First Time Brampton Homebuyer - How You Know That The Home Is Yours
You'll know the home is yours when you first step into it. It will have that just-feels-right look and feel to it. You'll know the home is yours, the one you can call home, by that feeling deep inside that tells you everything is right.
You can read a lot about real estate and you should. There are some very important things that you need to watch for as a first time Brampton homebuyer. There are homes that are in a bad neighborhood, houses with underlying structural damage etc. You need to become aware of these factors, of course, but the one thing you can't read about is the feeling that comes over you when you have been desperately trying to find the right place and then suddenly find it. It is the feeling of finding home.
You may get discouraged as a first time Brampton homebuyer. It may take some time before you find the house you can call home and you may feel that it is all a wasted effort. A lot of clients hit the point of frustration right before they see the house they want. It's like magic. The desperation comes and then the home pops up.
In Brampton there are a lot of listings being added every day. Some of these homes have incredible designs that are simply inspiring. The thing is that you need to find the one that inspires you. Then you have made it.
You will know a home is right for you when you feel it. You can walk into this Brampton home and imagine your furniture in it. You can envision stepping out into the back yard on a sunny day with a cold drink in your hand. Everything fits together perfectly, and the small things that aren't perfect really don't matter.
A Brampton real estate agent will help you find this house. All the agent needs to know is what you are looking for. He'll need a feel of what you want and then show you what's available. A good agent will never give up until you are fully satisfied and happy with your final decision.
This is really all there is to it. You'll know when you know. There is no big secret that a first time Brampton homebuyer doesn't have access to. There is a perfect home out there just waiting for you - you just need to keep looking for it until you find it.
Short Term Rates vs. Long Term Rates
The options for mortgages available can be very confusing for most mortgage shoppers. Terms for mortgages vary between variable and fixed rate, 6-month terms to 10 year terms. Taking a variable or floating rate mortgage can have savings. Typically the shorter the term or guarantee of the rate, the lower the rate will be. This does not always happen, depending on the market place and the economy, but history has shown that short-term rates tend to be lower than long-term rates. The up side of variable rate is the strong potential for interest rate savings. The down side is the fact that you are accepting the interest rate risk without a guarantee. If you are considering a variable rate mortgage you need to look at your own risk tolerance, and your cash flow available to deal with potential increased payment. Considering projections of rates and where we see interest rates heading can also be important in this decision. Make sure you talk to an expert when you are making this decision.
Buying A Brampton House With A Chimney – What You Need To Know
A Brampton house with a chimney is almost a necessity for some people. A chimney can help reduce the heating bill and can be very enjoyable. Many people like to relax in front of a warm fire in the comfort of their own living room. Keep in mind, however, that chimneys are not maintenance-free. They require regular cleaning because the wood and paper that you burn release chemicals and soot that can build up in the walls of your chimney.
Having a clean chimney is not an option; it is critical. Many chimney fires have started and destroyed entire houses because of a homeowner’s lack of maintenance. With chemical residue and soot building up on the walls of your chimney it is important to have it cleaned.
You may either try to do it yourself or contact a professional to do it for you. Doing it on your own may save you money in the long run, but the tools needed are quite extensive and can be very costly. Also the job is quite dangerous and can have long-term harmful affects on your eyes and respiratory system. Contacting a professional Brampton chimney cleaner may be the better option if you do not have the motivation or willingness to tackle the hard and dirty job on your own.
When you are looking to buy a Brampton house with a chimney, always remember that a fireplace is a beautiful and attractive feature but it also requires work. You must have your chimney cleaned on a regular basis. If a chimney fire should occur due to your failure to maintain the cleanliness of your chimney you may be held liable for all the damages. Your insurance may not cover it if damage is due to negligence.
A Brampton house with a chimney and fireplace can be very rewarding as long as the upkeep and maintenance is regular and done properly. A few different techniques used for cleaning chimneys include doing it from the bottom up, doing it from the roof down, using a dual line with two people or a completely different method using weights.
Depending on the house you are looking to buy you may be better off using one method over another. For houses with hard to access roofs or steep slopes it may be best not to attempt to climb the roof. Other options should be looked at in this case based on safety reasons.
Shopping for a home can be quite fun and exciting. Owning a home can be even better. When you are looking for your ideal house in Brampton do not overlook your the cost of cleaning the chimney regularly over the years. Without the proper cleaning and without a stainless steel chimney lining, the house can be in severe risk of damage.
Never purchase a house without knowing the state of the chimney and how old it is. Older chimneys usually do not have steel linings to protect the bricks and mortar holding them together. If you purchase a house that has no chimney liner, you may end up footing the bill for damage that occurred as a result of chemical build-up in and around the bricks and mortar, causing them to deteriorate.
Before signing the final papers for your purchase you should contact a Brampton professional chimney inspector to survey the chimney and around it to ensure that everything is safe. Be aware that cracks in the mortar and brick surrounding chimneys with no liners can allow sparks and carbon monoxide to escape into your attic potentially causing a fire or putting your life at risk.
A Brampton house with a chimney may seem very exciting and appealing on the outside, but you need to have it inspected to ensure that it is in safe working condition. Also, you should be aware of the costs of cleaning your chimney as well as the potential dangers involved in the cleaning process.
Many people love the feel and the warmth that only a Brampton house with a fireplace can give. For them, it is worth the small cost of regular cleaning. As long as the chimney is in good shape at the time of sale, and you are willing to maintain it, there should be no problem purchasing a Brampton house with a chimney.
Brampton Real Estate Contracts – Understanding the Legalities of Signing a Contract
Whether you are searching the market for potential homes to buy or are putting up a Brampton real estate property for sale, you should be aware and familiar with the legalities of a real estate contract. By fully understanding the contract you can avoid a potential battle over this agreement that has been made between the buyer and the seller.
When a real estate contract is signed it means that you are accepting the terms included. You’ll have to read through the entire contract and fully understand everything you are signing. This contract, when signed, is stating that both parties, the buyer and the seller, have agreed to the terms of the sale and purchase.
Brampton real estate contracts are considered to be void should one of the parties happen to be a minor. Contracts can only be signed by two consenting adults that are legally competent. Minors are not legally responsible for themselves so they cannot sign a legal obligation and then be held accountable for it. Without the proper parties signing the contract and being properly identified, there are no legal obligations on either side. Also, without two adults signing the agreement of their own free will, the contract is considered to be invalid. At no time should you ever sign a contract if you do not wish to do so.
The buyer must give the seller the agreed-upon consideration in the contract. In return, the buyers will receive the property title and keys to their new home. If you are going to sign this agreement you need to know and understand everything you are signing.
Contracts must be done on paper and not verbally. If a contract is formed by word of mouth, either party could decide that they are no longer interested or have changed their minds. When a contract is in written form you may not claim that you have not agreed to it. The proof is written and there for all to see. Without a written contract, no legal consequences may arise if anything goes wrong during or after the agreement.
The Brampton property description must also be included in the contract. This is done by specifying the location, the address, size of the property and any other pertinent information.
In order to have a successful venture, either selling or buying Brampton real estate, you should be aware of the terms and rules of the contract. You should understand the need for proper identification and who can legally sign one. Your agent is there to help you understand the procedure and you should ask your real estate lawyer any questions before setting pen to paper.
Take the Stress Out Of Your Brampton Real Estate Purchase
Buying real estate can be a very stressful time in your life, but it really doesn't need to be that way. Buying a new home is an adventure and should really be a fun and exciting time for you. There are a few things you can do to keep the stress out of a Brampton real estate purchase so that you can relax and enjoy the process.
A lot of stress is caused by the unknown. If you have anything that is worrying you about a Brampton real estate purchase, let your agent know right away. There is usually something that is not completely understood that is causing the stress. The more you can find out about a home purchase the more prepared you will be. You'll find yourself less stressed when you arm yourself with the proper information you need.
Work with a great agent
A great Brampton real estate agent will keep the house hunting a positive experience while at the same time answering any questions you may have. Most agents absolutely love their job and have the ability to match homes with potential homeowners quite easily. Stay in communication with your agent and let him know if anything is troubling you so it can get handled quickly. This is a journey that you will experience with your agent together, so it is important to keep in close contact and talk about both the positive and negative aspects of it.
The more positive that you remain about the outlook, the more likely that you will be able to find the right house in the right area at the right price. Negativity will just add a strain to your Brampton house hunting that can adversely affect the outcome. While looking for a house is serious business, it doesn't mean that you can't enjoy the process. By keeping a positive attitude you'll be able to find a house easier and have fun looking.
Getting a new Brampton real estate property may be the biggest decision that you will ever make in your lifetime, but it will also end up being the best. Stay calm, cool and collected and have fun looking for your house by remaining informed and in good communication with your agent.
Basic Checklist for Buying A Brampton Condo
Here is a very basic checklist that you should use before buying a Brampton condo. This checklist should be put together before looking at any units and making a decision based on emotion instead of logic. By sticking to this checklist you be able to find the perfect condo that you love and meets all of your criteria.
1. What floor do you want to live on?
Some people like to be as high as possible while some people don't want to leave the safety of the first floor. If you're looking at a high rise condominium you'll need to figure out first whether you want to be up high, down low or somewhere in the middle.
2. What is your price range?
Whether you're buying a house, townhouse or condo, you'll always need to figure out how much you can afford ahead of time and then be determined to stick to this price. It is a good idea to let your real estate agent know that you only want to look at a Brampton condo that fits into your budget and don't want to be informed of any others.
3. What are the neighbors like?
When you have this written down you'll remember to find out about your immediate neighbors. If all of your neighbors have children and you are looking for peace and quiet, you'll need to keep searching for another condo that fits the bill better. When you live in a Brampton condo you will be in very close proximity to your neighbors and you should find out everything you can about them before moving in. Don't be afraid to knock on their door to find out their opinion of the complex and introduce yourself as a potential neighbor.
4. Where is the condo situated?
Again, having this written down beforehand will remind you to take a good look at the condo's location in the building. If it is right in front of the elevators, for instance, you may be bothered by the noise and the lack of privacy. If the Brampton condo is beside the garbage chute, that could be an inconvenience as well.
5. What are the rules and regulations?
You'll need to take a look at the rules and regulations for the complex you're interested in. Every condo has its own set of bylaws and some you may be able to live with while others may pose a problem.
6. How big you want the condo to be?
Try to get an idea of how large an area you would like to live in and how many bedrooms you'd like to have. Let your agent know how big the condo should be and whether this is flexible or not.
Use this checklist for buying a Brampton condo to stay on track and not get distracted by any beautiful units you may see that are very tempting. By narrowing down your choices you and your real estate agent will be able to work together to find the perfect condo for you.
Bi-weekly and weekly payments
Most mortgages have the option to allow payments to be made on a weekly or bi-weekly basis. This option may be desirable for two reasons. The first is it can save you money as you can expect to pay off your mortgage about 4 years sooner. This can save you dramatically over the life of your mortgage. The other reason why these options are so popular is that if your employer pays you on a weekly or bi-weekly basis, you can simplify your budgeting by making the payment line up with the way you paid.
Making Extra payments
Paying extra amounts on your mortgage can make a big interest saving over time. When we select a mortgage company, privilege payments options are something that we look for. A 20% privilege payment will allow you to pay off up to $20,000 per year on a $100 000 mortgage. It is important that the privilege payment also be flexible to allow you to pay smaller payments on the mortgage and as often as you wish. An extra $1000 periodically paid on a mortgage can help you become mortgage free faster.
Reducing the CMHC fees on your purchase
When you require a mortgage for more than 80% of the purchase price of a property, that mortgage must be insured by Canada Mortgage and Housing (CMHC) or GE Mortgage insurance. The premium charged by these company`s decreases as the down payment increases. When you finance your property at 95%, a premium of 3.75% is added to the mortgage. By increasing the down payment to 10% of the purchase price the premium can be reduced to 2.5%. If you can put down 20%, you can avoid any additional insurance fee. Depending on your situation there are ways that you can structure this financing to avoid the CMHC or GE insurance premium.
Advantages of Bigger Down Payments
As mentioned above, when you put a 20% down payment on your purchase you can avoid the CMHC premium. More importantly the larger the down payment, the lower the amount of interest you will pay over the life of your mortgage. It is important to note that it may not be wise to stretch yourself to increase your down payment and end up borrowing on credit cards or a line of credit at a higher rate.
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