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Buying & Selling a Home For Canadians For Dummies


Buying & Selling a Home For Canadians For Dummies


5. Aufl.

von: Douglas Gray, Peter Mitham

19,99 €

Verlag: Wiley
Format: PDF
Veröffentl.: 02.11.2020
ISBN/EAN: 9781119716198
Sprache: englisch
Anzahl Seiten: 432

DRM-geschütztes eBook, Sie benötigen z.B. Adobe Digital Editions und eine Adobe ID zum Lesen.

Beschreibungen

<b>Make your next house sale or purchase a homerun with the latest edition of this celebrated Canadian guide</b> <p>In the Fifth Edition of <i>Buying and Selling a Home For Canadians For Dummies,</i> best-selling authors and real estate experts Douglas Gray and Peter Mitham unpack the good, the bad, and the "I can't believe I didn't think of that" of buying or selling a home in Canada. Buyers will discover the answers to the questions that have kept them up at night, from whether they need an agent to what they should look for in a new home. Sellers will find out how to price their home for maximum value, the real costs associated with real estate sales, and how to list their place. <p>Real estate doesn't have to be intimidating. Gray and Mitham show you how to navigate a home sale or purchase with skill and confidence and have fun doing it. You'll: <ul> <li>Identify unique, regional issues you should consider whether you're buying a condo in Toronto or a two-bedroom in Yellowknife</li> <li>Discover how to maximize your home's asking price by presenting it in its best light</li> <li>Learn the tricks of the trade when it comes to finding hidden gems and diamonds in the rough in a seller's market</li> </ul> <p>Perfect for first-time home buyers and sellers as well as people who've been around the block a few times, <i>Buying and Selling a Home For Canadians For Dummies</i> is the ultimate guide for Canucks who are looking for expert help throughout this seriously important and exciting process.
<p><b>Introduction</b><b> 1</b></p> <p>About This Book 1</p> <p>Foolish Assumptions 2</p> <p>Icons Used in This Book 3</p> <p>Where to Go from Here 3</p> <p><b>Part 1: Getting Started Buying and Selling a Home 5</b></p> <p><b>Chapter 1: Buying and Selling a Home: Just the Basics</b><b> 7</b></p> <p>Knowing the Cast of Characters When Buying or Selling 8</p> <p>Recognizing who’s important when buying 8</p> <p>Identifying who’s essential when selling 9</p> <p>Preparing to Buy a Home 10</p> <p>Arranging financing 10</p> <p>Finding a home 11</p> <p>Making an offer 11</p> <p>Doing the due diligence 11</p> <p>Closing the deal 11</p> <p>Considering Some Important Questions to Ask When You’re Ready to Buy 11</p> <p>What is this going to cost me? 12</p> <p>This is the right home, but is this the right neighbourhood? 12</p> <p>What kind of changes can I make? 13</p> <p>How much should I budget for maintenance? 13</p> <p>What’s my exit strategy? 13</p> <p>Knowing What Happens When You Sell 14</p> <p>Deciding to sell 14</p> <p>Preparing the home 14</p> <p>Listing the home 14</p> <p>Negotiating the sale contract 14</p> <p>Closing the deal 15</p> <p>Answering Some Questions You May Have When Selling 15</p> <p>Does this home meet my needs? 15</p> <p>Will moving be more trouble than it’s worth? 16</p> <p>How much will this cost me? 16</p> <p>Are last-minute renovations worth the cost? 16</p> <p>What are the chances I’ll be homeless if I sell? 17</p> <p><b>Chapter 2: Introducing the Key Players</b><b> 19</b></p> <p>Understanding the Real Estate Agent’s Role 20</p> <p>Identifying important agent qualities when buying or selling a house 20</p> <p>Sorting out the basics to the broker-agent relationship 21</p> <p>Understanding the agency relationship 22</p> <p>Discovering the perfect agent 25</p> <p>Sizing up the candidates 26</p> <p>Making your agent work for you 30</p> <p>Choosing to Go It Alone 32</p> <p>Saving the commission 33</p> <p>Working out the costs of selling it yourself 34</p> <p>Getting some help 35</p> <p>Valuing the Appraisal Process 36</p> <p>Knowing what an appraiser looks for 37</p> <p>Eyeing who needs an appraiser and why 38</p> <p>Recognizing a good appraiser 39</p> <p>Knowing how much you can expect to pay 40</p> <p>Comprehending How a Lawyer Fits into the Picture 40</p> <p>Taking care of business: What your real estate lawyer does for you 41</p> <p>Finding a lawyer or notary 44</p> <p>Knowing what to look for in a lawyer or notary 46</p> <p>Costing out a lawyer’s fees 46</p> <p><b>Part 2: Preparing to Buy a Home 49</b></p> <p><b>Chapter 3: Sizing Up Home Ownership</b><b> 51</b></p> <p>Recapping the Joys of Ownership 52</p> <p>Knowing What’s Right for You 54</p> <p>Considering your foreseeable future 54</p> <p>Saving space for change 55</p> <p>Knowing What You Want 55</p> <p>Focusing on your needs 55</p> <p>Making the list 57</p> <p>Knowing When the Time is Right 62</p> <p>Knowing your finances 62</p> <p>Comparing renting to buying 63</p> <p>Considering homeowner concerns 65</p> <p>Adding up the costs of homeownership 65</p> <p>Understanding the market 66</p> <p><b>Chapter 4: Understanding Your Finances</b><b> 69</b></p> <p>Increasing Your Down Payment 70</p> <p>Dealing with debts 70</p> <p>Sizing up your savings 71</p> <p>Getting Up Close and Personal with Your Finances 74</p> <p>Determining What Size Mortgage You Can Carry 77</p> <p>Gross debt service (GDS) ratio 77</p> <p>Total debt service (TDS) ratio 78</p> <p>Generating your own figures 78</p> <p>Getting a Head Start with a Preapproved Mortgage 79</p> <p>Understanding the advantages of preapproval 79</p> <p>Getting the lay of preapproval land 80</p> <p>Anticipating the Closing Costs 81</p> <p>Deposit and down payment 81</p> <p>Identifying three key closing fees 82</p> <p>Appraisals, surveys, inspections,</p> <p>and condominium certificates 83</p> <p>Taxes 84</p> <p>Remembering Little Extras You May Not Have Considered 85</p> <p><b>Chapter 5: Knowing Your Mortgage Options</b><b> 87</b></p> <p>Defining Your Financing Goals 88</p> <p>Knowing the potential scenarios 88</p> <p>Keeping interest payments in check 89</p> <p>Mastering the Lingo: Mortgage Jargon 101 90</p> <p>Mortgage principal 91</p> <p>Interest 91</p> <p>Amortization period 91</p> <p>Mortgage term 92</p> <p>Understanding the Types of Mortgages 92</p> <p>Conventional mortgages 93</p> <p>High-ratio mortgages 93</p> <p>Fixed-rate mortgage 93</p> <p>Variable-rate mortgage 94</p> <p>Blended payments 95</p> <p>Mortgage-a-rama: All the Nifty Options 96</p> <p>Payment options: Open, closed, or in between? 97</p> <p>Portable mortgage 98</p> <p>Assumable mortgage 99</p> <p>Vendor (seller) take-back mortgage 99</p> <p>Builder/developer interest rate buy-down 100</p> <p>Self-directed mortgage 101</p> <p>Line of credit 101</p> <p>Playing It Safe: High-Ratio Mortgage Insurance 102</p> <p>Qualifying for high-ratio mortgage insurance 102</p> <p>Determining the cost of high-ratio mortgage insurance 103</p> <p>Covering Your Bases: Life and Illness 103</p> <p>Going Mortgage Hunting: What You Need to Do to Get a Mortgage 104</p> <p>Enlisting a mortgage broker’s help 105</p> <p>Searching on your own 107</p> <p>Getting an online mortgage preapproval 107</p> <p>Questioning Your Lender 108</p> <p>Helping Your Lender Help You: Prepare Your Information 110</p> <p>Sharing about yourself 110</p> <p>Getting it in writing: The paperwork 111</p> <p><b>Part 3: Discovering Your Perfect Home 113</b></p> <p><b>Chapter 6: Finding a Home That’s Right for You</b><b> 115</b></p> <p>Looking Closer at Your Housing Options: Determining the Best Fit 116</p> <p>Buying into a Fresh Start 118</p> <p>Buying new 118</p> <p>Building a home of your own 120</p> <p>Country living in a new home 122</p> <p>Following a Lead: Resale Houses 125</p> <p>Eyeing the pros and cons with resale houses 125</p> <p>Choosing the right resale home 126</p> <p>Rising Ambitions: Investigating Condos 128</p> <p>Weighing the ups and downs of condo living 128</p> <p>Understanding condo ownership 130</p> <p>Closing the deal 133</p> <p>Converting condos 136</p> <p>Living Co-operatively 138</p> <p>Considering the co-op’s pros 139</p> <p>Weighing the co-op’s cons 139</p> <p>Home Owning as an Investment 140</p> <p>Doing your due diligence 140</p> <p>Helping your mortgage 141</p> <p><b>Chapter 7: Shopping for a Home: The Nitty-Gritty</b><b> 143</b></p> <p>Finding the Right Home for You 144</p> <p>Making the list 144</p> <p>Checking what’s on your doorstep 148</p> <p>Staying connected 149</p> <p>Checking Out the ’Hood 150</p> <p>Defining neighbourhood character 150</p> <p>Improving the prospects 151</p> <p>Your neighbourhood priorities 152</p> <p>Drilling into Opportunities 154</p> <p>Working with your agent 154</p> <p>Working online 155</p> <p>Working the neighbourhood 156</p> <p>Working your network 156</p> <p>Attending open houses 157</p> <p>Getting Up Close with Foreclosures 157</p> <p>Taking a Closer Look at Properties 159</p> <p>Stacking up the properties 159</p> <p>Scrutinizing more than one house 160</p> <p>Coming to Grips with Coming up Empty 161</p> <p>Getting Fired Up: Recognizing What Powers the House 162</p> <p>Heating systems 162</p> <p>Fuelling up 164</p> <p>Considering electricity 167</p> <p>UFFI 169</p> <p>Asbestos time, the worst of times 169</p> <p>Septic tanks 170</p> <p>Well water 171</p> <p>Stacking Them Up — How the Homes Compare 171</p> <p><b>Chapter 8: This Home is Great! (Except for . . . )</b><b> 177</b></p> <p>Putting Your Emotions Aside 178</p> <p>Reality Check: Can You Fix the Home’s Problems? 179</p> <p>Household cosmetics 179</p> <p>Things you can’t change 180</p> <p>When it’s not worth it 181</p> <p>Catching a Flipped Home 182</p> <p>Check It Out: Investigating Your Prospective New Home 183</p> <p>Moving beyond appearances 184</p> <p>Don’t be afraid to snoop 186</p> <p>Ask questions 187</p> <p>Determine whether the home has been maintained 187</p> <p><b>Part 4: Getting the House You Want 189</b></p> <p><b>Chapter 9: Making a Deal on Your New Home</b><b> 191</b></p> <p>Preparing to Make an Offer 191</p> <p>Get your mortgage preapproved 192</p> <p>Get to know the local market 192</p> <p>Get to know the seller’s motivation 193</p> <p>Get to know your limits 193</p> <p>Ready to Purchase: Making an Offer 194</p> <p>Figuring out who’s who and what’s what in your contract 194</p> <p>Comprehending the terms and conditions (subject to clauses) 197</p> <p>Competing with multiple offers 199</p> <p><b>Chapter 10: Signing On to a New Life</b><b> 203</b></p> <p>Taking Care of the Paperwork 203</p> <p>Removing conditions 204</p> <p>Paying your lawyer a visit 204</p> <p>Getting that mortgage 206</p> <p>The Ins and Outs of Inspections 207</p> <p>Getting an inspection, no matter what 208</p> <p>Understanding what your inspector does 208</p> <p>Choosing a good inspector 209</p> <p>Knowing what to expect when you’re inspecting 210</p> <p>Inspecting a Newly Built Home 212</p> <p>Sizing Up an Inspection Report 213</p> <p>Home exterior 213</p> <p>Home interior 214</p> <p>Checking Out Condo Inspections 216</p> <p>Outside the building 216</p> <p>Inside the building 218</p> <p>You Are the Owner of All You Survey 219</p> <p>Considering title insurance 219</p> <p>Figuring out why you need a survey 220</p> <p>Finding a professional surveyor 220</p> <p><b>Chapter 11: Protecting Your Interests: Insurance and Warranties </b><b>223</b></p> <p>Insuring Your Home 223</p> <p>Knowing what to protect 224</p> <p>Understanding how you’re protected 226</p> <p>Extending your coverage 228</p> <p>Getting the best deal 229</p> <p>Finding Out Whether the Property Comes with a Warranty 229</p> <p>Understanding the new home warranty 230</p> <p>Knowing what’s covered 231</p> <p>With a warranty, you’re in the driver’s seat 231</p> <p>Preparing for the Preclosing Walk-Through 232</p> <p><b>Chapter 12: Closing Time: Closing Events and Moving Day</b><b> 235</b></p> <p>Identifying What You Sign 236</p> <p>Recognizing What You Pay 237</p> <p>Taking Possession on the Possession Date 238</p> <p>Making Your Moving Experience One to Remember 239</p> <p>Moving day versus the day of possession 239</p> <p>Timing is everything 240</p> <p>Moving your life 241</p> <p>Moving your stuff 241</p> <p>Packing it all in 243</p> <p>Moving it yourself versus hiring professional movers 244</p> <p>Being Organized: The Moving Timeline 247</p> <p>Two months and counting 247</p> <p>One month to moving day 247</p> <p>One week before 248</p> <p>The day before 249</p> <p>The big day 249</p> <p>After the move 250</p> <p><b>Part 5: Preparing to Sell Your Home 253</b></p> <p><b>Chapter 13: Deciding To Sell (or Stay)</b><b> 255</b></p> <p>Making the Big Decision 255</p> <p>Identifying the reasons why people sell 256</p> <p>Recognizing reasons to stay put 256</p> <p>Taking stock of wants and needs 257</p> <p>Looking At Your Budget: Your Finances 259</p> <p>Doing the math 259</p> <p>Contemplating refinancing 260</p> <p>Considering Your Mortgage When Moving 261</p> <p>Paying off your mortgage early 262</p> <p>Letting your buyer take over your mortgage 262</p> <p>Taking your mortgage with you to your new home 264</p> <p>Scouting incentives 264</p> <p>Knowing the Ups And Downs Of Financing 265</p> <p>Trading up: Your options 266</p> <p>Trading down: Your options 266</p> <p>Timing Your Move 268</p> <p>Sell first and then buy, or vice versa? 268</p> <p>Buying before you sell 271</p> <p>Selling before you buy 272</p> <p>Cutting through the stress 273</p> <p>Buying time with the closing dates 275</p> <p>Timing it right: The ideal selling and buying scenario 276</p> <p>Changing Your Mind about Selling 276</p> <p>Home equity loans and homeowner lines of credit 276</p> <p>Refinancing your mortgage 277</p> <p>Reversing your mortgage 277</p> <p>Considering Estate Sales to Sell Your House 279</p> <p>Knowing what to do as the estate’s executor 280</p> <p>Being aware of taxes 280</p> <p><b>Chapter 14: Setting a Price and Knowing the Cost</b><b> 283</b></p> <p>Pricing Your House to Sell 283</p> <p>Determining your home’s worth 284</p> <p>Recognising the three most common pricing mistakes 285</p> <p>Comprehending the Basics of Appraisals for Sellers 287</p> <p>Knowing if your home requires an appraisal 288</p> <p>Exploring how an appraisal is performed 288</p> <p>Appraising condominiums 290</p> <p>Preparing for an appraisal 291</p> <p>Sum Fun: The Math of Selling Your Home 292</p> <p>Estimating the costs of selling 292</p> <p>Tallying it up 296</p> <p>Some Good News about Taxes 297</p> <p>Principal residence exemption 297</p> <p>Moving tax credits 298</p> <p><b>Chapter 15: Making Your House Shine</b><b> 299</b></p> <p>Taking a Closer Look at Inspections for Sellers 300</p> <p>Having your home inspected: The why 300</p> <p>Having your home inspected: The why not 301</p> <p>Knowing what your inspector looks at 301</p> <p>Preparing for the inspector 302</p> <p>Undertaking Home Improvements 303</p> <p>Keeping future returns in mind 303</p> <p>Creating curb appeal 305</p> <p>Alluring interiors 306</p> <p>Going to Market 309</p> <p>Your basic For Sale sign 310</p> <p>Advertise, advertise, advertise 310</p> <p>Showing (Off) Your Home 313</p> <p>Fielding the calls 314</p> <p>Staying secure 316</p> <p>Holding an open house 317</p> <p><b>Part 6: Sealing the Deal 319</b></p> <p><b>Chapter 16: Examining Listings and Disclosures</b><b> 321</b></p> <p>Getting the Lowdown on Listing Contracts 321</p> <p>Understanding the listing contract 322</p> <p>Selecting your listing type 323</p> <p>Grasping the Importance of Disclosure Statements 325</p> <p>Knowing who sees your disclosure statement 326</p> <p>Identifying what you need to disclose 327</p> <p><b>Chapter 17: Understanding the Legal Stuff</b><b> 329</b></p> <p>Cooking Up a Recipe for a Successful Contract 329</p> <p>Reading the Recipe: Basic Contract Know-How 330</p> <p>A pound of offer 331</p> <p>An ounce of buyer 332</p> <p>A pinch of deposit 332</p> <p>A dash of address details 333</p> <p>Pricing to taste 333</p> <p>A handful of covenants and a sprinkle of conditions 334</p> <p>Time frame of the offer 339</p> <p>If you have rental units 340</p> <p>Top with acceptance 341</p> <p>Keeping Condo Owners Covered 341</p> <p>Examining Deeds and Titles 342</p> <p>Conveyance 343</p> <p>Land registries 344</p> <p><b>Chapter 18: Being Cognisant of Negotiating Tricks and Bargaining Chips</b><b> 347</b></p> <p>Keeping Your Eye on the Prize: What’s Really Important 348</p> <p>Getting an Overview of the Negotiating Process 349</p> <p>Knowing how low you will go 350</p> <p>Negotiating the subject to clauses 350</p> <p>Including appliances and household decor: “I never liked those drapes anyway” 353</p> <p>Deciding on the closing date 354</p> <p>Racing against the clock: Open for acceptance until 355</p> <p>Signing on the dotted lines 356</p> <p>Contending with Multiple Offers 356</p> <p>Dealing with Backup Offers 357</p> <p><b>Part 7: The Part of Tens 359</b></p> <p><b>Chapter 19: Ten Regional Concerns When Buying a Home</b><b> 361</b></p> <p>Check Transportation Routes in Cities 361</p> <p>Be Cautious about Industrial Sites 362</p> <p>Stay Away from Major Roads If You’re Noise-Sensitive (Or Nose-Sensitive) 362</p> <p>Be Certain Your Street’s on the Level 363</p> <p>Make Sure You’re in a Good School District 364</p> <p>Be Sensitive to How Local Climates Can Affect Your Lifestyle 364</p> <p>Watch Out for Waterways 365</p> <p>Only You Can Avoid Wildfires 365</p> <p>Research Services in Rural Areas 366</p> <p>Think Twice about Leased Land 366</p> <p><b>Chapter 20: Ten Tips for Condo Buyers</b><b> 367</b></p> <p>Insist on Seeing and Reading Documentation 368</p> <p>Have the Condo Inspected 368</p> <p>Use Your Measuring Tape If You Buy New 369</p> <p>Get to Know the Board of Directors 369</p> <p>Stay Away from High-Rental Developments 370</p> <p>Watch Out for Maintenance Fees That Are Too Good to Be True 370</p> <p>Ask about the Building’s Commercial Property 371</p> <p>Share as Few Walls as Possible, Especially If You Crave Quiet 371</p> <p>Own Your Locker and Parking Space 372</p> <p>Check for Signs of Aging 372</p> <p><b>Chapter 21: Ten Tips for Home Sellers</b><b> 373</b></p> <p>Sell When Your Home is at Its Peak 373</p> <p>Prepare Your Home for Sale 374</p> <p>Fix the Little Things 374</p> <p>Light It Up 375</p> <p>Let Your Neighbours Know 375</p> <p>Know Where to Advertise 376</p> <p>Get Your Documents in Order 376</p> <p>Prequalify Buyers 377</p> <p>Tighten Security 377</p> <p>Send Notifications: My Dear Tenants 378</p> <p><b>Chapter 22: Ten Ways to Protect Your Investment</b><b> 379</b></p> <p>Inspect the Exterior 379</p> <p>Know Your Surroundings: Landscaping, Yard, and Deck 380</p> <p>Maintain Heating and Cooling Systems 381</p> <p>Stay Warm: Insulation 381</p> <p>Breathe Easy: Ventilation 382</p> <p>Sleep Soundly: Home Safety 382</p> <p>Keep an Eye on Your Doors and Windows 383</p> <p>Cook Up a Storm in a Safe Kitchen 383</p> <p>Get Away in a Leak-Free Bathroom 384</p> <p>Into the Dark: The Basement and Attic 384</p> <p>Glossary 385</p> <p>Index 397</p>
<p><b>Douglas Gray, LLB,</b> is a retired real estate lawyer and the author of 25 bestselling books. He is also a speaker and columnist. His website is homebuyer.ca. <b>Peter Mitham</b> has more than 20 years' experience writing about Canadian real estate for national and international publications.
<ul> <li>Purchase a home within your budget</li> <li>Find the right mortgage that works for you</li> <li>Price and sell on your terms</li> </ul> <p><b>Selling? Buying? Here's what you need to know </b> <p>Looking for your dream house? Want to make your house someone else's dream? The new edition of this friendly guide shares secrets to help you reach your next stage in life. If you're buying, discover how to decide whether you need an agent, know what to consider as you shop, what you need to know about mortgages, how you can compare homes, and more. If you're selling, find out how to price your home, what selling will cost you, how to market your house, what's important about listings, and how to handle appraisals. Enjoy success whether you're buying or selling! <p><b>Inside...</b> <ul> <li>Planning for your first home</li> <li>Discovering who the players are</b></li> <li>Analysing your finances</li> <li>Understanding inspections and surveys</li> <li>Deciding if you want to sell</li> <li>Sprucing up your home</li> <li>Negotiating and bargaining</li> </ul>

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