The Brantford Home Info Blog!: Buying a home in Brantford

Thursday, August 9, 2012

Get Approved Quicker

One of the toughest things about purchasing a home is being approved for a mortgage. Even with all the paperwork that needs to be filled out, one of the most difficult parts of the process is waiting to know if you got approved or denied. Throughout my years as a Brantford/Brant real estate agent, I have faced this step with my clients quite frequently.

However, now analysts are predicting that mortgage companies will begin approving, or denying your application much more quickly. Due to new and tighter mortgage rules companies will not have such a heavy influx of applications all at once, making it possible for them to work more efficiently. Although you may get an answer on your application sooner than expected, it also may not be the answer you want. Banks can more easily weed out the applications they approve from those they deny because of lower amortization periods.

The loan-to-value ratio is also a contributing factor in how fast you hear an answer on your application. This has to do with how much you need to borrow over the amount of your home. The lower amount you borrow from your home, the more likely you are to get approved. If you are borrowing less, it shows the bank that you will be able to stay current on the future payments.

With companies making speedy decisions it is allowing perspective Brantford/Brant homeowners more time to apply at other companies in order to make their purchases. As less people apply for a mortgage, the people that due will be processed quicker. There are still skeptics saying that times will not be shortened due to the new rules.

If you have any questions about the new rules regarding applying for a mortgage, feel free to ask. Also remember, if you or anyone you know is interested in buying or selling Brantford/Brant real estate, contact me. I look forward to speaking with you!

Wally Dufrat | Sales Representative
RE/MAX Twin City Realty, Inc. Brokerage

Connect with Me

Thursday, February 16, 2012

Reap the Benefits of Being a First-Time Home Buyer in Brantford!

As a Brantford, ON real estate agent, I work with buyers and sellers with a variety of different experiences in the local real estate market. When a first-time home buyer approaches me and asks for help with their Brantford real estate transaction, I immediately get excited. Not only do I get the privilege of helping somebody find the home of their dreams for the first time, but I also get to explain the many benefits that come with being a first-time home buyer in Brantford, ON.

Don’t get me wrong; there are many benefits to being a homeowner in general. The tax write-off itself is an enticing reason to buy a home. If you’re buying property for the first time, however, you can enjoy a few funding and tax benefits that people who have owned a home before don’t get to have. One of my biggest priorities as a Brantford, ON real estate expert is to make sure that I educate my clients about all of the aspects of buying a home. Sometimes, this means delivering bad news, however I actually enjoy telling my clients about these financial benefits. Oftentimes, it makes a large difference to my clients and makes them more confident in their decision to invest in a Brantford, ON home.

I thought I’d take some time to explain these two first-time home buyer benefits in more depth. Hopefully, this provides some clarity on the issue and demonstrates some of the many reasons that you should buy a home in Brantford, ON.

The first benefit that you can receive as a first-time home buyer is the First-time Home Buyers’ Tax Credit. If you qualify for this tax credit, you can claim $750.00 against your personal income tax in the year that you acquire the home. In order to qualify for the credit, neither you nor your spouse or common-law partner can have owned a home four years prior to acquiring the property. You must also be purchasing the home for your own personal occupancy, not as a gift for somebody else. Only one party can claim this tax for the total $750 maximum credit. You can split the claim between two parties, but you would then split the credit between the two of you. The majority of Brantford, ON first-time home buyers qualify for this tax credit, and it’s only one of the many benefits you can get from buying a home in Brantford, ON.

The second benefit that you can receive as a first-time home buyer is the RRSP Home Buyers’ Plan. This is essentially a plan that allows you, as a buyer, to withdraw a maximum of $25,000 from your RRSP in order to buy a qualifying home in which you will live. If you have a spouse or common-law partner, they, too can withdraw up to $25,000 from their RRSP to go towards the purchase of the same property. To qualify for this funding, you or your spouse or common-law partner can not have owned a home four years prior to acquiring the property, and you must also occupy the home within one year of withdrawing the money. This is a fantastic financing option for Brantford, ON first-time home buyers who might need some extra money in order to afford their first home. You can pay off this money over a fifteen-year period, as well.

These two incentives provide many first-time home buyers in the Brantford, ON area with the resources and convincing that they need to take the plunge and invest in a house. As a Brantford, ON real estate agent, I feel that it is important to make my clients aware of these benefits. It’s a major factor that any potential buyer should consider when deciding whether or not to begin their home search.

If you have any questions about these two home buyer benefits, or if you want to begin your Brantford, ON home search, then don’t hesitate to contact me! Your real estate needs are my first priority, and I’d be happy to help you in any way that I can. I hope to hear from you soon!

Wally Dufrat | Sales Representative
RE/MAX Twin City Realty, Inc. Brokerage
515 Park Road North | Brantford, ON N3R 7K8 Direct: (519) 752-5400 & (877) 759-5900 | Cell: (519) 761-7400 | Fax: 519-752-3400

Before You Buy or Sell Your Next Home, Visit My Websites at:
www.BrantofordHomeInfo.com or www.FreeBrantfordHomeInfo.com for FREE Information!

Connect with Me

Thursday, December 29, 2011

What Will 2012 Hold For Brantford Real Estate?

As we begin the New Year in Brantford, home buyers and home sellers have the same question: Is now a good time to buy, sell, or invest in real estate? To answer that, let’s take a look at the most recent market summary from the Brantford Regional Real Estate Association:

Home values in the Brantford region are up by 7% from a year ago. The average price for a home as of November 2011 was $238,114.

The inventory of homes for sale is lower than a year ago. At the end of November 2011, we had 631 active residential listings on the market; that’s down 6% from the prior year.

The inventory of homes for sale stands at a 3.5 month supply. This means that at the present pace of sales, we’d clear the shelves in just about 90 days if nothing else came on the market.

This is the tightest real estate market we’ve seen in two years. If you’re a Brantford home seller, it would be like comparing it to a perfect cup of coffee; steaming, but not too hot. (If you’re a Brantford home buyer, you may be a little frustrated that you’re still in line and haven’t gotten your coffee yet.)

Total sales activity – a separate measurement from pricing – is up 3% from a year ago.

How does it look for the future? Different economists hold different opinions, but some are saying we’re in a sweet spot; the market is healthy and active, values are appreciating, but we’re not throwing all caution to the wind and seeing rampant speculation. It was the latter situation that contributed to the housing bust in the U.S.

Naturally, if there are any widespread economic shake-ups, it could affect the real estate market. Home values are best when employment is stable and people feel financially secure. Canada is not immune to the impacts of global financial concerns, but thus far we’ve weathered things pretty well.

Is now a good time to buy, sell, or invest in real estate? As your Brantford real estate agent, I would say yes, so long as your personal finances are in order and you’re not going out on a limb. Sometimes changes happen in a market that cannot be predicted, so above all, consider what is right for you and your needs in the long run.

Based on our recent market activity, 2012 appears to hold a balance of opportunity for buyers, sellers, and investors alike. If you’re thinking of buying or selling a home in Brantford, or you have questions about Brant County real estate, give me a call! I will be happy to help you.

Wishing you all the best in the New Year,

Connect with Me

Thursday, December 1, 2011

Avoid These Red Flags When Shopping For Your Brantford Home!

Shopping for a new home is an exciting time: you get to move in to a brand-new place with a fresh environment and atmosphere. You also get to welcome a new neighborhood, such as Brantford, ON, into your life and call it home. Sometimes, in the excitement of making a big life change, many Brantford homebuyers would forget to look at some key indicators of a home. This can be a costly error.

In this real estate market, many home sellers are motivated and eager to get their home off the market. As a result, they may not disclose all aspects of the home to you. That’s why, as a Brantford real estate agent, I make it a priority to look out for my buyers’ best interests. Part of that is telling buyers exactly what to look for during their home search.

As a Brantford home buyer, you need to be on the lookout for red flags and things about the property that may need maintenance or repairs. If you don’t spend time inspecting the property thoroughly, then you could wind up with some costly repairs or major damages. Here are a few red flags you should look out for during your home search:

•    Are people leaving the street? If you’re seeing a lot of “For Sale” signs on the street or homes that look boarded up or neglected, then you may want to consider passing over the home. There’s a reason people are leaving the street. Get the scoop from the neighbors. It may help you avoid a bad investment.

•    Are plants growing in the gutters? Mediocre maintenance is a sign of a neglected home. Once you move in, you’re going to have a lot of work ahead of you if you have to patch up shoddy maintenance jobs done by the previous owners. Be on the lookout for this and ask the sellers to take care of it before moving in.

•    How solid is the foundation? Take a look at the yard. Is it sloping towards the house? That could cause water to run into the basement and create costly damages. Scour the foundation of each house you’re interested in looking at further. If you notice a lot of cracks or signs of wear, you will be stuck with some expensive renovations or maintenance fees.

•    Use your nose. Are you noticing strange odors in the interior or exterior of the home? Do you smell excessive bowls of potpourri? Both are major red flags, as it means the home may have mold or other issues, and the smell may never fully leave once the owners leave.

•    Does only one wall have fresh paint? Fresh paint jobs are a plus, but if you’re only noticing it on one wall, then chances are the owner is trying to cover up an issue, whether it be water damage or mildew. If you notice only one wall has fresh paint, be sure to ask the seller why and have your home inspector take a closer look at it.

The bottom line is this: If you’re truly interested in moving in to a Brantford home, then you need to get a home inspection. Getting an inspection will help you avoid being stuck with a home that involves costly maintenance and major renovations right away. Moving is stressful enough…you don’t need to add home damages to the mix.

As a Brantford real estate agent, I make it a priority to educate homebuyers on what they should be looking for during their search for the perfect property. Red flags such as these are important to look out for. If you have any questions, or are considering buying a home on the Brantford real estate market, don’t hesitate to contact me! I have several years of experience in real estate, and I’ve seen and heard it all. I hope to hear from you soon.

Connect with Me