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This is an excerpt from the How Realtors Help website.  If you have any questions, just send me an email.

You’re trusting a REALTOR® with your most valuable possession, your home. REALTORS® take this responsibility very seriously. Here’s what we promise you.

Your REALTOR® is highly trained.

REALTOR® training is so rigorous that candidates often fail the pre-registration courses. Those who do pass must master a long, diverse list of subjects ranging from housing construction to family law.

Your REALTOR® is continuously trained.

We keep pace with the times. All Licensed REALTORS® must take continuing education courses to make sure their knowledge on subjects like legal issues and technology are up to date.

Your REALTOR® does everything by the book.

A licensed REALTOR® must be registered under provincial laws that govern exactly how real estate can and cannot be traded. These regulations are your legal guarantee of professional behavior.

Your REALTOR® is an ethical businessperson.

REALTORS® must adhere to the extensive Code of Ethics of the Canadian Real Estate Association. Several provinces have additional Codes of Ethics governing the behaviour of real estate professionals. Your interests must always be put first.

Your dealings with a REALTOR® are insured.

For your peace of mind, provincial regulators sponsor consumer protection programs that may require, for instance, that REALTORS® maintain Errors and Omissions Insurance. Often deposits consumers make in real estate transactions are also insured under these programs.

Opportunity for recourse.

Should you have concerns about the professional behavior of a REALTOR®, provincial regulators and your local real estate board or association take these matters very seriously and work quickly to resolve any issues.

Your REALTOR ® has access to the real estate board’s Multiple Listing Service (MLS).

The MLS system is the single most powerful tool for buying and selling a home. It is a complex information-sharing and cooperative marketing network created by REALTORS® to help consumers buy and sell homes.

Source:  OREA (Ontario Real Estate Association) www.howrealtorshelp.ca

This is a decision which many people face, and the decision is not as easy to make as it may sound.  As a renter, you may not know where to start when considering whether it’s better for you to buy or continue to rent.  The answer to this question will be different for each person.  An overview on the things to consider are noted below.

In viewing the positive financial side of home ownership, as a homeowner, you can reasonably expect the equity in your home to increase over time as your mortgage is paid down. All the while, your property would likely experience regular appreciation in property value which can potentially be rapid in a strong real estate market.

To view this same aspect of renting, your monthly rental payment is constant within reason and over time does not build equity in your rental unit for you.  However, during this time you may have enjoyed a slightly lower cost of living and had the opportunity to invest saved money in order to generate positive returns.

In addition to the monthly mortgage payment, homeowners are faced with bills for utilities, any needed repairs on the home, insurance, and any other expenses deemed needed for the house.

On the flip side, a renter may or may not have an additional monthly cost for utilities.  Some renters enjoy slightly higher rental fees in order to have an all-inclusive rental charge.  For someone renting a unit with the all-inclusive set up, buying a home may feel even more daunting.  The monthly utility costs would be a new facet to your bills, but with the right amount of research, as you REALTOR, I make sure you have a good overview on what you would expect to pay each month at your new house.

When comparing owning to renting, you have to add up all of the figures, including the cost of your home, the size of your down payment, utilities, immediate repairs, interest rates and insurance, and compare them with how much you are currently spending on rent.  Of course, you also have to place a value on the enjoyment and satisfaction that you will derive from owning your own home.

Here are some take-away questions for you to ponder when deciding if home ownership is right for you:

1. How often do you expect to move in the future?
2. How stable is you employment situation?
3. How much can you afford to pay for housing monthly?  Can you afford to pay more per month that you currently pay for rent?  (As a guide, most mortgage companies will only allow your housing costs to equal 33% of your gross income).
4. How much do you have for a down payment?
5. Are you able to save money every month?
6. Is it important to you to own your home?  Would you find satisfaction in owning a home and be willing to change your spending habits if that was needed in order to make the dream of home-ownership a reality?

The point we’re trying to make is that you have the ability to decide what’s important and what’s not. If buying a home is important to you, you may need to limit some of the other things that you do.  If you’ve decided to buy, there’s a lot to consider.

So call me today and we’ll get started!

A home is a major purchase, and one that deserves upfront research prior to sealing the deal.  With any home that is being considered, one of the best ways to learn more about the property you are about to invest in would be to enlist the assistance of a Home Inspector.  While this is not a mandatory step, it’s highly recommended and becoming the norm with buyers.

A Home Inspector will assist in unveiling the home’s condition, safety and deferred maintenance that you, as the new homeowner, may incur costs to repair in the future.  In some cases, a Home Inspection may even discover major problems that need could translate into big dollar amounts.  All in all, Home Inspections serve to enlighten you to potential problems before you make the commitment to buy the house.

When selecting a Home Inspector, do not hesitate to ask them questions about their credentials and experience with the type of home you are attempting to buy. When at the Home Inspection, be prepared to spend anywhere from 2-3 hours with the Inspector (for an average sized home).  The Inspector will go through the house looking and basically perform a visual inspection to assess the condition of the house and its systems.  They may identify areas that need attention for repairs and may show you where issues have occurred in the past with the subject property.

Overall, a Home Inspection is money well spent and a great tool to learn more about the condition of the property you are about to buy.  Home Inspections are not a guarantee that issues will not arise, but rather they are a tool to learn more about the house and a way to better plan for the future needs of the house.

If you’d like more info about Home Inspections, send me an email!

1. Research before you look. Decide what features you most want to have in a home, what neighborhoods you prefer, and how much you’d be willing to spend each month for housing.

2. Be realistic. It’s OK to be picky, but don’t be unrealistic with your expectations. There’s no such thing as a perfect home. Use your list of priorities as a guide to evaluate each property.

3. Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment and closing costs. Then, talk to a lender and get prequalified for a mortgage. This will save you the heartache later of falling in love with a house you can’t afford.

4. Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own.

5. Decide your moving timeline. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move.

6. Think long term. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of home you’ll buy as well as the type of mortgage terms that will best suit you.

7. Insist on a home inspection. If possible, get a warranty from the seller to cover defects for one year.

8. Get help from a REALTOR®. Hire a real estate professional who specializes in buyer representation. Unlike a listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. Buyer’s reps are usually paid out of the seller’s commission payment.

Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2008. All rights reserved.