Here you can find answers to some of the most frequently asked questions sellers and buyers have about real estate. I can provide you with even more information when we sit down to talk about your home purchase or sale.
- How is square footage calculated?
The length and width of the exterior of a home are measured and multiplied, accounting for only areas that are deemed “inhabitable” by national standards (finished, heated/conditioned). When external measurements aren’t possible (condos, safety concerns, etc.), internal measurements are taken.
- What are closing costs and how much should I set aside?
Closing costs are all of the legal fees, lender’s fees, insurance, land transfer taxes, and any other fees associated with the closing of the sale of a property. Expect to pay between 2% and 5% of the purchase price of a home.
- Do you work with investors/flippers?
Yes, I can help anyone looking to purchase a home, whether it’s to renovate, rent, or develop.
Buying a home?
- Do I need a down payment? How much do I need?
The minimum down payment needed in Canada depends on the purchase price of the home. If it’s less than $500,000, the minimum is 5%. For homes between $500,000 and $999,999, the minimum is 5% of the first $500,000 and 10% for any amount above. Anything over $1,000,000 requires a minimum down payment of 20%.
- What is a “mortgage stress test?”
This is a financial “test” applied to home buyers to determine if they will be able to continue to repay their mortgage if interest rates increase.
- Why should someone get preapproved for a mortgage?
A pre-approval can accurately measure how qualified you are to purchase a home and what price range you can consider. Mortgage pre-approvals also often come with 90- to 120-day interest rate guarantees.
Selling a home?
- Does lowering my asking price help to sell my home?
In general, it may help quicken the sale of your home, but it’s recommended that price reductions be done strategically based on comparable homes in the area and after a period of a lack of interest (few showings, no offers, etc.).
- Is it OK to restrict viewings based on my work/life schedule?
While selling your home isn’t a 24/7 invitation for viewings, it’s best to make your property as accessible as possible in order to accommodate as many viewings (and potential offers) as possible. Certain restrictions (no showings later than 9PM) are reasonable, especially for families with young children.
- How does an offers date work?
Instead of reviewing offers as they are received, one by one, you can review all offers on a specific date, which is set some time after the property is listed.
- If a buyer contacts you about my home, will it always be you that they speak with?
Yes, I make every effort to be as available as possible for my clients. If we don’t speak right away, I will always get back to you as quickly as I can.
- What helps a property sell quickly?
For starters, hiring a successful real estate agent is the first step in effectively selling your home or property. They’ll help educate you on savvy listing prices, marketing techniques that keep up with current technology, and staging techniques. The easier it is for prospective buyers to see themselves in your home, the more likely they are to make an offer.