Thaminda Perera Realtor

02/22/2025

04/04/2023

FYI:::

'Elaborate scam' leaves seniors with high-interest mortgages they didn't want or understand

Some seniors are at risk of losing their homes in a scheme involving door-to-door equipment rental contracts, questionable renovations and mortgages worth hundreds of thousands of dollars that many didn't know they had and can't afford, a Marketplace investigation has found.

03/04/2023

Ottawa Real Estate Market Update - February 2023!

02/01/2023

https://theottawarep.ca/Blogs

Blog about Real Estate, First time home buyers. Selling your home.

02/01/2023

First-time Homebuyers checklist
1. Determine your budget: Calculate your income, debts, and savings to determine how much you can afford to spend on a home.
2. Get pre-approved for a mortgage: This will give you an idea of the price range of homes you can afford and strengthen your bargaining power with sellers.
3. Hire a real estate agent: An experienced agent can help you navigate the home-buying process and find properties that match your needs and budget.
4. Start looking at homes: Browse listings online, attend open houses, and drive around neighborhoods to get a feel for the area.
5. Find your dream home: Once you have a shortlist of homes that you like, schedule visits to see them in person.
6. Make an offer: If you find a home that you want to buy, work with your real estate agent to make an offer to the seller.
7. Get a home inspection: Before finalizing the sale, hire a home inspector to ensure that the home is in good condition and identify any potential issues.
8. Close the deal: Once the inspection is complete and you and the seller have agreed on the terms, sign the closing documents and take ownership of your new home.
9. Get insurance: Purchase homeowner's insurance to protect your investment and personal belongings.
10.Move in: Pack up your belongings, move into your new home, and start enjoying your new space.

In Summary:

A checklist for first-time home buyers includes: determining budget, getting pre-approved for a mortgage, hiring a real estate agent, looking at homes, finding the dream home, making an offer, getting a home inspection, closing the deal, purchasing homeowner's insurance, and moving in.

02/01/2023

Home buyers guide to buying your dream home!

Find the right mortgage that fits your needs.
Mortgage lenders will offer you many different types of mortgages.

Fixed Rate Mortgages: These are the most common mortgages and have a set interest rate for the duration of your home loan. The benefit is that you know exactly what your payment is going to be each month, weekly or bi-weekly, etc. They don’t change over time unless you refinance your property.

Variable Rate Mortgages: Variable rate mortgages, these can adjust monthly or annually based on the prime rate. Variable Rate Loans tend to have lower initial rates than fixed rate loans but there may be some risk if prime rates rise during your term when it resets higher than what it was initially set at.

Find the right real estate agent to help you with your home search.
A real estate agent can help you with a lot of things, but they're not the same as a lawyer or mortgage broker. They can help you find the right home, negotiate a good price and protect you by adding necessary clauses to protect you as a buyer.

Find the right home inspector.
Your home inspector is an expert who will check the home for any problems (visual). To find the right home inspector, look for someone with certification from organizations like the Home Inspection Institute, who has performed at least 500 inspections and has been in business for at least 5 years.

Find the right lawyer.
Once you’ve found your realtor, it's time to find a lawyer. The right lawyer can be an invaluable asset and help you avoid making costly mistakes. When choosing a lawyer, consider whether they have experience in the area of real estate law, as well as their personality and communication style.

Start looking at homes online and in person with your realtor.
First, start looking at homes online and in person. You’ll want to look at the MLS listings to see what’s available in your desired area and price range.

To get a feel about what types of homes are available in your neighborhood, visit a few open houses and talk to your real estate agent about which properties you like. This can give you a better idea of what kind of home will work best for you and your family before getting serious about any particular house or neighborhood.

If possible, take some time this week to visit some open houses with your family and speak with an experienced Realtor who knows the local market/neighbourhood well enough that they could help find exactly what it is that you desire most out of your next home purchase!

Get your finances in order.
Get a good credit score

Save enough money for the down payment and closing costs (Minimum 5.0% required + Closing costs)

Save enough money for moving costs if you're selling your current home before buying the next one

Save enough money in case repairs or maintenance are needed after closing