Royal LePage Lannon Realty, Brokerage

Questions to Ask Your Agent

2012-01-11T09:22:00.000-08:00

   Finding a real estate agent is important, but finding the right one for you is paramount. Here are questions to ask prospective agents and help you narrow down your list:

   How can you help me find the right home?

   Good agents will impress you with their knowledge of the local real estate market and their ability to appreciate what you are looking for in a home. They should be able to show you what is available in your price range, and how the features and benefits of specific houses and neighbourhoods fit your requirements.

Given our particular circumstances, what advice would you offer?
   Every family is different, and a good real estate agent appreciates this. He or she should be able to advise you on how to find a home that meets your unique circumstances and lifestyle.

Why should I work with just one agent?
    If you don't have an exclusive agency agreement with your sales representative, you're not legally obligated to work only with him to find your next home. It may, however, greatly benefit you to do so. Talk to your prospective real estate agent to find out his position, and then determine what's best for you.

What happens when you are not available?
    Agents work extremely long hours and try to be available whenever and wherever you need them. But however accommodating they try to be, they are not always available.
   Ask your prospective real estate agents what arrangements they have in place when they are not available.

What makes your real estate service special?
   Every agent tries hard to give top-notch service, but what distinguishes a really good one from the rest? Ask them. You may be surprised at what they have to say and, just as importantly, how they say it.

Next steps. . .
   When the interviews are over, it's time to make a choice. Think about what the real estate agent told you, and ask yourself some questions:

Did they seem trustworthy and honest?
Were they realistic when discussing your home purchase?
Did they communicate well? Were you on the same page?
Were they committed, motivated and experienced?
   We think you'll agree that Royal LePage Lannon Realty, Brokerage agents are the real estate experts of choice – motivated, experienced and dedicated to the highest level of service in the Canadian real estate industry. For expert advice about all aspects of buying a home in your area, contact your local Royal LePage Lannon Realty, Brokerage agent.

Happy Holidays!!!

2011-12-20T06:33:00.000-08:00

Merry Christmas and all the best for a wonderful 2012, from everyone at Royal LePage Lannon Realty, Brokerage.

Holiday Office Hours:
Our office will be closed on December 26, 27, and January 2, 2012.

Real Estate is our business, and giving back to the community is very important to us, therefore we would like to take this opportunity to give a big THANK YOU to all of the volunteers and those who participated in our fundraising opportunities during the year:
- Women’s United Run, Stroll or Roll
- Walk A Mile in Her Shoes
- Thunder Bay Basketeers
- United Way ‘Simply Entertaining’ Cookbooks
- Royal LePage Shelter Foundation

Find Real Value

2011-10-20T09:04:00.000-07:00

On paper, a home’s value is largely determined by established area prices, then adjusted for considerations such as the desirability of the particular lot, structural improvements and recent upgrades.

When it comes time to sell, however, a home that appeals to a large number of potential buyers has the best chance for success. The listings that stand out in the crowd are often perceived to be well worth the asking price. Here are some of the key factors that influence the selling potential of a particular property.

LOCATION, LOCATION, LOCATION

• Safe communities that are close to employment centres, shopping and public transportation, or that have reputation for excellent schools, are often more popular with buyers.

• Higher than normal crime rates, taxes or homeowners association fees can act as deterrents.

• A cul-de-sac lot is a sought-after side for many, while a noisy or busy street may reduce the number of potential buyers and call for a lower value.

• A pleasant view or a waterfront location will often command a significant premium over similar area properties.

CURB APPEAL - The view from the curb is your home’s opportunity to make a good first impression. A well-maintained yard and an inviting entrance will help bring more buyers through the door.

HOME IMPROVEMENTS – Many homeowners remodel to accommodate their changing needs or to appeal to the preferences of today’s buyers. Attractive or practical upgrades can add substantial value when chosen well. However, costs are unlikely to be recovered if a home’s amenities surpass the neighbourhood norm. Before committing to a significant renovation, make sure to weigh the costs and benefits. When in doubt, consult your trusted real estate professional.

Applying a fresh coat of paint to your interior walls is a relatively inexpensive way to add value and appeal. Not only will this improvement show buyers that your home is well cared for, it’s an easy way to change the look and feel of a room.

Consider the Cost of Insurance Coverage

2011-09-21T07:17:00.000-07:00

Insurance companies base your premium on the likelihood that you will submit a claim and how much it might cost them if you do. Expect insurers to ask about the following factors when calculating a price quote for your homeowners insurance policy.

Replacement cost: The price is based primarily on the size and construction quality of your home, along with the value of its contents.

Where you live: Insurers will also consider the statistical risks associated with your neighbourhood, such as exposure to crime or natural disasters.

Age and condition: An aging roof, older pipes and outdated electrical wiring are considered potential hazards.

Availability of water: Significant damage is less likely if fire stations or hydrants are located nearby.

Heat sources: A home with electric heat or a forced-air gas furnace will cost less to insure than one that is heated with oil, especially if the tank is old. Poorly maintained or installed wood stoves have been known to cause house fires and carbon monoxide poisoning.

Other uses: Insurers will want to know if you operate a home business or rent out a room or guest suite.

Additional structures: They will also ask about the presence of any outbuildings, storage shed or pool on the property.

Safety features: A monitored security or fire alarm, or a fire sprinkler system could earn you a significant premium discount.

Scope of coverage: You can choose whether to purchase a basic policy or if more comprehensive coverage is worth the extra cost.

Get quotes from several companies, but do not base your decision of price alone. You need a company that answers your questions and handles claims fairly and promptly. Ask friends, relatives or your trusted real estate professional for a referral.

HOW TO SHOP & SAVE:

- In most cases, increasing your deductible from $500 to $1000 will significantly reduce your premium.

- Look into whether your membership with certain groups including unions, non profits, alumni or professional associations could get you an “affinity” discount.

- Ask about other special discounts that may be available for seniors, loyal customers, non-smokers, or for purchasing more than one policy.

Take an Inventory - To simplify the claims process and ensure you are fully reimbursed in the event of a loss, it’s well worth the time to create a home inventory. Homeowners and tenants should always have a current record of their possessions, any identifying markings (model or serial numbers) and the estimated values. Use written descriptions, photos, audio or video recordings, or any combination that you prefer. Keep inventory records, including receipts for major purchases, in a safe deposit box or another secure location outside of your home.

Are You Well Covered?

2011-08-29T12:59:00.000-07:00

What you should know about HOMEOWNERS INSURANCE…

Home insurance policies can differ greatly from company to company, but they typically fall into one of these main categories:

Basic Policy: Covers both your home and its contents against damage or loss due to a number of specific “named perils” such as fire, lightning, wind, hail, theft and some types of water damage.

Broad Policy: Includes “all-rick” coverage on the dwelling, which protects your home from accidental damage or loss caused by any event that is not excluded by the particular policy. Contents coverage, however, remains limited to damage or loss resulting from the policy’s “named perils.”

Comprehensive Policy: Insures both your dwelling and the contents against loss or damage from any peril except for those specifically excluded by the individual insurer.

Condominium Policy: For homeowners who what protection beyond what is included in the condominium corporation’s policy, specifically liability coverage and insurance for upgrades and belongings inside their unit.

Tenant Insurance: Offers basic liability protection for tenants to cover damage they might accidentally cause to the unit or its contents. It will also pay for a renter’s own personal belongings – items typically not included in their landlord’s insurance policy.

If you own a cottage, you may insure it on the same policy as your home insurance or purchase a separate policy. Coverage is often more limited than the options available for dwellings that are occupied year-round.

Be sure you have enough coverage. Most mortgage banks have minimum coverage requirements for financed homes, but to fully protect your investment it is often recommended that your policy covers 100% of the replacement cost.

Estimate the cost to rebuild:
Ask your real estate or mortgage professional about the average local building costs and multiply it by the square footage of your dwelling. Remember that the cost to rebuild does not include the value of the land itself.

Account for the value of your personal possessions:
Determine how much you would have to spend to replace the contents of your home with new items at current prices.

Maintain the right scope of coverage:
Contact your insurance company to adjust your coverage if you have completed home improvements, acquired or no longer own certain valuable items or suspect that the replacement costs of your home may have change for any reason.

Read your insurance policy carefully. Common exclusions include damage caused by flood or sewer backup, earthquakes, mold and losses that result from normal wear-and-tear, neglect or faulty workmanship, among others. Ask your agent about recommended supplemental coverage options.

What to Look for in a CMA

2011-07-20T06:58:00.000-07:00

A comparative market analysis (CMA) is a professionally prepared estimate of how much a particular home is currently worth. It indicates the price a ready and able buyer would most likely be willing to pay, considering the amount and quality of competing inventory and overall market conditions.

Recent Sales
Comparable properties are typically homes that have sold within the past 6 to 12 months. If the market is changing rapidly, the focus will be on those that have closed during the last three or four months. The final prices of recent neighbourhood sales – especially those most similar in location, square footage, lot size, age, style and condition – justify the value of the subject property and will also be used when it is formally appraised.

Active Listings
These are homes that are currently for sale. Remember that the listed sales price represents what the seller is asking for and may or may not be in line with the real market value. How a home is priced relative to other available listings will usually determine the length of time it will stay on the market.

Pending Sales
The final sales price often remains private until after the transaction closes, but looking at the number and types of listings that are under contract can offer clues about current conditions and which direction the market is heading.

Expired, Withdrawn or Cancelled Listings
These are properties that were taken off the market or did not sell during the listing period, possibly because they were priced too high. Analyzing this data could help you avoid the consequences of overpricing your home.

How Does Your Home Stack Up in Today's Market?

2011-04-29T07:58:00.000-07:00

    A CMA report is one of your real estate professional’s most powerful tools of the trade. It includes timely data on active listings, as well as pending and closed sales in a given area. Agents use their knowledge of local neighbourhoods and buying trends to select the most comparable properties and form an expert opinion on the market value.

   For owners preparing to list their homes, a CMA provides detailed information about recent sales and indicates how long homes are taking to sell. It also helps sellers size up the competition and settle on an appropriate asking price. Buyers can use the same information to negotiate a fair deal on a home they wish to purchase.

   Homeowners who are considering a refinance may want to have an idea what their home is worth prior to researching their lending options and having to pay for an official appraisal. It is also important to know the value of real estate holdings when making financial decisions regarding insurance coverage, estate planning, borrowing or investing.

5 Things to Consider Before Listing Your Home

2011-04-15T08:26:00.000-07:00

     You are about to list your home. Perhaps you are looking to accommodate a growing family, or conversely, looking to downsize. Or, it may be that you are helping a close family member with the process of moving into an assisted-living environment. Whatever your situation, there are key considerations to ensure the process of selling meets or exceeds your expectations.

     Often times, home owners don’t articulate their most pressing concerns, which can lead to a gap in expectations between the seller and their agent. The most important thing you can do when selling your home is to be open and frank with your agent, and to have all of the decision-makers at the table from the start. In addition to advising their agents to ask the right questions, Royal LePage recommends these five steps to ensure your home-selling experience is a good one:

1.   Ask friends and family members to refer a real estate sales professional. Word of mouth and past experience is a good place to start when looking for an agent.

2.   Interview your agent and ask for a presentation. With all the decision-makers at the table, determine these three things about your agent: Can I trust you? How are you different? What are you going to do to sell my home?

3.   Articulate all and any concerns you may have about selling your home. Make sure your agent knows what’s on your mind. Are you concerned about the timeliness of the sale? What concerns do you have about price? Are there certain emotional attachments to the current home? If so, what are they?

4.   Count back from the day you want to be out of your home. Remember, it takes time to sell a home. Use this timeline as a general guideline, bearing in mind that many factors affect the time it takes to sell: 90 days to allow for the listing agreement and to entertain offers; then 60 days for the home inspections until the home sells firm and the buyer visits the home; then 30 days to closing.

5.   Pricing. The day you price your home correctly for the market is the day you sell it.

A Handy Guide for When You Move

2011-03-10T08:17:00.000-08:00

Following these tips can take confusion out of the journey to your new home – whether it’s down the block or across the country.

6 WEEKS BEFORE YOU MOVE:
• List the things you want to move, throw out or give away. Be strict; the fewer items to move the easier the job.

• Notify the post office. Request their special kit designed to insure that your mail won’t be interrupted.

• Request medical, dental, and academic records. Make sure you have them all well in advance of the move.

• Choose a moving company. Ask for references from former customers.

• Talk to friends or relatives who have moved recently – learn from their mistakes.

• Plan the move. What items should be given special attention? How long will the move take? Who can help?

• Try to anticipate problems. Will the move take place around a holiday? Could highway construction delay your plans? Could weather pose a serious threat?

3 WEEKS BEFORE YOU MOVE:
• Call the power company and phone company – arrange for any services you will need at the new house.

• Confirm departure and arrival dates with everyone concerned; mover, realtor, relatives.

• Start to pack. Begin with valuable, rarely used items.

• Make sure all boxes are labeled.

• Involve your children in the move. Bring them in on planning sessions and have them help with packing.

• Determine what special items you’ve added to the house that should be moved; lighting fixtures, security system, etc.

• Do a thorough cleaning of the house.

2 WEEKS BEFORE YOU MOVE:
• Transfer bank accounts to your new area. Notify credit card and insurance companies and complete any forms required, so coverage will continue.

• Confirm dates and details of new phone and electric service.

• Mail change of address cards.

• Return anything you may have borrowed; ask for important items back by a certain date.

• Review arrival date and time with people from whom you are buying your new house.

• Make sure any repairs, changes or additions agreed to for the new house are on schedule.

• Review your progress in packing. Make a list of items to be packed at the last minute.

1 WEEK BEFORE MOVING:
• Defrost refrigerator and dry thoroughly to avoid mildew.

Selecting a REALTOR®

2011-03-03T13:01:00.000-08:00

What makes a good REALTOR®? Good REALTORS® will save you time and money. They know your community, what buyers want in a home, how to negotiate the best price, and how to close the deal.

A Royal LePage REALTOR® will:

• Recommend a competitive price for your home

• Develop a marketing strategy to bring in as many potential buyers as possible

• Take care of all the details (so you don't have to)

• Advise you about your rights, options, and obligations

• Negotiate to get you the best price and the best terms

THINKING OF BUYING A HOME?

2011-01-27T06:52:00.000-08:00

How do I prepare to buy a home?

This section offers detailed information to help you as you prepare to buy a home. You’ll find helpful tips and details on everything from talking to your potential Royal LePage REALTOR® to getting your finances organized.

The more prepared you are as you start looking for a new home, the easier and more enjoyable the process will be. Thanks to the wide variety of services offered by Royal LePage, we've got you covered every step of the way.

Needs vs. Wants
What features do I want in a home? What features do I need in a home?

Looking for a new home can seem overwhelming at first. There are so many things to think about, so many choices, and often not enough time.

A small investment of time and effort right at the start can pay tremendous dividends. Take the time to organize your thoughts and think seriously about what sort of home you want before you start looking. It will simplify the process, save you time, and help lead you to the right home for you.

Make sure that you talk to a REALTOR® before you start your search to help you get organized, answer your questions, and also to raise important questions to ask yourself, such as:

• Where do I want to live? (community/general area)

• How much should I expect to spend on purchasing a home?

• Are schools a factor?

• Do I want an older home or a new one?

• What style of home do I prefer? (ranch, colonial, split-level, multi-level, town home, condominium, multi-family, bungalow, other)

• How much renovation and remodelling am I willing to do?

• Is being close to public transportation important?

• Do I have special physical requirements, such as wheel chair access?

• Do I have pets to consider?

• What sort of lot would I like? (small yard, large yard, fenced, garage, patio/deck, other buildings)

• How many bedrooms do I need? How many would I like to have?

• How many bathrooms do I need? How many would I like to have?

• How big a house do I want? How many rooms? How many square feet?

• What features are important? (air conditioning, carpeting, ceramic tile floors, hardwood floors, eat-in kitchen, separate dining room, formal living room, family room, den, library, basement, separate laundry room, fireplace, workshop, other)

Happy New Year!

2011-01-04T09:31:00.000-08:00

All the best to everyone for a great year for 2011! Let a qualified Real Estate agent assist you in buying or selling your home. View our website at http://www.royallepagethunderbay.com/ to see all of Our Team and Listings, or call direct: 807-623-5011. Remember, helping you is what we do.

Season's Greetings!

2010-12-14T11:49:00.000-08:00

    From all of us at Royal LePage Lannon Realty, Brokerage, we would like to wish you and your family a wonderful Christmas & a Happy New Year!

Our office holiday hours:
   Fri. Dec. 24 - Closed
   Mon. Dec. 27 - Closed
   Tues. Dec. 28 - Closed
   Wed. Dec. 29 - Open 9-5
   Thurs. Dec. 30 - Open 9-5
   Fri. Dec. 31 - Closed
   Mon. Jan. 3 - Closed
   Tues. Jan. 4 - Business as usual

     Real Estate is our business, and giving back to the community is very important to us therefore, we would like to take this opportunity to give a big THANK YOU to all of the volunteers and those who participated in our fundraising activities during the year:

Women's United Run, Stroll or Roll

Thunder Bay Basketeers

United Way 'Simply Entertaining' Cookbooks

Royal LePage Shelter Foundation

Questions to Ask Your Agent

2010-09-17T08:30:00.000-07:00

Finding a real estate agent is important, but finding the right one for you is paramount. Here are questions to ask prospective agents and help you narrow down your list:

How can you help me find the right home?

Good agents will impress you with their knowledge of the local real estate market and their ability to appreciate what you are looking for in a home. They should be able to show you what is available in your price range, and how the features and benefits of specific houses and neighbourhoods fit your requirements.

Given our particular circumstances, what advice would you offer?

Every family is different, and a good real estate agent appreciates this. He or she should be able to advise you on how to find a home that meets your unique circumstances and lifestyle.

Why should I work with just one agent?

If you don't have an exclusive agency agreement with your sales representative, you're not legally obligated to work only with him to find your next home. It may, however, greatly benefit you to do so. Talk to your prospective real estate agent to find out his position, and then determine what's best for you.

What happens when you are not available?

Agents work extremely long hours and try to be available whenever and wherever you need them. But however accommodating they try to be, they are not always available.

Ask your prospective real estate agents what arrangements they have in place when they are not available.

What makes your real estate service special?

Every agent tries hard to give top-notch service, but what distinguishes a really good one from the rest? Ask them. You may be surprised at what they have to say and, just as importantly, how they say it.

Next steps

When the interviews are over, it's time to make a choice. Think about what the real estate agent told you, and ask yourself some questions:

Did they seem trustworthy and honest?

Were they realistic when discussing your home purchase?

Did they communicate well? Were you on the same page?

Were they committed, motivated and experienced?

We think you'll agree that Royal LePage Lannon Realty, Brokerage agents are the real estate experts of choice – motivated, experienced and dedicated to the highest level of service in the Canadian real estate industry. For expert advice about all aspects of buying a home in your area, contact your local Royal LePage Lannon Realty, Brokerage agent: http://www.royallepagethunderbay.com/ (807) 623-5011.

When Buying a Home

2010-09-02T06:20:00.000-07:00

CLOSING:
What does the term “Closing” mean?

Closing refers to the preparation for the transfer of ownership of a property from the seller to the buyer.

There is no standard method for closing. In some places, "round table" closings bring all parties together at the closing table. In other areas, buyers and sellers complete the process through separate, individual appointments with their lawyer.

Your Royal LePage REALTOR® will tell you what is customary in your area and help lead you through the process.

Showing Your Home

2010-08-30T11:09:00.000-07:00

How should I prepare for showings and open houses? Your house should be ready to show at all times. Make sure it is kept clean and clutter-free. And, those last minute touches before someone comes to look at your home can make all the difference:

• Turn on all the lights, even during the daytime, including outside entrance, closet, basement, and attic lights. Open all the drapes and blinds.

• Turn off the television, stereo, and radio (easy listening music is OK).

• On cold days, light a fire. If not in season, make sure the fireplace is clean.

• Put pets in a fenced yard. Better still, ask friends to look after them. Some people may be allergic, others may be afraid of animals. Clear any pet odors.

• Clean the kitchen and bathrooms. Leave windows and mirrors sparkling.

• Set out fresh flowers, hang decorative hand towels in the bathroom, and place an attractive tablecloth on the dining room table.

• If possible, leave! Some buyers are uncomfortable when the owner is in the house. In their hurry to get away, they may miss important features, or fail to ask important questions. If you must remain, be courteous, but try not to make conversation. The buyer's Realtor knows what the buyer is looking for. He or she can discuss features and answer questions.

Inspections & Appraisals

2010-08-20T13:42:00.000-07:00

Inspections:
Buying a home is probably the biggest single investment you will make. A home inspection prior to making an offer will protect you and your investment.

A qualified home inspector will give your house a thorough examination, checking the heating and cooling system, plumbing and electrical systems, the roof, attic, walls, ceilings, floors, windows, doors, foundation, basement, and visible structures of the home.

The inspector will point out the need for major repairs, identify areas that may need attention in the near future, and explain what maintenance will be necessary to keep the house in good shape. But, it is not all negative. Most inspectors are more than happy to tell you about the home's good qualities as well.

Home inspections are relatively inexpensive considering the size of the investment that you are about to make. Many people consider this a small price to pay for peace of mind.

Your Royal LePage REALTOR® can provide you with a list of reputable, qualified home inspectors in your area.

Appraisals:
An appraisal is a report containing an estimate of the value of the property. Appraisals are conducted for the purpose of mortgage lending by certified appraisers. The appraisal should not be confused with the home inspection or the market analysis.

The Importance of Pricing

2010-08-16T12:12:00.000-07:00

Why is listing my property at market value so important?

A realistic competitive price means:

1. Your property will sell faster. People don't bother looking at over-priced homes.

2. Your home doesn't lose its "marketability."

3. Offers are higher when a property is closer to market value.

4. A well-priced property can generate competing offers.

5. Realtors will be more willing to present your property to buyers (and be more enthusiastic when they do so).

Making an Offer & Negotiating

2010-07-16T07:12:00.000-07:00

When you are making an offer to buy a home, there are six main elements to consider:

Price: The price you offer reflects your opinion of the value of the house and is determined by the condition of the property and local market factors. You can make any offer you like. It does not have to be the same as the seller's asking price.

Deposit: The deposit shows your good faith and will be applied against the purchase of the home when the sale closes. Your Royal LePage Realtor can advise you on an appropriate amount.

Terms: Include the total price offered and the financing details. You may arrange your own financing or ask to assume the seller's mortgage, especially if it has an attractive interest rate.

Conditions: Conditions are items that must be completed or fulfilled prior to an offer being concluded. These can include subject to home inspection, subject to you obtaining financing, or subject to you selling your existing property.

Inclusions and Exclusions: Your offer may be contingent on certain items being either included or excluded in the sale. These might include appliances, fixtures, and decorative items, such as window coverings or mirrors.

Closing or Possession Date: The closing date is generally the day the title of the property is legally transferred and the transaction of funds finalized, unless otherwise specified (except in Manitoba and Quebec). In British Columbia the possession date is legally one to three days after closing.

Negotiating
Once your offer to purchase has been drafted, it will be presented to the seller as soon as possible. The seller can accept your offer, reject it, or make a counter offer.

Acceptance: An accepted offer means the seller has agreed to all the terms and conditions exactly as set forth in your offer to purchase.

Rejection: A rejected offer means the seller did not agree with any of the terms and conditions set forth in your offer to purchase.

Counter Offer: A counter offer means the seller agrees with some of the terms and conditions of your offer, but not all of them.

The seller then makes a counter offer. The counter offer may change the price, the closing date, or add or delete conditions.

Once you have received a counter offer you have two choices. You can accept the new terms and conditions or reject them. If you reject them, you can choose to start the whole process over again.

Renovations

2010-07-08T08:06:00.000-07:00

What renovations will give me the greatest return when selling my property?

The top three renovations that get you the most money* are:

1. Bathrooms (75 to 100% return)
2. Kitchens (75 to 100% return)
3. Interior and exterior painting (50 to 100% return)

*Appraisal Institute of Canada's 2004 Home Renovation Survey

Other renovations and their average rate of return (the value they add compared to what they cost) include:

• Replacing roof shingles (50 to 80%)
• Replacing the furnace and heating system (50 to 80%)
• Renovating the basement (50 to 75%)
• Adding a recreation room (50 to 75%)
• Installing a fire place (50 to 75%)
• Up-grading floors (50 to 75%)
• Building a garage (50 to 75%)
• Replacing windows and doors (50 to 75%)
• Building a deck (50 to 75%)
• Installing central air conditioning (25 to 75%)

Purchasing Your Home

2010-07-02T11:37:00.000-07:00

Once you have found the home you are interested in, it is time to make an offer. Deciding what to offer is one of the most difficult decisions to make. Offer too little and you stand a chance of losing the house (particularly in a seller's market).

On the other hand, nobody wants to pay more for something than it's worth.

Your REALTOR® can help you enormously by showing you what comparable houses are selling for, helping you assess the condition of the house, and judging the type of competition you may face. Once you have decided on the price you are prepared to offer, the REALTOR® will draft the offer and explain the details to you.

Your Royal LePage REALTOR® will communicate the offer, sometimes known as an Offer to Purchase (a legal document specifying the offers terms and conditions) to the seller, or the seller's representative, on your behalf.

The offer can be firm or conditional.

Firm Offer to Purchase: usually preferable to the seller, because it means that you are prepared to purchase the home without any conditions. If the offer is accepted, the home is yours.

Conditional Offer to Purchase: means that you have placed one or more conditions on the purchase, such as subject to home inspection, subject to financing, or subject to the sale of the buyer's existing home. The home is not sold until all the conditions have been met.

Interior Preparation

2010-06-25T11:21:00.000-07:00

What should I do to the interior of my property, before I list it for sale?

Every room should look as spacious, bright, and warm as possible.

• Wash walls, ceilings, and trim. Consider painting with light, neutral colors. Repair cracks.

• Tighten loose knobs, towel racks, switch plates, and outlet covers.

• Fix tight doors and windows, squeaky floorboards, and loose stair banisters.

• Clean and repair caulking around tubs and sinks. Fix leaky faucets; remove water stains.

• Clean and organize the basement and attic. (This is a good opportunity to throw out all the bits and pieces you don't want to move.)

• Organize closets. Get rid of the clutter. Limit the number of items stored overhead or on the floor.

• Clean out kitchen cabinets, and remove clutter from countertops.

• Clean drapes, blinds, and curtains. Shampoo carpets, and wax floors.

• Now is a good time to spray for bugs.

• Arrange furniture to make rooms appear as spacious as possible.

• Remove any items you are taking with you, such as chandeliers and mirrors.

Items to Look for When Viewing Homes

2010-06-10T12:54:00.000-07:00

You pull up to the curb and there it is – the home of your dreams!

Calm down. Take a deep breath and start again. The hardest thing to do when looking for a home is to remain objective. It is easy to fall in love with a home's appearance, but it is very important to look beyond the window dressing.

Here are some things to consider when looking at a home:

General Upkeep - First appearances do count. Is the home dirty and cluttered? Are the lawns uncut? Are the walls chipped and in need of paint? If the owner hasn't bothered to keep the house looking clean and attractive, what problems are lurking below the surface?

Water Leaks - Water can do a lot of damage to a home. It rots wood, undermines foundations, and leads to mould and mildew. Re-shingling a house, or repairing a cracked foundation to stop water leaks, can be extremely expensive.

It takes an expert eye to find most water leaks (which is why we recommend you have a house inspected before you buy). If you spot stains, bulges and other signs of water damage on ceilings or walls, make special note that there could be a problem.

Appliances and Fixtures - Test the lights, faucets, toilets, furnace, air conditioning, and all major appliances that are to be included with the home. Make sure everything is working as it should.

Floors - Floors should be smooth, even, and solid. Soft springy sections, excessive squeaking, and unevenness are all indications that expensive repairs may be needed.

Doors and Windows - Check that doors and windows fit snugly and operate smoothly. Look for flaked paint and loose caulking. Check for drafts.

Drainage - Walk around the yard looking for areas where water might collect. Soggy areas near the foundation indicate poor drainage.

Grout and Caulking - If the grout and caulking around bathroom and kitchen tiles are loose and crumbling, there is a good chance water is finding its way into the wall or under the floor.

Structural - Look for deep cracks in the foundations or loose mortar and bricks.

Furnishings - If you are not planning to replace all of your furniture (and not many people are), make sure it will fit into the rooms of the new house. Be sure to bring a measuring tape. Rooms can be deceptive.

Storage Space - Make sure your new house has enough storage space for all your belongings. And that means more than just your clothes. Think of all the things that need to find a home – tools, gardening equipment, old toys, sports equipment, and all those wedding presents that are still in their original boxes. Check the size of the closets, the attic, the basement, and the garage. Rule of thumb: there's never enough storage space.

Inspection - You should take a long hard look at a house before you put in an offer to protect yourself from disappointment down the road. But, nothing can replace the expert opinion of a qualified home inspector. Inspectors can spot problems that the average person would never find and they can usually advise you on how much it will cost to make the repairs. A home inspection can help you determine whether or not you are going to make an offer on a house, and if you decide to go ahead, just how much that offer is going to be.

What are Closing Costs?

2010-06-03T11:02:00.000-07:00

Closing costs are the legal and administrative fees and disbursements associated with buying your home. These costs are in addition to the purchase price of the home. They can vary widely depending on:
• The property being purchased

• Services required

• Taxes

• Applicable insurances

• Closing dates affecting interest adjustments

• The balances of any prepaid expenses

Ask about the Home Buyers' Plan

The Home Buyers' Plan (HBP) lets a first-time buyer withdraw up to $20,000 from RRSPs for a home purchase, subject to certain repayment conditions. For more information, check the Canada Customs and Revenue Agency website http://www.cra-arc.gc.ca/

The Buying Process

2010-05-27T12:10:00.000-07:00

There are a lot of homes out there. How do you figure out which one is right for you?

Start by getting familiar with the market. Drive around the areas that you are interested in and get an idea of what is available. Talk to friends, use the Internet at http://www.realtor.ca/, check out community newspapers, – and don't forget your REALTOR®, http://www.royallepagethunderbay.com/. That's why you have one.

Your Royal LePage REALTOR® will work with you to expand your choices, making you fully aware of what your home-buying dollar will buy in various communities. Then she or he will help you separate good options from those that are less-than-optimal, educating you on the features and benefits of specific homes and their neighbourhoods.

Pre-Listing Preparation

2010-05-19T13:20:00.000-07:00

To prepare your property for listing, take a look at your home with the eyes of a potential buyer. What is your first impression? What needs to be cleaned, painted, repaired, or tossed out to make your house as attractive as possible? A small investment in repairs, decoration, and organization can add thousands of dollars to your property value.

Neighbourhoods

2010-05-06T13:22:00.000-07:00

As Canadians, we’re fortunate to have livable cities, neat and attractive subdivisions, and neighbourhoods that are ideal places to live, work and play. When it comes to finding the right community for you, it's not so much a matter of finding a good community as picking the best of many.

Your REALTOR® has a wealth of knowledge about the communities in their cities and towns. He or she can help you choose the one that is best suited to you and your family.

Here are just some of the things you may want to consider:

Environment

Ask your Realtor about any known environmental issues in the area. Check with neighbours and the local media about air, water, and soil quality. Environmental issues can be detrimental to your health and to property values.

Appearance

Explore the neighbourhood keeping an eye open for signs of neglect, such as overgrown lawns, tired and worn houses, and litter in yards and alleys. No matter how diligent you are at keeping your property in top shape, a run-down neighbourhood will drive your property value down.

Crime rate

Check with the local police department to find out if the home you are considering is in a safe neighbourhood. Police may be able to provide statistics regarding break-ins and other crimes.

Schools

If you have children, education is one of the most important considerations in finding a new home. Are there schools within walking distance or will your children have to take the bus? How do the local schools compare to other schools in the area? If your children need them, are there religious or special training educational facilities nearby?

Talking to neighbours with school-aged children can be helpful. In some areas school boards can provide important information to help you determine the quality of schooling in a particular neighbourhood or community.

Transportation

Convenient public transportation, good access roads, and major highways nearby can mean the difference between a pleasurable and not-so-pleasurable commute to work.

Amenities

Take a look around for all the amenities that you will need: shops, grocery stores, dry cleaners, restaurants, medical and dental offices, parks, and recreational facilities. Having a vibrant community with all the modern conveniences can make life a lot easier.

Property Values

Property values are a pretty good indicator of how well a community is perceived. Your Realtor can tell you how property values have changed over the past few years and how they compare to equivalent communities in nearby areas.

Utilities and Taxes

Avoid unpleasant surprises by finding out about municipal taxes and utility costs before you decide to purchase. Fees for water, electricity, cable TV, phone, and gas vary greatly by region.

Noise and Nuisances

First impressions are not necessarily the most accurate impressions. It is a good idea to come back to the neighbourhood at different times of day and different days of the week. Listen for traffic noise, barking dogs, low-flying airplanes, and any other noises that could indicate problems.

Know What You Can Afford

2010-04-22T10:17:00.000-07:00

How high will my monthly mortgage payments be?
Knowing your affordable price range will bring your house hunting into focus.

How much of a house you can afford depends on three things:

• How much you can afford for the monthly mortgage payment

• How much of the down payment you have available

• The amortization, or length of time required to pay off the loan, assuming interest rate does not change

Dominion Lending Centres Lakehead Financial can help you determine what you can afford. Mortgage calculators are available to show you what payments to expect, and how you can save money over your repayment period:

• The Mortgage Affordability Calculator shows you how much you can afford.

• The Mortgage Payment Calculator works out the mortgage payment plan that is right for you.

Discerning Property Value

2010-04-15T13:34:00.000-07:00

How is the market value of my property determined?

The market sets the price. Your local Royal LePage REALTOR® will help you set a realistic price to match market conditions.

Your REALTOR® can give you a comparative market analysis based on similar homes in your area. It will show current listings, recent sales, and expired listings (a good thing to check because these houses are usually either overpriced or poorly marketed).

Your REALTOR® will help you develop a competitive price based on:

• Location
• Size
• Style
• Condition
• Community amenities
• Financing options
• Market conditions (Is it a buyer's or a seller's market?)

Remember: The market determines price. Avoid the urge to price your home based on considerations that do not affect its market value. For example, the following do not affect the market value for your property:

• How much you need to purchase your next home

• How much you paid

• How much you spent on improvements

• The value of a similar home in a different community

• The cost to build the same home today

• Your personal attachment to your home (Yes, it's your house and you're proud of it, but this makes no difference to potential buyers.)

Types of Home Ownership

2010-04-01T08:44:00.000-07:00

What type of home ownership is right for me?

There are three broad categories of home ownership:

1. Freehold

The owner owns the house and the grounds.
Freehold homes offer the most privacy and freedom of choice of any type of home. Homeowners are free to decorate and renovate as they please. They are also responsible for all the maintenance both indoors and out.
Freehold is the most common type of home ownership.

2. Condominium

The homeowner owns the unit and shares in ownership of common elements. Condominiums are usually apartment buildings, but also include townhouse developments and developments of detached buildings on private roads.
The homeowner is responsible for the interior area of the unit (everything from the plaster in). The condominium association is responsible for the up-keep of the exterior of the building, common interior elements (halls, elevators and parking garages, for example) and the grounds. All condominium owners pay a monthly fee to the condominium association to cover maintenance costs and common utility fees and taxes.
Condominiums often have strict rules regarding noise, use of common areas, and renovations to units. Condominium residents often enjoy less privacy than residents of detached homes.
Condominiums are usually less expensive than freehold houses.

3. Co-operative

Co-operatives (or co-ops) are similar to condominiums but instead of owning your unit, you own a share in the entire building or complex.
Co-op residents pay for maintenance and repairs through monthly fees and are subject to the rules and regulations of the co-op board.
If you decide to sell your shares and move out, the co-op board has the right to reject your prospective buyer.

Down Payment on a Home

2010-03-18T08:49:00.000-07:00

How much will I initially need to purchase my new home?

You will need enough funds to cover your down payment and closing costs, as well as the remaining balance on the cost of the home. This can be sourced through financing or other means.

A larger down payment means greater savings.

The money you pay up-front for a house is the down payment. Down payments are typically a percentage of the purchase price of the home. The source of money for your down payment is often either your savings or the net proceeds from the sale of a home you already own.

The larger your down payment, the more you save in the long run. A larger down payment:

• Reduces the amount of your monthly principal and interest payment

• Reduces the total amount of interest you pay over the life of your mortgage

Your Dominion Lending Centres Lakehead Financial Mortgage Specialist http://www.dlclakeheadfinancial.ca/ can help you compare mortgages, determine which mortgage is right for you, and show you money-saving strategies. Please call (807) 624-2654.

Curb Appeal

2010-03-11T13:04:00.000-08:00

How important is the exterior look of my property?

First impressions really do count. If the impact of your curb appeal is strong, people will want to see what is inside.

• Cut the lawn.

• Cut and trim the shrubs.

• Remove dead tree limbs and other yard debris.

• Brighten up the garden with fresh shrubs and flowers.

• Get rid of the clutter. Put away toys and gardening equipment.

• Touch up peeling paint on doors, siding, and trim.

• Repair and paint the fence.

• Fix damaged roof shingles and flashing.

• Clean windows, replace broken panes, and fix torn screens.

• Clean gutters and downspouts.

• Wash the driveway and sidewalk. Patch cracks or holes.

• Clean up the garage and shed.

• Have the gas grill ready for use.

• Make sure outside lights and doorbells work.

How Can a Royal LePage REALTOR Help?

2010-03-05T06:13:00.000-08:00

Good REALTORS save you time and money. They know your community, they know what is important when buying and selling a home, and they know all the intricacies of the process, from finding a home, to negotiating a price, to closing a deal.

A Royal LePage REALTOR will:

• Screen the available homes in your neighborhood to make sure that the houses you look at fit your budget and your requirements

• Give you important information on local real estate values, taxes, utility costs, services, and amenities

• Guide you through the viewing process showing you features you may not have noticed and problems you may not have spotted

• Advise you about your legal and financial options

• Recommend expert help when needed, such as home appraisal, home inspection, and contracting services

• Manage your offers and counter-offers, and use his or her skills and experience as a negotiator to make sure you get the best deal possible

Homeowner's Quiz

2010-02-25T09:58:00.000-08:00

What kind of homeowner are you?
Take the quiz and find out your personalized tips for preparing your home for sale.

1) After finishing your dinner do you:

a. Leave everything on the table and come back to clean up later.

b. Take the dishes off the table, put away the leftovers and pile the dishes in the sink or dishwasher for later.

c. Clean the table, put away the leftovers and wash the dishes right away.

2) Your home office has a desk that is:

a. Covered with papers, receipts and random objects.

b. A pile of stacks. There is enough free space to do your work and you can still find what you’re looking for.

c. Clean and neat. Everything has its place and papers are filed right away.

3) You’ve just finished your laundry, do you:

a. Leave the clothes in a pile on a chair. It’s easier to find them later this way.

b. Fold and put the clothes in any drawer with available space.

c. Fold and put away your clothes in their appropriate drawers.

4) In your household you have:

a. A dog or cat that is allowed indoors.

b. A smoker who often/always smokes indoors.

c. None of the above.

5) How do you accessorize your home?

a. I like to display personal mementos, souvenirs and family photos around my home.

b. I love decorative accessories and like to feature eclectic ethnic artifacts and antique items around my home.

c. I prefer clean and tidy surfaces and display few decorative or personal items around the house.

6) Which of the following best describes your home?

a. My home is eclectic and fun with bright colors and accessories throughout.

b. My home is traditional with warm paint colors and lots of dark wood.

c. My home is in a modern and simple style with neutral colors and few accessories.

7) Spring has arrived and your yard is in need of some maintenance, do you?

a. Rake the yard and generally get rid of debris.

b. Clean the yard of debris and mow the lawn.

c. Clean the yard of debris, mow the lawn, clear the weeds, apply fertilizer and plant new flowers.

8) Which best describes your home?

a. I haven’t had the time to properly decorate most of my home and a couple of the smaller rooms are used only for storage. Some minor repairs are still waiting to be done around the house.

b. The main areas of my home are decorated and furnished but I never got around to properly decorating and furnishing the basement or guestroom. Some minor repairs are still waiting to be fixed around the house.

c. I have taken the time to properly furnish and decorate every room. I have also undertaken several renovation projects throughout the years.

Give yourself a score of :
1 for every “a”,
3 for every “b”, and
5 for every “c” answer.

If your score is between 8 and 16, you need to roll up your sleeves and get working to prepare your home for sale. Based on your responses, your home will need deep cleaning and de-cluttering before showings start.

Deep clean your home making sure each room and surface is spotless. Make sure to remember your appliances and windows too.

Get rid of the clutter to allow buyers to properly see your home. Pack away unnecessary items and make sure counters and tables are free of appliances and personal items. If any rooms are used for storage alone, pack away the items and properly furnish the rooms. Don’t leave them empty as buyers will have a hard time visualizing living in a space without any furniture.

Put away collectibles and family photos to help de-personalize your home. Buyers will be able to imagine themselves in your space better without your personal items around.

Although your fun sense of décor and color may suit your personality, go neutral for the sale. Adding a fresh coat of neutral paint and getting rid of unusual accessories will ensure that your home appeals to a larger pool of buyers.

If pets or a smoker reside in your home, remember that you probably won’t notice the smell if you’re around them all the time. Have a trusted friend give you an honest opinion and deep clean to get rid of the odor.

And lastly, don’t forget curb appeal. First impressions count, and buyers begin to form an opinion as soon as they pull into your driveway. Keep your yard neat and tidy with your lawn and shrubs trimmed, and flower beds weeded. Store away your children’s toys and garbage bins, and give the exterior of your home a good wash or a fresh coat of paint.

If your score is between 17 and 32, there are a few easy steps you can take to make your home more appealing to buyers.

Clean your home from top to bottom, making sure you pay special attention to kitchens and bathrooms. Make sure to de-clutter and reorganize your home. Remove any excess furniture to enhance the feel of openness and space. Storage space is a top priority for buyers, so clean and organize your closets and storage areas. Get rid of anything you don’t need and make sure your closets are not overflowing with items.

Brighten and lighten up your home with a fresh coat of neutral colored paint. Soft neutrals such as pale yellows and grays can give a house a nice sophisticated look that appeals to most buyers.

Store away your eclectic accessories and create more room on your counters and tabletops. Your unique items may be an expression of your personality but they might also make it hard for buyers to visualize themselves in the space.

And last but not least, fix that leaky faucet and any other minor repairs that you’ve been neglecting around the house.

If your score is between 33 and 40, your home is in top shape and will only need a little bit of work to bring in that sale.

One great way to stimulate buyers’ imaginations is to set the scene. Put fresh flowers on the mantle and set the dining room table for a formal dinner. If it’s a cold day, light a fire in the fireplace. Look at your home through the buyers’ eyes and create an atmosphere that will help them envision themselves living there.

To further enhance your home’s curb appeal, spruce up your flower beds with new flowers and ground cover to give the home additional touches of color.

First Time Home Buyers

2010-02-17T11:47:00.000-08:00

Why buy?

Two out of three Canadian families own a home – that's one of the highest rates of home ownership in the world. And for good reason.

It's a great investment. And with increasing house prices over the long-run, it's all the more important for first-time buyers to get a foot on the first rung of the property ladder.

Did you know that...

Home ownership is the single largest source of savings for Canadian households. Unlike other investments, which can be quite volatile, the increase in the value of homes is relatively steady.

The average house price in Canada has increased every year since 1998.

Homeowners can use the equity in their homes as security for other loans.

Building equity in your first home is the first step on the property ladder. It gets you into the market, keeps you in touch with increasing house prices, and puts you in a good position to trade up to bigger and better houses as your circumstances allow.

Tips for Preparing Your Home for Sale

2010-02-12T11:35:00.000-08:00

Detach your Emotions-

Remember, you are about to sell this house and the goal is to create a space in which as many people as possible will be able to envision as their potential home. To properly prepare your home for sale you will have to pack away many of your personal items, including photos, souvenirs and other mementos.

Clean and Reorganize-

Clean your home from top to bottom and make sure all appliances are spotless. Reorganize the closets and pack away some of your belongings. Storage room is a priority for buyers and a full closet does a poor job of showcasing the amount of storage room available. If you’re using a spare room for storage, pack away the clutter and ensure the space is properly furnished. .

Furnish Empty Properties and Rooms-

People buy homes not houses. Empty rooms make it hard for buyers to get a good sense of the space. Large rooms look cavernous and small rooms look even smaller when empty. Oddly shaped rooms make it especially hard for buyers to visualize how to arrange the room. Staging your empty property with the right furniture is key to ensuring that buyers will be able to visualize living in the space.

Brighten and Lighten-

Light-filled rooms are always appealing. Open blinds and make sure your windows are sparkling clean. If there are no windows in the room, make sure the lighting is adequate and keep all the lights on when showing the property, even during the day. A fresh coat of neutral colored paint goes a long way to brighten up the space.

Spark Your Buyer’s Imagination-

Set the dinner table for a formal dinner, light the fireplace on a cold day, and add some fresh flowers to your décor. Creating the proper atmosphere helps buyers envision themselves living in your home.

Fix Minor Repairs-

Buyers prefer to see a home in move-in condition, even small things such as a dripping faucet can detract from the value of your home.

Don’t Be Too Unique-

Keep your décor simple and modern with neutral wall colors. Unusual accessories and strong wall colors will limit your pool of buyers. This is also true for renovations. The right renovations can often boost the price of a home but be careful not to do it with too much flair. Your unique style may set you apart but it will also shrink your potential pool of buyers. Remember to keep it simple and modern.

Keep Your Neighbourhood In Mind When Renovating-

Actual returns on renovations depend not only on the renovations itself but also on how your home compares to your neighbours’. If your home is already above market value for your neighbourhood, your renovation may not yield a higher return. Buyers looking at moderately priced homes won’t be able to pay a premium for luxury finishes. Ask your REALTOR® to give you an assessment of homes in your area before embarking on costly renovations.

Improve Security-

Household security is a sought after feature in homes and simple measures such as adding window locks and motion sensor lights outside can boost the attractiveness of your property. In densely populated urban areas, simple additions such as blinds and shutters are good additions to provide privacy.

Your Mortgage (Buyer)

2010-02-05T10:08:00.000-08:00

Find out about your mortgage options before you start looking. There's nothing more frustrating than falling in love with a home, only to find out you can’t afford it.

Pre-qualifying for a mortgage is the best way to find out how much you can afford. Your financial institution will look at your income, expenses and debt to determine how much they will lend you. Combine that amount with the money you have for a down payment, and that’s your budget.

Once you have pre-qualified, consider applying for a pre-approved loan. Then, when you find the home you want to buy, it will speed up the purchasing process. For more information about planning your mortgage, please contact Dominion Lending Centres Lakehead Financial at (807)624-2654.

Want to get an idea of how much you can afford? Try our Mortgage Affordability Calculator for a quick estimate.

Thinking of Buying??

2010-01-27T09:03:00.000-08:00

Needs vs. Wants -

What features do I want in a home? What features do I need in a home? Looking for a new home can seem overwhelming at first. There are so many things to think about, so many choices, and often not enough time. A small investment of time and effort right at the start can pay tremendous dividends. Take the time to organize your thoughts and think seriously about what sort of home you want before you start looking. It will simplify the process, save you time, and help lead you to the right home for you. Make sure that you talk to a REALTOR® before you start your search to help you get organized, answer your questions, and also to raise important questions to ask yourself, such as:

Where do I want to live? (community/general area)
How much should I expect to spend on purchasing a home?
Are schools a factor?
Do I want an older home or a new one?
What style of home do I prefer? (ranch, colonial, split-level, multi-level, town home, condominium, multi-family, bungalow, other)
How much renovation and remodelling am I willing to do?
Is being close to public transportation important?
Do I have special physical requirements, such as wheel chair access?
Do I have pets to consider?
What sort of lot would I like? (small yard, large yard, fenced, garage, patio/deck, other buildings)
How many bedrooms do I need? How many would I like to have?
How many bathrooms do I need? How many would I like to have?
How big a house do I want? How many rooms? How many square feet?
What features are important? (air conditioning, carpeting, ceramic tile floors, hardwood floors, eat-in kitchen, separate dining room, formal living room, family room, den, library, basement, separate laundry room, fireplace, workshop, other)