Buying and Selling a Home For Canadians For Dummies

Make your next house sale or purchase a homerun with the latest edition of this celebrated Canadian guide

In the Fifth Edition of Buying and Selling a Home For Canadians For Dummies, best-selling authors and real estate experts Douglas Gray and Peter Mitham unpack the good, the bad, and the "I can't believe I didn't think of that" of buying or selling a home in Canada. Buyers will discover the answers to the questions that have kept them up at night, from whether they need an agent to what they should look for in a new home. Sellers will find out how to price their home for maximum value, the real costs associated with real estate sales, and how to list their place.

Real estate doesn't have to be intimidating. Gray and Mitham show you how to navigate a home sale or purchase with skill and confidence and have fun doing it. You'll:

• Identify unique, regional issues you should consider whether you're buying a condo in Toronto or a two-bedroom in Yellowknife

• Discover how to maximize your home's asking price by presenting it in its best light

• Learn the tricks of the trade when it comes to finding hidden gems and diamonds in the rough in a seller's market

Perfect for first-time home buyers and sellers as well as people who've been around the block a few times, Buying and Selling a Home For Canadians For Dummies is the ultimate guide for Canucks who are looking for expert help throughout this seriously important and exciting process.

Auteur

Douglas Gray, LLB, is a retired real estate lawyer and the author of 25 bestselling books. He is also a speaker and columnist. His website is homebuyer.ca. Peter Mitham has more than 20 years' experience writing about Canadian real estate for national and international publications.

Texte du rabat

• Purchase a home within your budget
• Find the right mortgage that works for you

• Price and sell on your terms Selling? Buying? Here's what you need to know Looking for your dream house? Want to make your house someone else's dream? The new edition of this friendly guide shares secrets to help you reach your next stage in life. If you're buying, discover how to decide whether you need an agent, know what to consider as you shop, what you need to know about mortgages, how you can compare homes, and more. If you're selling, find out how to price your home, what selling will cost you, how to market your house, what's important about listings, and how to handle appraisals. Enjoy success whether you're buying or selling! Inside...

• Planning for your first home
• Discovering who the players are
• Analysing your finances
• Understanding inspections and surveys
• Deciding if you want to sell
• Sprucing up your home
• Negotiating and bargaining

Contenu
Introduction 1

About This Book 1

Foolish Assumptions 2

Icons Used in This Book 3

Where to Go from Here 3

Part 1: Getting Started Buying and Selling a Home 5

Chapter 1: Buying and Selling a Home: Just the Basics 7

Knowing the Cast of Characters When Buying or Selling 8

Recognizing who's important when buying 8

Identifying who's essential when selling 9

Preparing to Buy a Home 10

Arranging financing 10

Finding a home 11

Making an offer 11

Doing the due diligence 11

Closing the deal 11

Considering Some Important Questions to Ask When You're Ready to Buy 11

What is this going to cost me? 12

This is the right home, but is this the right neighbourhood? 12

What kind of changes can I make? 13

How much should I budget for maintenance? 13

What's my exit strategy? 13

Knowing What Happens When You Sell 14

Deciding to sell 14

Preparing the home 14

Listing the home 14

Negotiating the sale contract 14

Closing the deal 15

Answering Some Questions You May Have When Selling 15

Does this home meet my needs? 15

Will moving be more trouble than it's worth? 16

How much will this cost me? 16

Are last-minute renovations worth the cost? 16

What are the chances I'll be homeless if I sell? 17

Chapter 2: Introducing the Key Players 19

Understanding the Real Estate Agent's Role 20

Identifying important agent qualities when buying or selling a house 20

Sorting out the basics to the broker-agent relationship 21

Understanding the agency relationship 22

Discovering the perfect agent 25

Sizing up the candidates 26

Making your agent work for you 30

Choosing to Go It Alone 32

Saving the commission 33

Working out the costs of selling it yourself 34

Getting some help 35

Valuing the Appraisal Process 36

Knowing what an appraiser looks for 37

Eyeing who needs an appraiser and why 38

Recognizing a good appraiser 39

Knowing how much you can expect to pay 40

Comprehending How a Lawyer Fits into the Picture 40

Taking care of business: What your real estate lawyer does for you 41

Finding a lawyer or notary 44

Knowing what to look for in a lawyer or notary 46

Costing out a lawyer's fees 46

Part 2: Preparing to Buy a Home 49

Chapter 3: Sizing Up Home Ownership 51

Recapping the Joys of Ownership 52

Knowing What's Right for You 54

Considering your foreseeable future 54

Saving space for change 55

Knowing What You Want 55

Focusing on your needs 55

Making the list 57

Knowing When the Time is Right 62

Knowing your finances 62

Comparing renting to buying 63

Considering homeowner concerns 65

Adding up the costs of homeownership 65

Understanding the market 66

Chapter 4: Understanding Your Finances 69

Increasing Your Down Payment 70

Dealing with debts 70

Sizing up your savings 71

Getting Up Close and Personal with Your Finances 74

Determining What Size Mortgage You Can Carry 77

Gross debt service (GDS) ratio 77

Total debt service (TDS) ratio 78

Generating your own figures 78

Getting a Head Start with a Preapproved Mortgage 79

Understanding the advantages of preapproval 79

Getting the lay of preapproval land 80

Anticipating the Closing Costs 81

Deposit and down payment 81

Identifying three key closing fees 82 Appraisals, surve...