Fees Associated When Buying a Home

When you purchase a home, there are various fees in addition to your mortgage that you’re responsible for. An unexpected bill's the last thing you want when you go to pick up your keys. Closing costs will vary depending on individual circumstances but here’s a brief summary:

Title Insurance - Assures title to the property. Costs usually range from $200 to $400.

Legal Fees - Vary depending on the complexity of your situation but could cost up to $1,000.

Mortgage Insurance & Appraisal - Prepare yourself by speaking with your lender so you’re aware of all the upfront costs associated with your mortgage.

Taxes/Fees - Depending on your situation, there could be various transfer fees and taxes to pay that could range from hundreds to thousands of dollars.There are also some expenses that you'll want to keep in mind after you receive your keys (often referred to as post closing costs) which could include:

Moving Costs - Factor in the costs of a moving and/or packing company. If you decide to move yourself, don’t forget the cost of the rental truck.

Connection Fees - You may have to pay for hook ups at your new place which could include electricity, gas, cable TV, telephone, Internet, etc.

Renovations and Repairs - It’s a good idea to set some money aside for potential repairs that may arise. Home ownership is all about expecting the unexpected!

Miscellaneous - Costs could include such things as having the locks changed, decorating, window coverings, appliances, etc.

This summary is by no means all inclusive as closing costs vary from situation to situation but they usually represent somewhere between 2 - 4% of the purchase price.

It's best to discuss your circumstances with your Realtor for a more accurate estimate. Buying a home can be an emotional roller coaster but you'll enjoy a smoother, less stressful ride if you're aware of what lies ahead.

If you are looking for someone to help walk you through the process and take care of your real estate needs, please call me at 905-619-9500 or visit http://www.michellemakos.com/ today.

P.S. - Rates are going up so lock in your rate today..... it will save you $$$$ in the long run.

Have an awesome day !

Cheers

Michelle

Waterfront Community - 27 Eastport Drive

27 Eastport Drive

Michelle Makos has another great listing at Port Union and Lawrence. Seeing Is Believing. Live Your Dream Of Living By The Lake This Summer. All Brick, 3 Bdrm., W/O To Fully Fenced Backyard/Patio. Style You'll Love At A Price You Can Afford. Move-In Condition. Located In Prestigious Port Union Village. Lots Of Living Space. All Elfs, Fridge, Stove, Washer, Dryer, B/I D/W, All Window Coverings, Hwt(R), Gb&E, C A/C.

This home is a stones throw to the lake and is priced to sell. For a private viewing call me at 416-300-3004 or go to my website for more information, virtual tour, etc.

This one won't last long !!!

If you are thinking on selling your home, now is the time. Inventory is low and top dollar is being paid for most homes. Call me to see how much your home is worth !!!!

8 Slader Heights, Ajax - SOLD

Well, what can I say, it sold in the first day !!!

The market is hot !!! I actually sold 4 homes this week alone. If you are thinking on selling, don't wait until later, do it now !!! There is no inventory out there and everything nice is selling fast !!

Call me today for a free home evaluation. Now is the time.

Have a great week and it looks like Spring is on its way !!! :)

Cheers
Michelle

New Listing - 8 Slader Heights, Ajax

Hi Everyone,

Another week has gone by and what a week it has been. Listed 290 Whitevale and it is sold conditional. Listed 145 Wilkins Crescent in Courtice, it is sold conditional. Listed 50 Boardwalk Way in Markham, it is sold conditional. Listed a real beauty today.

8 Slader Heights in Ajax !!!

Rare Opportunity For This Stunning Monarch Built Coppercreek Model! Open Concept *Bungalow* 6 Years New. Expansive Ceiling Heights, Main Floor Laundry, Gourmet Kitchen, California Shutters, Pot Lights, Closet Organizers, Builder Finished Lower Level. Over 2,400 Sq. Living Space. Must Be Seen To Be Appreciated !!!

If you want more information go to my website or call me directly at 416-300-3004.

If you are thinking of selling, let me tell you, the market is HOT !!! Especially in Durham Region. Inventory is low !!!! We need new listings, so if you are waiting for the Spring, DON'T !!!!

Now is the time. For a free home evaluation, call me today !!! I will help you maximize your equity and get top exposure and price for your home.

Have a great weekend !

Cheers

Michelle

290 Whitevale Road, Whitevale

New Listing - 290 Whitevale Road

Well Spring is fast approaching and the market is heating up !!! Listings are selling in multiples all over Durham and surrounding areas. Inventory is low and it is basically a Sellers market right now. I am sure the tables will turn in April when everyone decides to list and the market is saturated with listings but for now, Sellers are having the time of their lives. Quick sales, top dollar and no waiting .....

I have a great buy right now, it is 290 Whitevale Road. Listed for $379,900. Assessed in 2008 for $405,000.

Rare Find! Spacious Brick Bungalow Overlooking Greenbelt And Duffins Creek In Historic Whitevale.
Mostly New Windows, Kitchen W/Lg Pantry, New Oil Tank, Roof ('02), Fin. Bsmt W/3 Pc Bath & Woodstove.
Property Features A 2-Storey Workshop/Studio/Drive Shed W/60 Amp Svce. *Close To 401 & 407*
Huge 2 Storey Dble Garage/Workshop, Ideal For Self Employed/Hobbyist.
Fully Fenced Property, Crown Mouldings, Water Softner, Wood Stove, Hardwood Under Bdlm, Additional Wood Stove In Bsmt. Exclude: Washer And Dryer.

Check out the link and the virtual tour !!!

Should you have any questions or wish to view this property, call me at 905-831-9500.

I will keep you posted on what it sells for !!!!

New Listing - 63 Westray Cres W

Don't miss this great opportunity to get in on my new listing at 63 Westray Cres. in North Ajax. This property is a 3 bdrm, 3 bath, 1654 Sq. Ft. Semi built by Tribute Homes. It is the Energy Star "Churchill Model" and is priced to sell.

Virtual Tour Link: http://www.homesandland.com/ListingTour.cfm?ListingId=14523027

For a private viewing, call me at 905-619-9500.

Here is a virtual tour link:

I know this one won't last long. Offers being accepted on January 22nd, 2010.

Have a great week everyone and I will keep you posted of any new listings I get or important real estate information.

Cheers,

Michelle

Happy 2010

Happy New Year everyone !!!! We have a clean slate and a fresh start to what I think is going to be a brilliant year in real estate. The market is healthy, sales are up and interest rates are still low. What more could a buyer or seller ask for !

I do see the interest rates slowing increasing over the course of the this year, so if you are still sitting on the fence, now is definitely the time to bite the bullet and get searching for that home of your dreams.

If you are considering selling, I foresee a Spring market with a lot of inventory. If timing really isn't a major issue in your decision, consider selling sooner rather than later because you will have less competition and who knows what the interest rates will be down the road and how they will effect the house prices.

Some interesting tidbits, you might want to keep in mind:

The non-refundable Home Renovation Tax Credit (HRTC) is based on eligible expenses for work performed or goods acquired after January 27, 2009, and before February 1, 2010, in respect of an eligible dwelling, pursuant to an agreement entered into after January 27, 2009.
I have attached the link for more information here:
http://www.cra-arc.gc.ca/nwsrm/txtps/2009/tt091103-eng.html

As far as Land Transfer Taxes, please find a link to a calculator to help you figure it out below:
http://www.torontorealestateboard.com/LTT_splash/ltt_calculator.htm

Latest Market Watch (December 2009) released from the Toronto Real Estate Board is also an interesting read if you are considering making a move.
http://www.torontorealestateboard.com/consumer_info/market_news/mw2009/pdf/mw0912.pdf

And don't forget, if you have any real estate questions that you need an answer to, please don't hesitate to email me at michelle.makos@rogers.com and I will do my best to get it answered for you quickly and efficiently.

On that note, have the best year yet and I look forward to working with you in the future.
Cheers
Michelle

1876 Bowler Drive - New Listing

Hi Everyone,

Just wanted to let you know of this great new listing I have in Pickering. This one is sure to sell fast !!!! 3+1 bdrm detached home on a ravine lot. Nothing to do here but move in and enjoy the 2 fireplaces, completed renovated/updated kitchen, professionally finished basement and a backyard to die for !!!!!! All this for $340,000. You can walk to schools, shopping and public transit. Click on the link to view the inside photos.

Not to mention the market is crazy right now. Houses are selling over asking !!! Multiples everywhere. What happened to the dreaded R word !!!! I guess that is over !! Thank God !

With the leaves changing colours and the winter slowly creeping in on us, don't think now isn't as good a time as any to list your house. I have buyers and they are all out looking with a vengence for that next new home.

So if you are considering making a move any time soon, give me a call for a free no-obligation market evaluation of your home. You might be pleasantly surprised.

Have a great day and check in every once in a while to see whats new in Durham Region.

Be Thankful !

Many Clients Are Asking: Should I Purchase My Home Now or Wait for the Market to Stabilize?

Many people are debating whether they want to buy a property now or whether they should wait. They are getting mixed messages from the media about the market conditions and the state of the economy. Reports are indicating that the real estate market is rebounding. However, we are still hearing negative news about businesses folding and job losses. So is now a good time to buy?

The decision whether to buy a home now or wait is very tricky at the moment. On the one hand you have very low mortgage rates as the Bank of Canada had cut the interest rate several times in the last few months to try and get the banks lending again. Deals as low as 2.75% are being advertised to entice new customers into the market and get the chain moving again. Also, property prices have dropped in the last year and there are many good deals to be made.

On the other hand, there is still the question whether housing market prices will hold or drop further. Potential buyers are wary about taking on such a huge borrowing to find that the dream house they have just bought may be worth appreciatively less in six months' time.

House prices are cyclical. A low market is always a good time to buy even though it may be several years before the market rebounds. The property market will rebound. If you are in a position to buy a house and can afford the repayments, buy now. Waiting to buy could result in paying much higher prices in a rising market.

Are you really ready?It is also important to consider how long you will be in the home that you are about to purchase. Once you buy the home, it may be very difficult to resell right now. If the market continues to drop and you end up moving and selling in a year, you may have been wiser to wait a bit longer. So that is something that you want to make sure that you consider when making the decision to purchase a home.

Of course, if you have a long-term plan to be in the home, the fluctuations and potential decrease in value in the near term doesn't need to get you down, as the only price that matters is the price you are able to sell for when you need or want to move.

Another thing that you need to think about is if you can afford the home that you are considering buying. While prices have dropped recently, you want to make sure that you find a home that is going to fit your budget. As a precautionary measure you should also budget for the fact that the cost of living might rise even further, and that being able to afford these increases will be important.

If you have the funds available for a down payment and you are eligible for a mortgage, and feel comfortable about your job security, and currently meeting the rising costs of living fairly easily; then the time is probably right for purchasing property. It is still a buyer's market, so find your dream home, negotiate your best deal and jump in. Buying property now is one of the best times in the last hundred years to get a bargain !!!

If I can help in any way, please don't hesitate to contact me.

What a summer !!!

Well, here we are, half way through August and what a summer it has been ! I certainly have no complaints. This has been my busiest July and August ever. Homes were selling faster than even and in multiple offer situations !

It seems the market has shifted. It isn't a buyers market anymore. I would say it has definitely stabilized and if you have a good home and it is priced right, IT WILL SELL !!!!

Read the mid month August report for sales from the Toronto Real Estate Board if you don't believe me !!

http://www.torontorealestateboard.com/consumer_info/market_news/news2009/pdf/nr_mid_month_0809.pdf

It has been a great summer (other than the weather but it would appear that even that is on the upswing !)

September is around the corner and the kids will be going back to school and the fall market is looking healthier than the Spring market. If you want a market analysis done, please don't hesitate to give me a call and I can bring you up to date on all you neighbourhood sales and what is on the market currently.

I hope everyone is having a safe and happy summer and if you have a local business that you would like me to link with my website, please feel free to email me at michelle.makos@rogers.com and I would be happy to add it. I support all local Durham businesses. Together we can make a difference.

Have an awesome summer and I will catch up again with you all soon !

Cheers

Michelle

Well its been a while ! : )

Hi Everyone,

I know I haven't updated my blog in a while and it is funny because I thought no one read it !!! Much to my surprise, this week at least 3 people mentioned to me that I haven't updated my blog lately so I figured on a rainy Saturday evening, I should take a moment a play catch up.

The market you ask???? Actually for me, this year has been great... no complaints at all. Steady listings and buyers and more than enough to keep me busy.

The weather has been awful so far. What is up with this crappy summer weather. I converted my pool to saltwater this summer and have only used it maybe twice. I will admit the hot tub is getting used alot tho !!! : ) There has to be some sort of relaxation after a hard days work.

I have been working on my website regularly and trying to keep the information up to date as well my photo. There is nothing worse than these Realtors that have photos from 10 years ago !!! lol.

On a whole, the market is moving along at a great pace. The lower priced homes (under 300K) seem to be moving faster than the higher priced ones but I must say if they are priced right, they ARE moving !

The interest rates are amazing and the buyers are looking to cash in on them.

At first it seemed to be a buyers market and they had the upper hand but now it seems the market is shifting a wee bit and the sellers are a little more in control due to the shortage of well priced nice homes on the market.

My backyard is almost finished and I should update you with some photos soon ... as well as renovated one of my bathrooms. What a nightmare !!! You don't realize how much you use that room, especially when it is under construction and you can't ..... : )

It should be completed soon, granite countertops should be arriving soon and the glass shower doors and when it is all done, I will post a few pictures of that too.

For now all I have is my new headshot and new business cards on order .....

If I can assist you in any of your home buying needs or selling questions, please don't ever hesitate to contact me. I would love to chat with you either over the phone or via email. My email address is michelle.makos@rogers.com and I am always just a click away.

I hope you are enjoying your weekend thus far and I think I am going to go pour myself a glass of wine and enjoy probably the first Saturday night I have had off in a while. Hot tub anyone?????? lol

Take care, stay safe and remember

Let MAKOS Move You !!!!