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Realty with Zargham, 2260 Bovaird Drive E #202, Brampton, ON (2026)

10/06/2022

Step 5: Offer Time 🖋️

So you found a home you like and are getting ready to put in an offer, but don’t know what that entails. Well, no need to worry, here is a list of what an offer includes.

The parts of an offer:

- Your legal name, the name of the seller and the address of the property
- The purchase price
- The amount of your deposit (typically at least 5% of the purchase price)
- Any extra items you want to be included in the purchase such as window coverings or appliances (these are known as chattels)
- The closing date
- A request for a current land survey
- The date the offer expires (this is the irrevocability date)
- Any other conditions (these are included in the Schedules)
o Financing condition
o Home inspection
o Conditional on the sale of your personal property
o Warranty that everything is in working order

In most cases, if your offer is accepted, you will have 24 hours to drop off the deposit to the listing brokerage. Failure to deliver the deposit is considered a breach of contract and can lead to a lawsuit where the odds are heavily against you.

10/04/2022

The home species 🍂

Just as homes comes in all shapes and sizes, so do the various forms of home ownership. The most common types, freeholds and condominiums, are likely the forms you are already aware of, but there are few more you may encounter in Ontario.

Here is a quick breakdown of each form of homeownership you may come across in Ontario:

Freehold (e.g. most standalone homes)
- You own the building and the land it rests on
- You are responsible for the costs and the maintenance of the property, but you also have full use and control of the land and the building
- This is subject to any rights of the Crown, local bylaws and any other restrictions in place

Condominium (e.g. tall residential buildings)
- You own your unit and share ownership of the common areas with other unit owners
- Common elements can include exterior walls, windows, gardens, driveways, hallways, elevators, lobbies and social areas
- The condo corporation is responsible for the repair and maintenance of the common property
- The corporation may also regulate the types of changes you can make to your unit

Leasehold / Land Lease (e.g. Sandy Coves Acres in Innisfil)
- You use the building or unit and rent or lease the land it sits on
- This type of ownership is common for townhouses or apartments built on city-owned land and mobile units on leased land
- These homes are typically cheaper than the comparable freehold and condo property

Co-operatives (Cressview Lake Co-op in Caledon)
- Instead of purchasing a specific unit, you buy a share in the entire building and are assigned a unit to live in
- When you decide to sell your share, the co-ops board members can reject buyers they feel will not be an asset to the community
- Mortgage loan insurance is not available for co-ops, so you need at least 20% down

10/03/2022

Lesson 4 - The Hunt 🏹

Now that we've gone over the financial aspect of homeownership, it is time for the fun part. Time to go house hunting.

There is a running idea in sales that consumers often don't actually know what they want, so to simplify the process, here is an initial list of questions you can ask yourself to help narrow down your search criteria:

Location
- Do you want to live downtown, in the suburbs or in a rural environment?
- How close do you want to live to your work, schools, hospitals and/or public transit?

Size
- How many bedrooms and bathrooms do you need?
- Do you need a home office or garage?
- Do you need a finished basement or a separate entrance?
- Do you need multiple parking spots?

Special Features
- Do you need a swimming pool?
- Does your family have allergies, accessibility requirements or special needs?
- Do you need a fenced yard?
- Do you need a fully renovated home?

Lifestyle
- Are you planning to have kids?
- Do you have teenage kids or adults who will be moving away soon?
- Are you close to retirement?
- Do you want to live where you can go for walks or take your kids to the park?
- Do you want to live close to a community center or place of worship?
- How close do you want to be to friends and family?

Once you've gone through the list and have answered the questions once, go through it again and mark which requirements are needs and which are wants. By the end, you should have a list of non-negotiables in your search and also a list of nice-to-have's. This is important because in many cases, you will not find a property that perfectly fits your criteria, so it is essential to know where you are willing to compromise.

This will also help expose you to properties you may have initially missed (e.g. the property checks every box, but doesn't have a pool so it doesn't show up on your search) and is a vital tool when comparing properties to determine the best fit for you.

09/29/2022

The downpayment dilemna 🥴

With so much access to information regarding real estate, more and more people are now aware of the tiered down payment structure we have in Ontario and how you may not need 20% to get into your first home.

For those who need a friendly reminder, here is a quick breakdown of the minimum down payments required for the different tiers.

$500,000 = 5% of the purchase price

$500,000 - $999,999 = 5% of first 500,000 and 10% of the remainder

Over $1,000,000 = 20% of the purchase price

E.g. 1) For a $950,000 property, you would require a minimum downpayment of $70,000.

E.g. 2) For a $1,000,000 property you would require a minimum down payment of $200,000

This tiered system is one of the reasons why a realtor may push for a purchase price of $999,999 instead of $1,000,000. On paper, there is only a $1 difference, but in terms of minimum down payments, there is a $125,000 difference.

Although the explanation above is great, it is not the whole picture. There are two other elements related to down payments that many overlook.

The first is that this is just the minimum down payment required. If your income doesn't qualify for enough, you may be required by your lender to put down 20% even for a property under $500,000.

This is also the case with different forms of ownership (e.g. co-op buildings) or buildings that have been red flagged by lenders where conventional loans may not be obtainable. Here you may need to put more money upfront to secure a loan.

The second is mortgage loan insurance. For anyone putting down less than 20%, this is mandatory and is provided by CHMC. Mortgage loan insurance is used to protect solely the lender in case you can’t make your mortgage payments. This insurance can cost anywhere from 0.6% - 4.5% of your total loan and can be paid as a lump sum or tacked on to your monthly bill.

09/22/2022

Lesson 3 💳 - Financing your home

So you've considered the various financial aspects of homeownership and believe you are ready to move forward. What now?

Do you start putting in offers on homes and then let the bank know you need a mortgage? Although technically you can do that, I would strongly advise against this approach.

Rather, the next best step is to get pre-approved.

A pre-approved mortgage lets you know how much you can afford, what your interest rate will be and what your monthly mortgage payments will look like. Getting pre-approved can help you narrow your search down to a specific home type, size or neighbourhood, especially because price is one of the biggest limiting factors when looking to purchase.

Unfortunately, getting pre-approved is not a guarantee of final approval for a mortgage, but it can help you lock in an interest rate and is an excellent resource, especially if you are unable to add a finance condition to your offer.

Ultimately, the final approval of your mortgage is dependent on the home you want to buy as the lender will have the property appraised and will base the loan amount on their appraisal. In the worse case, the loan offered by your lender may be lower than the purchase price of the home, but this is something we can explore in future posts.

A pre-approval can be easily obtained by speaking to your local bank or through a mortgage broker, who can shop around for the best rates.

09/14/2022

Lesson 2 💰 - Are you financially ready to own a home?

Earlier, we outlined how the financial aspect of homeownership is one of the first things you need to consider, but didn't explore where and when you may require those funds.

The various costs of homeownership can be divided into 3 categories:

𝟏. 𝐔𝐩𝐟𝐫𝐨𝐧𝐭 𝐂𝐨𝐬𝐭𝐬

This is the initial amount of money you need to buy a home and may require to qualify for a mortgage. These costs include the down payment, closing costs and any applicable taxes and are what most people think of when they hear upfront costs.

Apart from the above, some other costs that many may overlook include a home inspection and appraisal fee (costs for each can range from $300 - $600), potential repairs required prior to moving and even moving/storage costs.

𝟐. 𝐎𝐧𝐠𝐨𝐢𝐧𝐠 𝐂𝐨𝐬𝐭𝐬

This is the continued cost of living in the home you own. This includes your mortgage payments, property taxes, insurance, utility bills, condo fees (if applicable) and smaller routine repairs and maintenance. With homeownership, your monthly costs are often not as stable as they are when renting. A variety of factors, such as changes in interest rates or condo fees or even an updated property tax assessment (which is done every four years) can affect your monthly carrying costs.

𝟑. 𝐌𝐚𝐣𝐨𝐫 𝐑𝐞𝐩𝐚𝐢𝐫𝐬

As you live in your home, you will eventually need to undertake large and expensive repairs. The most common is the replacement of your furnace and roof, both of which need to be changed on average after every 15-25 years. Depending on the age and condition of your home, you may also require some of the following repairs: electrical rewiring, foundation repairs, tree removal, water damage, etc.

As you delve into your financial situation, it is an excellent idea to reach out and speak to your accountant, financial advisor or mortgage broker for further guidance.

09/13/2022

☁️ A Spa in the Sky ☁️

This discreet residence is the perfect combination of a boutique hotel and a luxury spa retreat. From a standalone HVAC system built by Pfizer to built-in aromatherapy to the rounded architecture style incorporated throughout the home, every detail of this renovation was meticulously tailored to create the ultimate environment for wellness & tranquility.

Offered for lease at $19,000 a month

This home also features:
🤍 An open concept layout and well-proportioned rooms with panoramic views of the city
🤍 A private direct access elevator
🤍 The use of sustainable materials and smart + innovative technology
🤍 A magazine-worthy kitchen with imported Italian marble, stunning island & Fisher & Paykel appliances
🤍 A massive terrace with remote privacy shades

For more information or to book a private viewing, send us a DM

09/09/2022

The great debate ⚖️

From a global pandemic to record-low interest rates to bidding wars and now to a significant cool-down, these past few years have been a crazy rollercoaster ride for real estate.

However, that has allowed us to experience a range of real estate markets and obtain various perspectives, and now that we have, the conversation around buying vs. renting may not be as clear as it once was.

So to simplify the process for you, here are the pros and cons of both buying and renting.

𝐑𝐞𝐧𝐭𝐢𝐧𝐠
𝘗𝘳𝘰𝘴:
- Less maintenance and repairs
- Lower monthly and upfront costs
- Shorter-term commitment which making it easier to move
- Protection from decreases in property values
- Possibility to free up cash to invest or to save for a larger down payment
- May be able to afford a nicer home while renting in comparison to buying

𝘊𝘰𝘯𝘴:
- Monthly payments may increase year after year
- Risk that your lease may not be renewed
- You are paying someone else’s mortgage rather than building equity of your own
- You can’t paint or remodel without the landlord’s permission
- Can be difficult to find a place if you are in poor financial standing

𝐁𝐮𝐲𝐢𝐧𝐠
𝘗𝘳𝘰𝘴:
- Freedom to renovate or modify your home as you wish
- You are building up equity in a secure investment as long as you pay down your mortgage
- Potential for rental income
- Stability and peace of mind that may come from being in control of your investment
- Ability to realize gains as house prices rise

𝘊𝘰𝘯𝘴:
- The risk of a financial loss if your home has lost value when you sell
- Responsibility for ongoing costs including mortgage principal and interest, property taxes, insurance and maintenance
- Monthly payments can increase significantly if interest rates go up
- Can be financially difficult to get into your first home without assistance as the average price of a house in Ontario is currently around $800,000

09/08/2022

Lesson 1 🔑 - Is homeownership right for you?

For most people, a home is the largest single financial decision they will ever make and accordingly, it is crucial that you ask yourself the right questions first.

𝗧𝗵𝗲 𝗳𝗶𝗿𝘀𝘁 𝗽𝗵𝗮𝘀𝗲 (𝗰𝗼𝗺𝗽𝗮𝘁𝗶𝗯𝗶𝗹𝗶𝘁𝘆):

1) What do you really want in a house?
This will help you better understand why you may / may not want to purchase a house. Some people may want the ability to renovate and design as they please, while others may just want a place to call home (something that can still be achieved when renting)

2) What are your financial and lifestyle needs?
Ask yourself if homeownership fits the life you want to live. If you wish to live as a digital nomad moving from place to place, homeownership may not make sense for you.

𝗧𝗵𝗲 𝘀𝗲𝗰𝗼𝗻𝗱 𝗽𝗵𝗮𝘀𝗲 (𝗽𝗿𝗮𝗰𝘁𝗶𝗰𝗮𝗹𝗶𝘁𝘆):

3) Are you aware of the ongoing costs and responsibilities of being a homeowner?
Aside from saving for a down payment and paying your monthly mortgage bill, there are a lot of ongoing costs and responsibilities that you have to take care of as a homeowner and it's important you are aware of them prior to purchasing a home. Homeownership is typically at least a 3-5 year commitment. Are you ready to make that?

4) Are you financially stable enough and do you have adequate financial management skills?
This will help you understand if it is financially feasible to purchase a house and if you can keep up with ongoing costs and repairs.

𝗧𝗵𝗲 𝘁𝗵𝗶𝗿𝗱 𝗽𝗵𝗮𝘀𝗲 (𝗮𝗱𝘃𝗶𝗰𝗲):

5) Speak to a professional. Once you've gone through all the questions, it's a good idea to reach out and speak to a professional. This can be a financial advisor, your bank, a mortgage broker and/or a realtor. A professional can be an excellent guide and resource if you happen to be unsure about something or are looking to move forward.

09/06/2022

Class is about to begin! 🏫

It's back to school time and although many of us may not be in school anymore, that doesn't mean we should stop learning.

For the remainder of the month, follow along for a step-by-step guide about the real estate process. We'll cover everything from deciding if homeownership is right for you to what to expect on closing day.

Just like with school, we'll be starting with the basics and then working our way into the complexities of everything real estate.

Got your pencils and notebooks ready? We're about to dive into Real Estate 101 🏡

07/08/2020

The GREATEST INVESTMENT of 2020!

1. Location 🌎- This project is located at Church and Dundas, only 100m away from Ryerson University 🏫, 350m from Yonge and Dundas Square, and multiple TTC subway stops 🚅.

2. Price 💲 - This project is on average priced $150,000 below 🔻 the current market price of comparable properties. Studios start at the $500's, 1 bdrms at the $600's, 2 bdrms at the $800's and 3 bdrms at the $1m's.

3. Employment 💼 - Located in the Yonge Corridor, this project is ideal for any of the half a million people working in the bustling city of Toronto

4. Closing Date 📫 - This project's estimated closing date is late 2023 or early 2024. This means an investor like yourself will only have to worry about the deposit. The 4-year build-up allows for the property to appreciate significantly without having to worry about maintenance, vacancy, and the other associated headaches 😫 with property management.

Want to learn more? Send me a DM! @ 199 Church Street Condos

07/03/2020

Come be a part of a new type of COMMUNITY 👨‍👩‍👧‍👦 being built in the beautiful town of Cambridge 🏰.

This curated collection of luxury 👑 townhomes by Branthaven is embraced by friendly parks, meandering trails 🏞 and a preserved woodlot.

From boundless green spaces to the city’s historic downtown to countless modern conveniences, COMMUNITY is designed for beautiful carefree ☺living.

Whether it’s the otherworldly beauty of the roaring Grand River 🌊 or the grandeur of limestone mills and merchants’ mansions 🏡 — Cambridge’s heritage-rich downtown offers much to see and explore.

What’s more, speciality shops 🛒, one-of-a-kind boutiques and delicious eateries 🥙 dot the area, giving you the best of all worlds.

To top it all off, this serene small town is located right by the 401 🚗 and is minutes from the Guelph GO station 🚅.

Realty with Zargham

10/06/2022

10/04/2022

10/03/2022

09/29/2022

09/22/2022

09/14/2022

09/13/2022

09/09/2022

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07/08/2020

07/03/2020

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