What you should know when buying or selling your home

As an investment, Real Estate has earned a good reputation. Of course, your home should be more than an investment. It should meet your family’s needs and desires while also providing the potential for stability and long-term growth. It takes knowledge, skill, and research to get this combination right. Simply put, it’s all about watching, waiting, and then acting to your best advantage. By working together, we can identify your needs, follow trends and anticipate changes in the marketplace that will benefit you. So give me a call soon, and let’s get together. I look forward to finding genuine real estate opportunities... and the best ways for you to capitalize on them. Richard Thyssen, Broker of Record  Colleen Thyssen, Sales Representative Keller Williams Lifestyles Realty Direct: 519-495-1541 Office: 519-438-8000 www.thyssengroup.com richardthyssen@kw.com

How Much Can You Afford?

Why is it so important to know how much you can afford to spend on a home? Two reasons. First, you don’t want to buy a property and then find out, after you’ve moved in, that you can’t financially maintain it. That would mean having to resell it under stressful conditions. Second, you don’t want to settle for a property that’s less than ideal, when you really could have afforded the "dream home" you’ve always wanted.

So how do you figure out how much you can afford to pay for your next home? The first step is to gain a clearer understanding of how much your current home will likely sell for in today’s market. That amount, together with other financial resources you might have (such as savings), will determine your available down payment. The next thing you’ll need to figure out is the maximum amount of mortgage for which you qualify. Say, through the proceeds of the sale of your home combined with your savings, your expected down payment is $150,000. If the lender authorizes a mortgage of $375,000, then you can afford a $525,000 home. Typically your lender determines your maximum mortgage based on, among other things, a percentage of your income, to ensure you can maintain the property. It’s worth doing your own calculations too. Calculate your anticipated utilities, insurance, and property tax, and make sure you have some money set aside for unanticipated expenses. Of course, you don’t need to spend as much as you qualify for on a new home. A home that meets your needs in terms of property type, features, and neighbourhood, may in fact cost you less. One thing is for sure. As your Realtor, I can work with whatever amount you can afford and show you homes on the market that most closely meet your needs.

Is Your Home In “Move In” Condition?

When buyers view your home, they ask themselves whether they like it. Assuming that the answer is "yes", they try to determine how much work would be required before they could move in. It’s not uncommon for a buyer to be interested in a property but be turned off by the perceived amount of work required. In fact, this can sometimes discourage a buyer from even making an offer.

That’s why ensuring your home is in as “move in” condition as possible is so advantageous. It will help sell your home faster and, often, for a better price. So what does “move in” condition mean? It means that there are no repairs or maintenance issues that need to be addressed immediately. Buyers can be discouraged by seemingly minor issues, such as a loose closet shelf or a lightly dripping shower head. So it’s important to get those little repairs done before showing your home. Buyers will also likely want to know the age of your furnace, water heater and other appliances, in order to anticipate when they will need to be repaired or replaced. If you have transferable warranties for any of these items, be sure to let buyers know. A fresh coat of paint is one of the best investments you can make in preparing your home for sale. More than any other repair or renovation, a coat of paint can make just about any room look almost new and move-in ready. Buyers are sometimes worried about having to purchase new window coverings. If your window coverings will stay with the home, make that clear to buyers too. Generally, the more you can do to make your home seem ready to move in, the better. Want more tips on selling your home quickly and for the best price? Call today!

What Happens When You Make An Offer?

If you want to buy a new washing machine, you simply go into a retail store and pay the listed price. Pretty simple. However, it doesn’t work quite that way when it comes to real estate. Although a home will usually have a “listed price”, you must make an “offer” for that property and then the seller must accept it. In fact, if there are other buyers interested in the property, you may not get the home even if you offer the listed price or over!

That’s why it’s so important to work with a good Realtor like me, who can provide information and experience to help you determine the right offer to submit. Once you make an offer, if the seller accepts it, the home is yours. If the seller rejects your offer, it could be because they’ve accepted another buyer’s offer, feel your offer is too low, or have rejected one of your conditions. Sometimes, the seller will come back with a counteroffer. If you accept it, congratulations, you’ve bought the property. If you don’t like the counteroffer, you can make a counter-counteroffer! This back and forth negotiation can get a bit tricky, which is another reason to have a good Realtor like me by your side. Call today.

notable, quotable... quotes! “Every success is built on the ability to do better than good enough.” Unknown “Genius is the ability to put into effect what is in your mind.” F. Scott Fitzgerald “It’s not the mountain we conquer, but ourselves.” Edmund Hillary