Unstoppable Starts Here

When you decide to work with a REMAX® agent, you can feel confident you’ve made a smart choice (and not just because REMAX is the #1 name in real estate(1).

There’s a reason more buyers and sellers think of REMAX than any other real estate brand(2), and it lies in more than 50 years of experience, adaptability and evolution. This brokerage is not a pop-up, a trend or a fad. These roots run deep, and experience runs wide — network-wide. You can trust the REMAX foundation was built strong.

Founded in 1973 by Dave and Gail Liniger, REMAX stands for “Real Estate Maximums.” The new name and concept intended to disrupt the industry by creating an innovative, entrepreneurial culture that affords its agents and franchisees the flexibility to operate their businesses with greater independence.

And disrupt it did.

Now, with more than 145,000 agents in nearly 9,000 offices and a presence in over 110 countries and territories, nobody in the world sells more real estate than REMAX(3).

It took unstoppable grit, continuous learning, agile navigating and, most of all, passion. That’s why the REMAX network offers more real estate sales experience than other agents, giving you the confidence to navigate any market with a trusted professional.

1Source: MMR Strategy Group study of unaided awareness. 2Source: MMR Strategy Group study of unaided awareness among buyers, sellers, and those planning to buy or sell; asked, when they think of real estate brands, which ones come to mind? 3As measured by total residential transaction sides.

Find the REMAX Agent

That’s Right For You

Choosing the right agent can make a difference in the quality of your entire home-selling experience. And working with a REMAX agent means you unlock access to current market information. Ask your REMAX agent to set up market reports and listing valuations in MAXTech℠ powered by BoldTrail and Listing alerts on remax.ca.

TOP QUESTIONS TO ASK AN AGENT

1. Are you a full-time real estate agent?
2. How much experience do you have in my neighbourhood?
3. Can you provide references?
4. How many homes have you listed and sold in the last year?
5. What services and resources do you offer?
6. How does the homeselling process work and what is expected of me?
7. How long are homes in my neighbourhood usually on the market?
8. How would you price and market my home?
9. How many open-house tours do you conduct? Are you willing to add more?
10. What disclosure laws apply to me?
11. What does the listing agreement entail and what is your fee?
12. What happens if you (or another agent) find a buyer to purchase my house?
13. What happens if I’m not happy with your services?
14. Anything else I should know?

You Got This

Selling a home can be complicated. From preparing the property and marketing the listing, to the negotiations and paperwork — there’s plenty to do. If you’re ready to begin the selling process or simply want to plan ahead, this guide is an ideal starting point.

EXPLORE THESE HELPFUL TOPICS INSIDE

• How to find the right listing agent.
• The do’s and don’ts when listing and showing your home.
• Selling strategies for move-up buyers.
• Important terms you should know.

Sellers Do's & Dont's

DO

Financially Prepare
Discuss all expenses and strategies for listing and marketing your home with your agent. And remember, the rate you pay an agent is negotiable, so consider the options and what it means for your bottom line. But be wary of deep discounts — more deals may mean an agent has less experience. A reputable agent, such as a REMAX agent, will be upfront and highly detailed, helping you to make confident and well-informed decisions.

Clear Out & Clean Up
You want potential buyers to imagine your house as their own, so clear out the clutter. Remove excess home décor, pack up the collectibles, put away the kids’ toys and eliminate pet evidence (unless your home includes a pet amenity like a dog-washing station). You’ll also want to clean everything, from the baseboards to the ceilings and every spot in between. In addition, keep the house at a comfortable room temperature and avoid strongly scented air fresheners.

Update & Upkeep
Impress house hunters with simple yet visually appealing updates. Inside, consider swapping out old light fixtures, painting the walls a light neutral colour with white trim and replacing older carpets with new hard flooring. Outside, remember to trim bushes and trees, pull weeds, keep the grass cut or the driveway shoveled and add greenery and flowers for a flattering first impression.

Organize & Categorize
Arrange furnishings to complement the size, traffic flow and natural light of the room. If you’re not sure, consult a professional stager. You’ll also want to organize all of your paperwork: inspection reports, property disclosures, appliance manuals, etc. Then, categorize them in an easy-to-access binder for quick reference. A REMAX agent can help with all of these details.

Respect & Respond
Stay open to professionals’ (appraiser, inspector, stager, etc.) suggestions on what changes can be made to make your home more broadly appealing. And don’t be offended by a low offer; discuss a plan with your agent to respond to the buyer. You’ll likely let them know the offer was too low, but that you are serious about accepting a better one.

DON’T

Fall Behind
Selling your house is hard work, but it’s important to stay up to date on your responsibilities. Once you find a buyer, you must continue caring for the property as well as paying your mortgage and utility bills so you don’t have extra costs to cover at closing.

Get Impatient
The time it takes to sell a home varies based on market conditions (and you may start to feel antsy). But no matter how fast or slow the sale of your house moves, it’s important to avoid entering into negotiations with buyers who aren’t preapproved for a mortgage. Also, listen to your agent and set the price according to market conditions. Pricing it too high can keep it on the market and make it appear unattractive, flawed or stale.

Hide or Hover
Your home needs to be ready when buyers are. So it’s best you don’t request a 24-hour notice or allow your phone or emails to go unanswered. Also, inform your agent of any audio or video equipment in and around the home, as local laws and rules may require action for home tours. And finally, make sure to leave during showings. Buyers appreciate space and may feel uncomfortable sharing their thoughts if you’re present. A good agent will share feedback from each tour to keep you informed.

Forget To Think Beyond the Sale
If you have an existing home to sell, you might anticipate excess funds after closing. But if you’re purchasing another home, it’s recommended to check in with your real estate agent and mortgage professional before acting. Life happens. You might need to replace a car, find a new loan, add to credit card balances or pull from savings. A quick check-in can help you understand how these actions may impact your finances, so you can avoid unforeseen complications in the future.

Do It All or Leave It All
Working with a real estate agent can be invaluable. Why try to do it all when you can hire a professional agent with the experience and expertise to do it for you? However, when you hire a real estate agent, don’t leave it all up to them. You’ll have a number of personal responsibilities to manage to help make your homeselling experience successful.

CLEAN UP THE CLUTTER

When listing your house and preparing for showings, it’s best to organize your space. A good rule of thumb is to sort through all the items you don’t use regularly and sort them into three piles: pack it, donate it and discard it.

Pack It
If you’re packing up, consider renting a portable storage container, they’re delivered to your home, picked up when full and stored until you need them again. Just note: if your property or HOA doesn’t allow portable units, look into a nearby storage facility as a backup option.

Donate It
For the items you’re donating, a number of charities now offer scheduled donation pick-ups. Visit your favorite charity’s website to learn when they’ll be in your neighbourhood.

Discard It
For the items your’re discarding, first make sure they can be discarded. Certain items need to be recycled or properly disposed. Check with your municipality website to find a convenient and affordable way to properly dispose of certain materials. If what you have truly can be discarded, consider renting a dumpster for large quantities.

SIX STAGING SUGGESTIONS

Not interested in hiring a professional stager? Consider these six staging suggestions to help enhance your home:

Download the RE/MAX Home Staging Guide!

FIX

minor flaws and imperfections; buyers don’t want deferred maintenance issues.

REMOVE

excess furniture from rooms and clutter from countertops to make spaces appear larger.

CLEAN

and organize everything including garages, closets, storage rooms and laundry rooms. Buyers look everywhere.

WASH

windows, pull back curtains and turn on lights in dim rooms to brighten areas and make rooms appear larger.

PAINT

walls in light neutral tones and pack up family pictures so buyers can envision their décor preferences.

MANAGE

your yard; shovel the paths, mow the lawn, plant flowers and remove cobwebs from the door frames and light fixtures.

Three Strategies for

Move-Up Buyers

As a move-up buyer, you’re likely in a better financial position than when you purchased your first home, and a REMAX agent can help optimize your new selling strategy. If you have an existing home, you probably have savings or equity, which can make the move feel less like a compromise and more of a thoughtful selection. That said, the logistics of upgrading your location and home can present new challenges and requires a carefully considered plan. Here are three options for the smart move-up buyer.

SELL FIRST, BUY LATER

The “Sell First” strategy is ideal if you’re a move-up buyer who doesn’t want to be stuck paying two mortgages simultaneously. It also reduces the chances of having to lower your asking price if the sale isn’t happening at your preferred pace. This is a good option for move-up buyers who are banking on the proceeds of their sale to fund their new property. By selling first, you’ll know exactly how much money you have to purchase your next home.

TIME AND ALIGN YOUR PURCHASE AND SALE

Aligning your purchase and sale closing dates can be tricky. Remember that there are three parties to these transactions: you, the person you’re buying from and the person you’re selling to, each with possible varying contingencies. You’ll also have to move out and move in on the same day. In this scenario, flexibility is your best friend. You’ll need to plan ahead, research neighbourhoods, be preapproved for a mortgage and have started the organizing and decluttering process before the big move.

BUY FIRST, THEN SELL

If you’re buying in a seller’s market, then buying first might be the way to go. By buying your new home before selling your current one, you won’t feelrushed into settling for a property that doesn’t meet your needs, or having to seek temporary housing while you shop in a tough market. You’ll still live in your existing home, allowing you time to shop and continue looking until you find that perfect place.

Note: This could require a bridge mortgage. Your move-up strategy will depend on a number of factors, such as your financial situation, the current housing market conditions and your comfort level. Prepare yourself by choosing to work with a knowledgeable REMAX agent who can ensure a smooth transaction at both sides of the offer table.

Download the Home Seller Resource Guide Today!

Download

Home Seller's Glossary

By familiarizing yourself with these home-selling basics, you’ll be better equipped to make informed decisions

Asking Price

The price that the seller has agreed to list their property for. The asking price is different from the selling price, which is the final price that has been agreed upon by the buyer and seller.

Balanced Market

There is an equal balance of buyers and sellers in the market, which means reasonable offers are often accepted by sellers, and homes sell within a reasonable amount of time and prices remain stable.

Bridge Financing

A short-term loan designed to “bridge” the gap for homebuyers who have purchased their new home before selling their existing home. This type of financing is common in a seller’s market, allowing homebuyers to purchase without having to sell first.

Buyer’s Market

There are more homes on the market than there are buyers, giving the limited number of buyers more choice and greater negotiating power. Homes may stay on the market longer, and prices can be stable or dropping.

Chattels

Unattached items in the home that can be removed without doing any damage to the property, such as curtains, but not the curtain rods since they are physically attached to the home. Chattels are usually not included with the home purchase, unless specified in the Agreement of Purchase and Sale.

Closing

This is the final step in the home-selling process. Once all offer conditions outlined in the Agreement of Purchase and Sale have been met, at the end of the closing period, ownership of the property is transferred to the buyer and the keys are exchanged on the closing date outlined in the offer. Dates vary by location. Be sure to ask your real estate agent.

Contingencies

When the sale of the home hinges on predetermined conditions, such as “conditional on financing” or “conditional on a satisfactory home inspection.” If the conditions are not met, the buyer can back out of the deal.

Counteroffer

When the original offer to purchase a home is rejected by the seller, the seller can counteroffer with adjustments, usually to the price or terms of the purchase, such as the closing date.

Curb Appeal

The appeal of a home when viewed from the curb. Curb appeal includes the home’s exterior, front yard and anything else that’s visible from the street.

Comparative Market Analysis

A comparative market analysis (CMA) is a report on comparable homes in the area that is used to derive an accurate value for the home in question.

Fixtures

Items that are physically attached to the home and require tools to remove. Fixtures are included as part of the purchase. Examples of fixtures include ceiling lights, cabinet hardware and appliances. If the seller plans to take any fixtures with them when they move, either remove them prior to listing the home, or be sure to specify the fixtures in the Agreement of Purchase and Sale.

FSBO

Acronym for “For Sale By Owner,” meaning the seller hasn’t retained the services of a licensed real estate agent or broker to assist with the sale of their home.

Home Value Estimator

A home value estimator is a tool, typically found online, that helps seller’s estimate the value of their property. The result is an estimate and is different from a detailed CMA provided by a real estate agent.

MLS

The Multiple Listing Service, commonly referred to as MLS, is a database established by cooperating real estate brokers to provide data about properties for sale.

Offer

An offer is a legal agreement to purchase a home. An offer can be conditional on a number of factors, commonly conditional on financing and a home inspection. If the conditions are not met, the buyer can cancel their offer.

Seller’s Market

In a seller’s market, there are more buyers than there are homes for sale. With fewer homes on the market and more buyers, homes sell quickly in a seller’s market. Prices of homes are likely to increase, and there are more likely to be multiple offers on a home. Multiple offers give the seller negotiating power and conditional offers may be rejected.

Staging

Preparing a home for sale to appeal to a wide range of homebuyers. The staging process often includes decluttering, depersonalizing, deep-cleaning and minor updates such as painting and rearranging furniture.

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Adding a Secondary Suite to Your Home: What You Need to Know

Posted on July 14, 2023 by REMAX Crown Real Estate

Posted in Home Reno, Tips & Tricks

Adding a Secondary Suite to Your Home: What You Need to Know

There are numerous benefits to adding a secondary suite to your home, such as additional income and an increase in property value. The demand for rental housing in Canada is high, making secondary suites an attractive option for homeowners who want to add value to their property while also providing affordable housing options. Let’s explore the steps involved in adding a secondary suite to your home so you can make an informed decision that fits your financial situation and goals.

Legal Requirements for Adding a Secondary Suite

Adding a secondary suite to your home involves legal requirements that vary depending on location:

Municipality zoning by-laws – Many municipalities have specific rules around secondary suites, including the maximum size, minimum ceiling height, and parking requirements.

Permits and inspections – This includes building permits, electrical permits, plumbing permits, and fire and safety inspections. You may also need an occupancy permit before renting out your secondary suite.

Fire and safety regulations You’ll need to ensure that your suite meets the necessary fire and safety requirements, including fire separation between the main dwelling and the suite, smoke detectors, egress windows and carbon monoxide detectors.

It’s important to note that failure to comply with these legal requirements can result in fines, legal action, and even the removal of your secondary suite.

Designing Your Secondary Suite

There are several steps involved when designing your secondary suite:

Decide the type of secondary suite you want to build. Several options are available, including a basement suite, an attached suite, or a detached suite. Your choice will depend on your specific needs and the layout of your property.
Consider the floor plan and layout of your suite. Ensure the suite is functional, with a separate entrance, living area, kitchen, and bathroom.
Ensure the suite meets the legal requirements for size, ceiling height, and egress windows.
Choose flooring, lighting, and fixtures that are durable and easy to maintain. You’ll also want to consider soundproofing between the main dwelling and the suite to ensure privacy and reduce noise transfer.

Financing Your Secondary Suite

There are several options to finance your secondary suite:

Take out a home equity loan or line of credit – These options allow you to borrow against the equity in your home, using it as collateral for the loan. Home equity loans typically have fixed interest rates and repayment terms, while home equity lines of credit offer more flexibility in borrowing and repayment.

Take out a personal loan or use a credit card – These options can be more expensive in terms of interest rates, but they can be a good option for smaller projects or if you don’t have enough equity in your home.

It’s essential to consider your financing options and budget for your project carefully. You’ll need to factor in the cost of construction, legal fees, permits, and inspections. Working with a qualified contractor can help you accurately estimate the cost of your project and ensure that you stay within budget.

Government Incentives and Rebates

Government incentives and rebates are available to homeowners who add secondary suites to their property. These incentives vary depending on your location and the type of secondary suite you’re building.

Provincial and municipal governments often offer financial incentives to homeowners who add secondary suites. These incentives are designed to increase the supply of affordable housing and improve the livability of existing homes. Sometimes, homeowners may be eligible for grants or forgivable loans to help offset the construction cost. For example, The Ontario Renovates Secondary Suites Forgivable Loan Program is a provincial program that provides forgivable loans of up to $75,000 to homeowners who want to create or renovate secondary suites in their homes.

Tax breaks are also available to homeowners who create secondary suites in their homes. For example, the Multigenerational Home Tax Credit is a federal program that provides a non-refundable tax credit of up to $2,000 for eligible expenses incurred when converting a home into a more accessible and comfortable living space for elderly or disabled family members.

Building Your Secondary Suite

When building a secondary suite, hire a qualified contractor who has experience in building secondary suites. Look for licensed and insured contractors with experience with the type of secondary suite you want to build.

Throughout the construction process, you must oversee everything to ensure the project stays on track. This includes working closely with your contractor to create a detailed timeline and budget for the project, obtaining all necessary permits and inspections, and monitoring the construction process to ensure that it stays on schedule and within budget. You should also communicate regularly with your contractor and be available to answer any questions or concerns that arise during the construction process.

Adding a secondary suite to your home can be a rewarding investment. Still, seeking professional advice and carefully considering the costs and benefits before embarking on the project is essential. With proper planning and execution, a secondary suite can provide long-term financial benefits and improve the livability of your home. Talk to your financial advisor today to discuss the possibility of building a secondary suite.

Source: remax.ca

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What Fees Are Involved in Selling a House in Canada?

Posted on July 7, 2023 by REMAX Crown Real Estate

Do you plan to list your home for sale? You might be wondering what fees are involved in selling a house in Canada.

The process of listing your home in the Canadian real estate market involves much more than just the transaction itself. It involves many fees, rules, and participants, some of which you may not be aware of. If you're selling a house in Canada, here's what you need to know.

What You Need to Know About Selling a House in Canada

First, it is crucial to know that when fees are involved in selling a home, the funds are distributed by the seller’s attorney on the closing date. They consist of the commission, the lawyer’s fees, and costs associated with the transaction’s closing, such as land transfer taxes.

But what other costs should you factor in to pay?

Mortgage Pre-Payment Penalties

Do you still have a mortgage on your property? If you plan to sell your home before the maturity date of the mortgage term, you will likely face pre-payment penalties. Now, the penalty amount will depend on the mortgage contract. However, penalties are estimated to consist of three months of interest or the interest rate difference (IRD). The latter is calculated on the difference between your present mortgage rate and the new mortgage offered by your lender.

Legal Fees and Realtor Commissions

As previously noted, there will be legal fees and real estate agent commissions. But how much are they? Generally, the legal fees can range between $500 and $2,500, while real estate agent commissions vary depending on a number of factors. Remember that these expenses will incur GST/HST, potentially adding a couple of thousand dollars to your closing costs.

And yes, it is recommended that you hire a real estate attorney and work with a real estate agent.

Home Inspection Fees

In a buyer’s market, homebuyers will generally request a home inspection before purchasing your home. In certain circumstances, you might be responsible for covering the costs of a home inspection, which can be as high as $500 to $1,000. However, this is usually the buyer’s responsibility. To create an air of transparency and make potential buyers feel more confident about making an offer, some sellers will complete a home inspection before listing the house for sale and make the report available to potential buyers.

Rental Costs

It might not be that common, but rental contracts could be connected to your home. For example, this might be a rented furnace or air conditioning system. It is common for buyers to assume a water heater rental contract when purchasing a home. However, most buyers are loathe to take on the monthly payment of an HVAC system and will usually insist they be paid out in full as a condition of purchase.

Staging Your Home

Back in the day, it might have been enough to paint your walls and tidy up. Today, however, you should do a little bit more, whether it is substituting your furniture or hanging paintings on the wall. This is known as home staging.

Is this necessary? No. But industry experts say that home staging can add thousands of dollars to your price tag since this component can place your home in the best possible light.

“The cost for staging your house can range from several hundred to several thousand dollars. The cost will depend on how much fixing up your place needs. You may be able to save by doing the staging yourself. But prepare to pay for things like storage space potentially. Some real estate agents provide staging as part of their services,” Sunlife Financial said in a report.

Of course, if this is not something you want to do, you can always spend a couple of dollars on garbage bags, paper towels, window cleaners, Lysol wipes, and room fresheners to make the place look and smell nice and declutter spaces.

Buying and Selling a Home in Canada is Expensive

Buying and selling in the Canadian real estate market is already an expensive endeavour. For many households, it can be costly, from accumulating a down payment to covering mortgage costs. That said, buyers and sellers need to be aware of a long list of expenses, such as mortgage pre-payment penalties and real estate agent commissions. Before you start your journey to selling your property or achieving the dream of homeownership, it is first vital to become acquainted with what you are spending and then make a budget to ensure that you won’t be surprised by these additional expenses.