Resolutions for First Time Home Buyers

Have you made it your new year’s resolution to buy your first home in 2014?!  Here are some great tips to get you on your way to accomplish buying your first home.

Firstly, don’t wait around.  There are many things that you should be doing before you actually purchase a home.  First, check your credit score.  It will be a major factor in your mortgage approval and rates.  You can order this on Equifax.ca for around $20 and it is worth it 100%.  Once you have it, don’t just look at the summary. Go through it bit by bit and make sure there aren’t any mistakes or incorrect information – yes this happens.  Also, try to pay off any old debts before you go to the bank.

Secondly, the bigger the down payment the better.  Not only will it help you qualify for a mortgage but it will give you better rates!  This will save you tons of money in the long run.  So, save whatever you can.  Minimize any unneeded expenses. Things like minimizing the cable plan or not getting your nails done will save you more than you think!

Thirdly, find a real estate agent…and a good one.  Remember, BUYERS DON’T PAY THE REALTOR®, sellers do.  Make sure the real estate agent you pick is top notch.  Ask your friends and family members if they have worked with anyone they really liked and ask for testimonials.  They will be your negotiator, and will do their best to negotiate the lowest purchase price on the home you choose.

Next, get pre-approved!  Although not everyone does this, it is always some I recommend before we even start looking on what’s on the market.  Make sure you can spend what you think you can.  There is nothing worse than finding your dream home and then finding out you can’t afford it.

Lastly, do your research!  There is no harm in researching and reading as much as you can on homes, the buying process, and mortgages.  Start researching neighbourhoods and get ideas on what you can get in your price range.  This helps, so when you are ready to purchase something, you will be well informed and can go right ahead.  You will find yourself having a much smoother and much less stressful transaction.

Thinking about buying?  Let me assist you in finding your dream home.

Sincerely,

Astra Mulawka
Sales Representative
Better Homes and Gardens
Signature Service

This article was inspired by http://www.realtor.com/advice/5-resolutions-for-first-time-home-buyers/

5 Tips for First Time Landlords

Read the following Article: http://www.realtor.com/advice/tips-for-first-time-landlords/#.UtRirbCx6Uk

Anyone who has been a landlord before will probably tell you that it’s not a walk in the park.  It is more complicated than just receiving a cheque every month.  Here are a few things I recommend you consider before renting a property.

Rental properties are a great source of additional income.   Many times, they can cover their own costs, pay your mortgage, and even give you some extra spending money on the side.  However, don’t always expect a fast and easy money source.  Renting your property can also require funds and can cause you quite the headache.  You will need extra insurance for the rental property, will be responsible for fixing anything that breaks in the apartment, and don’t forget that you will also have to pay tax as the money you receive from the tenant is considered income.  It is very important that you research the tenant and landlord laws before doing anything.  It is also a good idea to have a lawyer handy just in case an issue arises with the property or your tenant and you need advice.

Before renting to anyone, consider creating a checklist of everything you need to do before a tenant moves in.  Does it require any maintenance?  Do the walls need painting etc.?  Do this once, and you won’t have to do it again.

It is really important to have a properly written contract.  If you are not using a realtor, you will need to find one on your own.  There are samples on the internet, make sure you read through any very well before utilizing them.  The more details and clauses you put in the contract, the better.  Although this can be tedious, in the long run it will protect you and make your rentals run smoother.  In addition, if you and your tenant ever have a disagreement about the lease, you can always go back to the contract.

Also, I can not emphasize this more.  BE PICKY.  One way to lessen the troubles of being a landlord is to make sure you have quality tenants.  When someone applies for the house or apartment – check them out.   You can request rental history, why they are moving, where they work, how much they make, how good their credit is, and even a criminal record check.  Do you due diligence and check them all out. Verify as much as possible from the information they provided.  It is so important to have someone you know will treat the place well and are trustworthy and know that they will always be able to pay the rent.   If you can’t find a tenant like this right away, I recommend waiting till you find the right one.  Trust me; it will save you time, money, and effort in the long run.

If you would like to list your rental property through a realtor (which I highly recommend) they will be able to provide a contract and will check out any potential tenants for you.  Please let me know if I can assist you in renting your property.

Sincerely,

Astra Mulawka
Sales Representative
Better Homes and Gardens
Real Estate Signature Service

Choosing a REALTOR®

Choosing a REALTOR®

Tiny Bathrooms

Check out this Article for great ideas for tiny bathrooms: http://www.buzzfeed.com/twopoodles/15-lifehacks-for-your-tiny-bathroom-9g24

Lots of fun to be had this winter in Mississauga

Lots of fun to be had this winter in Mississauga
by Chris Clay

MISSISSAUGA — It may be frightfully cold outside, but the frigidness won’t stop the fun the City of Mississauga has planned for the holidays.
                            

On Saturday, residents can bring their pets to visit and have a photo taken with Santa at the log cabin at Bradley Museum. The event runs from noon-4 p.m. and photos cost $15 or two for $25.

On Sunday Santa and Mrs. Claus will still be at the log cabin but they'll be posing for photos with people from noon-4 p.m.. Families can have their photo taken with Old Saint Nick while children can bring their letters to Santa. There will also be refreshments and crafts. Photos cost $15 each or two for $25.

Meanwhile, The Second City presents the family-friendly comedy Miracle on Mercer St. on Sunday at Meadowvale Theatre. The holiday-themed production features original songs, puppetry and live action comedy sketches. There will be a free question-and-answer session with the cast after the show. Show time is 2 p.m. Tickets cost $12-$17. Call 905-615-4720.

On Dec. 8, various activities will be taking place at Bradley Museum, Benares Historic House and the Leslie Log House. These include visits with Santa, tours, exhibits, horse and wagon rides, arts and crafts and a family scavenger hunt. Visit museumsofmississauga.com for more.

On Dec. 14, the Nathaniel Dett Chorale presents An Indigo Christmas … Nguzo Saba at Meadowvale Theatre. The chorale performs Afrocentric music of all styles and the upcoming show is a presentation of seasonal music blending classical, gospel and jazz. Tickets cost $27-$31. Call Call 905-615-4720.

On Jan. 2, Meadowvale Theatre hosts a family fun day from noon-4 p.m. There will be classic Mickey Mouse movies, arts and crafts, stories and more. Admission costs $4-$6 and a family pass costs $15. Children under the age of 2 are admitted for free.

"Culture is thriving in Mississauga all year long and the fall and winter months are no exception," said Susan Burt, the City's director of culture division. "We have Santa, comedy sketch shows, traditional carolling and seasonal music. Get in the spirit in Mississauga this holiday season."

Documents needed when applying for a Mortgage

Click here to read: Applying for a Mortgage? Get Your Docs in a Row

Do this ASAP ASAP ASAP!!!!!

Purchasing a home usually comes hand in hand with putting financing in place for a mortgage.  Being in the business for close to 10 years I know that one of the most stressful aspects of purchasing a home is getting  a mortgage.  Most of the time it is simply because people are not prepared.

The best way to make sure your financing adventure is a smooth and stress free as possible is to make sure you have also been pre-approved and you have all the necessary documentation available prior to starting your home search.

Here is a quick list of all the documentation that you should have a recent copy of so that it is ready and easy to access:

• 2 recent pay stubs
• a copy of your last 2 years of tax returns
• a copy of your last 2 bank statements showing balances.  This should be for all of your accounts - nothing should be blacked out.
• any divorce decree separation agreement and property settlement if applicable
• a copy of your agreement of purchase and sale
• a copy of the MLS listing
• 2 copies of government id (drivers license, passport, credit card, citizenship card)
• job letter - let your boss know that they will be receiving a phone call to verify the information on the letter
• proof of down payment and source
• 2 recent NOA's

Having all of this information handy and ready will make the financing process much easier and less stressful.  Also, you will only have 5 banking days to get an approval so making sure that they are ready and easily accessible could make the difference between getting in your new home or having your deal fall apart.  Be Ready!  Get on this now!

Are You Ready to Buy a Home?

Click here to read: Are You Ready to Buy a Home

I would say that home ownership is one of the most important and satisfying things in our adult life.  No landlord, freedom to do what we want, when we want, and how we want.  It offers a stability and a real feeling of home.  I never really felt like I had a real home until I bought my first house.  It is the feeling of something being yours, and that is home.

There are things that you need to prepare for in order to buy a home.  Are your finances and credit in good standing?  I believe this is step number one.  When you are considering purchasing a home in the near future, get the facts down before you start looking.  Get a recent copy of your credit report.  You can do this a couple different ways.  You can either contact Equifax online or go to one of their offices and get a copy of your report.  Or you can contact a mortgage broker that you will be working with and have them pull your report.  It is essential that you know where you stand with your credit.  You have to fix any blunders there may be on your credit report before applying for financing.  This will increase your ability to obtain the best financing possible.

Now that you understand where you stand with your credit, its time to check  your finances.  Do you have money for a down payment?  If you do, calculate the price of a home you can afford.  Down payment is minimum 5% of the sales price.  Do you have enough money for closing costs (land transfer taxes and lawyers)?  To figure out how much money you will need to complete the purchase of your home, you need to look at where you want to buy and how much homes in that area usually cost.  To find out this information, you can do your own research of mls.ca or to get better details and more accurate information, you can contact your realtor.  They will be able to give you all of that information plus more (including average square footage, home styles, etc.).

Now that your credit and financing are ready...Lets start shopping!  This is the fun part. You get to go on community house tours and inspect all the homes in the area that fir your specifications until you find one that you love and is the perfect place to call home....Lets get house shopping!