# What did you need to know as a first-time seller or buyer?



## leblanc (Mar 19, 2014)

Just wondering what gaps there are in the market place in terms of new buyers and sellers. What information do you wish you had when you first got started?


----------



## sags (May 15, 2010)

Buyers.............inspect the home really..... really.....really...... well.

Sellers.............hire a good real estate agent. They are worth the cost.


----------



## Just a Guy (Mar 27, 2012)

Banks are not in it to save you money, or help you out...they are in it to make money for the banks...just like realtors are generally in it to make money for themselves. There are all sorts of things to watch for, from realtors (like getting you to buy a more expensive house) and bank services (mortgage insurance)...

You are being manipulated.


----------



## rikk (May 28, 2012)

The first house will eventually go to the ex ... so buy a low priced fixer upper ... which by luck is what I did :encouragement:


----------



## Mortgage u/w (Feb 6, 2014)

leblanc said:


> Just wondering what gaps there are in the market place in terms of new buyers and sellers. What information do you wish you had when you first got started?


What concerns do you have? Maybe we can better help you out....


----------



## blueeyetea (Feb 27, 2013)

Good points by all. Here are mine: 

* real estate agents: from buyer's point of view, they help a lot in narrowing choices and giving you ideas on what your options are in terms of your budget. However, be very clear about your price range. It's an agents trick to show you houses that are 50K over your goal. Unless the market in your area is depressed and you know for a fact that sellers will entertain being low-balled, then you're wasting your time in looking at those houses or you'll end up paying more than you expected. 
* real estate agents again: just like anything, get recommendations via people you know. Some agents are crooks. I came across two on the sellers side when I was looking for a house that manipulated events to their advantage. 
* go to a mortgage broker for a mortgage for the best deal for you. 
* Look for a house as close to your work as possible, even if it means a smaller house at the same price than what you'd get in the suburb. The savings in transportation costs and quality of life for having more time will more than make up for it.


----------



## marina628 (Dec 14, 2010)

I think the most important thing I got from all transactions is to make sure you have extra funds for surprises on closing costs.We bought a house that had the taxes prepaid an entire year so had to pay extra $5000 for that and the reality many first time buyers can just scrape together what they need.I own a house right now in GTA and the builder has gone bankrupt with all of us left with incomplete drive and landscaping issues.We just learned of this today when my husband decided to call them up to have a chat since we have waited long enough on this matter.This was a brand new home we bought for investment but sounds like we are one of the lucky ones as we bought early 2011 and probably we can resolve our issues for under $10,000.One of the later deals paid for fencing,driveway and deck and now has a leak in basement.The homes are beautiful but they presented themselves as a custom builder and I could only find a couple projects they had done before.


----------



## Just a Guy (Mar 27, 2012)

Don't build your first place. You need to live in a few places to know what works in a home and what doesn't. I know too many people who built their first place then renovated it soon after to change the layout or built a second one and moved because of the layout. Pictures and blueprints aren't the same as living.

Real estate it a long term project. Chances are it's at least 5 years before you can sell a place and break even on the costs (realtor/bank/legal fee...I'm not including interest in this). Now in the boom we've had over the last decade, this wasn't true, but the last decade was an anomaly...so are these interest rates.

The mortgage fees are only fixed for a term (usually 5 years). Mortgage rates change all the time. As a general rule of thumb, you'll pay an extra $100/month for every $100,000 of mortgage, for each 1% increase in the interest rate. So, if you have a 350k mortgage, and the interest rates rise 1% by your next renewal! expect to pay $350 more per month than you did before the renewal...if it goes up 2%, expect your mortgage payments to increase by $700/month.

If you bought below your assessed value, appeal your taxes...there is no better time than the first year. The tax savings can add up over the years. If you bought after the assessments came out, call or look up the assessment on-line if you're before the deadline for appeals...if you missed it, file next year.

Don't have the bank pay your property taxes for you. Set aside a little each month in a bank account if you have to. You earn interest on it, as opposed to paying interest on it, and you'll be more aware of your true costs (and it might inspire you to appeal the taxes).


----------



## Sherlock (Apr 18, 2010)

sags said:


> Sellers.............hire a good real estate agent. They are worth the cost.


How do you know who is good? They all say they are.


----------



## Taraz (Nov 24, 2013)

Don't buy a house with hardwood or laminate in the kitchen. Tile, vinyl, or lino are the only acceptable choices...


----------



## off.by.10 (Mar 16, 2014)

Film your visit, or at least take a lot of pictures. Everything you can see. It should help with quick resolution if something goes missing when the previous owner moves out (hopefully, it should help prevent that too). You know, like that fancy 200$ shower head which got replaced by a 10$ one. Or that pool accessory which was supposed to be part of the sale. Or that special recycling bin which the city wants a lot of money to replace. Wasn't there a fancy mailbox by the door? You get the idea ;-) Never assume you're dealing with an honest person.

Also, keep in mind that agents are there to make transactions happen. They don't give a damn if the price is a few % more or less, they'd rather sell (or buy) quickly so they can handle more transactions. And they will stop being your friend the minute the final paperwork is signed and they get their cut.


----------



## marina628 (Dec 14, 2010)

Taraz said:


> Don't buy a house with hardwood or laminate in the kitchen. Tile, vinyl, or lino are the only acceptable choices...


my friend got hardwood in her kitchen on advise of the builder sales rep and you can see the spill damage and house is only 3 years old .I thought it was stupid from day one , glad I am not the only one lol


----------



## banjopete (Feb 4, 2014)

I'll add another vote for talk to a mortgage broker, and ignore pretty much everything the bank tells you. Tell everyone you know (and whom you trust) that you're in the market and ask about mortgage brokers. Word of mouth is a powerful tool. With only one renewal under my belt, dealing with a MB was like night and day to dealing with a bank. Ours came highly recommended from family members and I'd highly recommend him to friends of mine. Good service gets more work in my world.

Ooh and one more point... there are alternatives to being a home owner, one's that offer flexibility, perhaps cheaper fixed living expenses, and the ability to save and invest elsewhere. There is a lot of kool-aid to be drunk in the RE world here in Canada.


----------



## rikk (May 28, 2012)

marina628 said:


> my friend got hardwood in her kitchen on advise of the builder sales rep and you can see the spill damage and house is only 3 years old .I thought it was stupid from day one , glad I am not the only one lol


Fwiw ... our 1911 kitchen with tongue and groove hardwood (not to be confused with what's passed off as hardwood these days) wears well, cleans up nice. Had it ... along with all the other rooms ... sanded, stained, urethaned (satin finish) let's see ... 20 years ago ... we like it.


----------



## underemployedactor (Oct 22, 2011)

Someone did tell me this, but it bears repeating; your first house isn't your last house. This was a useful aphorism to calm the delusions of grandeur to make a first house a forever house.


----------



## off.by.10 (Mar 16, 2014)

underemployedactor said:


> Someone did tell me this, but it bears repeating; your first house isn't your last house. This was a useful aphorism to calm the delusions of grandeur to make a first house a forever house.


A very good point. On the other hand, your first house really could be your last house so pay attention to the things you can't change about it: location, location and location. Most other things can be changed to some degree over time, if not into what you dreamed of then at least into something acceptable. So I guess it's a double warning about that beautiful large house out in the middle of nowhere.


----------



## mind_business (Sep 24, 2011)

When getting your home ready to sell, a good cleaning can add thousands of dollars to the sell price ... but well placed flowers can add tens of thousands of dollars. Don't underestimate the details when showing your home.


----------



## Homerhomer (Oct 18, 2010)

sags said:


> Sellers.............hire a good real estate agent. They are worth the cost.


Disagree, they are bunch of overpriced unskilled professional wannabees.

Buyers - view the house during the day in full light, don't hire agent and do your own research which doesn't require much knowledge unless you are completely foreign to the area and contact the seller or their agent with an offer reduced by the buyer agent commission. Neighbourhood is even more important than a house, lousy neighbours can be a pain in the butt, much easier to fix the house than the neighbours.

Sellers - hire cheap agent but be in charge of the sale, they don't do much more than list it on mls but you need one since some of the buyer agents will not deal with non represented seller.

Both buyers and sellers, don't trust any agents, do not disclose any information to the agent that you wouldn't want to be passed on to the other negotiating party. Keep your emotions out of it, it's not personal, you shouldn't be offended by offers, sellers want as much as possible, buyers want to pay as little as possible, agents just care about their commission and to close the deal as soon as possible with as little effort as possible.


----------



## carverman (Nov 8, 2010)

Homerhomer said:


> Both buyers and sellers, don't trust any agents, do not disclose any information to the agent that you wouldn't want to be passed on to the other negotiating party. Keep your emotions out of it, it's not personal, you shouldn't be offended by offers, sellers want as much as possible, buyers want to pay as little as possible, *agents just care about their commission and to close the deal as soon as possible with as little effort as possible.*


I have to agree with you HH. I remember my friends mother's real estate situation when she was selling her house next to a dairy in Bobcaygeon. The dairy had been there for years and bought
houses next to them for years for future expansion and truck parking etc. The family knew about the dairy's willingness to buy the property, but was not able to convince the recently widowed
mother to negotiate with the dairy DIRECTLY, so the mother decided to list with an real estate agent. When the diary heard that her property was up for sale, they bought it quickly from her through the real estate agent and rented it out until such time as they were ready for their expansion plans.
The real estate agent KNEW BEFOREHAND that the dairy was interested in that particular property and did absolutely no showings on it, just the sign on the front lawn..it was a done deal right from the start. 
The agent walked away with a $10,000 commission windfall that could have helped the mother, suffering from cancer in the last few years of their life.


----------



## ohsmarketing (Mar 24, 2015)

At the time of buying research market price first investment growth in that area where you want to purchase your dream home,At the time of selling just a right real estate relator with best track record of selling home and have great experience in real estate.


----------



## Berubeland (Sep 6, 2009)

ohsmarketing said:


> At the time of buying research market price first investment growth in that area where you want to purchase your dream home,At the time of selling just a right real estate relator with best track record of selling home and have great experience in real estate.


This agent for instance would be ideal right Ohs Marketing ? 

http://www.cbc.ca/news/canada/briti...altor-accused-of-conduct-unbecoming-1.3079354


----------



## realestateongabriola (Mar 24, 2015)

It is easy to sell it is little confusing to buy the property.At the time of buying search real people whom you think they are trust worthy.At the time of selling search aright agent to help to get the market value of your place and help you to understand the market also.


----------

