Here is my short list of tasks I would put on my to-do list if I wanted to buy or sell a home or condo in 2013:
Resolution for Buyers
1.Monitor Your Credit
Go to www.equifax.ca and print your credit report. Printing a personal credit report will not have a negative effect on your credit score. At times there will be glitches in your report that may takes months to fix. Do damage assessment and control now so that when it is time to meet with your lender for a full mortgage preapproval you will have clean credit.
Also, pay down your debt now to improve your score. Do not miss payments , pay late or open more credit cards. Lenders want to see a score above 680 .
2. The Federal Government’s Home Buyers Plan
There is no such thing as saving too much cash for your down payment and closing costs.
Are you familiar with the Federal Governments Home Buyer’s Plan? Did you know you can use up to $25,000 in your rrsp’s as part of your down payment if you have not owned a home in the last five years? Ofcourse there are restrictions but this is an excellent plan to further build your down payment. RRSP deadline for 2012 is the end of February 2013. Do not delay as the money must be in a rrsp account for a minimum of 90 days to qualify.
Come to one of our remaining two seminars to learn about this terrific program.
3. Collect your Gift Money
Buyers who use gift money as part of their down payment will require documentation. Most lenders will require the money deposited into your account for a minimum number of days before it can be applied. Be ready so you will not have any surprises.
4. Build a Relationship with a Realtor and a Mortgage Specialist
Do not wait. The spring buying rush comes fast. Connecting and building trust in advance of your ultimate purchase is paramount! Now is the time when you are months away from buying to get educated about the market and the home buying process. Both professionals should be putting a home buying plan in place for you and both should be speaking the same “customer service language” while looking out for your best interests!!
My free home buyer coaching program offers a wealth of information, counsel and advice . Reduce your financial, emotional and physical stress.
5. Make Time for Home and Condo Tours with your Realtor
It is important to see the inventory in person as part of your market education. Seeing listings online is helpful. Seeing listings in person is crucial. Months before buying , see as many homes or condos with your Realtor as necessary so that you are comfortable with what is available within your search criteria.
Resolution for Sellers
No time like the present to begin the task of removing clutter and junk in preparation for the big move. If you have not used it in the last six months get rid of it. Donate items and get a tax receipt (http://www.furniturebank.org/). Call 1-800-Got-Junk (www.1800GotJunk.com ) to avoid the heavy lifting. Have a garage sale. Post items on Craigslist of Kijiji. Once you start the decluttering process you will free up loads of mental space and energy.
2. Build a Relationship with a Realtor
The strategic counsel and advice from your Realtor is invaluable in advance of listing your home. Are you selling and buying? Failing to plan is planning to fail.
3. Plan Your Preparation
Your Realtor will help you to organize home preparation tasks months before you list your home to reduce disruption to your life. Remodel right by completing home improvements that come with the best return for your money. Speak with your Realtor about choosing the right finishes and colours that will appeal to the largest segment of buyers. Your Realtor will also recommend trustworthy contractors. What about home staging? Stand out from the competition.
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4. Be a Strong Competitor
Price your home right! You can have all of the best upgrades , staging and marketing to help sell your home however it is the price of your home that drives all else. Your Realtor should provide a complete market analyses, including recent homes sold and homes currently for sale in your neighbourhood to help determine the right pricing strategy based on current market conditions.
There you have it. Commit to these resolutions and reap the rewards in 2013.
Please contact me direct at 416-520-6746 or David@TorontoRealEstate.ca