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Home Inspection Prior to Buying

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A home inspection is a limited, non-invasive examination of the condition of a home, often in connection with the sale of that home. Home inspections are usually conducted by a home inspector who has the training and certifications to perform such inspections.

The inspector prepares and delivers to the client a written report of findings. The client then uses the knowledge gained to make informed decisions about their pending real estate purchase. The home inspector describes the condition of the home at the time of inspection but does not guarantee future condition, efficiency, or life expectancy of systems or components.

When buying a new home or property it is important to take into consideration your specific needs? Your needs may be different from another buyer depending on what type of home buyer you are. For example, if you looking at purchasing a second or vacation home, the amount of maintenance the home will require may be a big concern. On the other hand, if you are a handy home buyer and have always dreamed of buying your own fixer upper and making needed repairs and upgrades yourself, you may have different requirements.

If you are buying a rural property it is always a wise decision to have your septic system and well inspected. Most professional home inspectors will suggest you hire a professional for both these inspections. Septic tank systems are located underground and a professional installer will typically pump out your tank and evaluate the bed from conditions he finds during this process.

GuaranteedResidentialInspections.com is located in Barrie ON, and offers a 100% Money Back Guarantee on every residential and commercial building inspection. They also offer Free Thermal Imaging scans with every inspection. As a Certified Building Code Official and a former Registered Builder with Hudac his experience far exceeds that of the competition. With over 4,000 building inspections the Barrie Home inspector should be your first choice when wanting to protect your investment.

Almost no home is going to be perfect (even new or recently built construction). Inspectors will usually discover some issues needing attention or that the buyer and seller should be aware of. Your professional home inspection report will consist of computerized report with pictures and recommendations of every maintenance and defect found in your home. The report will also include a PDF copy of report for your records.

Want to find out more about Home Inspections in Barrie ON, then visit www.GuaranteedResidentialInspections.com site. fChoose the Barrie Home Inspector for your Peace of Mind.

Real Estate Mortgage Tips

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House hunting begins with planning. The first step toward buying a house is to sit down and determine how much house you can afford to buy. Knowing your affordable price range will bring your house-hunting into focus. Many mortgage lenders will send out all required verification which will pre-approve you for a mortgage, allowing you the opportunity to negotiate as a cash buyer.

A real estate loan is a very popular mechanism for buying a house, available for virtually anyone, interested to have not only house for living, but any kind of real estate property. The loan market is offering very lenient terms and conditions to the borrowers due to the noticeable stagnation at the markets now. In case one would like to go further and buy another one object of realty, he or she would like to apply for the mortgage for a reasonable price. Even if later the first loan is closed, the burden of mortgage may stay heavy enough to pay.

First, determine your gross monthly income. This will include any regular and recurring income that you can document. Unfortunately, if you can’t document the income or it doesn’t show up on your tax return, then you can’t use it to qualify for a loan. However, you can use unearned sources of income such as alimony or lottery payoffs. And if you own income-producing assets such as real estate or stocks, the income from those can be estimated and used in this calculation. If you have questions about your specific situation, any good loan officer can review the rules.

One great way to create a discount when you buy a home is to buy some item at less than face value, and then offer it at full face value to the seller as a down payment for their property. Bonds are great for this. Some bonds are sold at a discount because of rising interest rates. Some bonds, like savings bonds, are sold for 50% of face value. That is, a $1,000 bond can be purchased for $500.00. When the bond matures, it will pay out the face value of $1,000. If the seller would accept $10,000 of savings bonds for example as a down payment, you would effectively create a $5,000 discount in the property when you buy.

Before buying your home you should calculate your monthly debt load. This includes all monthly debt obligations like credit cards, installment loans, car loans, personal debts or any other ongoing monthly obligation like alimony or child support. If it is revolving debt like a credit card, use the minimum monthly payment for this calculation. If it is installment debt, use the current monthly payment to calculate your debt load. And you don’t have to consider a debt at all if it is scheduled to be paid off in less than six months. Add all this up and it is a figure we’ll call your monthly debt service.

Adjustable Rate loans are mortgages that allow for payments which change periodically over the life or term of the mortgage. An ARM loan has a set interest rate and payment for a period of time and then adjusts to the market rate at a predetermined point. ARM loans feature lower rates over the initial loan period.

Having some money in your bank account is a good idea when going out shopping for your mortgage. Even if you have poor credit, if a lender sees you have several thousand dollars in the bank, they may feel you are helping to repair your credit and have a cushion in case of emergency. Even $1000 can help. Plus, when it comes time to buy a home, you will need earnest money cash and inspection costs out of pocket. Having this cash on hand will make the process more smooth and stress free.

Want to find a Barrie Professional Home Inspector, then visit www.guaranteedresidentialinspections.com for details. Whether buying or selling call The Premier Barrie Home Inspection Service for your Peace of Mind.

Common Real Estate Terms for Buyers

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ADJUSTMENT DATE: The term is most commonly used in real estate transactions, where the adjustment date refers to the agreed-upon date on which certain costs such as property taxes and interest will be adjusted between the buyer and the seller. In Canada, the interest adjustment date refers to the date from which interest is calculated if a real estate transaction closes and mortgage funds are provided by the lender before regular mortgage payments commence. If the lender provides the mortgage funds on June 26, but the buyer’s monthly mortgage payments only start on July 1, the buyer has to pay an interest adjustment for the additional five days he owns the house. In an adjustable-rate mortgage, the interest rate on the mortgage changes on the adjustment date to reflect current interest rates in the financial markets.

MORTGAGE INSURANCE: Typically, lenders require mortgage loan insurance for loans made to anyone that wishes to purchase a home with less than 20% of the purchase price. The Canadian Bank Act prohibits most federally regulated lending institutions from providing mortgages without mortgage loan insurance for amounts that exceed 80% of the value of the home or purchases with less than 20% down payment.

CLOSING COSTS: Closing costs include a variety of expenses over and above the price of the property. These can be divided into two categories: recurring costs and non-recurring costs. Recurring costs include property taxes and homeowner’s insurance; one year’s worth of each must be paid in advance and put in an escrow account to ensure that the cash is available when it is time for the bills to be paid. Non-recurring costs include fees related to conducting a real estate transaction, and include loan origination costs, title search fees, surveys, and credit report costs.

TITLE INSURANCE: In Canada when you buy a new property you should employ an independent lawyer to undertake these searches for you, however when a sale is closed not all searches may necessarily have been completed, and the results of some searches may be contested at a later date. It is in circumstances like this that issues can arise. A purchaser may find out at a date after the sale has been closed that the property they thought had clean title actually has debts or outstanding legal claims against it. In its most basic form, title insurance protects the home owner and/or mortgage lender against such occurrences.

COMMISSIONS: The most common type of listing agreement between a seller and her agent gives that agent’s broker the right to exclusively market the home. In return for bringing a buyer to the table, the seller agrees to pay a commission to the broker. Typically, this fee is represented as a percentage of the sales price and is shared between the listing broker and the broker who brings the buyer.

TAKING POSSESSION: The possession date and time is negotiated in the contract and agreed upon by all parties. With that said, let’s give it some food for thought. Often times the seller would prefer some time after closing to allow possession to the buyer, typically 48 hours or so after closing. In fact, that is often indicated in the MLS for other agents to see and know the seller’s preference. Keep in mind, everything is negotiable depending on which point of view you see the situation.

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