Q: When purchasing a house are you required to get a house/property inspection done?
A: I have never run across a mandatory home inspection, but that’s not to say a lender may not require it. Having said that for your piece of mind you may want to hire an inspector to give you a heads up and identify any deficiencies that may be present or identify potential problems that may crop up in the future. Given the amount of money that you will pay to own the house the fee for the inspector is well worth the investment and it could keep you from making a bad purchase. A bad purchase could potentially cost you much more in the long run. If you do decide to have an inspection done, I always encourage Buyers to be present and speak to the inspector upon completion of the inspection; the inspector will then go over the inspection report with you.
You can make the inspection part of your subject conditions in your offer to purchase the home. Your Realtor will be able to advise you on “subject to inspection” clauses.

Q: What is a mortgage broker?
A:  Mortgage Brokers work for you to obtain good interest rates, at good term periods and good amortization periods. A good Mortgage Broker will shop around for you until they have the best mortgage suited to your needs.

Q: What is an appraisal?
A: An appraisal is done by a house/Building Appraiser. The appraiser will take notes of any improvements that have been made in the building, as well as any improvements that have been made to the exterior of the building such as roof, parking etc. The appraiser will then take the information and compare the building and the improvements to other buildings in the same area that have sold (usually in the past 3 months.) The appraiser will arrive at a current market value for the building. Appraisals are generally used for financing purposes. Some property owners wish to have an appraisal done to find out what the current market value is on their property.

Q: What can I do before I list my home for sale?
A: There are a few things that you should consider before listing your home for sale:

LANDSCAPING; oh yes, it all starts at the curb…Everyone knows the value of a first impression, landscaping the front and backyard of your home will give you a 7% better return on your renovating dollar over the average return on other popular renos you might consider. Making the “curb appeal “ can be as simple as adding containers of brightly colored flowers, another consideration is a simple water fixture in the backyard to add ambiance, a low maintenance garden full of color and texture, but remember to keep it low maintenance.

THE KITCHEN IS THE HUB; ever wonder why “kitchen parties” naturally occur every time you have guests? Well, it’s because the kitchen is the hub of every home. It’s where we get nourishment, refreshment, gather and regroup after a busy day. It is a room with real value for every family. Kitchen upgrades can really deliver, with a 44% higher return on investment over the average return. Whether you’re working with a contemporary kitchen or more of a country feel, stainless steel appliances continue to hold a lot of interest. In cabinetry, look at fine-grained maple, stained or natural. Laminates and marble are great choices for countertops, but granite continues to be at the top of the list, and brushed nickel seems to rate high for all the finishing touches.

FIREPLACES….rekindle your passion for living…Nothing beats the feeling of curling up around a fire on a cold winter’s night. Not to mention the comforting feeling of hearth and home that a fireplace adds to a room. Installing or upgrading the fireplace in your home will generate 11% greater return on investment.

PAINT…try a fresh coat…29% return on the dollar over the average by simply repainting the walls. Whether you go neutral with splashes of color or warm and dramatic. There are hundreds of colors to choose from on the market today, a mix of strong colors, mixed with nature inspired neutrals, energy colors like orange, aqua, sage and blue, along with neutral palates leaning toward bisques, fawn, gray and walnut, the choices are endless.

BATHROOMS…turn your bathroom into a spa like atmosphere and generate a 56% better return on your investment. It seems in today’s stress-filled world people are crying out for rest and relaxation, what you want to try and create is a spa-like environment in your bathroom by installing a soaker tub with relaxing jets, or perhaps a new steam shower stall.

Last but not least…FLOORS… There are literally thousands of products on the market today, and great looking floors are a strong feature of any home. It often makes all the difference. This upgrade can generate a 22% better return. Start by getting rid of that dated wall-to-wall carpet. Choose one of the many easy-to-install and affordable laminates. You can also choose real wood flooring, ceramic tile, cork the list is endless. There is even a linoleum product on the market now that is glue less, all easy to install. Bare floors always look and feel warmer with accent area rugs scattered around.

Q: How do I find a realtor who is right for me?
A: There are lots of ways to find a realtor. As you drive through prospective neighbourhoods, jot down the names and numbers of realtors on the For Sale signs. Open Houses are a great way to meet face-to-face. Maybe friends or family members have a realtor they love. Interview two or three and pick the one you think will be your best “business” partner, the one that will be honest with you and will help you with finding the right property for you.

Q: Should I sell and buy with the same realtor?
A: Absolutely! Especially if you’re remaining in the same community. Your realtor is already an expert on your needs, so it will save you a lot of time and energy. One dream, one team. Your realtor will become an expert on your specific needs and tastes. They become your “business” partner, and the business is finding your dream home. Scattering your time and energy amongst multiple realtors will work against your goal of finding your best home. And because most realtors have equal access to the same property listings, there’s no real advantage to having multiple realtors.

Q: How Realtors help buyers?
A: They will review your list of wants and needs to help you determine your price range.
Answer questions about the markets you’re interested in and help you compare homes and neighbourhoods.

Use the local Multiple Listing Service. The MLS is the single most powerful tool for buying or selling a home. Your realtor will give you access to exclusive features of the MLS system that the public is not privy to.

Preview properties to ensure you’re only shown homes that meet your needs and budget.

Make appointments and walk you through potential homes, answering all your questions.

Give up-to-the-minute information on financing and explain your mortgage options.

Negotiate with the seller, smooth out any potential conflicts and draw up a legally binding contract.

Q: When selling should you choose the realtor who suggests the highest asking price for your home?
A: Not necessarily. You don’t want to set your price too high as this may scare away willing buyers and leave your home on the market for too long. When you lower the price, people may assume you are under pressure to sell, and lower their offers even further.
Your goal is fair market value. “Market Value” is a term that simply means the maximum amount of money that interested buyers are willing to pay for your property. Make sure the realtor is giving you comparables to qualify their reason for giving you the price they recommending and remember, buyers comparison shop, especially for something as expensive as a home.

Q: What is meant by MLS?
A: MLS stands for Multiple Listing Service and is a sharing of comprehensive home information among real estate professionals. Listings brokers enter the data about a home for sale and offer to share the commission with a broker who brings a buyer. It's an online software that contains all the specifics about a home, from the address, age, square footage, number of bedrooms, baths, upgrades and schools districts.