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Real Estate Blog

Historic Homes: What Home Buyers Need to KnowHistoric homes are beautiful, romantic and fun to own. However, if you're thinking about buying a historic home and you've never owned one before, preparing yourself can help make the experience a good one. Here's what you need to know about buying a home with historic value.

Budget for Maintenance

Historic homes may have a lot of deferred maintenance. Original features in particular tend to need extra love and care to ensure that they can continue to function. Homeowners are encouraged to budget at least 1% of their home's value for home maintenance every year. Homeowners with historic properties may need to set aside more to ensure they can keep their home functioning.

One of the factors that affects the cost of maintenance is whether

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Regular Maintenance for an Efficient HVAC SystemA home's heating and cooling system (the HVAC system) is an important mechanical device of any home. As the HVAC system heats and cool air, it continually pulls dirt and debris out of circulation using its filters. Over time, these filters start to fill up with debris, reducing the efficiency of the system. With regular use, moving parts start to wear down as well, eventually resulting in the need for replacement.

Homeowners can keep their HVAC system working efficiently year-round by committing to a regular maintenance schedule. With regular service appointments, it is possible to keep the HVAC system in great condition, so it can effectively control temperatures and air quality in the home. A good working HVAC system can be a great selling

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Popular Floor PlansA different floor plan can help homeowners meet their unique objectives. Buyers may have to ask themselves what they hope to accomplish before choosing among popular floor plans when buying a new home. Times have changed and so have the options available to today's home buyer. Learn more about the open floor plan and traditional floor plan to get real value from a future home purchase.

What Is an Open Floor Plan?

One of the most popular floor plans seen in homes is the open floor plan. This layout can serve to improve the flow in a home and make spaces look larger. This is achieved through the elimination of some non-essential partition walls. Two or more different spaces may then be joined together. Since the early 90s, this floor plan has

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4 Things You Should Know About Tiny HomesDownsizing is a great option for many home buyers, but right now some people are taking downsizing to the extreme by building or buying tiny homes. Tiny homes are exactly what they sound like, but in order for a tiny home to truly be tiny, it should fall between 400-600 square feet, though some can be as small as just 160 square feet. They cost anywhere from $10,000-100,000 depending on how it’s made, which can make them sound appealing, but tiny homes come with a lot of risks and variables that need to be accounted for. Here is what every buyer needs to know before investing in a tiny home.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Tiny Homes

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Considering Buying in an Age-Restricted Community? What Smart Shoppers Need to Know FirstBuying a home in Canada is governed by many anti-discrimination laws and regulations. According to Canadian lawm there cannot be housing discrimination based on a persons age. However, there is an exception for senior housing. Age-restricted communities go by a number of names such as independent living, 55-plus, active adult living and others. In fact, these types of communities are the only exception to fair housing laws that prevent age discrimination. While they aren't necessary designed to ‘discriminate,' these housing communities are often geared towards seniors.

This means they might offer amenities such as game nights, golf courses, pools and other features seniors might enjoy within a quiet place to retire with a relatively low

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Never Do This Before Applying for a MortgageMany Canadians look forward to being in the position to buy a new home. The ability to make renovations on a property and build equity in a home with each mortgage payment are only a few reasons many decide to purchase property. The majority of first-time home buyers cannot afford to buy property without working with a mortgage lender, and there may be mistakes made before applying for a mortgage that reduces the likelihood of approval.

Canadian residents can increase their chances of being approved for home mortgage loan. Learn more about the pitfalls that can undermine mortgage applicants today.

For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.

Credit

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What You Need to Know About the Debt-to-Income RatioAlong with credit score and total assets, the debt-to-income (DTI) ratio is an important component for lenders. Even people with perfect credit scores can be turned down from their dream mortgage if their debt is too high in proportion to their income. It is important to not only understand what the DTI ratio is, but also discuss other aspects of the sometimes confusing mortgage process with a mortgage lender prior to searching for a new home to purchase. How can potential home buyers become a more attractive candidate for a loan?

For informational purposes only. Always consult with a financial advisor before proceeding with any real estate transaction.

What Exactly Is DTI?

When lenders calculate your debt-to-income ratio, or DTI, they

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How to Organize Your GarageMany people who buy homes also want one with a garage. However, many people's garages become a storage space for everything they can't fit into their home. Whether it's seasonal decorations or that exercise machine someone ordered on a late-night infomercial, the space can become crowded quickly. This may work out fine—until homeowners realize that they can't find anything or that there's no room for any additional items. Here a few ways that everyone can get their garage in order.

Use the Walls

The walls are absolutely crucial for homeowners who use this area for storage. Group similar items together on shelves, or hang large items on hooks along the wall. This not only makes it easier to locate certain items, but it will also give everyone

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A Seller's Guide to DisclosureSelling a home can be both an exciting and challanging time in a homeowners life. One item that will need to be dealt with by a Canadian home seller is the Seller Disclosre Form. There have been cases of issues discovered by unsuspecting Canadian home buyers after closing on a home. Sellers may not have disclosed or been aware of problems such as mould behind walls, foundation cracks and basement flooding.

Sellers should understand that they may want to share certain types of information when selling a home and buyers would do well to take time to review a seller's disclosure. Understand more about a seller's disclosure on the sale of property in Canada.

For informational purposes only. Always consult with a licensed real estate professional

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Red Flags for Home Sellers: Stay Away from Problem BuyersSelling a home can be stressful, especially if the buyer is unprepared or has unrealistic expectations. Fortunately, you can often identify these buyers from a distance, if you know the signs. If you're a homeowner who will soon be selling your home, watch out for these buyer red flags.

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Extra Contingencies

Contingencies are statements written into the home purchase contract that allow the buyer to cancel under certain circumstances. Some contingencies commonly appear in most home purchase contracts. The financing contingency allows the home buyer to cancel if their loan doesn't fund. This is a very

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