Getting Started

What Do Ugly Betty and Some Toronto Homes Have In Common.

Since we have been having a soaring market for about 10 years it has become increasingly challenging to buy a home without encountering multiple offers in the Toronto area.  So the impression has become that all homes sell for more than the asking price.  In reality only about 12% of homes whether house, condo or loft sell over asking price and that there are plenty of other well priced homes that sit for a few weeks to a month before an offer is accepted.

Ironically most of the first time buyers spend their time chasing that 12% and quite a large number of the second time buyers do the same. This is a phenomenon that i have watched for years.

I explain to clients what they are doing. I share with them it is a bit like when they were back in school and they lusted after the hottest girl or guy in the class hoping and praying to be the one to make the catch.

A few get it immediately,  some figure it out after a few weeks, others take a couple of months  until they are completely frustrated with their inability to buy a home unless they overpay entirely for the property. There is the small group that continue to pursue only the hotties until finally they land one paying more than anyone else would.

So what is the difference between the Hotty and the Ugly Betty.  There are plenty of homes out there that don’t have great street appeal or need some elbow grease inside or maybe a new kitchen or bath.  Maybe they need both.  Sure, everyone wants to own the perfect home with the perfect kitchen and bath and the right color of paint on the wall so they can just put down their furniture and live.  However, only about 15% of the homes actually look like that.

Sellers are getting smarter and more and more of them are employing stagers, clearing out a bin full of stuff or putting their belongings in storage while they sell. Some even move out of their home.

So, this tells you a little secret right there. Many of these homes were Ugly Betty’s when the agent first walked in the door and recommended to the seller that they would get thousands more if they turned that home into a Hotty before putting up the for sale sign.

If the seller can do that to their home then it makes sense that you can just buy the home of a seller that couldn’t be bothered going to the trouble and do the same work.  You will save tens of thousands of dollars if you do.

Your home may start out as an Ugly Betty a not so great looking gal with fantastic skills and great utility, but with a little effort and perhaps some professional design help you can re-do the front and upgrade the interior and bring out that homes beauty.

I never had a name for these type of homes until recently.
I have explained this concept to clients for years.  Many have seen the light and stopped chasing the Hotty just as they did years ago in school. Today they are settled in fairly priced homes and made their beauty shine.

Easiest way to find a home in Toronto

Now you can get a FREE six month subscription to our MarketWatch Newsletter. You’ll get information on all the new listings that come on the market in any price range and area you choose.
It’s easy — just click on the link below and complete the information on the next page. Your subscription will start right away!

For Free Listings Daily

Mortgage Calculator

This is an excellent mortgage calculator to test out different loan options. Enjoy using it. – Great Mortgage Calculator

Ten Steps To Home Buying
First Time Buyers! Check out our quicky online guide to Buying a First home or Condo In the GTA. Click the link below to Learn the Ten Steps To Home Buying. Read more

Get Up To Date Listings For The GTA

Planning to Purchase in the Next 6 Months? Would it help to start learning about house, loft and condo prices right now? Before taking that all crucial step of viewing homes it may be important to gather as much information as possible to familiarize yourself with costs of making a purchase. Plus you will want to know what your money will buy you in the current busy Toronto marketplace.

How about opening your e-mail inbox each morning and finding a great selection of homes or condos in the areas your are thinking about purchasing in. Read more

The Easiest Way To Get Started Investing In Real Estate

This question was sent to me through our Toronto Loft Living website.
So what is the easiest way to get started as a real estate investor? There is a dearth of information on investing in real estate in the media and on the internet, much of it confusing.

You keep hearing about how you can buy all these great deals with no money down or very little down and do quick flips pocketing a ton of cash.

If you live in southern Ontario most folks find that the banks are not that amenable and that they seem to need large amounts of cash to do anything. Plus if you are in the Toronto area, which is the best rental area prices may seem very high to you. Read more

Seven Deadly Sins of Small Time Investing

We’ve all heard rumors & discussion about the inherent issues of owning income producing properties. These are the Seven Deadly Sins of Small Time Investing that that you will need to watch out for.

1/Buying outside the Bell Curve The Bell curve is in the middle it’s what most people in a city can afford.
If the middle of the market in your city is about $300,000. don’t buy a million dollar property or you will be come a don’t wanter owner very fast.. as soon as the big mortgage payments kick in.
People don’t want to live in crime ridden areas but most people cannot afford to buy in the prime areas.
Buy the type of house most people can afford. Usually a 3 bedroom one or two bath house.
Three bedroom, 1 or 2 bath. Just remember that… geared to the average wage earner. This is always salable.

2/ Buy based on emotion. Many folks buy on emotion. They forget to analyze the numbers. Or folk get caught up in how it looks or smells. Don’t worry about these issues. Read more

Toronto Commercial Real Estate & Real Estate Investing

Interested in Investing in Toronto Commercial Real Estate or Investment Properties. This page has a number of articles and resources to further your knowledge.

The Easiest Way To Get Started As A Real Estate Investor

This question was sent to me through our Toronto Loft Living website. There is an excess of information on investing in real estate in the media and on the internet, much of it confusing.

You keep hearing about how you can buy all these great deals with no money down or very little down and do quick flips pocketing a ton of cash.

If you live in southern Ontario most folks find that the banks are not that amenable and that they seem to need large amounts of cash to do anything. Read more

Florida Home Estate and Tax Planning For Canadians

When planning your Florida purchase you want to also plan for the eventuality of a personal disaster, death; or necessary disposition of your home. Plus the obvious Tax implications.

Probate

When a property is owned by the deceased alone, the property will be subject to Florida probate. This is a legal process which allows for a property to be transferred to an owners beneficiary.

Probate is costly, time consuming and freezes your estate. Probate can cost up to 3 percent of the market value of the property at time of death. And can take between six to 12 months.

How to Avoid Probate

To avoid probate you will need the deed to be in the name of a Cross Border Revocable Living Trust (CBRLT).. This works if you are in the process of buying or if you have already purchased the property. Read more

Closing a Florida Home

Living In Florida Without Losing Your OHIP Coverage

First bit of info is knowing about occupancy.

If you are Canadian you can stay in your Florida home for up to and 1 day less than 6 months without incurring a need for permission from the U.S. authorities and without both tax and health care ramifications in Canada.

One day more than 6 months and you could lose your OHIP benefit if it was discovered you were out of the country. Pretty easy to do when you know that your comings and goings are recorded at the border.

To purchase a Florida property you will need to write an offer and give your deposit money, called earnest money in the U.S. when you cross the border to an escrow agent (usually a lawyer)or a Realtor. Read more

Time To Buy Florida Real Estate

You’ve probably been hearing all about the serious mess in the U.S. real estate market due to the sub prime mortgage debacle. Thousands and thousands of people are losing their homes. There are new home subdivisions sitting vacant completely built and ready to go. It is definitely time to Buy Florida Real Estate.

If you have ever considered escaping Canadian winters and I am sure we all have especially after this past winter with it’s 5 months of snow; this may be your time to consider buying a Florida getaway.

Given a 10 year time frame from now to say 2018 this will most likely be your best price opportunity ever. If you can see yourself doing business on the patio in shorts and a polo shirt with a cool drink in your hand greeting your business associates or family and friends then it’s time to learn about Florida real estate. Read more