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Buying a home for the first time is exciting, but it’s also daunting. There are countless pitfalls which can become even an experienced buyer, and having the right people around you, to advise you every step of the way, is vital.

There are some very common pitfalls that tend to come the way of a first time buyer more than any other. To help you avoid them, and at least make you aware of them, let’s check out some of the most common.

Listening to Too Many People

Everyone has a story, and everyone thinks they know best. If you listen to everyone, you’re going to get confused, and then you’ll become stressed. Instead, work out who is trustworthy, who is experienced in the real estate world, and listen to them.

Not Being Prepared

Not doing your research is a huge no no for any buyer, but even more so for a first timer. You need to know about the process of finding and buying a house and you need to know what the process is from start to finish. This will allow you to notice if anything is deviating away from the norm, and will also help you find a property for a good price, rather than paying inflated prices because someone sniffed out your inexperience.

Not Knowing What You Want

Having an idea of what you want and where you want it is vital. Which area is your top choice? Do you need to be near schools? What about road links? Are there any areas you really want to avoid? How many bedrooms do you need? Do you envisage a need for more bedrooms in the future? Create a shortlist and this will make the process easier and less time consuming.

Not Having Enough Down Payment

In order to access favourable rates for a mortgage you need to have 20% of the properties price. If you have less, you might not get a mortgage and if you do, you’ll need to pay costly insurance, which will drive up the price of your repayments. You’ll also be offered higher interest rates as a result. Get saving now!

Jumping in Feet First

Always think about any decision you make very carefully and don’t jump because you’ve fallen in love with a property. Try and see it through negative eyes and assess things that way. Sometimes a ‘dream’ can turn out to be a nightmare, especially if you throw too much money at it and end up not being able to afford your repayments.

Walking Away if Your Offer is Rejected

Yes, it’s upsetting when your offer is turned down, but that doesn’t mean you have to close the door just yet. Can you afford to increase your offer? Be careful that you’re not making an emotional decision, but if you really can, this is something to think about. Are they open to negotiation? Again, think about this too. It’s not always a solid ‘no’.

These are just a few of the most common pitfalls that can become a first time buyer in the real estate industry. If you need any help at all, don’t hesitate to contact us at Ramahi Real Estate Group. We’re on hand to help you every step of the way.

When you start to think about buying a home, the number of terms you come across can be confusing. Not only do you have to consider the type of mortgage you’re going to opt for, but you also need to know about down payments.

This is a vital part of the process, because without your down payment in place, your buying process is not even going to get off the ground.

What is a Down Payment?

A down payment is the first part of the cost of the home which you pay as a lump sum when the purchase has been agreed. In order to be pre-approved for a mortgage, you need to prove that you have the right amount of down payment (more on that shortly) in the bank. This proves that you can afford the home, and gives the mortgage lender confidence that you are going to be able to make your mortgage repayments.

A down payment is 20% of the overall price of the property you’re looking to buy. If you have less than this, you may still be able to get a mortgage, but it becomes less likely, you will be offered worse rates, and you will also need to purchase insurance, which you’ll need to make repayments on over a long period of time. It is much more cost effective to save up the amount you need to hit the 20% mark.

Of course, if you can afford more than 20%, even better. This means you’ll have access to more properties, but it also means that your mortgage lender will offer you better rates, which could save you money every month on your repayment amount.

Down Payment Rules

Aside from having the right amount of money saved up for your down payment there is also another rule you have to adhere to. You will not be pre-approved for a mortgage if the down payment has been in your account untouched for less than 60 days. This is the full amount.

The reason is to stop people borrowing the cash for a few days and then withdrawing it and giving it back once the mortgage paperwork is in hand. Mortgage lenders want to know that you genuinely do have the money, because it proves affordability.

In order to stop your finances becoming confusing, it’s a good idea to keep your down payment in a separate account, one you generally don’t touch. You can show this after the 60 days are up, when you go to apply for a mortgage.

Your down payment will then be payable to the person you’re buying the property from, once the sale has been confirmed and paperwork is being exchanged. This will be handed over in one lump sum.

Buying a home for the first, second, or even third time can be confusing, but there is help at hand. Call Ramahi Real Estate Group today, for help, advice, and a range of properties which could include your new dream home.

Are you planning to sell your house? Are you clueless on how to start and proceed with the next steps? Don’t worry, this post is going to discuss the home selling process in detail. As you might already be aware, there is more to selling a property than getting hold of an agent and cleaning up the place.

Get Prepared

The first thing to do is to prepare yourself in advance. Before you get in touch with an agent, clean up the house, declutter the gardens, and get it neat and tidy for inspections. Think and decide when you are looking to sell and the price you have in mind. Also, if you have not yet chosen an agent, ask your friends and families for recommendations on a reliable agent.

You can also attend other open houses to get to know agents. Interact with these agents. Another trick is to behave as a buyer. Even if you are looking to sell, you should always choose an agent you would be comfortable buying with. You can ask them questions and see how they respond.

Choose the Sale Method

Next, choose the sale method. Your agent might give you some suggestions but you should also have your own research and be able to make your mind up based on what you want. An auction is a common method of sale that will get you the best result in the least possible time. Sit down with your agent and decide on a selling price. At this point, you should also have a plan for listing your property, and open it up for showing and inspections. The market can be rigid with overpriced listings, so it is important to choose a reasonable amount the first time around itself. The usual inclusions are light fittings, fixed floor coverings, and general fixtures, such as window coverings.

Consult With Your Agent

Go over the agreement and consult your agent if you have any questions. If you want to make any changes, let your agent know immediately and more importantly, before signing. If there is anything at all that you are not happy or comfortable with, DO NOT sign the agreement and instead, discuss with your agent. Along with this, also create the vendor’s statement.

If you want to get the best possible results, you need to advertise in many areas. Marketing is the key to making sure you are getting your home’s worth. Ensure your listing contains flattering photos and great copywriting. The piece should be written keeping in mind the property’s target audience.

Many people move out of their house once their house is on the market. However, not everybody can afford that. What you can do is to make sure the house remains presentable during inspections. Once it is on the market, your agent will negotiate for the best price. A good agent will get you a great price. So, the first step of getting a good agent is actually the most important one in the whole process. Once you find a buyer, the settlement is the last phase in the process. The buyer makes the payments and takes legal possession of the house.

Want help selling your home? Are you unsure of your homes current value? Get in touch with Ramahi Real Estate Group today!

Choosing a great real estate company might seem like a big undertaking at first. After all, your money is your baby and you need to absolutely make sure that the company you choose is keeping your money protected and in their best interests as well as yours. So how do you choose which real estate company to find your perfect house? Here are 5 traits to look for.

Experience

First of all, and most importantly, you need to make sure you choose a real estate company that has been proven to be effective over the last few years. Experience is key! They should obviously be profitable, growing and have numerous happy clients, testimonials and reviews.

Find references where possible, join some real estate groups or forums in the area, compare other companies and do the proper research ahead of time to make sure you feel comfortable with the services they offer, and the experience they have.

Open Communication

Make sure that the company you choose is a full service provider. Are they

available at all times during the day?Will you be able to get a hold of them easily if you have questions? Is there an open dialogue for you to express your concerns? Sometimes quick responses are essential to make important real estate investment decisions.

Reports should also be accessible to you at all times. Find out what types of reports you will be receiving so you can better understand your market options? Weekly, monthly or annual reports should be detailed and clear-cut.

Risk vs. Reward

When you think about investing money into a house, you need to think about risk, there’s no way around it. Choosing to invest in a house is about how much risk you are willing to take. The bigger the risk, the bigger the payout is not always the case. You need to have a future plan in place. You should never buy a house because you ‘feel like it’. Buying a house should also not be considered as an investment. You should never count on making money from buying a house. A good goal to keep in mind is breaking even over 10 years.

The housing market can shift considerably. Make sure you are assessing the pros and cons clearly and have a financial plan if things don’t pan out as you desire.

Creative Structure

You’ll want to look for a company that specializes in managing your properties in order to yield the highest value on your behalf. With a strong experienced team in place, you should be given plans that reflect realistic market values on the buying and selling side.

Don’t get bogged down by fancy marketing materials and professionalism. A good real estate company won’t try to sell or convince you to choose them. They should be informative, support and align their plans to fit with your goals and be willing to help with whatever questions you may have.

If you are interested in selling your home fast or finding your dream home as soon as possible, contact the Ramahi Real Estate Group today!

Most of us might have experienced rental situations. In an ideal scenario, tenants and landlords live in harmony. But, sometimes, disagreements crop up. The landlord and tenant regulations vary quite a bit across Canada. It depends on the government department in each province. If you need assistance with talking to your landlord about certain issues, you can get in touch with the government via phone or through their website. You can also call up the consumer affairs office. Let’s discuss the rights of a tenant.

Legal Protection

You will be legally protected when you rent out a property. Tenant right give a clear framework of what is expected from the tenant and the landlord. It is likely that you will be presented with this document when you have finalized a property and want to take the next step. Never sign the tenancy agreement without reading it in detail. Since the rules change from province to province, make sure you are aware of them and that they have been made part of the document.

Discrimination

A landlord cannot discriminate against the tenant because of their ethnicity, race, sex, age, religion, sexual orientation, disability, or marital status. This is illegal and the tenant can file a complaint in case of finding themselves in such a situation. It is not only illegal but also highly disturbing and insulting. These are the things to keep in mind before you move in.

Once you move in, ensure you have a copy of all the paperwork and documents, such as notice of your landlord’s legal name and address, tenancy agreement, and rent receipts. You should be handed a copy within the first few days of you moving in. However, if not, you need to ask your landlord. These are important documents and you, as the tenant, have the right to request a copy from your landlord.

Clean and Safe Home

As the tenant, you also have the right to expect a clean home when you first move in. The landlord is responsible for all maintenance and repairs. You have the right to a safe home. Even if you were aware of any issues within the house before you moved in, it is still the landlord’s responsibility to fix it up. The landlord also needs to provide access to cold and hot water in addition to other basic utilities like fuel and electricity. The payment for these utilities can be made by you, the tenant, or the landlord. Even if you have failed to pay rent, these basic utilities cannot be shut off.

Privacy

Regarding privacy, most landlords are very polite and respect the tenant’s privacy. They cannot enter the house unless invited. The only times when they can enter is when they have good reasons, such as to make repairs. You will also be protected if the owner tries to evict you from the house. The tenant can get a hearing with the Landlord and Tenant Board. It is acceptable if the owner increases the rent once a year. However, the increase should be reasonable. Be aware of your legal rights as a tenant.

If you are interested in finding an investment property OR are tired of renting, get in touch with The Ramahi Real Estate Group and find your dream property!

The above question might seem like a no brainer, but many people still aren’t sure which way to go. If you want to get your foot on the property ladder these days, you run into trouble immediately. The price of buying a home has never been higher, but despite that, the advantages of buying versus renting are still extremely favourable.

It’s easy to see why many people opt to rent. It’s easy, there’s no long process to go through, it will cost you less initially, and you can call your landlord whenever something goes wrong, and they usually fix it. Despite that, you don’t actually own that property, you can be asked to leave at any time (at the end of a contract or if there is a problem), you will pay infinitely more money over the space of your renting life compared to buying, and you can’t make any major changes to the property itself.

Buying a home on the other hand, yes, the process is long and it is tortuous in some cases, but the end result is more than worth it. You get to own a home, it becomes something you can pass down to your children in the future, it’s an investment which you can sell on, an asset, and you can make any changes you like to it, without having to seek permission. Once your mortgage is repaid, you don’t have to pay anything every month apart from your utility bills.

The downsides? Buying is a stressful time, and saving up for a down payment in the first place can be a difficult thing for most people.

Take the Plunge?

How do you know which is best for you? It’s something you need to consider very carefully, but it’s also something you need to think about for the future. If you continue to rent for the rest of your adult life, you’re going to be literally throwing away cash every month. Yes, you have a roof over your head, but that roof isn’t yours. You don’t actually have anything to show for your efforts at the end of it all. You have nothing to pass down to your children, you don’t have an asset in your hands.

If you buy a home, you don’t necessarily have to stay there. Some people feel worried about putting down roots, because you’re making a huge decision for your coming years. The thing is, you don’t have to stay there if you don’t want to, because you can remortgage and move on, or you can wait until your mortgage is finished and sell on, hopefully for a profit. This means your home is an investment, and a way to make cash in the future.

It’s about making sensible decisions for your years to come, and it’s also about doing your research ahead of time, to make sure that you know the process of buying, and don’t fall foul of the biggest first time buyer pitfalls. If you need help or advice, don’t hesitate to call Ramahi Real Estate Group today.

Has your property already been in the market for quite some time and you have not had any luck? Is there any way to attract buyers? There are many strategies that you can use to sell your property. Let’s start with the basic ones and proceed to the others.

Rethink your Marketing Strategy

Many buyers research properties months, or sometimes, even years in advance. If your listing details are not updated for months, potential buyers will not show interest in the property. One of the best ways to attract buyers is to post great photos of your house – both the exteriors and the interior. Take some in daylight and some in the evening. A variety of great pictures will, no doubt, spark an interest.

The first thing you need to do is to figure out your target audience. Once that is done, you can rewrite your description and make it more creative and appealing. Aim this at your target audience. You can also upgrade to a featured listing. For this, get in touch with your agent.

Consider Changing the Selling Price

The three critical factors while selling a house are the presentation, location, and price. Decreasing the price a little bit might make the buyer feel that it is possible to purchase this product and might consider it. If your property has been in the market for some time, you need to reassess the market value and by extension, your price.

Take a Break

If your property has been on the market for a long time without luck, there are chances of the below-mentioned situations occurring.

Buyers might avoid it thinking something is wrong with it as it has been around for a long time or they will use it as a negotiation tool to further decrease the price. This usually happens when the property has been in the market for about 3 months or so. The best idea here is to take a break from listing it and start out fresh again. This is a great option if you can afford to do it.

Understand What Went Wrong With Other Buyers

Get an honest review from your agent. If possible, get in touch with the buyers who did not take fancy to your place and ask them why. Correct it. Revamp your place to make sure it is aesthetically pleasing. Instead of renovating the entire place, try to hire a home stager to bring some spark to the place. Spring for some paint, professional cleaning of the house and the garden, and make some quick fixtures as well.

Comparison Research

Check out the listings on the market and see what other properties are there and how they are faring. Attend inspections and auctions, network there, and gain more insight about why buyers are passing up on property. Note down anything that strikes you and later, discuss that in detail with your agent and see if there is any way to make it happen. With a good market and some luck, your property should sell out pretty fast.

If you’re having trouble selling your home, check out our FREE Home Evaluation and let us help sell your home.

When you finally find the home which your heart settles on, it’s easy to throw everything up in the air and do whatever it takes to get it. Whilst you wouldn’t be the first and certainly not the last to do so, it’s vital that you check out your financial options carefully, before making any move. Sometimes ‘head over heart’ isn’t the way to go.

When buying a home, you should have three aims at first:

• Save for a down payment
• Find the ideal home
• Secure a mortgage

Many people think that the third option is the easiest, but it’s actually one of the most time consuming parts of the whole process.

A Difficult Decision

A home is an investment, but your mortgage is the price you have to pay in order to reach the full investment stage. This is payment you need to give back to your mortgage lender every month, without fail. The better deal you can get at the beginning, the easier it will be throughout the entire lending period, which can be up to, or even over, 10 years in some cases.

There are various different types of mortgages, but as a first time buyer, you’re probably going to be offered a fixed rate mortgage. This type of mortgage gives you a fixed repayment amount every month, which never changes, even if the interest rate skyrockets or plummets. Of course, you miss out if interest rates become favourable, but you also benefit if they go the other way.

A fixed rate mortgage allows you to budget and put into place a contingency plan, should anything happen to your job, tiding you over until you find new employment.

Of course, there are other types of mortgages too, in fact many, including variable rate mortgages, which change depending upon the interest rates, and therefore your repayment amount also changes. This can go either way in terms of positive or negative, and has a little more risk attached to it.

Regardless of the type of mortgage, it’s important to know that you will be offered far better rates and conditions if you have a good credit record and score, and if you have at least 20% down payment saved up, which needs to be in your account for at least 60 days untouched. A better interest rate attached to your mortgage means lower repayments for you throughout the term, and that also means that you will have spare cash at the end of every month, rather than scrimping and saving.

Always Head Over Heart

Throughout all of this, it is vital that you don’t allow your heart to take over your head and make decisions which have no sensible financial basis attached to them. Take advice wherever it is given, and weigh up the pros and cons of every decision you make.

If you need any advice on any aspect of buying, mortgages, or down payment matters, don’t hesitate to call Ramahi Real Estate Group.