated survey is necessary if available.   This report will indicate boundaries and structural changes (additions to the house, a new swimming pool, neighbour’s new fence which is extending a boundary line, etc.).  Don’t worry, if the Seller doesn’t have one, now with Title Insurance, we will make sure your investment is covered.

Unexpected repairs
For $300 – $500 a professional inspector will conduct a thorough inspection of the home. This way, you’ll have an idea of the cost of future repairs. Make the final contract subject to a favourable report.

Shopping without pre-approval
It only takes a few days to get financing pre-approval. When you are shopping for a home, this gives you more power. A seller is more likely to consider an offer from a serious buyer.  I have mortgage brokers I can refer you to for a quick and easy over the phone pre-approval.

Need help to find your dream home?  I would be happy to assist you and make the process both enjoyable and profitable.  Call Michelle Makos 416-300-3004 or visit my Durham Homes For Sale Website.

PIckering Real Estate – A Place You Can Call Home

Pickering Real Estate

Buy & Sell with Michelle !

Located just 40 kilometres east of downtown Toronto, Pickering is a growing community that offers a unique blend of the urban and rural. The Pickering real estate market has been booming over the last decade, experiencing the fastest growth in the Durham Region. The Pickering real estate market is made of mostly single family detached homes, making it a great choice for families.

If you are looking to buy or sell Pickering real estate, you should give me a call.  New listings are added daily and the variety of choice offers something for everyone.  I will be happy to assist you with any questions you may have about any property you find of interest.   If you cannot find what you are looking for please visit the Find Your Dream Home section and tell us exactly what type of real estate you are looking for.    Homes that match your criteria will be sent to you promptly.   If you are looking to sell your home, please contact me for a free home evaluation.   Looking forward to being of assistance and showing you what a great city Pickering is !

I have lived here for 24 years and raised my family here. It is my home too !  Let me help you make it yours !  

What Affects My Credit Score?

WHAT IS USED TO CALCULATE MY SCORE?

  • Payment History indicates whether you have made your credit card payments, loan payments on time
  • Amounts Owed – Compares how much you owe to your credit limits with various lenders
  • Length of Time in File – Indicates how long you have had credit accounts
  • New Credit – Shows how often you are seeking credit and how you handle accounts newly opened
  • Type of Credit – Considers the types of loans you are seeking, car loans, lines of credit, credit cards,   finance companies etc….
Should you need more information, please don’t hesitate to email me at michelle.makos@rogers.com.

5 Top Selling Mistakes

Thinking of Selling Your Home?

What are the five most common mistakes people make when listing their home for sale?   Look and listen?
Have a question?  Call me or email me at michelle.makos@rogers.com.    If you would like a free home evaluation, let me know.   I am here if you need my help. 

71 Kenilworth Crescent, Brooklin – ITS OUT !!! Don’t Miss This One !

71 Kenilworth Crescent, Brooklin (Whitby)   $529,000.00

Don’t miss this opporunity for this fabulous new listing in Brooklin. 4 Bdrms. 4 Bathrooms. Professionally finished basement and more. Granite countertops, hardwood floors throughout, modern kitchen with tons of upgrades.  Stone/Glass backsplash, stainless steel appliances, wrought iron railings, open concept.  Original Owners !!  Shows to perfection.  Designer Colours.
Call me or text me at 416-300-3004 for more details or to arrange viewing

Looking for your dream home in Brooklin? 

Brooklin Homes for Sale

Look no further !  Wednesday April 24th, I will be launching a beautiful 4 Bdrm home in Brooklin with all the bells and whistles.  $529K… a real beauty.
Original Owner, on a quiet crescent.  4 Bdrm,  4 Bathroom.  Finished basement, upgraded Maple cabinets in Kitchen, granite countertops and stone and glass backsplash.  4 Stainless Steel appliances and front loading energy efficient washer and dryer.
Stone fireplace in family room, garage entrance through main floor laundry, central vac, wrought iron stair case and more.
Pictures and tour will be availabe Wedesday.  Don’t miss this beauty.

Thinking of moving? READ THIS !



Looking for a home?

Most people are familiar with hiring a real estate agent to sell a home, but fewer are aware that as buyers, they are also able to hire an agent to work diligently, protect their interests and find the best possible property for the best possible price. Many people assume that the best person to call when interested in a property is the listing agent, when this is not the case!

Buyers often approach the task of finding a new home by calling the number on “For Sale” signs, searching real estate magazines & newspaper ads and using web sites such as MLS.ca. What they may not realize is that by contacting the listing agent directly (the name on the “For Sale” sign or the ad), they are actually calling the agent who’s first and foremost responsibility is to protect the interests of the seller!

This is not to say that listing agents are not to be trusted – they are licensed professionals and are obligated to work with a buyer in a fair, honest and ethical manner as their customer, but they do not necessarily owe buyers the fiduciary duty that they owe their client, the seller. Without a signed Buyer Agency Agreement, anything that you disclose to the listing agent about your budget, motivation or otherwise, can and will be used to benefit the position of the seller during negotiations.

What is a buyer to do? Hire your own Buyer Agent! You can interview potential buyer agents and choose the one who you feel will work the hardest for you, has the best track record, and whom you feel comfortable with. Furthermore, a buyer agent’s services are almost always paid out of the gross commission that the seller has paid to their listing brokerage!

When you have found the sales representative that you want to work with, you will sign a contract called a “Buyer Agency Agreement” which legally obligates your agent to provide you fiduciary duty, confidentiality and to protect your interests and motivations. In return, you agree to work solely with your agent for the time period stated therein, and allow them to collect their commission from the sale of the property that you purchase.

Once you have chosen your Buyer Agent, you will be in a much better position to find the best property for you. Many listings are sold before the “For Sale” sign ever goes up and there is a time lag between realtor’s MLS and the public MLS website, so your Buyer Agent is able to notify you about a hot listing before it hits the public portals. Once your agent understands your preferences, they will also keep their eyes open for you as they inspect properties daily. Remember that during the day, while you’re at work, your agent will be out inspecting and comparing properties to find you the perfect fit! In addition to helping you find a property, a good agent will also be able to help you with things such as mortgage pre-approvals, lawyers, insurance, and home inspector referrals.

Buying a home can be an intimidating task. Hiring a Buyer Agent to guide you through this process is one of the best ways to ensure that you will be prepared to make a confident and informed decision when the time comes to place your offer.

For more information, please call Michelle Makos at 905-831-3300 or 416-300-3004 or email at michelle.makos@rogers.com