• Determine Price
• Choose your top three essential features
• Determine preferred locations and then expand from there
• How much work do you want to do?

• How do I know what I can afford?
• How do I get approved for a mortgage?
• How do I start looking for my new home?
• What options should I consider when looking for the right home?
• What expenses exist compared to renting?
• How do I make an offer?
• What is the Closing day?

• When is the right time to sell?
• How do I know what my home is worth?
• What do I have to do to get my home ready to sell?
• Should I try to sell my home privately first?
• Why should I list my home with a REALTOR®?

• Lifestyle benefits
• Types of condominiums
• The Declaration and ByLaws
• What are common area fees?
• What amenities are included?
• Reserve Funds

• When to call movers
• Packing tips
• Who to call: phone, cable/internet, electricity, water, oil
• When to see lawyer
• Forwarding your mail

Determine Price

The best place to start in your search for a new home is to figure out how much you can spend. Make a list of your current monthly expenses (rent, electricity, water, phone, internet/cable, car payments, loan payments, credit card payments and any other regular expenses). Compare it to how much income you bring in monthly and determine what monthly payment you would be comfortable carrying for a mortgage cost. Remember, if you are going from renting to buying, you will take on one additional monthly expense – property taxes. The amount of property taxes will depend on the value of the home you buy and is generally 10% of the purchase price per year, broken into monthly payments.

The next step is to contact a mortgage specialist. We can easily recommend several good people to assist you or you can speak directly with the bank of your choosing. The mortgage specialist will determine how much money you earn and what your Debt Service Ratio is (the amount of regular monthly payments you make to cover car loans, credit cards, etc.). The will then “pre-approve” you based on those details for a maximum amount that you qualify for. This tells you how much money you can get for your purchase of a home.

Make sure to remember other activities you enjoy – vacations, theatre going, eating out, a shoe fetish, and other recreation – so that you don’t become ‘house poor’ spending your maximum with nothing left over to comfortably enjoy your other favourite things.

When you know what your upper limit is, you can begin to look at properties to see what is available. Do not waste time looking at homes priced above what you can afford.

Choose your top three essential features

Make a list of all the characteristics you would ideally have in your new home. What are the three most important features? Consider some of the following:

• Do I need to be in a specific neighbourhood?
• How many bedrooms do I need?
• Are schools important? How close do I need to be and which ones to I prefer?
• Do I need a finished basement or would I rather finish it when I need to grow?
• How many bathrooms do I need? Is an ensuite a must have?
• Do I need any special rooms – a home office, a separate dining room, a main floor family room?
• Do I need hardwood floors (i.e. allergies) or could I change flooring in my own time to suit my own tastes?
• Do I need a yard? What size? Does it have to be fenced?
• Do I need a garage? For how many cars?
• Do I need room to expand (i.e. an unfinished basement or large lot)?

Determine preferred locations and then expand from there

Location is everything in buying real estate. When you are choosing the right home, it is important to feel that you are in the right place. Consider schools, commutes to work, whether you want lots of space and privacy, or you insist on being on municipal services (water, sewer and bus routes). Take a drive around the city to figure out what appeals to you most and start your search in your favourite neighbourhoods. The price you are willing to pay will impact your ability to be in your ‘ideal’ area, but you can start your search there and expand as necessary.

How much work do you want to do?

Are you handy? Are you willing to learn? Do you have the disposable income (extra money periodically) to take on home improvements yourself? If you do, there are certainly homes selling in which you can build equity by fixing up yourself. But, if you don’t have the time or inclination, you should limit your search based on whether homes are ready to move in and suit your tastes. Just keep in mind that you will pay more and limit the potential homes available to meet your needs.

How do I know what I can afford?

Many people don’t realize that home ownership is easy and affordable. In fact, it can often cost less per month to own a home than it does to rent!

To determine whether ownership is possible for you, start by making a list of your current monthly expenses (rent, electricity, water, phone, internet/cable, car payments, loan payments, credit card payments and any other regular expenses). Compare it to how much income you bring in monthly and determine what monthly mortgage payment you would be comfortable making. Typically, if your monthly major debt expenses (rent, car loans, student loans, minimum credit card payments and other major loans) are 40% or less than your monthly income, you will qualify for a mortgage. Remember, when you go from renting to buying, you take on one additional monthly expense – property taxes. The amount of property taxes will depend on the value of the home you buy and is generally 10% of the purchase price per year, broken into monthly payments. So, you can assume you will be adding an additional $150 – 250 monthly expense (for properties assessed between $90,000 to $220,000). This will also be included in figuring out your debt service ratio. Use our mortgage calculator to help determine what income is needed to support a monthly mortgage payment.

Make sure to remember other activities you enjoy – vacations, theatre going, eating out, a shoe fetish, and other recreation – so that you don’t become ‘house poor’ spending your maximum with nothing left over to comfortably enjoy your other favourite things.

How do I get approved for a mortgage?

The next step is to contact a mortgage specialist. We can easily recommend several good people to assist you or you can speak directly with the bank of your choosing. The mortgage specialist will determine how much money you earn and what your Debt Service Ratio is (the amount of regular monthly payments you make to cover car loans, credit cards, etc.). The will then “pre-approve” you based on those details for a maximum amount that you qualify for. This tells you how much money you can get for your purchase of a home. There is no cost or fee associated with their consultation or getting ‘pre-approved’.

How do I start looking for my new home?

Contact a REALTOR® that you feel would represent you well and will put your needs above everything else. With specialized access to the Multiple Listings Service®, they have real time access to properties that are listed and can set up a search with parameters the include your needs and wants (number of bedrooms, areas of preference, number of bathrooms, price range, etc.). You will be contacted as new properties come on the market that may appeal to you.

Your REALTOR® will introduce you to the Realtor.ca website so you can begin to see what is on the market. Keep in mind that this website is not updated in real-time so some information will be outdated.

You can also begin to drive around areas that appeal to you and make notes on any properties that are for sale. Give your leads to your REALTOR® and they can arrange viewings to show you the property.

At Plumb Line, we recommend working with one person you trust so that you get the best possible service. REALTORS® will commit to helping you find the right home, if you commit to working openly with them about your needs and wants. REALTORS® have access to much more information than the average buyer, including the historic sales prices of homes, mortgage information held on specific properties, details of adjoining properties, as well as plentiful experience in arranging mortgage financing, inspections, and negotiating the best deal based on the information they have access to without allowing emotions to interfere.

What options should I consider when looking for the right home?

It is important to consider the various housing types that exist for you to choose from.

Do you travel, or want little or no maintenance? A condominium house, townhouse, or apartment may appeal to you.

Would you be interested in income potential to help support your mortgage payment? If you are willing to share your home by having a basement apartment, upper flat or duplex, you might generate enough income to virtually carry your mortgage, leaving more money in your pocket and benefiting from someone else building up your equity for you. But, this means being a landlord and you need to be prepared for the risks of a unit left vacant or an uncomely tenant. Discuss this possibility with your REALTOR® who can help you weigh the benefits versus challenges of this kind of purchase.

Single family homes come in all sorts of shapes, sizes and locations. Do you love the idea of lots of land and privacy? Or do you prefer a small yard for less maintenance and closer to city amenities so you can walk or take a bus? Do you have special needs and require easy access and mobility or other features?

What expenses exist compared to renting?
Typical expenses of home ownership are:

• Monthly mortgage payment
• Property taxes (approx. 10% of the purchase price divided into equal monthly payments, each year)
• Water utility
• Electric utility
• Phone
• Cable/Internet
• Condominium Fees (if applicable)
• Heating (oil, electric, natural gas)
• Maintenance that may be required from time to time

How do I make an offer?

When you have found a home that is right for you, your REALTOR® will provide you with professional forms to make an offer and begin to negotiate on your behalf. You will be clearly guided through each step of the process.

Any offer will be subject to certain conditions – that you can get a mortgage or financing to buy the property, that an insurance company will cover the property for you when you own it, any tests on water wells or septic that may apply, that an inspector has seen the property and not raised any significant issues pertaining to the homes’ condition. There may be other conditions included depending on your situation and your REALTORS® advice.

Once all of the conditions are met, your Agreement becomes firm and binding and all you have to do is look forward to the closing day!

What is the Closing day?

In real estate, we refer to the day that the home will transfer ownership, as the Closing Day. This is the day you pay for the home and get the keys so you can move in.

When is the right time to sell?

The right time to sell depends on your situation. Are you being relocated? Have you run out of space? Do you have too much space? Are you unable to maintain your home or mortgage payments?

Call us to discuss your thoughts about selling. We will help you to understand how the market is impacting values and to set realistic expectations about time frames and other housing options that may better suit your needs.

How do I know what my home is worth?

We offer free, no obligation consultations regarding setting the best asking price for your home. By considering recent data of sales for similar properties in similar locations, we can give you a fair expectation of what your home is likely to sell for. This market analysis will give you valuable information regarding the importance of intelligent pricing for your home and the average market time for a sale. We will also do our best to answer any question you may have about how to best sell your home for the most money in a reasonable time frame.

What do I have to do to get my home ready to sell?

The amount of work you would have to do depend on the condition it is in and the amount of money you want to get. If you just aren’t interested in painting and re-organizing to maximize your selling price, you may be better off to list your home as a ‘handyman special’ and let the new owners do the work.

If you are willing and able to put your best foot forward, than you should seriously consider de-cluttering and de-personalizing your home. Remove any excess furniture, boxes, hobby paraphernalia, personal photos or out-of-season clothes, to make the home easy to walk through and spacious feeling.

Consider putting the finishing touches on outstanding projects, touch up painting or minor repairs that may be required. Your REALTOR® can help make suggestions applicable to your individual property, including recommending stagers, if you are interested, and if it would help to maximize the property’s value.

Should I try to sell my home privately first?

Only you can determine whether this is a realistic option for you. Do you have the knowledge to effectively sell your home to others without allowing your emotions to interfere, or without disclosing information that could prevent you from getting the most for your home? Are you able to take calls and arrange showings whenever it is convenient for potential buyers? Do you have access to the most effect advertising and marketing tools, so your home gets maximum exposure to prospects? Are you current on data regarding the features and prices that comparative properties have sold for?

Why should I list my home with a REALTOR®?

REALTORS® are a wealth of knowledge and information. They have access to historical data to help you price your home effectively for your goals. They have honed negotiation skills through their dealings in representing others during the largest purchasing decision that most people make in their lives. They have developed contacts to creatively address any variety of issues and surprises that may arise in the selling process. And, they have real time access to the largest and most effective marketing tool in North America – the Multiple Listings Service®. By giving you international exposure on the country’s best known and respected database of properties for sale you will find a buyer faster.

REALTORS® qualify buyers to make sure that when they make an offer, they are really able to follow through with their requirements in the purchasing process. They are not inviting complete and random strangers to view your home, which could expose the homeowners to risk. REALTORS® are also able to help sellers to separate their emotions by focusing on facts related to the local market which governs pricing and market conditions.

Homes sold by REALTORS® are proven to acquire on average more than homes sold privately. After all, most buyers are naturally going to discount the price by a typical commission fee because they know the seller isn’t paying it. And, sellers get caught up in the urgency to find a buyer and suddenly find themselves taking less than they said was their bottom line, just to get the deal done so they can stop taking calls and giving tours through their home. It is much more effective and valuable to pay for a REALTORS® qualified services.

Homeowners are often unaware of how they compromise their bargaining position by disclosing personal information and details to buyers and how they expose themselves legally for a future claim. REALTORS® are experienced and able to protect you, including the provision of insurance in the event an error is made that could result in a substantial legal claim.

REALTORS® are able, through education and experience, to separate emotions from the negotiation process. Prospective buyers are free to tell an agent the truth about their opinion of a home without being concerned about hurting homeowner’s feelings. This enables sellers to address issues that may be prohibiting a sale and creates realistic expectations on selling prices and conditions related to a sale.

As REALTORS® it is our job to protect your interests, act with honesty, disclose any information we know that would effect the homes’ value, protect your confidentiality, obey your lawful instruction, and to negotiate (or facilitate) the best deal for you.

Lifestyle benefits of Condominium Living

Condominium living is becoming a more common and popular option across Canada every year. From first time buyers to those downsizing, people are attracted to the security and low maintenance lifestyle. They can spend their time doing things they enjoy, traveling, and just relaxing, while someone else maintains their property for them. But, they still enjoy growing equity through home ownership.

Types of condominiums

Condominiums are available in all shapes, sizes and configurations. Plumb Line Realty is currently selling single family condominium homes – your own yard, driveway, garage and house, but the lawn is mowed, snow is shovelled, and all exterior maintenance is done for you! Or, you can purchase in an apartment complex, townhouses, and even have situations where your monthly fee only includes insurance and a water utility but all maintenance is done by you. It all depends on where you want to live and how much you are willing to pay for the services.

The Declaration and ByLaws

Buying a condominium is different than buying a single family property because you are buying into a shared asset. All of the other owners share a joint interest in the land and building in which your unit exists. Decisions about the joint investment are governed by rules called the Declaration and By-Laws, which lays out how voting occurs and how management of the assets will occur. Residents are also obliged to follow certain rules in respect for the other owners. For example, restrictions may exist on types of window treatments, privacy fence designs, exterior paint colours, location of satellite dishes, etc. to keep the properties looking attractive and to protect the values of each unit.

What are common area fees?

Each condominium owner pays a monthly fee to cover the services included in the ownership of your unit. Typically the fees include insurance on the building (you would hold a special condominium insurance for your own personal property and interior unit finishes), property taxes for the entire parcel (you would pay separate taxes for what your unit is assessed), management fees, landscaping and snow removal (if applicable), maintenance and use of common areas like recreation rooms, libraries, gyms, and pools, along with any shared utilities like electricity and water for common areas.

Basically, all of the items you would pay directly as an owner of a single family property if you wanted those services (a gardener, snow remover, etc.) only broken into a regular monthly payment.

What amenities are included?

The amenities vary by the complex. Some are a no frills set up where you are paying small fees with little or no services. Others have libraries, pools, party rooms, full maintenance. And there is everything in between.

Reserve Funds

When you co-own a large building or complex with others, the cost of having to replace a significant element can be substantial. If the elevator or roof when in a six storey building, the expense would be in the hundreds of thousands of dollars. To prevent collecting a special assessment (a major contribution for the maintenance), condominiums in Nova Scotia are required to have regularly updated Reserve Fund Studies.

The Reserve Fund study is done by an engineer who inspects the property and takes into consideration the life expectancy of every element of the condominium from pavement to elevators to roofs and decks and everything in between. The engineer maps out a savings plan to ensure that the owners have saved enough money to cover such repairs without having to come up with additional funds.

The Reserve Funds become a part of the monthly common area fees that are paid and placed in a separate interest bearing account under the supervision of the Province’s Condominium Registrar, who enforces this requirement of all condominiums in the province.

When to call movers

As soon as you have an accepted offer of Agreement of Purchase and Sale, you should contact a mover to get an idea of costs to move, storage fees if you have a delay between one home and the next, and availability of your movers of choice. You can have them tentatively book you pending confirmation of a firm and binding Agreement when all conditions are met.

Packing tips

Get your move started with these great packing tips; find out what supplies you'll need, types of boxes available and how to get organized. With the following guides and suggestions, you'll find packing isn't as hard as you first imagined.

http://moving.about.com/od/packingtipsandtricks/tp/pop_packing_tip.htm

Who to call

When you know the closing day of your new home, arrange the following:

• Insurance on the property
• Electric service – ask it to be transferred into your name
• Nova Scotia Power: (902) 428-6004
• Phone, internet Cable as you choose, some providers are: Eastlink: (902) 453-2800 / Aliant 1-866-425-4268
• Arrange oil or natural gas delivery, if applicable
• Halifax Water Commission:  (902) 490-4820
• Also notify anyone you are in regular contact with (friends family, your bank, credit card lenders, donation recipients)

When to see lawyer

Once you have an accepted offer to sell or purchase your home, your REALTOR® will send all of the documentation to a lawyer of your choosing. Your REALTOR® can easily provide you with recommendations and you should contact three to find out about rates and to see who your are most comfortable having represent you.

Forwarding your mail

Visit the Canada post website at https://ssl.postescanada-canadapost.ca/smartmoves to arrange the re-direction of your mail or to notify others easily of your change in address.