Here are 5 things to avoid as a Buyer during the your process when facing multiple offers and bidding wars:

• Do not get emotionally attached to a property before the deal is Firm: Avoid attaching yourself emotionally to a home before the conditional period ends. Be prepared for the possibility of not securing the property due to being outbid or issues with financing or inspection. Getting emotionally attached can lead to disappointment if you don't get the property and may affect your future choices.

• Do not go in Blind: It's crucial to work with a Buyer Agent who represents your interests and guides you through determining the property's market value. Stay in touch with your mortgage broker to understand your financial situation and the steps required for financing.

• Do not wait: Act swiftly when you find a property of interest. In today's fast-paced market, properties are selling within hours. Make necessary inquiries, ask questions, and decide promptly whether to present an offer to avoid missing out.

• Do not go over what you're comfortable with: Never exceed your comfort level when making an offer. Ensure that the price you offer aligns with what you are comfortable paying, even if it means losing out on a few offers. Find a balance where you won't regret the decision the next day.

• Do not quit: The home buying process can be stressful, especially in a market with multiple offers. Despite setbacks, work closely with your Realtor to adapt your search criteria and persevere in finding the right home. Don't give up on your goal of buying a property.

Why are they different?

When a homeowner can no longer pay their mortgage, two significant legal processes can come into play: Power of Sale and Foreclosure. Your lender can take legal action to force the sale of your home because a mortgage is a form of secured debt with your property as collateral. They can recover the unpaid debt by repossessing your home and selling it on the open market.

Always read the fingerprint of any mortgage commitment to be sure which process your lender will use in the event of default. Power of Sales are more common in Ontario however, foreclosures are still possible.

There are some differences between them, especially regarding how the home's equity is used. Understanding the key differences between these two is crucial.

Power of Sale:

• Typically, it is faster than foreclosure.

• Allows lenders to sell the property without lengthy court proceedings.

• The homeowner retains the right to any sale proceeds exceeding the debt owed and costs incurred.

Foreclosure:

• Often, it is a slower process as it involves going through the court system.

• The lender takes full ownership of the property, which means all homeowner's rights are extinguished.

• Any excess proceeds from the sale after debts and costs go to the lender, not the homeowner.

While both methods ultimately lead to the loss of a home when a borrower defaults on their mortgage, the implications for the homeowner’s finances and future housing prospects can be quite different between Power of Sale and Foreclosure.

The Main difference to be aware of is how the sale proceeds are divided. In a power of Sale, the homeowner retains the right to any sale proceeds exceeding the debt owed and costs incurred. In a Foreclosure, any excess proceeds from the sale after debts and expenses go to the lender, not the homeowner.

As a Buyer, looking for these types of sales might benefit you. Although the number of distressed sales has fallen over the years, they still come up on the market occasionally. Although most people are attracted to price, some risks are involved when purchasing a Power of Sale or Foreclosure property. The main risk is that these properties usually hold no warranty or disclosures since the seller hasn’t lived or knows much about the property. 

We at Unna Real Estate Group are always on the lookout for distressed Properties for our clients, and you can be too by accessing our VIP section of our website. Here, you can search thousands of properties and access sold data and neighborhood reports. 

Reach out to us anytime with any questions or concerns; we're always ready to chat.

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As we smell the summer air and feel rejuvenated, there's no better time to cross some home project off your bucket list. We've compiled a list of projects that will make you and your home feel better and may also increase the value of your property.

Let's start with the Cheapest of them all...

A Deep Cleaning

Have you heard of spring Cleaning? Of course you have, let's make it a summer cleaning. Clean the areas of your home that don't get much attention during your routine cleaning, like curtains, Blinds, Basement, Storage Areas, Closets, Kitchen Cabinets, Garage etc etc. Take out the power washer and give the outside of your home a deep clean too. This is the cheapest of all improvement projects but can have a significant increase on the value of your home.

Painting

While painting can become expensive if you hire professionals, which is usually the best way to go, some people have the artistic touch and can give it a go themselves. Summer is a great time to get out that paintbrush and give it a go. Painting not only the inside of your home but some areas outside can give you a significant boost in the value of your home.

Landscaping

What better time to get some landscaping done than summer. Be careful though, landscaping costs can get out of hand. Some people believe that by spending $50,000 on landscaping, their home is now worth 50K more. That is NOT how it works. Improve your home's curb appeal by cleaning up the front yard, planting flowers, adding a flower bed, solar lights, and some decorative touches. That will most likely increase your property's value.

Deck Addition

Well, if you don't have a deck, summer is a great time to build one. If you already have a deck its also a good time to think about some add-ons. Nicer Railings, Accent lighting, or maybe just freshen it up. Power washing your deck and then staining/painting it will definitely give it a better appeal, translating to an increase in value.

New Kitchen/Remodel

We promised to leave the most expensive for last. Kitchens and Bathrooms seem to be the thing that most buyers pay close attention to. So using the summer months for a Kitchen Remodel is ideal. You'll also be able to use the nice weather outside to cook some meals while you're under construction.

Of course, Real estate is so unpredictable and for that reason we at Unna Real Estate Group always advise, never to put all your eggs in one basket. Most buyers are looking for a "complete package". So if you've spent 100K on your kitchen but the rest of your home doesn't look a par, then you probably won't get a good return on your investment.

Reach out to us any time before starting your projects and we can have a chat about them.

We’re back at it again with a review of Market numbers for the month of June. Lets have a look at the numbers.

We’re back at it again with a review of Market numbers for the month of May. Lets have a look at the numbers from the first month of Spring.

Laneway & Garden Suites in Toronto

(Laneway & Garden Suites… What are they? Why are they becoming so popular?)

The housing crisis in the Greater Toronto Area, particularly in the city's core, persists despite market changes, with property values remaining high and homeownership challenging for many.

In response to financing challenges, homeowners have explored options like secondary units to generate extra income for mortgage support, with basement or second-floor apartments traditionally being popular choices.

The Changing Lanes Program introduced by the City of Toronto in 2018 allows homeowners to build Laneway Suites, providing new rental housing options within established neighbourhoods.

A Laneway Suite is a self-contained residential unit situated on the same lot as the main house, typically located in the backyard next to a public laneway, offering additional housing choices.

The Changing Lanes program simplifies the process for homeowners to construct a laneway house without the need for various approvals, making it easier to enhance their property.

Homeowners interested in building a Laneway Suite can reach out to the City of Toronto to determine eligibility based on property criteria.

For properties without access to a laneway, the City of Toronto introduced Garden Suites in 2022, offering detached housing units in the backyard as an additional housing option.

Garden Suites, like laneway suites, provide smaller housing units that can accommodate family members or serve as rental units, aligning with the city's efforts to diversify housing options.

Both Laneway and Garden Suites contribute to various housing factors, increasing property value, expanding rental opportunities, and enhancing homeowners' financial flexibility.

These initiatives offer additional housing solutions and benefits to homeowners, tenants, and buyers in Toronto's competitive real estate market.

As always, different rules and regulations apply on every property, feel free to contact us to discuss this or any other Real Estate Related topic.