Selling Your Home

SELLING YOUR HOME: There are a million different reasons why people sell their homes, but every seller have one thing in common: the desire to get as much money as possible from their existing residence as quickly and as hassle-free as possible. (If your home is your principal residence, you won’t have to pay capital gains tax on any profits from the sale. If, on the other hand, it is an investment property, prepare for the tax man!) Before you begin the selling process, really evaluate why you’re moving. Do you have too few rooms, or too many? Have your job moved to another city and you’re relocating? Are the neighbours driving you away? Or are you simply looking for a change? A complete analysis of your current position will get a good foundation for your next home hunt. Buy or Sell First? Buy or sell first? That’s tricky. After all, if you find a purchaser for your existing home, before you’ve found a new one, you may find yourself living out of a suitcase if convenient closing fates cannot by negotiated. On the other hand, if you find your dream home before you’ve unloaded your old one, you may be faced with carrying two mortgages for a time. So how do you manage? Easy. Do your homework and have a good idea about the neighbourhood and type of home you’re looking for. Do an honest evaluation of your family’s needs and budget. Speak to your RE/MAX agent and start your new home search as soon as your existing home hits the market. If you’ve found a home, before you’ve sold your existing one, use “sale of your existing home” as a condition on your offer. If you don’t sell your house within a fixed period of time, you can choose not to go through with the offer. This, however, is a difficult condition for many vendors to agree upon and you may find that you have to forgo your price negotiating power. Purchasing a home before you sell could be a risky strategy if you’re counting on a proceeds from the sale. If you’ve found a purchaser before you’ve found your next home, use “purchase a new home” as a condition when you sign back the agreement. Again, it will only be for a fixed time. Even if you have not found the ideal next house by the time the deal closes, you may still wish to proceed with the offer. As a buyer with a “sold house” you will be in a better position to negotiate price. Make Your House More Sellable: While we all believe that our home is our castle, our personal tastes may not appeal to everyone. Your RE/MAX agent will work with you to give you an impartial analysis of your home – how it relates to other “competing” homes on the market and how your home reflects current design and style trends. Your agent will also take a good look at the general condition and unkeep of your dwelling. Overall, your RE/MAX agent will work with you to position your home on the market so that your sales experience will take place as expeditiously as possible. Advertise Your Home on Your Local MLS® System: This service is only available to real estate agents. It is a database of all the homes for sale through agents. Details about your home will be available to other agents searching for homes in your area, in the range of your asking price. Arrange Showings: In addition to giving your home the once over with a mop and dust cloth, have your agent prepare a home feature sheet. This is a one page synopsis of your home that highlights lot size, room dimensions, features and upgrades as well as utility costs and taxes. Prospective buyers will take a sheet and refer to it while viewing your home. Plus, it makes for a great reference sheet when the buyers are comparing properties. The Open House: This is usually not a pleasant experience. This upside is that you usually won’t have to be there to act as a guide. The downside is that you might have a series of open houses over a few weeks, with people poking through all areas of your home. And you’ll have the constant pressure of keeping your home looking its best. The Viewing: When an agent has a client who is interesting in your home, they will fist call to make an appointment with you RE/MAX agent. If you’re lucky, you’ll have time for the last-minute tidying. Of course, you can say no if the prospective purchaser wishes to come at an inconvenient time. During the viewing, make sure you give the viewer and the agent a feature sheet and get the agent’s business card. Give the viewers the freedom to wander around your home by themselves. Following may make them uncomfortable. The agent will stay with the prospects to offer some protection against theft or property damagie. Contact ME: When you are ready to make that move, or need information on how to get ready, don't hesitate to call me for advice. It's my passion....it's what I love doing...www.radhadiaram.com

Home Improvement Tips

HOME IMPROVEMENT TIPS: It simply makes sense to clean up both the interior and exterior of your home before listing it for sale. But that doesn’t mean you have to undertake major home renovation projects on order to sell your home. With a little effort you can increase the perceived value of your home by a great margin. Here are some simple things to keep in mind that you can do to increase the perceived value of your home and make the perfect first impression. EXTERIOR OF THE HOME: Keep lawn cut Trim hedges and bushes Weed and edge gardens Clear driveway and clean stains Clean out garage Power wash home exterior Touch up paint Paint colorful flowers AT THE FRONT DOOR: Clean porch and foyer Ensure door bell works Repair any broken screens Fresh paint or varnish front door Repair any damages to the door and/or locks SETTING THE MOOD: Make sure your home smells fresh and clean Turn on lights Turn on air conditioner/heater Open the drapes Light the fireplace MAXIMIZE OPEN SPACE: Clear halls and stairs of clutter Clear kitchen counter and stove top Clear closets of unnecessary items Remove empty boxes and storage Put away personal photos so buyers can envision the house as theirs MAINTENANCE: Repair leaking taps and toilets Clean furnace and filters Tighten door knobs and latches Repair cracked plaster Apply fresh coat of paint or touch up where necessary Clean and repair windows Repair seals around tubs and basins Replace defective light bulbs Oil squeaking doors Repair squeaking floor boards SQUEAKY CLEAN: Clean and freshen bathrooms Clean fridge and stove Clean around heating vents Clean washer and dryer Clean carpets, drapes and window blinds Eliminate pet odors and stains

How Much Do I Qualify For My New Home?

When buying a home, it is helpful to determine the type of home you like and how much you can afford before beginning your search. Most lenders allocate approximately 28% of your GROSS MONTHLY INCOME to housing expense. Housing expense includes principal, interest, taxes and insurance (PITI). To get an idea of how much you can afford to pay each month for a home, multiply your gross monthly income by 28%. When coupled with current outstanding loans, the total for your debt service should not exceed 36% of your gross monthly income. Some lenders may have slightly more liberal requirements or loan interest rates which may increase your purchasing power. Mortgage interest, property taxes, loan fees or "points" are currently tax deductible (up to allowable limits). Points are generally deductible in the year paid. A point equals 1% of the mortgage amount. If you are in the 28% tax bracket, this is equivalent to receiving a 28% discount on your mortgage interest and property taxes. During the first years of the mortgage your tax savings are especially high because most of your monthly payment goes toward loan interest. Have a lovely day and tune in next week for some more great info.