Getting a divorce? Think about the house

Getting a divorce is tough enough, but having to sort out the house and finances can seem like a daunting process.

Here’s a few tips on how to minimize your frustration, and financial exposure, during a divorce.

In era where almost half of marriages end in divorce we all must try to acknowledge that divorce and property is a messy business. The best solution is, obviously, not to get divorced. But if separation is imminent in your life you may be curious as to how a family break up with impact the marital home.

There are three basic scenarios as to what can happen to your marital home.

Sole possession. This is when one partner opts to buy out the other partner. Often a paid appraisal is conducted, which provides a current or fair market value…

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Real estate Myths, Fact or Fiction?

Have you heard or been told things that you think "that doesn't seem right" in regards to Real Estate?

A home is likely the most expensive purchase you'll ever make. And the best way to protect yourself from costly mistakes is to go in with a solid understanding of all aspects of the home-buying process. Feel like you're swimming in misinformation?

Well lets look at a few of these "myths" and debunk them. Here is a list of the “Top Real Estate Myths.” There is no particular order. A typical consumer would not encounter all of these (and may not experience any of them) in a transaction. We could substitute many different “myths” for the list above. Some of these may surprise you, so there are general comments about each myth.

1. Experienced agents…

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What things Realtors should tell you....

The vast majority of successful real estate agents are true professionals who take the long view.

Their advice is in their clients' best interests. Some agents go further by being fully transparent when conflicts arise (which often do) and make certain they are fully disclosed to their clients.

Realtors live a conflicted life.

On the one hand, they are salespeople that only make money when their deal closes.

On the other hand, they are consultants. They advise buyers and sellers throughout the process, ideally giving clients advice that is disinterested from their own financial outcome.

Often, these two objectives are aligned and there is no issue. For example, a listing agent makes more money if he is able to sell a house for a higher…

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Understanding Home Equity: Line of Credit vs. Loan

Borrower or credit costs can be outrageous.

To go get a line of credit, you are usually paying upwards of prime plus 3% or even 5%. These lines of credit can be based on interest only or principle and interest payments. This kind of loan is based on how the lender views you as a risk. In other words, they look at the amount of money you are making and the amount of debt you have and then decide how much credit they are willing to give you. Usually, these loans are not very big as there is no security. And even though a lender considers your income vs your debt for a mortgage you will not get as much as you would get through a mortgage BECAUSE….

…a mortgage is based on securing a loan against a property. If you fail in making a mortgage payment and…

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Pre-Approval vs. Pre-Qualification

We know that getting ready to purchase a home can be confusing.

It is important to know the difference between a pre-qualification and a pre-approval, as one could lead you on, while the other nurtures your path to home ownership.

One of the primary steps of Buying a Home, is getting pre-approved for a mortgage. You should do this before the house hunt begins, so we (your Realtor) can show you houses that you can afford, to ensure we don’t waste any time or get your hopes up. There should be an open line of communication between your Realtor and your Mortgage Agent throughout the process, from determining the price range criteria, to putting forth an offer.

In the grand scope of things, a Pre-Qualification is a birds eye view of your ability to…

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Considering Cash Offers When Selling A Home, Don’t Jump Too Fast

For many sellers, Cash is King.

Cash is a safe bet, and you don’t have to take your chances with a buyer who needs to jump through hoops to get a mortgage loan to buy your property. But is the cash offer always the right deal for your home sale?

The Appeal of Cash

The first thing you need to address when you receive an offer is how strong the home buyer is financially and how likely they are to close. A cash offer is always worth considering, because a failure to obtain financing is the main reason why deals fail to close. In the era of strict lending criteria, some buyers no longer qualify for a mortgage. In other scenarios, lenders quash the financing because the appraisal figure comes in lower than the purchase price. There’s no lender with a…

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Condo vs House - What You Need to Know...

With the average price of a detached home in cities such as Toronto now above the $1million mark, for many, condos have become the new starter home and possibly the domicile option for years to come.

First time home buyers are plagued with a whirlwind of decisions when looking for the perfect place to settle down. From locations to schools and public transportation, there’s one major consideration that will determine your type of lifestyle for the years to come, house or Condo. After coming to terms with the loads of money you’ll be borrowing, you’ll have to decide on whether you want to live in a condo vs house. But there are some major differences between house ownership and owning a condo. Here are some key factors to keep in mind.

Fees For All

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Top 10 tips to get your finances organised!

Whatever you do with your life, and wherever you live, you have to sort out your finances.

Having enough money to live, to pay bills, to buy treats etc… is fundamental to being independent and being able to live a comfortable life.

Being able to maximise your money (whatever your income), and knowing how to get the most out of every penny is crucial because  it frees you up to concentrate on the important things in life.

Leaving money worries behind means knowing that you have things under control. You can free up valuable time and energy so that you can get on with actually living! With all this in mind I have put together a list of my Top 10 tips to get your finances organised – starting today. I hope they will get you started and move you…

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7 Tips for Buyers to Keep From Feeling Overwhelmed

You just made an offer on the house you love and it has just been accepted!

Congratulations!!

But then the panic and feeling of being overwhelmed sets in.  It’s a time filled with many different emotions, a seemingly endless To Do List, critical due dates, and a multitude of important decisions to be made. Buying a house is a tough challenge, no matter how well qualified you are, or even if you’ve done it before, and it’s pretty normal to feel stressed out.

Especially when you already lead a busy life and now have what feels like another full time job to do!  But there are some things you can do to manage that overwhelmed feeling and get done what has to be done. It's your responsibility!

1. Rely on your Buyer Agent

It’s his or her job to…

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Strata rental laws partly to blame for high housing prices, says analyst

Strata laws that restrict renters 'prejudicial,' says real estate analyst

Strata laws that restrict rentals do more to raise housing prices than shadow flipping or foreign buyers, says one real estate analyst.

Both the B.C. government and opposition party last week signaled their support for legislation aimed at cooling the province's housing market, including the B.C. NDP's suggestion of having buyers pay property transfer taxes at the agreement of sale and of imposing a two per cent tax on vacant homes.

But one analyst says the Lower Mainland's vacant homes are partly the result of strata councils who are unwilling to allow more than a certain number of renters into the condo building.

"You've got these small little groups of three or four…

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