Tag: buying a home

Preparing a Budget For a New Home in Collingwood

by Collingwood InfoCollingwood Real Estate

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Before looking at prospective homes, one must have a clear idea of their financial limitations. This facilitates looking at houses relevant to the potential buyer and avoids wasting the time of both the shopper and their realtor. A seasoned realtor with insider knowledge can then use these factors to inform any guidance and suggestions they give their client, directing them towards homes and investments that make sense for their situation. The following are the crucial elements to consider when preparing a home budget to begin a home search.

Determine the Price Limit

First of all, one must begin their budget creation with a calculation of how much they can spend on a home. The recommended starting point is to multiply one’s income before taxes by 2.5. There are other factors to consider, too, though. One’s personal credit score can seriously impact receiving a home loan, with higher scores usually allowing for lower interest rates and better agreement terms. In fact, mortgage rates play a huge role in determining financial limits.

Prepare for the Down Payment

Someone in the market to buy must also look at saving for the initial down payment. Again, depending heavily on credit score and the type of mortgage chosen, this amount could be anywhere from 3% to 20% of the overall price. Those who have conventional loans and have paid less than 20% must consider that they will also have to pay private mortgage insurance until they have paid off 20% of the value. With this in mind, saving for a larger down payment can be highly beneficial and save a bit of money in the long run.

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Consider Closing Costs

Besides the down payment, buying a home also incurs upfront closing costs. This includes expenditures like the appraisal fee, tax service fee, credit reporting fee, and the mortgage lender’s origination fee. This usually adds up to 2% to 5% of the home price, which can add up quickly when combined with all the other costs of purchasing a property.

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Consider All Potential Expenses

When moving to a new property in Collingwood, there are also extra expenses that can be forgotten. Moving can be costly, as well as buying appropriate furniture and appliances one lacks. A home may also call for personalized renovation factors, like painting. The mortgage is an ongoing payment, including property taxes, interest,  homeowner’s insurance, and possibly other recurring expenditures. Maintenance is another crucial factor, which is essential in protecting and enjoying one’s property investment. This includes ensuring appliances are in the best shape possible, cleaning and checking gutters, and taking care of the exterior landscape. Additional funds and savings may also be needed for initial or future processes like roof upkeep or replacement or HVAC system replacement.

 

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Countering a Disappointing Offer

by Collingwood InfoCollingwood Real Estate

 

In the process of selling one’s Collingwood home, there is always the possibility of receiving offers from potential buyers that do not live up to initial expectations. When this occurs, it is essential to consult with one’s real estate agent and put a lot of thought into how to approach countering the offer. In an effort to move closer to one’s desired closing price with a level of professionalism, it is important, as the seller, to remain calm while also acting with a sense of determination. There are a few critical methods of countering an offer that can be highly effective. Choosing which one is right for a given situation can make a difference in securing a beneficial deal for both buyer and seller.

 

Countering at Original Asking Price

 

While some sellers, for fear of losing a sale, may feel compelled to settle for a drastically lower price than originally desired, there is a way to maintain reasonable expectations and still procure a smooth sale. Insisting on the original listing price, or something only slightly lower, is not a turnoff to serious buyers and can prevent a homeowner from settling too early on an unfair price. Unless a homeowner has unique circumstances and must sell as fast as possible, even if it means a severe loss of compensation for the value, waiting out for a buyer willing to pay, at least somewhere near the asking price, is usually the best plan.

 

Offer Rejection

 

A more daring strategy, homeowners selling their properties can choose to simply reject an offer without offering an alternative price at all. This puts the next move in the hands of the offerer, requesting another, better offer. As mentioned above, serious buyers are highly motivated and may be prompted to turn in a more beneficial proposition. 

 

Creation of a Bidding War

 

Another way of responding to a home offer is a psychological tactic to increase pressure to agree to a higher closing price. When multiple offers are submitted, the seller can initiate a bidding competition between the interested parties. The seller uses other received offers as their countering response to those who bid lower to get genuinely interested individuals to reach a higher price.

 

Adding in an Expiration Date

 

In addition to the chosen method of countering, it can be helpful for sellers to express a clear expiration date for their counter price or terms. This is a preventative measure to move the process along and keep the negotiations from taking up too much time. The potential buyer can either accept or decline, allowing the seller to move on either way. It is useful for sellers to keep in mind that the state of being in negotiations essentially puts a hold on receiving outside offers, reinforcing that time is of the essence.

 

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Collingwood Cares for its Community

by Collingwood InfoUncategorized

Collingwood, ON invests in its residents and offers many recreational opportunities. This includes activitihttps://www.pexels.com/photo/faceless-multiracial-sport-team-stacking-hands-on-court-5384623/es explicitly geared toward public health and wellness. As Collingwood wants to see its residents thrive and maintain a healthy and connected lifestyle, programs like communal, environmental events, and activities to engage kids are critical features of the city all year long.

Communal Activities and Physical Education

The city of Collingwood lays claim to an outdoor train trail, which is made further engaging to both residents and visitors with the StoryWalk. Originally developed as a concept by Anne Ferguson of Montpelier, Vermont, this helps to engage children, especially in the US. Along the trail, metal and plexiglass protected stands feature pages from a children’s storybook, making fresh air and exercise with the family that is much more inviting. Another great outdoor activity for children is the “Imagination Playground,” which allows kids of all ages to play classic games, like Jenga and Connect Four, but in giant sizes to harness whimsy. There are also opportunities to create new games among the children themselves, encouraging creativity for free and outdoors.

Furthermore, Collingwood’s activity kits geared toward the community’s children promote fun, exercise, and development. Each activity kit, which comes to 20 in total, comes in a bag filled with activity cards and equipment meant to encourage the use of specific skills at home or outdoors. The main goal is to promote “physical literacy,” or the development of essential physical movement skills to have a fulfilling and healthy childhood experience.

Geared toward both adults and kids is Geocaching, a great way to interact with the community out of doors. Essentially, a GPS facilitates a treasure hunt, which features caches or containers along with the city trail system. Each contains small tradable items and a logbook to sign, promoting community connectedness. Also, during the winter, the Central Park Arena is used to host Sunday skates for all ages and levels of ability. Furthermore, adults looking for more gentle exercise, especially the elderly, can benefit from virtual Chair Yoga, offered every Monday and Thursday morning for free. 

Preserving Community Health and Environment

Collingwood knows that disposable water bottles are a severe issue to the modern environment worldwide. The city does its part by encouraging the refilling of reusable water bottles all around its community. Water fountains providing fresh and clean drinking water for free are located all around the city and in schools. These refill stations encourage further engagement by displaying a digital counter at each fountain, showing how many bottles have been refilled since their installation in 2017. Collingwood also participates in the BlueW program, which guides residents and visitors to places that provide clean and free municipal drinking water rather than expensive and wasteful bottled water.

The community also promotes healthier eating habits by installing health-conscious vending machines around town. These feature alternatives to greasy and sugary foods, offering cheese, crackers, apple sauce, and fresh fruit cups instead.

Collingwood as a community also knows the value of spending time outdoors. Through their ” Walk or Wheel ” slogan, the city encourages more travel by foot or using physical modes like bikes and skates through their “Walk or Wheel” slogan. The city also provides planning materials through “Walk a Block” and “Map My Route” to encourage exercise while traveling safely to and from schools. Gardening is similarly important to residents, particularly as it relates to healthy eating.

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The Importance of a Home Inspection

by Collingwood InfoCollingwood Real Estate / Uncategorized

For anyone looking to buy a new property, investing in a home inspection is one of the most important things. We know what you’re thinking: the money aspect of things. Buying a property is overwhelmingly expensive on its own, but when you add a home inspection on top of it, you pay even more. But, when you look at things in the long run, a home inspection can end up saving you thousands of dollars. Want to find out how? Read on! 

As a buyer, you need to figure out if there are any significant issues with the property you intend on buying. And, this needs to happen before you close on it! How does a home inspection help you, though? What you can do is use it as a contingency in your purchasing agreement so that if and when the home inspection is conducted and reveals that there are significant defects involved, you can back out on your offer. That being said, all of this needs to happen within a set timeframe. A reliable realtor will go out of their way to put this clause in your contract. 

Coverage of a Home Inspection

It is important to note that you should visit the property in person to check out the defects yourself even after the inspection has taken place rather than rely on photos. Think you have a good home inspector? Here are a few things they should be doing for you:

They will figure out if a particular problem is a safety issue, is a significant defect, or a minor one. 

  • They will find which items must be replaced, repaired, or serviced. 
  • They will analyze factors that seem okay for now but may need monitoring down the line. 

What a Home Inspection Doesn’t Cover

Effective as they are, home inspections cannot figure out everything wrong with a particular property. An inspector searches for visual clues that might indicate a much bigger problem. It is also important to note the things that a home inspection does not cover. Here are some of them:

  • The space behind electrical panels
  • The insides of pipes or sewer lines
  • Inside chimneys
  • Inside walls

Are Home Inspections Worth It?

How much you’ll spend on a home inspection will vary depending on who you hire, the size of the property you are choosing, and the region it is in. While home inspections are not the only solution to steering clear of red flag homes, it pretty much gives the potential buyer an idea of what they will have to spend on when they buy the property, should that be their decision. That being said, they are worth the money that you spend on them. Without them, you would never know what structural damages are in a property. When you are in the league of a reliable realtor with an excellent track record to prove themselves, all of this will become much easier for you.

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3 Tips For Preventing Spring Flooding

by Collingwood InfoCollingwood things to do

One of the benefits of living in Canada, especially in Collingwood, Ontario, is that you get to experience every season to its fullest. From the hot days of summer spent swimming in Georgian Bay to skiing the powdery slopes of Blue Mountain in the winter, Collingwood has it all.

Living amongst the different seasons can be exciting and give you and your family much to look forward to all year round. However, when winter begins to thaw, and the March and April rains begin to pour, many people who live in older homes are at risk of spring flooding.

Spring flooding is a common occurrence throughout Canada as copious amounts of snow all melt while there is increased rainfall. If you are worried about spring flooding, check out some of the helpful tips below. These are a great way to prepare your home for the spring.

Shovel Snow Away From Your Home Before Warm Weather Hits

If you currently have snow piled up around your home, the first step you should take is removing it from your home’s perimeter. The perimeter is where the water is going to leak inside. Shoveling the snow away from your home is a task you should stay diligent with as you can prevent flooding even mid-winter when there can be frequent freeze and thaws.

Invest In Window Well Covers

A primary source of all basement flooding in the spring is basement window wells. Many homes throughout suburban Collingwood neighborhoods have window wells, but not many people think to keep them covered. If you have basement window wells, you can purchase plexiglass covers so that light can still be let in. During the winter, the snow and rain will be unable to enter, and they can also be easily cleared off.

Get A Home Inspection

A home inspection is an excellent way to get a professional opinion on your property and its risk of spring flooding. While many people get home inspections if they are going to be selling their home, it does not hurt to have someone come and check out your foundation so that you can be sure spring flooding will be prevented. They may suggest some simple maintenance tips, or they may discover something severe that needs to be addressed. With the help of a home inspector, you can keep your home dry this spring.

With the winter almost coming to an end, you may be wondering what you can do to improve your safety against spring flooding. Flooding can cause severe damage to your home, which can be costly to repair. A great way to minimize this risk is by shoveling the snow away from your home, investing in window well covers, and having a home inspection performed on your property.

All of these tactics will be instrumental near the end of winter as you don’t want to be left having to deal with the headache of resolving a basement flood.

 

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Collingwood Wildlife: Try & Spot These 3 Animals

by Collingwood InfoCollingwood things to do

Ontario is home to thousands of animal species, and many of them are still active during the winter months. While you may be more inclined to go out into the wilderness during the summer and check out the different species, heading out into the cold winter air is a great way to have some fun and get out of the house.

If you find the weekends are slipping away and time is going by at a confusing rate, you probably want to spend your days doing something different. Getting outside, getting fresh air, and going hiking is an excellent way to experience some of the wildlife the Collingwood has to offer. Collingwood has it all, from birds to bears, combining both the luxuries of modern living with the wild outdoors.

The Majestic Snowy Owl

Many people are seeing snowy owls throughout southern Ontario, more so than in past years. The snowy owls are best seen during the early morning hours, near abandoned farms in the low-grown brush. If you go driving through the rural countryside of Collingwood during the sunrise, you may catch a glimpse of this majestic bird perching on a fence post. They are easy to spot against the sky, but they will easily blend into the surroundings if you’re looking at a snowy field. Make sure you keep your distance as many photographers venture too close and impede their hunting.

The Iconic Moose

While many people think they need to venture all the way to Algonquin Park to see a moose, there are some right here in your backyard. Moose are often present in bog-like areas and places where there is a frozen wetland, but some have been known to venture into suburban areas. During the winter, moose like to trek through areas where there is substantial snow cover. As moose tend to run hot, they enjoy the cold weather making them extraordinary wildlife for you to go and see. Even if you don’t see them on your first hike, it’s good to keep looking and make sure you always have your camera handy.

The Striking Bald Eagle

Bald eagles are becoming less common in Southern Ontario, with a majority being found near Lake of the Woods. The population in the southernmost parts of Ontario has significantly dwindled in the past years. Thankfully there have been some known to frequent Collingwood, but they are not common sightings. Bald eagles tend to perch high up in dead trees and often flee at the sight of any human activity. If you see a Bald eagle from afar, stay quiet if you want to snap a photo. As it is such a rare bird, it can be a fun challenge to try and spot one on your hikes through the Collingwood and Blue Mountain Area.

While this winter has been burdensome for many families with social gatherings limited and being stuck at home, you can still go out and enjoy the winter weather. If you set some wildlife spotting goals with your family, you can make it a fun weekend activity to get you learning more about the area.

 

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Increase Your Home’s Value With These Three Renovations

by Collingwood InfoCollingwood Real Estate

Are you thinking about selling your home? One of the best ways to heighten your home’s value and get more money upon sale is by renovating. While you can paint and add in new curtains, other more extensive renovations will be more strategic and offer long-term benefits.

Now, these renovations don’t need to be ultra-expensive, but they do require an investment. If you have some areas of your home that may be lacking in modernity or visibly in disrepair, spending the money to renovate will not only increase the value, but it will get your home sold quicker.

Outlined below are three renovations that will almost always make your home more valuable. If you speak to a realtor, they can outline some other options for increasing your home value, but these three tend to stand out when it comes to renovations.

Update Your Roof

If your roof is clearly not in good shape with shingles buckling and missing, you need to replace it. When investing in a new roof, several materials tend to be more attractive than others. You may want to get steel or new, more defensive shingles. In some cases, you may also want to consider adding solar panels onto your roof, as this will increase the value and make your home very desirable to younger buyers. While this can be considered a more expensive investment, you’re sure to make this money back upon the sale of your home.

Fix Up Outdoor Spaces

You can add more liveable space onto your property by fixing up any outdoor areas. If you have a deck with some rotted wood or a poor layout, you may find it beneficial to replace it with something more structurally sound and spacious. By replacing decks in the back of your home or your front porch and adding in other outdoor landscaped areas, there will be more reasons for potential buyers to get excited. If you want to show off these newly redone areas, make sure you list your home during the summer so potential buyers can appreciate the quality of work.

Remodel Outdated Bathrooms

Everyone is looking for new and modern bathrooms. People want somewhere they will enjoy spending time each morning and before they go to sleep. The bathroom plays a vital role in personal routine and tends to be one of the first things people look for when buying a new home. The best way to approach bathroom renovations to start with the most outdated first. In some cases, you may want to add another bathroom in the basement, as this is a quality that potential buyers often seek.

While considerable time and financial investments, renovations will boost your home’s value and get it sold in a quicker timeframe. If you aren’t looking to sell just yet, it is still an excellent tactic for building equity. Not to mention, you will probably enjoy living in a renovated more so in the time leading up to your departure. 

Make sure you call a Collingwood realtor once you decide to list. They may also recommend some other renovations so you can list your home for more. 

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First Time Homebuyers Get a Break in the Blue Mountains

by Collingwood InfoCollingwood Real Estate

In an effort to help first time homebuyers get into the market, the Town of The Blue Mountains is launching a loan program that will offer special loans to first time homebuyers who need it. Many young homebuyers who live in the area are finding it difficult to buy a home in the Town where they grew up because homes are reaching unaffordable ranges. The program will provide approved applicants with a maximum of a $20,000 interest free loan (5% of the total purchase price) that will go towards their down payment on a home in the area. They will have a 20-year grace period at which time they will have to pay it back. The loan is available for first time homebuyers who are buying homes that are under $400,000.

Called the Down Payment Assistance Program, it is being provided by the Blue Mountains Attainable Housing Corporation, a non-profit corporation that was established just a few years ago to help create healthy, affordable and sustainable housing in The Blue Mountains. Positioned as an advocate and not as a social housing program, they are community based leaders who take action.

There are a number of qualifications that applicants need in order to receive this interest-free loan from the town:

  • Must be first-time home purchasers
  • Must be purchasing a home in the Town of the Blue Mountains
  • Do not have a maximum household income of $100,000
  • Do not have assets greater than $100,000
  • Applicants will use the home as their sole and principal residence
  • Applicants qualify for a mortgage

There is an application process and incomes and assets will be verified.

While the median price for a home in The Blue Mountains is over $800,000, this includes 6-bedroom and luxury housing. The median price for a two-bedroom home is lower than the maximum $400,000 mark. A general search on realtor.ca brought up at least 10 homes in the area that may qualify for the program.

This program won’t be around forever, as once the funds for it are exhausted, the program will close. The program is available on a first-come, first-served basis, so if you are interested in buying a home in The Blue Mountains, don’t delay in getting your application filed.

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