Buying your first home is one of the most exciting things you will ever do. If you have spent years living in apartments, there is nothing more satisfying than owning your own property. The process can be a little lengthy and you might hit a few bumps in the road to home ownership. The following tips will help the first time homeowner avoid some of the hiccups.
An important tip is to get your finances in order before you apply for a mortgage. Order a copy of your credit report so you can check it for accuracy. Mistakes are common and you want to make sure that there is no fraudulent activity. You have the right to dispute errors on your credit report. If you come across something that you know is an error, circle it and send it to the reporting agency along with a letter of dispute.
Next, you should really study the mortgage industry. You need to be able to find the right loan and lender most suitable for your needs. Familiarize yourself with industry terms like debt to income ratio and adjustable rate mortgage. Learn the difference between pre-approval and pre-qualified. It will all seem foreign at first, but taking the time to learn the business will spare you from headaches in the future.
Also, you need to figure out what your wants and needs are. What kinds of amenities are you looking for? How many bedrooms? One story or two story home? You also need to consider the size of the down payment and figure out what you need to do to come up with the money for it.
You must learn about how real estate agents work. There are buyer’s agents and seller’s agents. A buyer’s agent’s responsibility is to negotiate the best deal for the buyer. The goal of the seller’s agent is to get the price that the seller most desires. The best way to find the right agent is to ask your friends for suggestions. They have all probably been in the same boat, so they can probably recommend a good real estate agent. When meeting with a potential agent, pay attention to how they treat you. Make sure they listen to you when you talk about what you want. Also, how are their follow up skills? Do they take the time to return your calls or emails? If they don’t take the time to respond, move on. There is a better agent out there for you.
Before you even think about making an offer, you need to consider the resale value. You might plan on being there for a long time, but you just never know. You might opt for a different climate to alleviate your allergies or you could simply be transferred by your company. You want to pick a good location that will be attractive to others as well.
Another issue that cannot be ignored are the easment restrictions, which govern what you can and cannot do with the property. If it has always been your dream to have a pool, you want to make sure that you don’t buy a home in a subdivision that won’t allow it because of restrictions.
Home inspections are an important part of the equation. Talk to your agent to find out when the inspection will be performed. It varies province to province. Sometimes the inspection will be right before the contract is signed and other times, they are performed right after an offer is made.
Finally, make sure you stay on top of things. Any number of problems can crop up at the last minute and delay the purchase of your home. If you aren’t sure about something with the paperwork, don’t be afraid to ask questions. You might think of something that everyone else has overlooked. Purchasing a home is a time consuming task, but it is worth it when you have your backyard barbeques.
Until next time,
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent Landmark Realty Corp.
Saturday, June 24, 2006
Thursday, June 15, 2006
The Basics of Buying a Home
Buying a home can be one of the biggest and most important investments you can make. The process of buying the home that you want can be a long and tedious process, taking up most of your time. It’s up to you, as the consumer, to ask any questions, pay attention to details and to learn about the real estate market in the area in which you intend to buy.
Step One
You must know what your wants and needs are before embarking on the long journey of house hunting. Taking a piece of paper, sit down and write down all the features that are most important to you:
Are you looking for a house in a specific city, neighborhood or school district?
How many bedrooms and bathrooms do you want or need?
Do you want off street parking, or a one or two car garage?
If you operate a home based business, are there any restrictions in the area you intend to buy in?
Do you want a finished basement or attic space?
Do you want a ranch style home or two story house?
Do you want a central air unit?
Do your want a furnace or a boiler for heat?
Now, on a separate piece of paper, write down all the features that you absolutely do not want in a house:
Living in a congested part of town.
Living next to an airport, train station or highway.
A home that is in great need of repair.
A home with too many stairs.
Keep this list in mind as you look at houses. This list may also change from time to time as you look at houses. You may choose to add or remove certain features you do not want or are willing to make compromises on. Don’t be disappointed if you can not find the “perfect” home. Most homes do not come “perfect,” they can only be made that way through time and patience.
Step Two
Before you begin looking at properties, you will need to get your finances in order. This will be a good time to review your credit report and possibly clean it up a bit to improve your credit score. It’s important to check your credit report to make sure there are no discrepancies. Any past due amounts should be paid in full or most companies will be willing to negotiate a settlement price to close the debt.
For example: If you have a past due credit card debt you no longer use and that has been entered into collections at an amount of $900. You may be able to offer the company a settlement of $500 to settle that debt and have the debt stricken from your records. Before paying this settlement, have this agreement in writing. Be sure to keep all of the receipts to the items you settle on your credit report because it may take weeks or even months for the settled debt to be removed from your credit report.
Step Three
Now decide what kind of property you are interested in buying. Are you interested in a HUD, foreclosure, real estate or for sale by owner property? There are many websites on line where you can find homes by city, state, or price range. On these sites, you can see the picture of the home, many with virtual tours, and review the listing features and details.
Step Four
Now is the time to find a lender and get pre-approved for the loan. This will give you a better understanding of what price range you can look into. Being pre-approved also serves a great advantage for when you find the home that you want, so that you can move ahead and place an offer on the house without having to wait on a pre-approval while someone else steps in and takes the house right from under you.
Lenders may offer special programs on loans that can save you extra money in the closing process. Before deciding on a loan, ask the lender about any of these special programs and what would work to your advantage.
Step Five
Most first time home buyers prefer to work closely with a reputable real estate agent, regardless of the type of property you wish to buy. Real estate agents are very knowledgeable and can give you many helpful tips and information that can benefit you. They are also great negotiators and will help explain the complicated paperwork involved when placing an offer on the house or when closing a deal. Be certain that your real estate agent is working for you as the buyer and not for the seller of the house you would like to purchase. This can lead to a conflict of interests and cause many problems.
Choosing a real estate agent to work with should take more than picking a number out of the phone book. Talk to your friends and neighbors and ask them for any recommendations. You should only work with an agent you feel comfortable with.
Until next time,
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent Landmark Realty Corp.
Step One
You must know what your wants and needs are before embarking on the long journey of house hunting. Taking a piece of paper, sit down and write down all the features that are most important to you:
Are you looking for a house in a specific city, neighborhood or school district?
How many bedrooms and bathrooms do you want or need?
Do you want off street parking, or a one or two car garage?
If you operate a home based business, are there any restrictions in the area you intend to buy in?
Do you want a finished basement or attic space?
Do you want a ranch style home or two story house?
Do you want a central air unit?
Do your want a furnace or a boiler for heat?
Now, on a separate piece of paper, write down all the features that you absolutely do not want in a house:
Living in a congested part of town.
Living next to an airport, train station or highway.
A home that is in great need of repair.
A home with too many stairs.
Keep this list in mind as you look at houses. This list may also change from time to time as you look at houses. You may choose to add or remove certain features you do not want or are willing to make compromises on. Don’t be disappointed if you can not find the “perfect” home. Most homes do not come “perfect,” they can only be made that way through time and patience.
Step Two
Before you begin looking at properties, you will need to get your finances in order. This will be a good time to review your credit report and possibly clean it up a bit to improve your credit score. It’s important to check your credit report to make sure there are no discrepancies. Any past due amounts should be paid in full or most companies will be willing to negotiate a settlement price to close the debt.
For example: If you have a past due credit card debt you no longer use and that has been entered into collections at an amount of $900. You may be able to offer the company a settlement of $500 to settle that debt and have the debt stricken from your records. Before paying this settlement, have this agreement in writing. Be sure to keep all of the receipts to the items you settle on your credit report because it may take weeks or even months for the settled debt to be removed from your credit report.
Step Three
Now decide what kind of property you are interested in buying. Are you interested in a HUD, foreclosure, real estate or for sale by owner property? There are many websites on line where you can find homes by city, state, or price range. On these sites, you can see the picture of the home, many with virtual tours, and review the listing features and details.
Step Four
Now is the time to find a lender and get pre-approved for the loan. This will give you a better understanding of what price range you can look into. Being pre-approved also serves a great advantage for when you find the home that you want, so that you can move ahead and place an offer on the house without having to wait on a pre-approval while someone else steps in and takes the house right from under you.
Lenders may offer special programs on loans that can save you extra money in the closing process. Before deciding on a loan, ask the lender about any of these special programs and what would work to your advantage.
Step Five
Most first time home buyers prefer to work closely with a reputable real estate agent, regardless of the type of property you wish to buy. Real estate agents are very knowledgeable and can give you many helpful tips and information that can benefit you. They are also great negotiators and will help explain the complicated paperwork involved when placing an offer on the house or when closing a deal. Be certain that your real estate agent is working for you as the buyer and not for the seller of the house you would like to purchase. This can lead to a conflict of interests and cause many problems.
Choosing a real estate agent to work with should take more than picking a number out of the phone book. Talk to your friends and neighbors and ask them for any recommendations. You should only work with an agent you feel comfortable with.
Until next time,
David Shieh
Posted by David Shieh- Abbotsford Real Estate Agent Landmark Realty Corp.
Monday, June 12, 2006
Ten Mistakes that will ensure that your house DOESN'T sell
Just as there are many things you can do to improve your chances of selling your house at a great price, there is an equal number of things that will drive away potential buyers and leave you scratching your head.
If you are working with a realtor, he or she will be able to make suggestions on how to make your particular home more saleable, but addressing the following problem areas is always a great place to start.
A smelly house is not an attractive house to potential buyers. The problem with odors such as cigarette smoke and pet smells is that you live with them day in and day out and may not notice them. To an outsider, however, the smell will be pungent and noticeable. You can get rid of these odors by smoking outside, keeping litter boxes fresh and in a contained area, repainting walls, shampooing and steam-cleaning carpets and opening your windows to let in fresh air. Don’t try to cover odors with an air freshener without taking steps to eliminate the problem; it won’t work and your house will still be smelly and unwelcoming to potential buyers. Removing odors from mold and mildew can be a little tougher and may require professional intervention if the affected area is not easily accessible (between walls for example).
Pets: you love them and think of them as part of the family. Your potential buyer may not share your sentiment, so like other members of the family, your furry companions should not be on site while someone is inspecting your house. Pile everyone in the family vehicle, or crate your pets in the yard so potential buyers can look around without being barked at, snarled at or pounced on.
Bathrooms are associated with hygiene, so unclean bathrooms are a major turn-off for most buyers. Make sure your toilet, tub, and sink are sparkling clean and that the drains are clear and free of wet hair and other odor-trapping debris. Shine your faucets and mirrors, de-clutter the medicine chest, empty the trash pail and launder your towels, shower curtain and floor mats.
Dark rooms look dingy and uninviting. Increase the brightness factor of your rooms by adding brighter bulbs (if appropriate), installing extra fixtures, or by placing accent lamps or cabinet lighting throughout the room. An even simpler fix is to pull back heavy curtains and lift your blinds. Trimming low-hanging branches from nearby trees can also help.
Busy wallpaper is a no-no. Too many patterns can be distracting and can date your décor. Consider removing busy wallpaper, but don’t paint over it because that will look even worse.
Wet basements are a cause for concern as they can indicate foundation leaks. More often however, damp basements are a sign of poor ventilation, plugged drains, or improperly positioned downspouts. Remove any mold or mildew that may have appeared as a result of dampness.
Bugs; they’re usually harmless, but still an obstacle to home sales. Squash what you can, clear cobwebs, and enlist professional help if you have an infestation.
Low curb appeal can discourage potential buyers from taking a closer look at your home. Spruce up your yard, entry and façade. Make sure your paint isn’t peeling, and that gardens look their best, even if out of season. Bicycles, lawn mowers and tools should be neatly stored in a shed or in the garage if necessary.
Plugged Gutters. Potential buyers may not notice blocked gutters during an initial showing, but they will turn up during a professional building or home inspection, which could be the difference between a conditional sale going ahead or not.
Clear out when someone is looking at your house. Potential buyers may feel awkward looking around your house if you are hovering over their shoulder. Working with a realtor to sell your house eliminates this problem, as they act as chaperone during the showing without intimidating your buyer.
Most of these fixes are simple and inexpensive to implement, yet can have a major impact on the saleability of your house. If possible, address any of the issues that are present in your home before you list it for sale.
Posted by David Shieh- Abbotsford Real Estate Agent Landmark Realty Corp.
If you are working with a realtor, he or she will be able to make suggestions on how to make your particular home more saleable, but addressing the following problem areas is always a great place to start.
A smelly house is not an attractive house to potential buyers. The problem with odors such as cigarette smoke and pet smells is that you live with them day in and day out and may not notice them. To an outsider, however, the smell will be pungent and noticeable. You can get rid of these odors by smoking outside, keeping litter boxes fresh and in a contained area, repainting walls, shampooing and steam-cleaning carpets and opening your windows to let in fresh air. Don’t try to cover odors with an air freshener without taking steps to eliminate the problem; it won’t work and your house will still be smelly and unwelcoming to potential buyers. Removing odors from mold and mildew can be a little tougher and may require professional intervention if the affected area is not easily accessible (between walls for example).
Pets: you love them and think of them as part of the family. Your potential buyer may not share your sentiment, so like other members of the family, your furry companions should not be on site while someone is inspecting your house. Pile everyone in the family vehicle, or crate your pets in the yard so potential buyers can look around without being barked at, snarled at or pounced on.
Bathrooms are associated with hygiene, so unclean bathrooms are a major turn-off for most buyers. Make sure your toilet, tub, and sink are sparkling clean and that the drains are clear and free of wet hair and other odor-trapping debris. Shine your faucets and mirrors, de-clutter the medicine chest, empty the trash pail and launder your towels, shower curtain and floor mats.
Dark rooms look dingy and uninviting. Increase the brightness factor of your rooms by adding brighter bulbs (if appropriate), installing extra fixtures, or by placing accent lamps or cabinet lighting throughout the room. An even simpler fix is to pull back heavy curtains and lift your blinds. Trimming low-hanging branches from nearby trees can also help.
Busy wallpaper is a no-no. Too many patterns can be distracting and can date your décor. Consider removing busy wallpaper, but don’t paint over it because that will look even worse.
Wet basements are a cause for concern as they can indicate foundation leaks. More often however, damp basements are a sign of poor ventilation, plugged drains, or improperly positioned downspouts. Remove any mold or mildew that may have appeared as a result of dampness.
Bugs; they’re usually harmless, but still an obstacle to home sales. Squash what you can, clear cobwebs, and enlist professional help if you have an infestation.
Low curb appeal can discourage potential buyers from taking a closer look at your home. Spruce up your yard, entry and façade. Make sure your paint isn’t peeling, and that gardens look their best, even if out of season. Bicycles, lawn mowers and tools should be neatly stored in a shed or in the garage if necessary.
Plugged Gutters. Potential buyers may not notice blocked gutters during an initial showing, but they will turn up during a professional building or home inspection, which could be the difference between a conditional sale going ahead or not.
Clear out when someone is looking at your house. Potential buyers may feel awkward looking around your house if you are hovering over their shoulder. Working with a realtor to sell your house eliminates this problem, as they act as chaperone during the showing without intimidating your buyer.
Most of these fixes are simple and inexpensive to implement, yet can have a major impact on the saleability of your house. If possible, address any of the issues that are present in your home before you list it for sale.
Posted by David Shieh- Abbotsford Real Estate Agent Landmark Realty Corp.
Friday, June 09, 2006
Use this handy checklist to help you while starting the cleanup of your outdoor space.
* Inspect the exterior walls of your entire home. Look for signs of winter damage such as splitting wood, peeling paint, mold, etc.
* Got brick? It should be cleaned and checked for water damage once a year. Aside from cleaning the surface by use your hose with a spray nozzle to wash off dirt, you need to be on the lookout for mold. If there is mold, mildew, or moss, wash with a solution of 1 cup of bleach mixed with 4 L of water. Use a natural or synthetic bristle brush. Wire brushes leave traces of steel behind that will rust and discolor the bricks.
* If you use them, remove the storm windows.
* Clean the windows.
* Use screens? Make sure they are dust-free and sparkling clean before putting them up.
* Check the driveway for cracks or winter damage.
* Clean the steps and the driveway with a spray nozzle hose. If moss is visible, pour vinegar on it and scrub.
* Inspect the gutters around the house. Remove debris.
* Inspect the roof, looking for damage and missing or loose shingles. Contact a roofing professional if you need a few replacements.
* Get your deck ready for use. Clean it with oxalic acid, which will penetrate the wood and kill microorganisms. Once dry (24 hours), treat the deck with a sealant.
* If boards on your deck are splintered or worn beyond repair, replace them before you seal and stain.
* Prepare outdoor furniture for use. If you kept the furniture out during the winter months, you need to scrub the surfaces clean. If you stored your furniture, bring it outside and make sure it's clean.
* Put on those gardening gloves, it's time to weed! The first step to a beautiful, clean garden is to remove weeds. It is important to leave a few, however, as they do have a purpose; they are food for insects and create a covered landscape for little critters.
* If you haven't removed the covers you placed on your shrubs and trees, and are confident you won't have another frost, remove the covers.
* Give your garden it a filled-in appearance until it grows in. Sprinkle mulch around shrubs, trees, and flowerbeds.
Source: HGTV.ca
Posted by David Shieh- Abbotsford Real Estate Agent Landmark Realty Corp.
Thursday, June 08, 2006
Secondary Suites in Abbotsford, BC
A secondary suite is defined as a portion of a single-family house, which is established as a separate dwelling unit from the principal part of the house. It is typically a finished basement with kitchen facilities, a separate entrance from the exterior, and a lockable door between two portions of the house.
Suites are required to be registered with the City. Registration confirms that suites comply with the BC Building Code and Abbotsford Zoning Bylaw, 1996. To be legalized, health, life safety, fire protection, and zoning requirements must be met.
Unauthorized suites may be fined $200 per day for every day that the suite is not registered, in keeping with Municipal Ticket Information Bylaw No. 42-95.
To avoid being fined, property owners must register their Accessory Secondary Suites with Inspection Services (Building) Division. There is a $550 fee to register an existing Accessory Secondary Suite. An infrastructure fee of $250 is also payable with the annual tax notice each year.
Contact Inspection Services at 604-864-5525 for suite registration information.
Posted by David Shieh- Abbotsford Real Estate Agent Landmark Realty Corp.
Suites are required to be registered with the City. Registration confirms that suites comply with the BC Building Code and Abbotsford Zoning Bylaw, 1996. To be legalized, health, life safety, fire protection, and zoning requirements must be met.
Unauthorized suites may be fined $200 per day for every day that the suite is not registered, in keeping with Municipal Ticket Information Bylaw No. 42-95.
To avoid being fined, property owners must register their Accessory Secondary Suites with Inspection Services (Building) Division. There is a $550 fee to register an existing Accessory Secondary Suite. An infrastructure fee of $250 is also payable with the annual tax notice each year.
Contact Inspection Services at 604-864-5525 for suite registration information.
Posted by David Shieh- Abbotsford Real Estate Agent Landmark Realty Corp.
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