What not to do before the house is officially yours.

The end of the home-buying process is in sight! It’s only a matter of time before S-O-L-D takes over the “For Sale” sign of your future home. But don’t get ahead of yourself and make a careless error that could slow down or even kill the sale. To ensure your closing is smooth and successful, avoid the following all-too-common mistakes. 

Your home purchase agreement may include deadline-specific obligations, such as a home inspection or securing finances for an appraisal. It’s essential that you stay within the established timeframe as closely as possible. Don’t be afraid to follow up with your home inspector, mortgage loan officer and anyone else responsible for meeting the deadlines outlined in your agreement.

Making Big Purchases During Escrow

Messing with your income-to-debt ratio is a red flag for lenders. The ratio of your monthly income to your debt is one of the main factors a lender considers when qualifying you for a mortgage loan. Before closing on a home, your lender will most likely run your financials two or three more times. You’ll want your finances in tip-top condition during this process.

Opening New Credit Cards

While it’s tempting to buy new furnishings, dishware and appliances for your future home, be sure to hold off on opening new credit cards until after closing.

Changing Jobs

It’s good to help the lender feel confident in you before closing. What makes a lender confident? Stability. Changing jobs right before a closing can slow down the process or scare a lender out of the deal. Lenders typically want physical proof of a two-year work history, so this isn’t a wise time to make a big career change.

When you are inches away from sealing the deal on your new home, it’s critical to avoid making these mistakes that can bog down – or stall – the closing process.

Want the best help from “sale” to “sold”? Get in touch with a RE/MAX agent today!

Source: https://news.remax.com/4-mistakes-to-avoid-before-a-closing

When it comes to selling a home or preparing to move up to a larger space, your small house has the potential to make a big impression. The exterior and interior aesthetics of your house can play a significant role in capturing the interest of potential buyers. By creating an illusion of greater space, you can make your small house stand out, making it feel larger and more inviting.

There are numerous simple and effective ways to make a small house appear more spacious and open. By implementing a few straightforward strategies, you can transform your home into a more appealing and marketable property, ensuring that it catches the eye of every potential buyer who walks through the door. Let’s learn how to make your house look bigger, outside and inside.

Tips for How to Make a Small House Look Bigger

The Power of Paint

Paint is a powerful tool for making a small house appear larger. Strategically using paint colours, both inside and outside, can completely change the perception of space, making rooms feel open and airy and the exterior more inviting and expansive.

Opt for lighter shades such as beige, soft gray, and white for the bulk of the exterior. These colours reflect more light and can make the house look larger and more welcoming. Employ darker shades for trims, windows, and doors to add depth and dimension without overwhelming the overall appearance. Darker accents can highlight architectural features, making them stand out and add visual interest.

For the interior, light shades such as pastels, light greys, and beige can create an illusion of larger spaces. These colours reflect more natural and artificial light, making rooms feel airy and expansive. Ensure a cohesive colour palette throughout the interior to create a seamless flow from room to room. This continuity prevents visual interruption and makes the entire space feel more unified and spacious.

Strategically placing darker colours in a room can paradoxically create an impression of greater space by adding depth and dimension to the environment. For instance, painting one wall in a darker shade while keeping the other walls light can draw the eye outward, elongating the perceived dimensions of the room. By carefully selecting where to place these darker colours, homeowners can transform a small, constrained room into a visually dynamic and seemingly larger space.

Utilize Architectural Details

Several elements can work together to maximize natural light, create a sense of depth, and enhance the visual flow between indoor and outdoor spaces:

Horizontal Siding – Incorporating horizontal siding can elongate the visual width of the house, making it appear broader and more spacious.

Large Windows – Installing larger windows is key to bringing in ample natural light, making any room feel larger and more inviting. Large panes minimize obstructions and offer unobstructed views, helping blur the lines between indoor and outdoor spaces.

Sliding Glass Doors – Sliding glass doors, especially those that open onto a patio or garden, can significantly enhance the sense of space. These doors serve as functional barriers that can be easily moved to merge indoor and outdoor living areas. The transparent barriers ensure that they don’t disrupt the visual continuity even when closed.

French Doors – French doors offer the additional benefits of elegance and aesthetic appeal. Opening both doors can provide a wide entryway that facilitates easy movement between spaces, enhancing the overall flow and feel of a larger area.

Free Up Floor Space

Improving the flow and usability of each room can contribute to a cleaner, more organized appearance, which naturally enhances the sense of space. Choose pieces that serve more than one purpose, such as ottomans with storage compartments, sofas that convert into beds, or dining tables with built-in shelves. Multi-functional furniture saves space by reducing the number of items needed, making the room less cluttered. However, make sure it fits the scale of the room. Overly large furniture can overwhelm a small space, while appropriately sized pieces can make the room seem more spacious.

To maximize space, utilize built-in storage options like recessed shelves, under-bed drawers, and wall-mounted cabinets. These solutions help keep belongings organized and out of sight, keeping the living areas free from clutter. Use vertical space by installing tall shelves, hanging storage units, and stacking storage boxes. Vertical storage draws the eye upward, emphasizing the height of the room and making it feel larger.

Arrange furniture to create clear, unobstructed pathways through rooms. Avoid placing large pieces in high-traffic areas to ensure easy movement. This layout not only improves the functionality of the space but also prevents it from feeling cramped.

Whether you’re wondering how to make a small house look bigger before you list it for sale, or you’re ready to make your move into new home, partnering with a real estate expert can make all the difference. Contact your local REMAX agent to start your journey toward a successful home sale and your dream upgrade.

Source: https://blog.remax.ca/how-to-make-a-small-house-look-bigger/?fbclid=IwY2xjawOVYUdleHRuA2FlbQIxMABicmlkETFBenhlOEZ6VG84ajVCZGc1c3J0YwZhcHBfaWQQMjIyMDM5MTc4ODIwMDg5MgABHqgbe6YLWAoqIm92W8IABh-ti7lUrfgk49hS8fVF3sOv_dRU66Uz-pOspPr8_aem_kSDQU7DMfuQ8UEve7slSfA

Help your wallet (and your peace of mind!) by hiring a professional inspector before signing on the dotted line.

Buying a home is expensive, so why spend more money on a home inspection? Well, having a professional perform a home inspection can actually help your wallet in the long run. You’ll improve your chances of avoiding unwanted housewarming “gifts” -­ like a surprise rain shower from a broken pipe – and decrease your chances of experiencing buyer’s remorse. Need a few more reasons for why home inspections matter? Read on!

No Surprises

The excitement of homeownership can skew perspective – as though you’re seeing through rose-colored glasses. Thankfully, a certified home inspector has no emotional attachment to your soon-to-be residence and can objectively identify structural, electrical and plumbing issues. 

Bargaining Power

Since home inspections are typically conducted after an offer is accepted, the inspector’s detailed report can – and should – be used as a negotiating tool with the seller. 

Save Money Down the Road

Inspections can help you gain bargaining power, and with this bargaining power you can save hundreds or even thousands of dollars down the road. It’d be quite a burden to skip a home inspection only to later find out the entire home needs rewiring. 

Safety

You’ve heard it before: “Safety first!” This is especially true for your new home. Home inspections not only uncover minor damages to the house but also life-threatening issues like lead paint, asbestos, radon and mold.

As you continue your path to homeownership, it will be important to have an agent guide you through the process. Find an agent in your area today!

Source: https://news.remax.com/4-reasons-why-home-inspections-matter

Homeowners may benefit from refinancing their mortgage by lowering monthly payments, accessing equity, or consolidating debt. In spite of this, refinancing is a complex process that requires careful consideration in order to avoid potential pitfalls. Here are some pitfalls to watch out for when refinancing a mortgage in Canada.

Ignoring the Associated Costs

Refinancing often involves various fees and expenses that need to be considered to determine the financial feasibility of the process. Some standard costs associated with refinancing include appraisal fees, legal fees, application fees, and potential prepayment penalties from the existing mortgage. These expenses can quickly add up and impact the overall cost-effectiveness of refinancing.

By ignoring these costs, homeowners may underestimate the true financial impact of the refinancing decision. Homeowners must take the time to calculate the expenses involved in refinancing, considering both the upfront costs and the long-term financial implications.

Not Shopping Around

Different lenders offer varying rates, terms, and conditions, and failing to compare options can leave homeowners paying more than necessary. Homeowners may be unaware of better rates elsewhere by neglecting to explore multiple lenders, including banks and mortgage brokers. Even a slight difference in interest rates can substantially impact the mortgage’s overall cost.

Shopping around allows homeowners to gather quotes from different lenders and compare interest rates, closing costs, and loan terms. This information empowers them to negotiate and secure the most favourable terms for their refinancing needs.

Focusing Solely on Interest Rates

While interest rates are essential when refinancing a mortgage, focusing solely on this can be a potential pitfall. Homeowners should consider the following:

The reputation and reliability of lenders – Working with a reputable lender who offers excellent customer service and a smooth refinancing process is essential to ensure a satisfactory experience.

Their financial goals and plans – If they anticipate selling the property or paying off the mortgage soon, focusing solely on interest rates may not be as crucial. Evaluating the potential savings against the costs associated with refinancing can determine if refinancing aligns with their long-term objectives.

The terms and conditions of the loan – Some loans may have adjustable interest rates or other unfavourable terms that could result in higher costs in the future. Evaluating the entire package, including the interest rate, loan duration, and potential risks, helps homeowners make an informed decision.

Failing to Consider the Long-Term Implications

While refinancing may offer immediate benefits such as lower monthly payments or accessing equity, it is essential to evaluate the long-term impact on the overall cost of the mortgage. Failing to consider the long-term implications can lead to unintended consequences and financial setbacks. Homeowners should consider the following implications:

Paying More Interest – Extending the mortgage term may reduce monthly payments, but it can also result in paying more interest over the life of the loan. Homeowners should carefully assess whether the short-term savings outweigh the potential long-term increase in interest payments.

Altered Financial Plans – If they anticipate selling the property or paying off the mortgage in the near future, refinancing may not be the most cost-effective option. In such cases, the expenses associated with refinancing may outweigh the potential benefits.

Failing to Requalify

Requalifying is the process of reassessing your financial situation and ensuring that you meet the lender’s requirements for refinancing. Neglecting this step can lead to disappointment and wasted time if you cannot secure the desired refinancing terms.

During the requalification process, lenders will review factors such as your credit score, income stability, debt-to-income ratio, and the appraised value of your property. If any of these factors have changed since you obtained your original mortgage, it could impact your eligibility for refinancing.

Homeowners should take the time to thoroughly assess their current financial situation and gather the necessary documentation to demonstrate their ability to meet the lender’s requirements. They should also be aware of any changes in their credit score and work to improve it if necessary. A lower credit score can impact your ability to qualify for favourable refinancing terms or result in higher interest rates. A financial advisor can help assess your eligibility for refinancing and provide guidance on steps you may need to take to improve your chances of requalification.

Refinancing a mortgage in Canada can be a beneficial financial strategy, but it is essential to navigate the process cautiously to avoid potential pitfalls. Ultimately, by being proactive and well-informed, homeowners can successfully navigate the process and reap the rewards of a refinanced mortgage that meets their financial goals and improves their overall financial well-being.

"Refinancing your mortgage is a great way to pay down some debt when unexpected events happens or when you just need to pay down some credit.  Call us to help you through the process!"  Pat Dell - Verico Crown Mortgage 

Source: remax.ca

When you sit down to begin planning a home renovation, it can be easy for the costs to add up. No matter the budget you set, you will always end up going over (make sure you add that 10 to 20 percent cushion!), so the more you can save in various costs, the better off you will be. It is possible to renovate your house reasonably affordably if you are willing to invest a little bit more time and effort. Here are a few tips for renovating your home on a budget without sacrificing quality.

Increase Efficiency, Not Size

It is costly to completely redo a room to gain square footage when often the problem is a lack of storage. If you can reorganize and equip the room for maximum utility, you will not need to blow out the walls. It can be expensive to shell out the money to upgrade things like cabinets and shelves, but you will save a lot more by skipping the addition you thought you needed.

If it is vital to increase the size of a room, see if it is possible to remove a wall instead of creating an addition. It will make your house feel brand new and improve flow without costing too much. Make sure to check if the wall you want to remove is load-bearing since those are much more complicated projects to navigate. If it is a non-load-bearing wall, it will be easy to remove, and the cost will be minimal.

Refinish Instead of Replace

Homeowners often get bogged down in their homes looking drab when the problem is just cosmetic. When a part of your home looks old, it can be tempting to rip it all out and start over, but don’t underestimate the effect that refinishing can have on a space. A very easy way to refresh any space is with paint. You can add an accent wall with a fun colour or paint them all for a fresh look. Don’t stop at walls – furniture and cabinets can also be updated easily with a fresh coat of paint.

Other refinishing projects are equally easy and will go a long way in giving your house a new look. A new backsplash in the kitchen is increasingly easy for homeowners to install themselves and looks very stylish. A runner down the hallway or on stairs can hide large marks and give new life to high-traffic areas. Fresh caulking around a tub can go a long way in making your bathroom look new. Old furniture can be spruced up by refinishing the wood or reupholstering the material. The possibilities are endless.

Reuse and Recycle

Just because you are tired of your furniture in one location does not mean it can’t be given new life elsewhere. Some of those old kitchen cabinets can be set up to create a downstairs kitchenette. Knobs and light switches can be easily changed to another location. Even simply rearranging furniture can completely change the look and feel of a room without costing a dime.

If you are willing to put in a little time, you can reap big savings with recycled or lightly used fixtures and other materials. Search online or thrift stores for items at a fraction of home center prices. The caveat if you choose to recycle: many contractors will not work with salvaged items, or homeowner-supplied items in general, because they don’t want to assume the liability if something goes wrong. However, if you are doing most or all of the work yourself, you can find plenty of materials simply by looking around a little bit.

DIY When Possible

Unless you have a strict timeline for your renovation, it is always worth doing at least some of the work yourself. There are plenty of jobs that can be done by the average homeowner, such as demolition, painting, sanding, or insulating. Instead of paying someone to do tasks you can easily do yourself, save money and contribute to your renovation.

Before all else, make sure you have a plan for your renovation. If you are not specific about what you want both with yourself and any contractors, you will end up costing yourself more money by potentially performing renovations that you don’t end up loving.

Source: RE/MAX Canada https://blog.remax.ca/how-to-renovate-a-house-on-the-cheap/?rmxv=1687378628&fbclid=IwAR36N2VinjK4V94edIfxc9SgZ3w6N3U-4Rwte7dm74OdErsTTQ4QPU_HaNI

Embarking on the journey of buying a home is an exhilarating experience. Yet, for those seeking to make the most significant purchase of their lives, it can also feel overwhelming. Buying a home as a single person can be intimidating, but we have some smart tips for single home buyers that will make the process much smoother.

With challenging conditions in the Canadian housing market this year, becoming a homeowner as a solo act can carry more stress from a financial perspective than if you were going in with another person. However, each scenario has distinct advantages. For example, as a single you don’t have to consider another person’s needs and wants when it comes to finding your dream home. This means less compromising. If you work remotely or your job is flexible, as a single person, you can open your search field by looking into different cities or towns, and potentially even different provinces.

If you’re looking at entering the housing market as a solo endeavour, we’re breaking down our top tips for single home buyers, to help you make the most of your purchasing experience.

 Be Aware of Your Financial History

It’s hard enough to qualify for a mortgage on one income. As always, financial history plays a significant role in getting a mortgage from a lender. Before looking at homes for sale, it’s essential to get a stronghold on your credit score, as the higher your score, the more favourable your interest rate. If your score is a little lower than you’d like, you can take steps to improve your score before seeking pre-approval for a mortgage.

When considering your financial history, you may also want to look at your potential financial future. While your mortgage will be based on a few criteria like your credit score and income, remember that living alone in a home with an extra bedroom or basement apartment creates an opportunity for rental income, which can help ease the burden of paying off a mortgage in a single-income household.

Consider Both Your Present and Future Self

As a single person wanting to purchase a home, if you’re focusing on your immediate circumstances and needs, you might consider looking at smaller homes with just one bedroom and enough living space for yourself. However, purchasing a home is a long-term investment, so it’s important to consider your future needs as well. While you may not require a ton of space right now, five or 10 years down the road, you may have a partner or children sharing your home with you, meaning you’ll be needing more space. To get the most out of your home, think about the bigger and longer-range picture before putting in an offer, but prioritize what’s realistic and within your budget.

It’s also important to consider your immediate wants and needs in a home. If you want a house with a hot tub, get the house with a hot tub, providing it’s affordable for you. After all, this is your space, and you should be able to enjoy it fully.

Be As Flexible as Possible 

Above we briefly touched on how flexibility is usually at an all-time high when you’re buying a home as a solo act. Since it is just you, there is more freedom regarding location; therefore, it’s essential to keep your options open. Sure, there may be a specific neighbourhood you’ve been eyeing, but unless you must stay in the same town, solo buyers might be wise to broaden their search and look at other markets. Perhaps your dream home is in another city – you’ll never know unless you give it a shot.

Trust Yourself

Purchasing a home is a significant investment, perhaps one of the largest investments you’ll make in your lifetime. It’s easy to start second-guessing yourself when it’s time to make big decisions. However, the beauty of buying a home for yourself is that the opinions of others don’t matter. When you’re getting ready to make an offer on that house you have your eye on, seek advice rather than approval.

Before making an offer on a home or even starting your house-hunting search, connect with a professional real estate agent and a financial advisor. This way, you can get a good grasp on what you can afford based on your financial history and current income and stay in the know and have first dibs on any homes that come on the market that fit your buying parameters.

Source: remax.ca