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Natasa Roufos
Office: 519-396-3396 ext 244
Fax: 519-396-9109
Cell: 519-386-9480
natasa@callnat.com
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My Services for Buyers
Hiring an exclusive "Buyer's Agent" to work for you is the most prudent thing you can do for yourself as a buyer. But not all agents are the same. As your specialist, I am dedicated to providing the highest levels of professionalism, integrity, honesty and value-added service. It will be my top priority to find you homes that fit your requirements and lifestyle. Most importantly, I am out inspecting homes daily to keep current of what is available for sale on the market.
My promise to you is that you will get top quality service from beginning to end of your home-buying experience. I will make certain that you are properly informed so you can make the best decision. I value your faith and trust in me as a professional, full-time real estate salesperson and you have my commitment for as long as you're interested in buying a home.
I am always easily accessible to answer your questions, make inquiries on your behalf and to make the entire process comfortable and fun! Now more than ever is the time to buy.
Ready to get started? Contact me directly by clicking on Contact tab
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BUYER REPRESENTATION
A buyer's agent positions himself early on as your advisor, protecting your best interest and working as your personal advocate. This is why consumer advocacy groups have embraced buyer's representation and encourage home buyers to use the protection and representation skills of a buyer's agent.
When working with a REALTORŪ in Ontario, a buyer can either become a client by pro-actively signing a buyer representation agreement, or a customer by signing a buyer customer service agreement. The chart below identifies some of the key differences between the two.
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- Pre-Qualification: Meet with a mortgage broker and find out how much you can afford to pay for a home.
- Pre-Approval: While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. You'll also avoid being disappointed when going after homes that are out of your price range. With Pre-Approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. This way, assuming the home you're interested in is at or under the amount you are pre-qualified for, the seller knows immediately that you are a serious buyer for that property. Costs for pre-approval are generally nominal and lenders will usually permit you to pay them when you close your loan.
- List of Needs & Wants: Make 2 lists. The first should include items you must have (i.e., the number of bedrooms you need for the size of your family, a one-story house if accessibility is a factor, etc.). The second list is your wishes, things you would like to have (pool, den, etc.) but that are not absolutely necessary. Realistically for first-time buyers, you probably will not get everything on your wish list, but it will keep you on track for what you are looking for.
- Representation by a Professional: Consider hiring your own real estate agent, one who is working for you, the buyer, not the seller.
- Focus & Organization: In a convenient location, keep handy the items that will assist you in maximizing your home search efforts. Such items may include:
- One or more detailed maps with your areas of interest highlighted.
- A file of the properties that your agent has shown to you, along with ads you have cut out from the newspaper.
- Paper and pen, for taking notes as you search.
- Instant or video camera to help refresh your memory on individual properties, especially if you are attending a series of showings.
- Location: Look at a potential property as if you are the seller. Would a prospective buyer find it attractive based on school district, crime rate, proximity to positive (shopping, parks, freeway access) and negative (abandoned properties, garbage dump, source of noise) features of the area?
- Visualize the house empty & with your decor: Are the rooms laid out to fit your needs? Is there enough light?
- Be Objective: Instead of thinking with your heart when you find a home, think with your head. Does this home really meet your needs? There are many houses on the market, so don't make a hurried decision that you may regret later.
- Be Thorough: A few extra dollars well spent now may save you big expenses in the long run. Don't forget such essentials as:
- Include inspection & mortgage conditions in your written offer.
- Have the property inspected by a professional inspector.
- Request a second walk-through to take place within 1 week of closing.
- You want to check to see that no changes have been made that were not agreed on (i.e., a nice chandelier that you assumed came with the sale having been replaced by a cheap ceiling light).
- All the above may seem rather overwhelming. That is why having a professional represent you and keep track of all the details for you is highly recommended. Please email me or call me directly to discuss any of these matters in further detail.
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HOME INSPECTIONS
One of the most important and prudent steps in the buying process is getting a home inspection done. Conditions are normally put in an offer allowing for a set time period for the purchaser to arrange for an inspection to be done. Normally, if major deficiencies are found, the buyer can opt out of the deal.
In addition, there are other inspections that may be necessary, depending on the type of property you are buying. Also, rural properties with well systems and septic systems will definitely need to be inspected, along with a water test for drinkability. These inspections should be suggested by your Realtor and documented in the offer, depending on the type of property that you buy.
What is a home inspection?
The objective of the home inspection is to provide the buyer with a better understanding of the house. It may calm many of the anxieties held by the average purchaser. The inspection is more of an informative educational seminar than a negative critique of the home. The inspector will review the functional aspects of your home: (see list below). Cosmetic issues like carpet condition or surface scratches on wall and ceilings are not the focus.
Who is a home inspector?
Most experienced home inspectors are fully accredited members of the Ontario Association of Home Inspectors (OAHI). This criteria will ensure that the inspector is impartial, experienced, ethical and is properly insured. All parties involved in the real estate transaction benefit from an accurate and fair building inspection report.
What does a home inspector do?
The inspection is primarily visual. There will be be no drilling into walls or dismantling of components. Most inspectors will climb onto your roof. They will review the major systems of your house using normal operating controls such as operating the thermostat, plumbing fixtures and turning on lights. The inspector will enter the attic.
- Duration - The inspection will take approximately 2 to 3 hours.
- Tools - The inspector will bring a ladder, flashlight and a small assortment of hand tools and electronic testing equipment. They will not bore holes or deface the property.
- Foundation - The foundation will be checked for cracks and signs of seepage.
- Plumbing - The water pressure and drainage will be checked by operating faucets and filling up tubs and sinks.
- Attic/Crawlspace - These areas will be accessed for dampness, proper insulation and ventilation.
- Electrical System - The panel cover of the fuse box will be removed. A number of electrical outlets will also be checked.
- Heating/Cooling - Each system will be turned on and checked
- Equipment - Proper operation using normal operating controls.
- Roof and Siding - Age and general maintenance requirements will be noted.
- Windows/doors - Each will be checked for acceptable operation.
- Pavement/driveways - Surface conditions will be checked for buckling and cracking.
- Interior - Interior walls, ceilings and floors will be checked for cracks and stains.
- Basement - The basement or crawlspace will be examined for evidence of current or revious leaks.
- Drainage - We will provide advice about the eaves, downspouts and grading.
When will the inspection happen?
It may take the purchaser two to three business days to arrange for a OAHI inspector to visit the house. The average home inspector will need approximately two to three hours in your house.
Does a seller get a copy of the report?
The home inspector provides a copy of the report to the purchaser only. The inspector cannot communicate their findings to anyone else but the purchaser unless instructed otherwise.
Should the seller be present for the home inspection?
It is not necessary for the seller, to be in attendance. However, the seller may feel it is important to brief the inspector on a few unique aspects of their home. Some home sellers have found the process to be a bit unsettling and have opted to be somewhere else.
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You've bought a home. The financing is done; the inspections were acceptable and now the deal is firm.
Closing costs is an area that buyers frequently get into trouble when they are not made aware of the expenses related to buying a home by their agent. Don't get caught off guard! Especially if you are not a resident of Canada
The following is a list of costs that you should review to ensure there are no surprises and unnecessary stress when closing day rolls around. This list will allow you to plan ahead to cover the many up-front costs of buying a home.
- Mortgage Loan Insurance Application Fee and Premium If yours is a high-ratio mortgage (less than 20% down payment), you may need mortgage loan insurance. To get this insurance, you may be asked to pay the required application fee. Your lender may add the mortgage insurance premium to your mortgage or ask you to pay it in full upon closing.
- Appraisal Fee Your mortgage lender may require that the property be appraised at your expense although it is not a common practice. An appraisal is an estimate of the value of the home. The cost is usually between $250 and $350 and must be paid when you contract for those services.
- Deposit This is part of your down payment and must be paid when you make an Offer to Purchase. The cost varies depending on the area, but it may be up to 5% of the purchase price. If you wish to make a down payment of 5% and you give a deposit of 5%, then your down payment is considered to be made.
- Down Payment At least 5% of the purchase price is usually required for a high-ratio mortgage and at least 20% of the purchase price is usually required for a conventional mortgage.
- Status Certificate Fee This applies if you are buying a condominium unit and could cost about $100.
- Home Inspection Fee Remember that this may be a condition of your Offer to Purchase. A home inspection is a report on the condition of the home and may cost between $350- $500, depending on the complexities of the inspection. For example, it may be more costly to inspect a home that has large square footage, one that is expensive or one where contaminants such as pyrite, radon gas, vermiculite, zonolite or urea-formaldehyde are suspected.
- Land Registration Fees (sometimes called a Land Transfer Tax, Deed Registration Fee, Tariff or Property Purchases Tax). You may have to pay this provincial and/or municipal charge upon closing in some provinces. The cost is a percentage of the property's purchase price and may vary. Toronto recently introduced a 2nd land transfer tax. Check with your lawyer/notary to see what the current rates are.
- Prepaid Property Taxes and/or Utility Bill To reimburse the vendor for pre-paid costs such as property taxes, filling the oil tank, etc.
- Property Insurance. The mortgage lender requires this because the home is security for the mortgage. This insurance covers the cost of replacing the structure of your home and its contents. Property insurance must be in place on closing day.
- Survey or Certificate of Location Cost The mortgage lender may ask for an up-to-date survey or certificate of location prior to finalizing the mortgage loan. If the seller does not have one or does not agree to get one, you will have to pay for it yourself. It can cost in the $1,000 to $2,000 range.
- Water Quality Inspection/septic inspection. If the home has a well and septic system, you will want to have the well tested for quality of the water, water supply is adequate and the water is potable. The septic should be tested for leaks and overall condition. You can negotiate these costs with the vendor and list them in your Offer to Purchase.
- Legal Fees and Disbursements Must be paid upon closing and cost a minimum of $500 (plus GST/PST).Your lawyer/notary will also bill you direct costs to check on the legal status of your property.
- Title Insurance Your lender or lawyer/notary may suggest title insurance to cover loss caused by defects of title to the property.
NOTE* If you feel you cannot cover all of the up-front costs, you can ask your lender for a loan. Remember that payment for this loan amount, based on a 12-month repayment period, will have to be included in your Total Debt Service ratio calculation.
Other Costs
Besides up-front costs, there are other expenses to consider:
- Appliances - Check to see what comes with the house, if anything.
- Gardening equipment.
- Snow-clearing equipment.
- Window treatments. Check to see what comes with the house.
- Decorating materials. Paint, wallpaper, flooring and tools for redecorating.
- and tools. You will need some basic hand tools for your new home.
- Dehumidifier. May be required to control moisture levels, especially in older homes.
- Moving Expenses.
- Renovations or Repairs.
- Service Hook-Up Fees. Charged for utilities. You may be required to pay a deposit for utilities such as telephone and heating services.
- Condominium Fees. You may have to make the initial payment for these monthly fees.
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SELLER ARTICLES
My Services for Sellers
Selling your home is a very important decision...who to represent you is even more important. Not all Realtors have the same service standards in marketing and pricing a home properly. Trust is key.
I will tell you exactly what you need to hear, not what you want to hear. That way, you'll sell successfully the first time with the full facts. I try to be right on the money when it comes to price and will take into account all the variables. I may even consult with colleagues to further justify our findings. I never buy a listing and I don't inflate prices. I will always tell you the facts.
When you list your home with me, you can feel confident that I will represent you in the most, ethical, honorable and competent way. Your best interests are first and foremost and my commitment to excellence will ensure that your house is marketed properly and professionally to guarantee the best outcome for you. After all, it's all about you!
I offer you skilled expertise in determining the best way to market and promote your property. By using state-of-the-art marketing, I will get the attention your home needs to attract the largest pool of buyers in order to get you the most money!
I personally guarantee, that you will get value-added service from beginning to end of your home-selling experience. I will ensure that you are properly informed about the local market conditions and activity on your home so you can make the best decision.
I am easily accessible to answer your questions, make inquiries on your behalf and make the entire process comfortable and streamlined!
Ready to get started? Contact me directly by clicking on Contact tab
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UNDERSTANDING MARKET VALUE
Market-sensitive pricing can be the key to maximum market exposure and ultimately, a satisfactory sale.
The existing pool of prospective buyers determines a property's value, based on:
? Location, design, amenities and condition
? Availability of comparable (competing) properties
? Economic conditions that affect real property transactions
Factors that have little or no influence on the market value of a house include:
? The price the seller originally paid for the property
? The seller's expected net proceeds
? The amount spent on improvements
The impact of accurate pricing:
? Properties priced within market range generate more showings and offers, and sell in a shorter time period
? Properties priced too high have a difficult time selling
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PRICING YOUR HOME
An impartial evaluation of market activity is the most effective way to estimate a property's potential selling price. A Comparative Market Analysis considers similar properties that:
? Have sold in the recent past -This comparison process shows us what buyers in this market have actually paid for properties similar to yours
? Are currently on the market -These are properties that will be competing with yours for the attention of available buyers
? Failed to sell -Understanding why these properties didn't sell can help avoid disappointment in marketing your property
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DANGERS OF OVERPRICING
An asking price that is beyond market range can adversely affect the marketing of a property.
? Fewer buyers are attracted, and fewer offers received
? Marketing time is prolonged, and initial marketing momentum is lost
? The poperty attracts "lookers" and helps competing houses look better by comparison
? If a property does sell above true value, it may not appraise and the buyers may not be able to secure a loan
? The property may eventually sell below market value
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COMMON SELLING MISTAKES
The selling and buying of a house can be a stressful and confusing process. Not only is it very expensive to 'learn from your mistakes', but very few people move often enough to gain the needed experience.
Although there is no substitute for doing your homework (start by asking your family and friends who have recently moved for their experiences) the following list of common pitfalls may be helpful
- Choosing the wrong REALTOR or choosing a REALTOR for the wrong reasons:
It is critical that you have full confidence in your REALTOR's abilities. You want a REALTOR who can explain the whole selling process to you, has a good feel for the market, has access to potential buyers and offers sound advice on how to improve your chances of selling. Try to avoid choosing a REALTOR on the basis of which one gives the highest estimate of your home's value or which one gives you he lowest commission. In order to achieve the best sale price within a reasonable period of time, you need an accurate indication of the true market value of your property. Knowing this information allows you to properly price your home, thus maximizing your chances of selling and allowing you to make your future plans with the sure knowledge that your goals can be attained.
- Failing to take current market conditions/trends into account:
Is it a Buyer's market, a Seller's market, a balanced market? What do future trends look like?
- Mistaking "Lookers" for "Buyers":
Many people who look at homes for sale may just be getting a feel for the market, seeing how others 'showcase' their homes, or even just looking for decorating ideas. I deal with these situations on a full-time basis and have the experience needed to separate the "Lookers" from the actual "Buyers".
- Not taking advantage of market fluctuations: The Big Picture...
Moving up in a market downturn? If your $300,000 home has dropped 10% in value, so has your $500,000 dream home. Yes, you lose $30,000 on your current home, but you save $50,000 on your next purchase! Always keep in mind the big picture.
- Failing to "Showcase" your home:
A little work can improve the first impression of your home a thousand-fold. First impressions are lasting impressions and can dramatically affect a property's perceived value.
- Mistaking a Bank's appraisal or a new Tax Assessment as your home's actual market value:
These processes are based on general guidelines such as lot size and square footage, not the specific qualities and improvements of your home. Using either of these as a baseline could cause you to over-or under-price your property. It requires detailed background knowledge of all recent neighbourhood sales as well as homes currently for sale in order to estimate value accurately. Ask your REALTOR for a detailed market evaluation.
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