Moving? These 7 Tips Make it Easy-Peasy!

The day has arrived. And there will be as much excitement as there will be sore backs. But you can take the pain out of moving day by planning ahead. Here are some tips for a smooth move:

  1. Make a moving checklist that details a plan for things that need to be done weeks before you move all the way up to moving day itself
  2. Plan for packing by clearly labeling boxes with the rooms they are to go to. You might even want to provide a small floorplan for the movers so they know exactly where to take them
  3. Make sure you get competitive quotes from reliable moving companies. Or, to save money, find out how much it would cost to hire a moving van yourself (And bribe your friends to help you)
  4. If you own your current home, cancel your cable and utilities and transfer any rented appliances (like water heater or furnace) to the new home owners. While you’re at it, make sure to have the gas, electricity, cable and phone hooked up at your new home
  5. Inform your key contacts – work, Canada Post, doctors, friends, pharmacy, etc… – of your change of address
  6. If you have children, make sure you talk to them and explain why you’re moving and reassure them that the friends they’ve made can continue to be their friends. Ask for their opinion too on things like what colour to paint their rooms. Try and make it exciting for them
  7. On moving day, plan an easy meal like picking up some take-out. Moving is stressful enough without having to cook

Congratulations. You’re all moved in. Welcome home!

Request a free moving guide or moving estimate

5 Things You Need to Know Before Applying for a Mortgage

Navin Chandani, CBDO, BankBazaar.com told Moneycontrol that first home buyer should know these five things before buying a house for themselves

By Navneet Dubey @imNavneetDubey 
 Originally published on MoneyControl.com

Buying a home is one of the biggest financial goals of one’s life. Even if you are taking a loan from a financial institution to buy your first home, you still have to arrange a big amount for making the down payment first. If you are a first-time buyer then it is necessary to know few important things before you invest your money towards buying a house for yourself.

First-time buyers of homes should have a strategy behind owning a home. If it is for staying purpose, then they should figure what is the cost of the home versus staying on rent. If you add the home loan to the equation, the total cost of owning a home rises. In case, they want to own a home for investment purpose only, the buyer should understand basics of the transaction like entry and exit price, taxation and tenure of investment.

Anil Rego, Right Horizon said that if you are taking a loan to buy a home, financial institutions will give you about 80% of the cost of the apartment if it is priced above Rs 75 lakh. If it’s below Rs 40-50 lakh you can get 90% of it as a home loan. You may be eligible for a good amount of home loan, but that doesn’t mean you should take all of it! As a thumb rule, take maximum 70% of home loan cost. Rest must be given by you. “The bigger the loan, the bigger the EMI and a bigger strain on your finances. Do remember, home loan repayment has a negative compounding effect on your finances due to the long tenure of loans,” said Rego.

Eligibility: Once you decide to take a loan, the first thing you need to know is how many loans you are eligible for. The factors influencing your eligibility include your credit score and history, your income, your age, and your current liabilities. Get a copy of your credit score and use an eligibility calculator to understand how many loans you can get.

Rate of interest: Once you know your eligibility, check out the interest rate. Apart from the MCLR, you need to know the spread; the reset period; the type of loan, i.e., fixed or floating; and conversion charges for switching the loan type. All these factors will ultimately affect the amount of money you pay back to the lender.

Your money outflow: Use EMI calculators to find out how much monthly EMI you would have to pay. Check if this is well within your budget and that you can actually afford to pay so much every month. Remember, if your tenor is less, then you save on the interest but your EMI would be proportionally higher. Choose the right mix of tenor and interest to get the best EMI fit.

The margin money: You will not be able to get 100% loan for your property even if it is within your eligibility limits. There are also registration charges and stamp duty that you have to pay. Calculate the margin you can get, and plan how you can pay the remaining amount.

Other terms and conditions: Check all the conditions associated with defaults, prepayment, penalties, service charges, etc. Also, clarify what different terminologies mean. For instance, you may think a “default” is applicable only in case of missed EMIs. However, banks may define default as when the borrower expires, gets a divorce (in case of joint-loans), or if they are involved in any civil litigation or criminal offence. So read and understand the fine print before taking a loan.

Click here for the full article.

 

Making Your Dream Home A Reality

You’ve made the decision. You’re ready to buy. Now what?

Buying a home can be a bit overwhelming. There’s so much to think about and do. So, it’s important that you have someone you can trust to make the process as smooth as possible and offer expert advice.

Since 1913, Royal LePage has been helping Canadians find their dream homes and guiding them every step of the way – from determining what you can afford and showing you homes that match your wants and needs to presenting an offer and closing the sale.

It’s all about helping you find the right home in the right neighbourhood at the best possible price. Below, you’ll find it all outlined in Royal LePage’s eight simple steps.

Step 1: Deciding to Buy a Home

To buy a home, you need to be prepared and we are here to help you.
Here are a few things to consider:
– Define your needs and wants
– Brush up on types of home ownership
– Understand market conditions

Read more about STEP ONE: Deciding to buy a home >>

 

Step 2: Choosing a Real Estate Agent 

Buying a home is personal and emotional. So the relationship with your real estate agent has to be built on expertise, trust and mutual respect. After all, they will be acting as your eyes, ears and voice throughout the process. They have a fiduciary duty to act in your best interests, to be completely transparent and accountable to you. Click the link below to read about the top seven ways I will support you as your realtor.

Read more about STEP TWO: Choosing a Real Estate Agent >>

 

Step 3: Understanding Home Financing

Like many things in life, planning ahead is the key to success. So, you should know the price range you can afford before you start shopping. Here are a few things to keep in mind: down payments, knowing what you afford, and getting pre-approved. Click the link below for more details about planning ahead for home financing.

Read more about STEP THREE: Understanding Home Financing >>

 

Step 4: Finding the Right Home to Buy

So now it’s time to get out there and find your dream home. Most people start off by having a neighbourhood in mind but a great agent may suggest options that you may not have thought of. Here are some considerations as you set out to house hunt…

Read more about STEP FOUR: Finding the Right Home >>

Step 5: Making an Offer on a Home

You’ve fallen in love. But it’s important that you don’t let your emotions get the better of you when making an offer. Remember, real estate is an investment. Fortunately, your real estate agent is there to help you put together an Offer to Purchase and discuss all the details. Here are a few things you should know…

Read more about STEP FIVE: Making an Offer on a House >>

Step 6: What to do Before Buying a House

In addition to your real estate agent, you will now need to bring in a few pros to help get you to the finish line and make sure the investment you’re about to make is sound. Your real estate agent can put you in touch with these people and make recommendations. Here are a couple of key people you should be talking to…

Read More about STEP SIX: What to do Before Buying a House >>

Step 7: Closing on a Home

Closing day is the day you officially take ownership of your new home. It’s an exciting time for sure. But there are a couple of details you need to keep in mind before you get handed the keys…

Read more about STEP SEVEN: Closing on a Home >>

Step 8: Moving into Your New Home

The day has arrived. And there will be as much excitement as there will be sore backs. But you can take the pain out of moving day by planning ahead. Here are some tips for a smooth move…

Read more about STEP EIGHT: Moving into Your New Home >>

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