6 Habits that can Boost Your Credit Score

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Your credit score is essentially your passport to financial opportunities. With a possible range of 300 to 900, your score tells lenders what kind of a risk you are likely to be as a borrower. A low credit score can prevent you from getting the lowest mortgage rate, or even from getting a mortgage at all.

But here’s the thing, this important factor in your mortgage negotiation is entirely within your control. That’s why it’s important to know the key credit behaviors that can boost your score or keep it high:

1.Pay bills on time. The single biggest factor in your credit score is having a timely bill payment history. Never let a bill get past due. That one habit is your single biggest game-changer. Set up automatic payments if that will help.

2.Know your limits. Your credit score is based on your balances relative to your available credit. Look at your credit limits and try not to use more than 30% of the available amount. If your limit is $10,000, try to not let your balance go higher than $3,000.

3.Avoid collections. Don’t ever let any bill go to Collections, even if it’s for a small or disputed amount. These black marks on your credit are hard to erase. If it’s happened, be prepared to explain why, and be sure it’s paid in full and reported to Equifax.

4.Avoid store cards. When you’re asked – would you like to apply for our Store Card to save $X dollars on your purchase today – don’t do it; the high rate that goes with that card isn’t worth your savings on that particular purchase.

5.Build your credit history. Make sure you do have a credit history. You may have a low score because you do not have a record of owing money and paying it back. You can build a credit history by using a credit card.

6. Don’t cancel your card. Even if you’re not using your credit card very frequently, you shouldn’t cancel it. Canceling a credit card may actually lower your credit rating. Instead, keep the card in your dresser drawer, and use it once a year. The primary exception would be that you can cancel your card if it has a fee (as paying the fee may cost more than a ding to your credit score would).

Everyone should aspire to be a highly responsible credit card user. Besides obvious benefits such as staying out of debt, highly responsible credit card users will also be happier and less stressed out about their money because they’re in more control.

Contact me today at www.kimlouie.net to chat about real estate!

Tips for Successful Home Staging

                                                   

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Home Staging is a proven system for preparing properties for sale. Your aim is to present your home in the best possible light to win the hearts of prospective buyers. With Staging, the focus is shifted from the furnishings to the home itself, the views, the space and the unique features of the property.

In preparing your house for selling you need to take a step back and have the mindset that this is no longer your home but your investment. You want your home to stand out from the crowd and have a broad buyer appeal. Following these 10 tips will help you sell your house sooner and possibly for more money.

1. Curb Appeal – stand back and view your home as if you were seeing it for the first time. This is the ‘first impression’ stage. Depending on the season you may want to have lots of colourful and attractive flowers to greet buyers; a clean and inviting doormat; new and shiny door handles and/or knockers with a freshly painted door.

2. Declutter – start your pre-pack as soon as possible. You need to decide what you are going to keep, give away, sell or throw away. You may rent storage lockers so you can start to clear out what is not going to make the house look good.

3. Clean – you would think this one is common sense but let me assure you, I wish it was so! A clean home translates into “They must have really cared for their home.” Use environmentally friendly cleaners where you can and for hard cleaning areas, tsp is a good product. Bathrooms and kitchens must be sparkling clean at the very least.

4. Depersonalize – we know you love your family photos and your personal treasures and for living they are perfect. However, when it comes to selling your home, you want buyers to focus on the best features of the house and not your personal collection. Pack personal items and photos carefully and store them away so you can showcase them in your new home.

5. A neutral colour scheme is a way to go for selling. Choose only three colours or less to paint your house for selling. If you have an open floor plan then paint the main floor all the same colour. Bedrooms look good in light sage greens or warm blues like the new Aqua.

6. Highlight your home’s best architectural features – place your furniture in each room so that you have very obvious focal points that show off the home’s best selling features. For example, if you have a beautiful fireplace then place the furniture in a parallel grouping so that the eye is drawn to the fireplace.

7. Decide on the function in each room – if you were using your guest bedroom as your a living room, for selling turn it back into a bedroom with bedroom furniture in it. If you do not have the right furniture for each room consider renting it. There are more and more rental furnishing companies opening up every day. If you don’t want to rent then borrow.

8. Lighting your home to its best advantage – spend money on new light fixtures in brushed nickel or stainless steel. Brass is out so don’t fight it. There are many low-cost lighting stores to select from so no excuses for having dated light fixtures.

9. Use window treatments that sell your home – the most popular on the market are the 2” faux wood in a white tone to go with your trim. Decorative side panels will do the trick if you need to add warmth and colour.

10. Flooring needs special attention and is a good investment for updating the look of your home – tile or linoleum is great for entranceways, bathrooms, kitchens, laundry rooms; a good quality laminate or hardwood is perfect for living rooms and family rooms; bedrooms are attractive in a neutral carpet.

By planning and budgeting, you can get yourself to the “OPEN HOUSE READY” stage. Remember that over 79% of prospective buyers have already checked you out through the MLS listings. Will they like what they see?

Contact me today at www.kimlouie.net to chat about real estate!

Average Home Prices in Kitchener - Waterloo, March 2018

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Here are the average home prices for Waterloo Region in March 2018.  Find out prices and trends in this brief video!                                                      



Closing the Real Estate Deal

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Congratulations, your offer has been accepted and you can’t wait to move into your new home. But don’t start celebrating yet. There is one final stage involved in purchasing a home - closing the deal.

Having your offer accepted does not mean the end of your real estate transaction. However, there is still plenty of work that needs to be done in order to "close the deal." 

Closing involves many complicated and time-consuming legal manoeuvres, which is why you’ve hired professionals. Closing is the point at which ownership and usually possession of the property is transferred from the seller to you. It takes place after the parties involved agree that all legal and financial obligations have been met. Your lawyer and your Realtor will do much of the work for you.

Here is a checklist of what to expect as the process unfolds:

Closing Checklist
• Make sure a copy of the signed Agreement of Purchase and Sale is sent to your lawyer right away. Your Realtor will usually do this for you. Your lawyer needs to see any conditions that exist, and the date you and the seller have agreed to close. The lawyer will ask you how you (and others involved in the purchase) want to be registered on the title to the property.

• Immediately begin satisfying any of the conditions of the agreement that require your action. These have definite dates attached to them and if you miss one you may have to arrange an extension or possibly risk losing the entire deal. As each condition is met, the Realtor will fill out a waiver form for signatures. Note that most lawyers won’t be doing many of the tasks they need to do for closing until the conditions are waived.

• After the conditions have been met, your lawyer will begin searching title to the property. This is an exercise of going back through government records to ensure a clear title that is transferable. Electronic registration and title insurance have significantly changed the way titles on properties are transferred.

• If you decide to have the home inspected, your offer should contain a condition that the property passes inspection. If no current land survey exists on the property, arrange for one soon. Your lender may require it, and you’ll want it for your own peace of mind, anyway.

• Before the closing date contact your insurance agent to arrange homeowner’s insurance coverage to become effective on the date of closing. Your agent can give you a letter, certifying coverage is in place. If you’re moving from your currently owned home to another, your agent will handle the homeowner’s insurance transfer for you.

• Your lawyer will then begin a title search on the property to be sure the seller has clear title and can transfer it to you without a problem. Hydro, gas and water companies will also be contacted by your lawyer to ensure there are no outstanding claims for unpaid bills before these utilities are transferred to your name.

• Other tasks your lawyer will perform include gathering reports, certificates and clearances from various government offices, ensuring the property taxes are up-to-date, local zoning and building restrictions have been met and there are no outstanding obligations or "liens" on personal property to be sold with the house. In other words, your lawyer will make sure you get what you agreed to buy.

• Your lawyer will review and verify the draft deed, statement of adjustments and other closing information provided by the seller’s lawyer, and will deal with any problems as they arise. A few days before closing, you will meet with your lawyer to review and sign the closing documents. You will be asked to provide a certified cheque to cover the costs involved. 

On closing day, both lawyers will exchange documents, keys and cheques and your deed and mortgage will be registered at the local registry office. If all goes according to plan, you will be given the keys to your new home.

Contact me today at www.kimlouie.net if you want to talk real estate!

Deciding What Type of Home to Buy

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Deciding on what type of home to purchase can be confusing. With an endless supply of different types of homes available for purchase –from condos to townhouses to fully-detached homes.  The type of home you buy will depend on your lifestyle and budget. You will also need to think about your current and future needs before you start searching for a home.

Size requirementsIs the house the right size for your needs and does it have the right combination of bedrooms, bathrooms and other living areas?

Lifestyles Do you plan to have children? Do you have teenagers who will be moving away soon? Are you close to retirement? Will you need a home that can accommodate different stages of life?

Can the home grow with you over the next 5 to 10 years? Find a home that can grow and change with your needs. If you don't plan to be in the home for a long period of time, then certain aspects of the home may not concern you, such as extended stairs or location from other amenities.

Your budgetBudgeting is also an important part of preparing yourself for the purchase of a home. Once you have the money available to make your home purchase a reality, you should weigh the following options to help decide what type of home is right for you:

Condo – A condo makes a great first home because it typically costs less than a townhouse or a detached home, which translates into a smaller down payment. But there are, however, monthly maintenance fees you must take into consideration when budgeting for a condo. Condos are also ideal for those who do not want to maintain a lawn or worry about clearing snow away from walkways and driveways.

Townhouse – Townhouses are typically vertical in design and some even come with attached garages. They blend the privacy of a single-family home with the benefits of the exterior condo maintenance, which is usually done by the homeowners’ association. Many townhouses are built in what are called planned unit developments (PUD), clustered communities that have areas for residential and commercial use, and public areas such as schools, parks and the like.

If condo life is not your style and you’re not looking for a big yard to maintain, a townhouse may be your best home purchase option.  A townhouse costs less than a fully-detached home and results in cheaper property taxes as well.

Many townhouses also come with monthly maintenance fees unless they are freehold townhouses. In situations where you pay a monthly fee, however, you won’t have to worry about outdoor maintenance or snow removal.

Detached Home –If it’s privacy you’re seeking as well as a larger yard, a detached home is your ideal choice. Still, prices can vary drastically based on such variables as whether you’re seeking a spot in the city, a place in the suburbs or a more rural location.

Other considerationsThe size of the property is an important thing to consider before you head out shopping. While everyone has their dream home in mind, this is not always a practical purchase choice, especially if this is your first home purchase.

When it comes to location, think about which area or neighbourhood you’d like to make your purchase, and which home features are absolutely essential, including what you can live without and what aspects are entirely out of the question.

Take a look at real estate ads for the area(s) you’re interested in to see what’s on the market and the price ranges. Also drive around a few neighbourhoods and see what’s for sale or visit Open Houses. This can help crystallize what you want or don’t want in a home.

By making your first purchase modest and affordable, you will be putting money towards a mortgage that will build equity in that home. And once you’ve paid down a significant portion of that first home’s mortgage, you will then have more money to put towards an upgrade into your dream home.

Contact me today at www.kimlouie.net if you want to talk real estate!