Tips And Articles - Javad Bastani

First Home First Hints

Congratulations! You're about to move out of an apartment into your first home. What a great move, but you need to know a few things and buy a few things. Remember there will be no "building manager" to take care of things for you - you're it!

First things first. Let there be light, but where is the fuse box? Does it use fuses or just switches? (Hint: Label each switch with white tape and black letters so you can see them easier in the dark.) It's a good idea to turn the switches off and on a few times so you're used to how stiff they can be. Today's home buyers face what can seem like a bewildering array of questions. How do you find a trustworthy agent? Which mortgage is right for you? Is remodeling a worthwhile investment? But making the right decisions for your situation doesn't have to be an overwhelming experience. Like millions of people, you too can efficiently work through the process with ease and reach your dreams of homeownership.

Water, water everywhere. Find the turn-off valve inside the house so minor floods don't become major. Make sure you know where the toilet turn-off valve is. Can you turn off the outside faucets in the winter? (Hint: you may have to leave one outside faucet dripping during the cold months so you don't burst the pipes during freezes.) Find the water meter and make sure it is functioning. If your garbage disposal stops working, find the red reset button on the unit under the sink. Before you turn it back on, check with your fingers to see if anything is blocking the blades, and then press the reset button. (Hint: Remove your fingers and the offending objects from the blades before turning the disposal on again…duh.)

Keeping warm and toasty. It's important to find the furnace. What kind of fuel does it use? If you have an oil furnace, ask how often you need to refill it and who refills it. Do you have a maintenance contract for repairs? If not, can you get one? If you're going to have to replace or clean the filters, where do you get them? (Hint: buy a couple of them, you never seem to need to replace them when the store is open.) Find the reset button and label it. Does the furnace have a fan for cooling the house in the summer? Where are the thermostats for controlling the temperature? No matter what the source of energy for your heating, find the main shut off valve.

Curl up by the fire. But make sure the fireplace flue is cleaned every one to three years, depending on how much you use it. Otherwise, the chimney may not draw well and "smoke gets in your eyes", which is not as romantic as the song. A clogged chimney can cause a fire, which is not cool.

Nothing like a long hot bath. Check the water heater to see if it has a pilot light. If it goes out, how do you re-light it? Find out how to set the temperature and decide what temperature you should set it to.

Your very own washer and dryer. Clean the lint tray on the dryer every load or two, or it will build up and slow down the drying process. Also, too much dry lint can cause a fire. If your washer drains directly into a utility sink, place a filter on the end of the hose to keep from clogging your sink.

How about a tall cold one? At least twice a year, clean the water tray under your frostless refrigerator, and vacuum the coils at the back now and then to keep it cooling effectively. (Hint: Check the seals around the doors of your refrigerator to make sure no cool air is escaping. If there is moisture on the rubber seal, you've got a faulty seal.) Now pop open the cold one and toast your new home.

How To Choose Your Realtor

Here are several points to consider when looking for a professional/reliable Realtor:

Obtain recommendations from friends and business associates;
Check the reputation of the brokerage firm;
Go to several open houses and build a rapport with the agents, then choose the one you think is best for your needs;
Look for an agent who is familiar with the area you want to live in;
Review ads in your local newspaper;
Note the "For Sale" signs and jot down the key information as you drive through prospective neighbourhoods;
Make sure the Realtor you choose is someone you feel comfortable with - someone who listens to your needs and is genuinely interested in helping you find the right home;
Verify the Realtor's track record, e.g. how long has he/she been in business; what do previous customers think about his/her performance;
Verify the Realtor's knowledge about the housing market and financing options;
Ask the Realtor bluntly what he/she will do for you;
Ask for references from buyers for whom the Realtor previously worked.

Tips On Buying Your First Home

Make a list of all the features you want in your new home such as number of bedrooms, bathrooms, proximity to schools, shopping and workplace.
Be sure you can afford your home. Your monthly housing costs should not be more than 32% of your gross monthly income and your entire monthly debt load (which includes other debts such as car loans and credit card payments) should not be more than 40% of your gross monthly income.
Calculate your other monthly living expenses such as food, clothing, transportation, personals and childcare to ensure you can afford your mortgage payments.
Call a REALTOR in your preferred area. They are trained professionals with knowledge about local conditions and the housing market in general. Through the Multiple Listings Service they have access to virtually every property listed for sale in the province. Your REALTOR can narrow down your search and provide you with information on properties for sale and those that have recently sold. This will allow you to make informed decisions about pricing. Licensed by the province and members of local real estate boards, REALTORS must adhere to high standards of ethical behavior.
Obtain a pre-approved mortgage form the lender of your choice. This will help you determine the price range you should be looking in. With a pre-approved mortgage, your lender will guarantee the interest rate for up to 60 days.
You may wish to have an independent appraisal done of a property before you offer a price. It can keep you from paying more than the market value.
Ask your REALTOR for a copy of the Property Condition Disclosure Statement. This document is completed by the sellers and ensures the buyer gets complete information about the property they are about to purchase, and alerts buyers when they need to do more research on a property.
If buying a new or existing condo, look beyond style and amenities and investigate whether the construction is of good quality. You can ask for a copy of the minutes to Strata Council Meetings to determine what kind of problems the condominium has had in the past, and the expenses.
To assess potential water leakage problems, visit a condominium project immediately after a rainfall and check to see if flat areas such as roof deck and walkways have large pools of standing water on them. All building surfaces except specially designed ponds should drain freely and be immediately clear of water after a rainfall.
It is always a good idea to have the home inspected from a professional home inspector. An inspector's written report should include how well-built the home is and whether any repairs are necessary and the estimated costs.
Don't forget about other costs when you buy your own home such as legal fees (they will most likely be at least $500), property taxes and the GST (if purchasing a new home).