Additional Costs When Buying a Home

TREB - The purchase price of your home is only one of the costs you'll encounter. Here are other possible costs you need to consider:

Mortgage loan insurance: If you are putting less than 20 per cent of the house value down, you're going to need mortgage loan insurance. Depending on the lender, the premium can be added to mortgage payments.

Appraisal fee: Lenders typically loan a percentage of the home's purchase price or the market appraisal of the property. Cost depends on the size and complexity of the assignment.

Land survey: The lender may ask for a current survey or certificate of location before signing off on the loan. There can be a substantial cost for having a new survey done on the property.

Deposit: A deposit normally goes with the formal offer to purchase, and forms an integral part of the contract.

Insurance: The lender will require proof of property insurance for the replacement value of the house and its contents from the day you take ownership.

Title insurance: Provides coverage in case of problems with the property title among other things. The cost is relatively low, usually a few hundred dollars.

Application fee: Some lenders will pass on the cost to process your application. These fees vary and some lenders will waive entirely if you have other accounts with them.

Mortgage broker's fee: If you use a mortgage broker, a fee may be charged to arrange a mortgage on your behalf.

Home inspection fee: An inspection protects the buyer by revealing any problems in the property that you'd want to know before you move in.

Legal fees: You can save some of the legal fees usually charged by the lender if your lawyer draws up the mortgage. You'll also pay for disbursements which are the costs involved in drawing up the title deed, conducting a title search, and preparing and registering the mortgage.

Land Transfer Tax: Use the land transfer tax calculator accessible from the home page of this website to calculate both your Ontario and City of Toronto (if applicable) land transfer taxes. First time home buyers qualify for a maximum $2,000 (LTT on a $227,500 home) provincial rebate and a maximum $3,725 (LTT on a $400,000 home) City of Toronto rebate.

Goods and Services Tax: The purchase price of resale homes is exempt from the HST. The purchase price of newly constructed homes is subject to HST. New home buyers can apply for a 36% rebate of the federal portion of HST applicable to the purchase price to a maximum of $6,300 for homes costing $350,000 or less. For new homes priced between $350,000 and $450,000, the rebate on the federal portion of the HST rebate would be reduced proportionately. New homes priced $450,000 or higher would not receive a rebate of the federal portion of the HST. New home buyers can apply for a 75% rebate of the provincial portion of the HST applicable to the purchase price to a maximum of $24,000.

Other costs: These include moving costs, fees charged by utilities for service hook-ups, property tax and other adjustments (an adjustment takes place when the seller has already paid for something in advance and wants to be credited for the unused portion on the date the house becomes yours), and ongoing maintenance (condo fees etc) and utility costs.

Asif Khan, Sales Representative
Member of Re/Max Hall of Fame
Re/Max 100% Club
Re/Max Platinum Award

Posted via email from Markham Real Estate Today with Asif Khan

Alternative Cleaning Products

GO GREEN - CONSIDER ALTERNATIVE CLEANING PRODUCTS - via HouseMaster
 
According to the National Environmental Service Center (NESC) it is estimated that the average homeowner may have up to 100 pounds of various types of hazardous household waste products at any time in their home. This includes products that are flammable, combustible, toxic, explosive or corrosive. You are probably well aware of the hazards associated with the improper storage and use of certain products such as gasoline, anti-freeze, pesticides, and varnishes. But other common products such as nail polish remover, charcoal lighter fluid, and fluorescent light bulbs can be hazardous to humans, pets and the environment when used or disposed of improperly.

One way to reduce the need to have these hazardous products around is to use alternate cleaning solutions for everyday home maintenance needs. By reducing your reliance on the potentially hazardous products, you not only reduce the risk of injury to yourself or other family members, but also help the environment.

Two long-used and widely available products, baking soda and vinegar, are good alternatives for many household cleaning products. Baking soda, mixed with water or other products, depending on the particular need, can be used to remove perspiration stains, as a scoring powder to clean plumbing fixtures, and as a general household cleaner. Vinegar can serve as a water softener, pet odor remover, paintbrush softener, and window cleaner. Even baby oil can substitute for harsh chemicals to remove grease and tree sap. Club soda helps remove stains from carpets. Use baking soda with the right mix of vinegar and you have a drain cleaner or tile scum remover.

The National Environmental Service Center  has a technical assistance hotline (800-624-8301) available to answer questions. Environment Canada  also provides information and offers solutions for the disposal of household hazardous waste.

Even alternative products must be used and handled with care. Check with product manufacturers and green product websites for specific recommendations and mixtures. And of course, don’t take any chances; store all cleaning products in a safe and appropriate location.

Asif Khan, Sales Representative
Re/Max Hall of Fame
Re/Max All-Stars Realty Inc., Brokerage

Posted via email from Markham Real Estate Today with Asif Khan

SPRING ROOF MAINTENANCE

SPRING ROOF MAINTENANCE -via HouseMaster
 
The cold weather and storms of the winter season can wreak havoc on the exterior of a home and the surrounding property. Sometimes it isn’t that there is significant damage, but simply the fact that it may have been several months since you last paid attention to or attempted any outdoor maintenance.

Now is the time to do a winter-end check to make sure everything is in order and your home is ready to withstand those spring-time showers and the pending heat of summer.

While all exterior areas should be checked periodically, one area that typically requires special attention at the end of the winter season is the roof. To identify possible roofing concerns, look for:

Ceiling stains – A possible warning sign that your roof system needs repair or replacement. If localized, it may be an isolated point of roof damage or a flashing leak. Ceiling stains can also be associated with excessive attic moisture and/or ice dam conditions, which may require additional attic ventilation and/or insulation to prevent a recurrence. If there are stains on lower level ceilings, a plumbing leak could also be the cause.

Loose or missing shingles – Any loose or missing shingles should be repaired or replaced immediately to avoid additional leakage and damage to the roof deck or interior of your home.

Loose, lifted or cracked flashing – This is the sheet metal or other type membrane found at the base of chimneys and roof penetrations. Damaged flashing should be repaired or replaced to prevent leakage. Any open gaps should be sealed with roof cement.

Lifted or curled shingles – This may be an indication the roof is worn and at or near the end of its service life, or, at the very least, makes it conducive to wind damage. If found just in an isolated area, spot replacement may be possible, but if widespread, get a professional opinion on the roof’s condition.

Heavy granule buildup in gutters or at base of downspouts – The granules on roof shingles gradually wear away to the point where the underlying material is exposed over large areas. Once this happens the rate of shingle deterioration accelerates. If granule loss is excessive, it may indicate aging shingles that need replacement.
Any roof maintenance check should also include gutter cleaning. This is an area often not paid attention to until an overflow creates problems. Gutters need to be checked year-round to help avoid expensive water damage to the siding or house structure. Extensions or splash blocks at downspouts help divert water away from the house, avoiding soil erosion and infiltration through basement or crawlspace walls.

If you have questions on your roof system, consider utilizing the services of a professional home inspector or qualified roofing contractor to determine conditions. If you need to contact a home inspector or contractor, check out our business directory at www.asifkhan.ca.

Asif Khan, Sales Representative
Re/Max Hall of Fame
Re/Max All-Stars Realty Inc., Brokerage

Posted via email from Markham Real Estate Today with Asif Khan

2011 Budget News - Markham

Markham has just become the only Ontario municipality to deliver a zero tax rate increase for three consecutive years (2009, 2010, 2011)! Not only is the zero tax rate increase impressive, it ALSO includes expanded community facilities and services. These unprecedented budget achievements continue to keep Markham as one of Canada's top towns to live in. For information on Markham properties, please email us at info@asifkhan.ca or call me at 416-985-5426. Asif

Asif Khan, Sales Representative
Member of Re/Max Hall of Fame
Re/Max 100% Club
Re/Max Platinum Award

Posted via email from Markham Real Estate Today with Asif Khan

NEWS RELEASE - Toronto Mid Month Market Report - March 2011 http://post.ly/1muNv

NEWS RELEASE - Toronto Mid Month Market Report - March 2011

NEWS RELEASE

GTA REALTORS® Report Monthly Resale Housing Market Figures
TORONTO, March 16, 2011 -- Greater Toronto REALTORS® reported 4,138 sales during
the first two weeks of March 2011 – a five per cent decrease compared to the first
two weeks of March 2010. The number of new listings also dipped – down by 15
per cent compared to the same period last year.
"A positive economic outlook for the Greater Toronto Area, including steady
growth in jobs and incomes, has kept households confident in their ability to
purchase and pay for a home over the long term," said Toronto Real Estate Board
(TREB) President Bill Johnston.

The average price for transactions during the first 14 days of March was $460,196,
representing a 4.6 per cent increase compared to the first two weeks of March
2010.
"Market conditions are tighter compared to this time last year, resulting in more
competition between buyers and sustained upward pressure on the average
selling price. The annual rate of price growth is expected to range between three
and five per cent in 2011," said Jason Mercer, TREB's Senior Manager of Market
Analysis.

With inventory down 15% over last year, multiple offers were on an increase, thereby increasing purchase prices. If you're a buyer looking to purchase this spring/summer, you need to act fast as the "good" inventory is being scooped up fast, and in most cases receiving full to over list price. Sellers: it is no secret that if you want to get full value for your home, you need to get on the market now! Give us a call and we can discuss your plans to buy and/or sell this spring.
Asif Khan, Sales Representative
Member of Re/Max Hall of Fame
Re/Max 100% Club
Re/Max Platinum Award

Posted via email from Markham Real Estate Today with Asif Khan

REMAX Listing - 80 Coburg Crescent - Richmond Hill House For Sale by Asi...