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5 Big Mistake Buyers Do when Buying

Buying a first home is a significant milestone, but it can also be a complex and stressful process. Here are five big mistakes that first-time homebuyers often make:

1. Not Getting Pre-Approved for a Mortgage

Why It's a Mistake: Without pre-approval, buyers might fall in love with homes they can’t afford. Pre-approval also shows sellers that the buyer is serious, which can be an advantage in a competitive market.

Avoiding the Mistake: Get pre-approved for a mortgage before you start house hunting to know your budget and demonstrate your credibility to sellers.

2. Overestimating What They Can Afford

Why It's a Mistake: Many first-time buyers focus on the maximum loan amount they qualify for rather than what they can comfortably afford. This can lead to financial strain and difficulty meeting monthly payments.

Avoiding the Mistake: Create a realistic budget that includes all homeownership costs, such as property taxes, insurance, maintenance, and utilities.

3. Skipping the Home Inspection

Why It's a Mistake: Some buyers might skip the inspection to save money or speed up the buying process. However, this can lead to unexpected and costly repairs after the purchase.

Avoiding the Mistake: Always invest in a professional home inspection to uncover any potential issues with the property before finalizing the purchase.

4. Failing to Consider Resale Value

Why It's a Mistake: First-time buyers may focus only on their immediate needs and preferences, neglecting to consider how the home’s features, location, and condition will affect its resale value.

-**Avoiding the Mistake:** Think about long-term considerations, including neighborhood trends, school districts, and the potential for future growth or decline in the area.

5. Making Decisions Based on Emotion

Why It's a Mistake: Buying a home is often an emotional experience, but making decisions based solely on feelings can lead to overpaying or choosing a home that doesn’t meet all of your practical needs.

Avoiding the Mistake: Stay objective and stick to your budget and checklist of must-haves, even if you fall in love with a property. Take time to evaluate all options before making a decision.

Avoiding these common pitfalls can help ensure a smoother and more successful first home-buying experience. We from Unna offer the best tools and assistance to make sure you won’t fall under these mistakes! Call us Today!

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5 Essential Steps to Prepare Your Home for Fall

As the vibrant colours of fall begin to take over, it's the perfect time to get your home ready for the cooler months ahead. Here are five essential steps to ensure your home is cozy, safe, and energy-efficient this fall:

  1. Inspect and Clean Gutters: Falling leaves can quickly clog your gutters, leading to water damage and potential roof issues. Clean out any debris and ensure your gutters are securely fastened to prevent problems during autumn rains.

  2. Seal Windows and Doors: Drafty windows and doors can cause your heating bills to skyrocket. Check for gaps or cracks around frames and use weather stripping or caulk to seal them up, keeping your home warm and energy-efficient.

  3. Service Your Heating System: Before the cold sets in, have your furnace or heating system inspected by a professional. Replace filters and make any necessary repairs to ensure your system is running efficiently all season long.

  4. Check Smoke and Carbon Monoxide Detectors: As you start using your fireplace or heating system more frequently, it's crucial to ensure your smoke and carbon monoxide detectors are in working order. Replace batteries and test each unit to keep your family safe.

  5. Prepare Your Yard: Rake leaves, trim back overgrown shrubs, and store outdoor furniture to protect them from the elements. Additionally, consider aerating your lawn and fertilizing it to help it recover from the summer heat and prepare for winter.

By following these simple steps, you can ensure your home is well-prepared for fall, keeping it safe, warm, and comfortable throughout the season.


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New property listed in Weston-Pellam Park, Toronto W03

I have listed a new property at 203 Old Weston RD in Toronto. See details here

Well Maintained and Clean Semi Detached Home. 2 + 1Bedrooms With A Finished Basement. 2 Kitchens!! Private Parking in the back. Same owner since the 70s. So Much Potential. Great Location, Old Weston Road And Davenport Rd. South Side of St Clair Avenue West. Excellent Schools, Close To Supermarkets And Public Transportation. Close To Some New Amazing Up And Coming Developments.

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5 Reasons Why You Should Host Airbnb At Your Home
  • Extra Income: Renting out your house or even just a room on Airbnb can generate significant additional income. This can help cover mortgage payments, property taxes, or fund other expenses or investments.

  • Flexible Use of Space: Airbnb allows you to rent your property only when it's convenient for you. You can block off dates when you want to use the space yourself, ensuring that it’s always available when needed.

  • Meeting New People: Hosting on Airbnb gives you the opportunity to meet travelers from all over the world. This can be a culturally enriching experience and a way to build connections with people from different backgrounds.

  • Property Maintenance: Regularly hosting guests can encourage you to keep your property well-maintained and up-to-date. The steady flow of visitors means you’ll likely keep up with repairs and improvements more regularly than you might otherwise.

  • Utilization of Unused Space: If you have extra rooms or areas of your house that aren’t being used, Airbnb allows you to make the most of that space. Instead of letting it go to waste, you can turn it into a profitable asset.

Summary: Unna Real Estate Group can provide a comprehensive evaluation of a client's property, advising on the best way to present it on Airbnb. You can help set competitive pricing based on market trends, location, and property features to maximize earnings

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New property listed in Keelesdale-Eglinton West, Toronto W03

I have listed a new property at Main 24 Kenora CRES in Toronto. See details here

Welcome to this delightful main floor unit, available for lease in a highly sought-after neighbourhood. This inviting space offers three well-sized bedrooms, perfect for a family or individuals looking for comfortable living. The bright and modern kitchen is equipped with ample storage and counter space. A well-maintained washroom adds to the convenience and comfort of this home. Located in a beautiful and friendly area, you'll enjoy the tranquillity of a pleasant street while being just a short distance from local amenities, parks, schools, and public transportation. Whether you're looking for a peaceful retreat or a vibrant community atmosphere, this property offers the best of both worlds special with that huge, sunny and green backyard. Don't miss the opportunity to make this charming main floor your new home.

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Market Update July 2024

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

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3 Big Reasons Why You Should Get Pre-approved

Here are three important reasons why you should get pre-approved when buying a home.

Save Time

Getting pre-approved for a mortgage is important because it informs you of how much the lender is willing to lend you and helps you understand how much you can afford. This information makes it easier to determine where to buy and what type of property to consider.

It doesn't mean you need to spend the entire amount offered to you by the lender; you can purchase a home that is priced lower than your pre-approved amount.

To be Protected

You will know your interest rate and regular payment amount, what you are paying toward principal and interest, and also how long it will take to pay off your mortgage. It will also protect you from future interest rate increases.

Peace of Mind

Some lenders will require you to pay off certain debts before closing to receive your loan. This will save you from future concerns.

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New property listed in Glen Abbey, Oakville

I have listed a new property at Bsmt 1238 Playter PL in Oakville. See details here

Welcome to Your New Home at 1238 Playter Place. This Newly Built Basement Apartment Offers the Perfect Blend of Comfort and Luxury. This Apartment Feels Bright and Inviting All Day, Featuring Large Windows. The Open-concept Living Space is Perfect for Relaxing. High Ceilings and Neutral Colour Palette Throughout The Entire Apartment, You'll Find Stunning Marble Floors That Are Not Only Beautiful but Also Easy to Maintain. The Kitchen Boasts Sleek Cabinetry With Good Appliances. The Bedrooms Offer a Tranquil Retreat W/ Plenty of Room for a Queen or King-Sized Bed and Additional Furniture. The Renovated Bathroom Features Modern Fixtures and Elegant Tiling That Matches Floors. Enjoy the Convenience of a Private Clothes Washer & Dryer Ensuite and the Privacy of Your Separate Entrance. Located in a Quiet, Friendly Neighbourhood, This Apartment Offers Easy Access to Public Transportation. Don't Miss Out On This Rare Opportunity You'll Be Proud to Call Home.

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I have sold a property at 923 Blizzard RD in Mississauga

I have sold a property at 923 Blizzard RD in Mississauga on Aug 2, 2024. See details here

Welcome To 923 Blizzard Road. This Bright And Spacious Home With Large Windows Allows Ample Natural Light, Very Well Maintained And Thoughtfully Designed, With Functional Spaces For Living, Working, And Relaxing. This Beautiful Home Offers 3 Bedrooms, 2 Full Washrooms And A Powder Room On The Main Floor. Built-In Garage And Parking Space. A Charming Backyard Functionality With Aesthetics Shows A Space Where You Can Relax, Entertain, And Enjoy The Beauty Of Nature With Your Family And Friends. Your Next Home Awaits For You.

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Buying & Selling Costs

Buying:

When buying a property, several costs are involved beyond the purchase price. Here are the key expenses that buyers should consider:

1. Down Payment

It can vary from 5% to 20% (in some special cases more) of purchase price

2. Closing Costs

Closing costs include various fees and expenses associated with finalizing the real estate transaction. They typically range from 2% to 5% of the purchase price and may include:

  • Loan Origination Fees: Charged by the lender for processing the loan application.

  • Appraisal Fee: Paid to a professional appraiser to determine the property's value.

  • Home Inspection Fee: Paid to a professional inspector to check the property's condition.

  • Title Insurance: Protects the buyer and lender against disputes over the property’s ownership.

  • Recording Fees: Paid to local government entities for recording the property's sale.

  • Attorney Fees: If required or desired, for legal representation during the transaction.

  • Credit Report Fee: Charged by the lender to check the buyer’s credit history.

3. Property Taxes

Buyers may need to pay a portion of the annual property taxes at closing, depending on the time of year the purchase is made. These are often prorated based on the closing date.

4. Homeowners Insurance

Lenders typically require homeowners insurance to protect the property against damage or loss. The first year’s premium is usually paid at closing.

5. Private Mortgage Insurance (PMI)

If the down payment is less than 20% of the home's value, the lender may require PMI. This insurance protects the lender if the borrower defaults on the loan. The cost of PMI varies based on the loan amount, down payment, and credit score.

6. Homeowners Association (HOA) Fees

If the property is part of a homeowners association, buyers may need to pay a portion of the HOA fees at closing. These fees cover the maintenance and upkeep of common areas and amenities.

7. Prepaid Interest

If the loan closes in the middle of the month, buyers may pay interest on the mortgage for the days between the closing date and the end of the month.

8. Moving Costs

Moving costs can include hiring movers, renting a moving truck, purchasing packing materials, and other related expenses.

9. Miscellaneous Expenses

There may be other costs, such as utility setup fees, repairs, or upgrades needed before moving in.

Being aware of these costs can help buyers budget effectively and avoid surprises during the home-buying process.

Selling:

Selling real estate involves various costs that sellers should be prepared for. Here's a breakdown of the key expenses:

1. Real Estate Agent Commissions

  • Typically the largest expense, real estate agent commissions are usually around 5% to 6% of the sale price. This amount is split between the seller's and buyer's agents. For example, if a home sells for $300,000 with a 6% commission rate, the total commission would be $18,000.

2. Closing Costs

  • Sellers are responsible for certain closing costs, which can include:

    • Title Insurance: Protects the buyer and lender from title defects. The cost varies by location and sale price.

    • Escrow Fees: Fees for the escrow service that manages the transaction, including holding and distributing funds.

    • Transfer Taxes: Local or state taxes imposed on the transfer of property ownership. The rate varies by location.

    • Attorney Fees: If an attorney is involved in the sale, their fees are part of the closing costs.

    • Recording Fees: Fees charged by the local government to record the sale of the property.

3. Home Repairs and Improvements

  • Sellers often invest in repairs or improvements to make the property more appealing to buyers. This can include fixing structural issues, updating outdated features, or making cosmetic improvements. The cost varies depending on the scope of the work.

4. Staging Costs

  • Staging involves arranging furniture and decor to make the home more attractive to potential buyers. Staging can significantly impact the property's perceived value and marketability. Costs vary depending on the size of the home and the extent of the staging.

5. Mortgage Payoff

  • If the seller has an existing mortgage, the remaining balance must be paid off at closing. This includes any prepayment penalties that might apply.

6. Capital Gains Tax

  • If the property has appreciated in value, sellers might owe capital gains tax on the profit. However, primary residence exemptions may apply. For example, single homeowners can exclude up to $250,000 of capital gains, and married couples can exclude up to $500,000, provided they meet certain conditions.

7. Home Warranty

  • Some sellers offer a home warranty to the buyer as a selling incentive. This warranty covers repair costs for major home systems and appliances for a set period after the sale. The cost usually ranges from $300 to $600.

8. Utilities and Holding Costs

  • Sellers may need to continue paying for utilities, property taxes, and homeowners insurance until the sale is finalized. If the property is vacant, there may also be costs associated with maintaining the property, such as landscaping and security.

9. Relocation Costs

  • These costs include expenses related to moving to a new home, such as hiring movers, renting a moving truck, and temporary storage.

10. Miscellaneous Fees

  • There may be additional costs, such as notary fees, courier fees, and fees for obtaining required documents like a property survey or homeowners association documents.

Understanding these costs can help sellers budget appropriately and maximize their net proceeds from the sale.

What to know exactly how much will cost if you buying and selling real estate? Please contact us and find out what is included in our service fee!

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