Once you've decided you want to own a home, what's next takes
planning. With the right planning, it
can become reality. But there is a lot to know before you begin
moving.
These days people tend to change jobs frequently, and sometimes
the best way to get a promotion is to move to another company. If you
might be transferred, will you be able to sell quickly? Keeping work
in mind, how long do you want to spend commuting? Do you drive or rely
on public transportation?
Because of the purchase of a home is often the purchase you will
make there are many questions you may want to ask yourself.
Including giving some thought to the resale value when it is time to
upgrade. On the other hand, if you're planning to stay in your home
for a long time, consider your future needs and purchase a home that
will accommodate them.
Consider the work and the sacrifice before you jump into the
largest investment of your life. The last thing you want is a
bargain home that turns into a money pit.
One of the first questions future buyer's ask themselves is;
"How much home can I afford?:
There are also additional costs to keep in mind. It's a good idea
to work out exactly what you want and what you can afford before you
begin the search. Be specific! After all, you don't want to suddenly
come to the realization that your search is one you just can't afford.
Stick to looking at houses in your price range. The more you've
thought it out, the better your agent can meet your needs.
A part of deciding just what you can afford can be accomplished by
meeting with your bank or a mortgage broker and negotiating a
pre-approved mortgage. There are many types of mortgages and many
different terms. Research all of your options. This ensures that there
are no surprises once you're ready to make an offer.
Once you've figured out your monthly expenses and what you can
afford, you can start your search. It could happen that the first home
you see is the one you want; or you might look at home after home with
none of them catching your interest. Rest assured, the home you're
looking for is out there, and when you find it, you're ready to make
an offer. If your offer is accepted, the next steps are closing and
moving into your new home. Purchasing a home is easy once you put your
plans into action.
Where do you want to live? Think about yourself and your
family and decide what you enjoy doing and what type of lifestyle you
would enjoy in your new home.
How far your selected neighbourhood is from where you work, how far
you're willing to commute and your lifestyle. You'll also think about
schools if you have, or are planning to have, children. And what about
medical facilities, places of worship, public transportation and
recreation?
If you're contemplating the move to an unfamiliar neighbourhood,
take the time to go exploring. Walk around, drive around, get a feel
for the distance to the nearest convenience store, the commute. Make
some notes. Take the neighbourhood tour at different times of day and
contact the local municipal office to find out what future
developments are planned.
You'll also want to check zoning by-laws and fire codes, especially
if you plan to rent the basement or conduct a business in your new
home. In law suites, student housing, basement apartments and duplexes
all have very specific code requirements.
Urban living usually puts you at the centre of the action. It
offers a wide variety of amenities like shops, theatres and
restaurants. It may be closer to your workplace. Of course, the
drawback of an urban location could be a smaller, older or more
expensive home. Look for schools (Public and Catholic), Playgrounds,
Parks, etc. Make sure there are no undesirable areas surrounding your
neighbourhood such as a garbage dump, industrious buildings disposing
bad odours, etc.
The suburbs usually have the advantage of newer homes, and more
square footage for the same price as an urban location, but may not
have the other amenities as close as you'd like.
New neighbourhoods tend to have a noticeable lack of foliage and
can look barren for years as the landscaping matures. If you purchase
a home before it is built, you will be able to take advantage of
upgrades during construction, and when you move in you can decorate to
your taste. A new home won't have the charm of an old one, but will
have warranties covering most major components. Be careful in
understanding what the warranty covers. New homes have some real
disadvantages that most people don't think of until it's too late.
No matter what kind of home you're looking for, there are some key
features to consider. There are houses out there for everyone. Looking
for what you want in a home is as important as the type of dwelling.
Your Blue Mountain Real Estate Agent will ask numerous questions to
determine what you really want.
Where will your family spend most of its time? Kitchens are a
popular family gathering area. Make sure your prospective kitchen can
handle the traffic. You may also want an eat-in kitchen or one with a
breakfast nook, allowing you to keep the dining room for special
occasions. How much bedroom space do you need? Some people prefer
small, plentiful rooms to house children, frequent guests or a home
office. Others prefer fewer, larger rooms. Of course, if your budget
permits, many large rooms would probably be ideal! Bathrooms are
also a major point to consider. How many bathrooms does your family
need to handle peak traffic times? Is one enough? (Not likely!) While
one per person might be more like it, that dream may not be
affordable. Make sure the home you're ready to purchase has sufficient
bathroom space and that the bathrooms are comfortable. When looking at
bathrooms, ask yourself how important a window is for light and fresh
air. Hot water is always a problem with a large family. Remember, most
hot water tanks are rented from the utility company. You can always
have them upgrade the size of the hot water tank for a minimum cost.
When it's time to relax and entertain, how will your prospective home
meet your needs? Do you want a formal living room, or a room where
your family can stretch out and watch television? Do your children
need a play area or your teens an entertainment room? Some homes have
a living room and a family room. Attics and basements can be
wonderful storage areas, or can serve as additional living space. If
extra space is important, you will want to consider a finished
basement. Everyone seems to have their own definition of what this
means. Take a good look at the workmanship. Was it done by a
professional? Do you see yourself redoing a sloppy job? A poorly
finished basement can be more work than a completely unfinished area.
Some signs to watch out for are moisture along the floor lines and
corners of all exterior walls and pungent odours which may also be a
sign of moisture, mildew, and/or mold which can be costly to repair.
Look at the closets. Look at the clothes you have now. Add another
half, and then look for closet space to hold it all. If you're like
most of us, you'll never have enough closet space! Heating
and cooling systems are also key features to consider. When it comes
to heat, natural gas, oil and electric furnaces are all options. Older
homes may even have hot-water radiators. Still other homes have
baseboard heaters. Make sure you find out about the maintenance and
condition of the heating system as well as annual operating costs. If
you're thinking about air conditioning, think about how expensive it
would be to add central air, or if a window unit would suffice.
As you can imagine, each type of home has its advantages and drawbacks
and no two buyers will have the exact same wants and needs. The only
way to truly evaluate which home is right for you, outside of price,
is to consider what you absolutely must have and what you can live
without.
Before you go house hunting, prepare a list of must haves and
wants. And don't forget the difference.
There are many types to choose from.
There are two types of costs in buying a home -- the initial amount
you will need for your purchase and the ongoing costs of paying back
your mortgage along with monthly operating costs. The largest one-time
cost is the down payment. It usually represents 5-10% of the total
price of the property.
Typical One-time Expenses:
- Mortgage application and appraisal fee
- Property inspection (optional), due at time of inspection
- Legal fees, due at the time of closing
- Legal disbursements, due at the time of closing
- Property survey (sometimes provided by seller), due at the time
of closing
- Land transfer, deed tax or property purchase tax, due at the
time of closing. in Quebec within three months following signing)
- Mortgage interest adjustment (if applicable), due at the time of
closing
- Home and property insurance, at closing and ongoing
- Moving expenses, due on the date of move
- PST on High Ratio mortgages
- Realty Tax Holdback
Typical Monthly Expenses:
- Mortgage payments
- Maintenance (this could be condominium fees, or allocated
maintenance fees)
- Property and content insurance
- Property taxes
- Utilities
our Team and Their Roles
Agents
A real estate agent is a professional who can save you time and
trouble. And possibly even a lot of money. You see, real estate agents
have the home buying experience most people lack. They know all of the
steps and they are good negotiators who will work on your behalf.
An agent will:
- Review your wants/needs list
- Use figures provided by the Real Estate Board to give accurate
comparables of homes for sale and that have been sold.
- Screen houses so as not to waste your time
· Arrange appointments
- Know your area and offer advice about the neighbourhood
- Be able to introduce you to trusted contacts who should be on
your team, such as mortgage brokers, lawyers, and home inspectors.
Above all, find a real estate agent who is a professional in the
type of home you're looking for. A country home professional may not
be the urban market specialist you need. And when speaking with your
agent, be as clear as possible about your needs.
Contractors
If you've decided to do some renovations on your home to make it more
sellable, it's time to look for a credible contractor. Before anyone
begins work on your home, it is important to do your homework.
1. Ask for Referrals
- Your architect will make recommendations
- Your Blue Mountain Real Estate &Rentals agent will offer some
suggestions
- Contact friends or neighbours who have had similar work done
- Ask at your local builder supply store
When you're interviewing contractors, ensure their credibility.
Contact their references. Ask to see some samples of the contractor's
work and speak to his clients to ensure that they were satisfied with
the price, length of time in which the project was completed and
overall, how the project was handled. Once you have the names of
a few contractors that look promising, arrange to get estimates from
them. By arranging for three quotes you'll get a good idea of the
costs and quality of work. When going over the project with your
contractor, ensure that he understands your needs and your budget.
Each contractor will have a different idea on how to approach the work
and they should inspect your home before giving an estimate. If
contractors are bidding based on an architect's plans, be certain that
they have detailed their approach to the job based on the drawings.
What's more, if there is a significant difference in the price, ask
the contractors to explain their estimates. And keep in mind that the
lowest price is not always the best. A price that's too low may mean
that the contractor has undercut to get the project and then may
submit additional project costs once the project is underway. As well,
a high price doesn't always mean that you're getting gouged. The
contractor may have budgeted for higher quality materials and may
offer workmanship that is of an overall better quality. In every case,
before you sign the contract, be certain that it is as detailed as
possible to the point of noting the specific finishes and brand names
of the products to be installed.
2. Evaluating a Quotation
- Are the specific details of the project outlined?
- Are the specific costs detailed?
- Is there a provision for extra costs?
- Has a cap been set for the total project?
- Is there a firm project timeline?
- Has the contractor allotted time for inspections?
- Have you indicated that you wish to see all material receipts?
- Will the work be subcontracted?
Appraisers
Hiring an appraiser to appraise the value of property you are
considering to buy may seem sensible but it is highly unnecessary.
Your lender will want their own personal appraiser anyway, so you
could be wasting valuable money. As well, most Blue Mountain Real
Estate & Rental's agents can do a "Comparative Market Analysis" for
you, to establish a value range.
Lenders
The true test for a buyer is "What else can we buy for the same or
less money?" In short, a lender is anyone who will give you money.
There are private lenders and institutional lenders, like banks and
credit unions. Even your brother-in-law can be your lender. Of course,
when you're looking for a lender, you' re looking for a long-term
relationship and terms and rates which are beneficial to you. You
really have a few options. You should go to a mortgage broker who will
search the mortgage market for the best rates and conditions based on
your circumstances. Usually the broker is paid by the lender without
cost to you. However, the cloudier your credit history, the more
likely there will be a fee! A good mortgage broker will be connected
to all major lenders through the mortgage market. You can also do your
own search. With a good credit history, it's really not that
complicated. Pick up your newspaper and you'll see what the different
lending institutions are offering. Find the institution you feel you
would be most comfortable with, and one that offers the terms and
conditions you're looking for. Then, go in person and negotiate your
best deal.
Mortgage
Brokers
We have Brokers that specialize in financing in our area. Almost
everyone who purchases a home through us gets financed. This is a
person who will do the leg work in finding the institution which
offers the mortgage terms and conditions that are right for you. Much
like an insurance broker, this professional works for you and can
offer you an unbiased referral. Although most brokers are paid a
finders fee by the lender, some will charge 2% of the total mortgage
to find you a lender.
Lawyers/Notaries
A lawyer is there to represent your interest, and to process the
documentation required. The legal aspects differ from province to
province. Your Blue Mountain Real Estate & Rental Agent can recommend
local lawyers to advise and close your new purchase or sale. A lawyer
helps ensure you are protected!!!
Home
Inspectors
Have the home inspected! Whether you make it a condition of purchase
or not, having the property pre-inspected by a qualified home
inspector will give you the added confidence that you've made the
right decision. Be very careful to verify the qualifications of your
home inspector because there are no government standards or licenses
for home inspectors. Some home inspectors in Canada do not have any
form of accreditation. For your protection make sure your home
inspector is a member of (PACHI) or (OAHI). This is your assurance
that they have met their education requirements, have the experience
and carry E & O Insurance.
Insurance Brokers
Blue Mountain Real Estate can offer a list of Insurance Brokers with
the lowest rates in the area. You'll want to make sure your property
and valuables will be covered. A broker offers independent advice and
can save you time, trouble and money. Plus, the bank will insist that
you carry full insurance since your property is used as collateral
against your mortgage.
What is a Mortgage?
A mortgage is made up of two parts: principal and interest. Principal
is the actual amount borrowed. Interest is the lender's fee you are
charged for borrowing.
You'll have to decide on an
amortization period (the length of time it will take to completely pay
off the mortgage) and the term, or length of time each mortgage
agreement guarantees the interest rate.
Before you go to a financial
institution or mortgage broker, keep in mind that there are many
mortgage options available. Shop around for the best rates and the
best terms. Negotiate. Everyone wants your business, but it's up to
you to look after your interests. Of course, the key thing to remember
is to negotiate a mortgage that fits into your lifestyle, and doesn't
take over your life! Your mortgage broker can help guide you through
this process and supply you with information.
Amount of the Mortgage
With lower interest rates, you may qualify for a larger mortgage
because your monthly payments will be lower. But always keep in mind
that the larger your mortgage, the more interest you'll pay in the
long run. That simply means your house will cost more. Also, what if
interest rates rise? Will you still be able to carry the payments
comfortably?
Obtaining a Pre-Approved Mortgage
Why go house hunting only to find that you don't qualify for a
mortgage on the dream home you've found? Having a pre-approved
mortgage will give you the confidence of knowing exactly what you can
spend on a home before you start looking. You will also be protected
against interest-rate increases while you look for your new home.
Once you've done your homework and
shopped for the best rate, meet with the loans officer to arrange a
pre-approved mortgage and discuss the features you're looking for to
tailor payments to your needs. It could take a few days, but give your
lending institution about two weeks. It will eliminate potential
headaches down the road.
Pre-Approved Mortgage Features to Look For
- Competitive
interest rates. You may be willing to pay a little more to get the
flexible features you desire.
- A 90-day rate
guarantee. This will protect you against rising interest rates while
allowing you to take advantage of falling rates.
- Flexible
payment options. These enable you to tailor the mortgage to your
lifestyle. Discuss payment frequency and lump-sum payment options.
Find out if your lending institution will allow you to skip a
payment in special circumstances or double-up on your payments.
- Closing Costs:
ask about the lender's policy with respect to realty tax holdbacks
on closing.
Types
of Mortgages
Conventional and High Ratio Mortgages
To qualify for a conventional mortgage, you
simply have to have a 25% down payment of the purchase price, with the
mortgage not exceeding 75% of the appraised value. If your down
payment is less than 25%, then you qualify for a high-ratio mortgage.
This type of mortgage requires loan insurance, which can cost an
additional 0.5% to 3.75% of the mortgage amount. With this type of
mortgage you could also Arranging a
mortgage
Types of Mortgages
Conventional and High Ratio Mortgages
To qualify for a conventional mortgage, you
simply have to have a 25% down payment of the purchase price, with the
mortgage not exceeding 75% of the appraised value.
If your down payment is less than
25%, then you qualify for a high-ratio mortgage. This type of mortgage
requires loan insurance, which can cost an additional 0.5% to 3.75% of
the mortgage amount. With this type of mortgage you could also be
limited to a maximum house price.
Second Mortgage
Of course, if you cannot add on to your mortgage, you may consider a
second mortgage. Each mortgage uses your home as security and gives
the mortgagee the right to take your home if you default on your loan.
The first mortgagee gets paid first in cases of default and has the
best chance of recovering all of its money. So it only goes to figure
that subsequent mortgages usually come with a higher interest rate.
Mortgage Features
Here are some mortgage options you
should know about:
Every lending institution is different, and each will have their own
customizable mortgage options. When you're hunting for a lender and a
home, see how the following features could be beneficial to you.
Prepayment
This is a wonderful option if you receive regular bonuses or if your
income fluctuates throughout the year. With a pre-payment privilege,
you have the right to make payments toward the principal portion of
your mortgage over and above the monthly payments. A mortgage with a
pre-payment option is closed. An open mortgage means you can pay the
entire principal sum without notice of bonus.
Portability
If you still have time remaining on that fantastic loan you
negotiated, portability is one option you'll want to discuss with your
lender. Quite simply, it means transferring the balance of your
current mortgage at the existing rates and with the existing terms and
conditions, to your new home.
Suability
Let's say that the vendor has negotiated a dynamite mortgage. With an
assumable mortgage you, the purchaser, simply assume the obligations
of the mortgage. This is a wonderful feature especially if the terms
are more favourable than the existing market conditions would allow.
Remember, when it is time for you to sell, you may still be liable for
any mortgage you allow the buyer to assume. This means if the buyer
stops making payments, you could be accountable for the payments. Be
sure to have the subsequent buyer approved for the assumption of the
payments, thereby avoiding this potential land mine.
Expandability
If you need additional funds down the road, will your mortgage terms
allow you to increase the principal amount? Usually, your new rate
will be a blended amount of the initial mortgage rate and the
prevailing rates. It's a great option to discuss with your lender if
you foresee large expenses in your future like
Be
sure to have the subsequent buyer approved for the assumption of the
payments, thereby avoiding this potential land mine.
Assuming an Existing Mortgage
By assuming the existing mortgage, you may
be able to save on the usual mortgage fees such as appraisal and legal
fees. You'll save time, since you don't have to negotiate to arrange
financing from another lender and the existing mortgage on the home
may be less than the current market rates. Unless otherwise specified,
you'll still have to qualify with the lender first!
Vendor Take Back
With a VTB, the vendor also becomes a lender, holding all or some of
the mortgage. Sometimes the vendor will offer this loan at lower than
bank rates.
Rate of Interest
Quite simply, interest is the cost
of borrowing money. There are two types of rate structures: fixed and
variable.
What is a Mortgage?
A mortgage is made up of two parts: principal and interest. Principal
is the actual amount borrowed. Interest is the lender's fee you are
charged for borrowing.
You'll have to decide on an
amortization period (the length of time it will take to completely pay
off the mortgage) and the term, or length of time each mortgage
agreement guarantees the interest rate.
Before you go to a financial
institution or mortgage broker, keep in mind that there are many
mortgage options available. Shop around for the best rates and the
best terms. Negotiate. Everyone wants your business, but it's up to
you to look after your interests. Of course, the key thing to remember
is to negotiate a mortgage that fits into your lifestyle, and doesn't
take over your life! Your mortgage broker can help guide you through
this process and supply you with information.
Amount of the Mortgage
With lower interest rates, you may qualify for a larger mortgage
because your monthly payments will be lower. But always keep in mind
that the larger your mortgage, the more interest you'll pay in the
long run. That simply means your house will cost more. Also, what if
interest rates rise? Will you still be able to carry the payments
comfortably?
Down Payments
Before considering any mortgage, consider your down payment. If you're
a qualified home buyer, you can purchase a house with a minimum 5%
down payment. On a $160,000 home that would be an $8,000 down payment,
leaving you with a $152,000 mortgage. Assuming you negotiate an
interest rate of 8% for your mortgage, you're monthly payment for
principal's interest would be $1160. Now let's say you decide o wait
until you save another $10,000 before you buy because you think the
bigger down payment will lower your monthly payments. Well, at 8%,
putting $10,000 more down on your house will only save you $76.32 per
month, you might be better off saving $10,000 for a rainy day or a
vacation or that hot tub you've been dreaming about. With today's
interest rates, it just doesn't make sense to tie up your cash to save
$76.32. You might be better off putting your extra money to work for
you in another investment with a higher rate of return.
Pre-Approved Mortgage Features to Look For
- Competitive interest rates. You may be willing to pay a little more
to get the flexible features you desire.
- A 90-day rate guarantee. This will protect you against rising
interest rates while allowing you to take advantage of falling
rates.
- Flexible payment options. These enable you to tailor the mortgage to
your lifestyle. Discuss payment frequency and lump-sum payment
options. Find out if your lending institution will allow you to skip
a payment in special circumstances or double-up on your payments.
- Closing Costs: ask about the lender's policy with respect to realty
tax holdbacks on closing.
Types of Mortgages
Conventional and High Ratio Mortgages
To qualify for a conventional mortgage, you
simply have to have a 25% down payment of the purchase price, with the
mortgage not exceeding 75% of the appraised value. If your down
payment is less than 25%, then you qualify for a high-ratio mortgage.
This type of mortgage requires loan insurance, which can cost an
additional 0.5% to 3.75% of the mortgage amount. With this type of
mortgage you could also Arranging a
mortgage
Types of Mortgages
Conventional and High Ratio Mortgages
To qualify for a conventional mortgage, you
simply have to have a 25% down payment of the purchase price, with the
mortgage not exceeding 75% of the appraised value.
If your down payment is less than
25%, then you qualify for a high-ratio mortgage. This type of mortgage
requires loan insurance, which can cost an additional 0.5% to 3.75% of
the mortgage amount. With this type of mortgage you could also be
limited to a maximum house price.
Second Mortgage
Of course, if you cannot add on to your mortgage, you may consider a
second mortgage. Each mortgage uses your home as security and gives
the mortgagee the right to take your home if you default on your loan.
The first mortgagee gets paid first in cases of default and has the
best chance of recovering all of its money. So it only goes to figure
that subsequent mortgages usually come with a higher interest rate.
Mortgage Features
Here are some mortgage options you
should know about:
Every lending institution is different, and each will have their own
customizable mortgage options. When you're hunting for a lender and a
home, see how the following features could be beneficial to you.
Prepayment
This is a wonderful option if you receive regular bonuses or if your
income fluctuates throughout the year. With a pre-payment privilege,
you have the right to make payments toward the principal portion of
your mortgage over and above the monthly payments. A mortgage with a
pre-payment option is closed. An open mortgage means you can pay the
entire principal sum without notice of bonus.
Portability
If you still have time remaining on that fantastic loan you
negotiated, portability is one option you'll want to discuss with your
lender. Quite simply, it means transferring the balance of your
current mortgage at the existing rates and with the existing terms and
conditions, to your new home.
Assumability
Let's say that the vendor has negotiated a dynamite mortgage. With an
assumable mortgage you, the purchaser, simply assume the obligations
of the mortgage. This is a wonderful feature especially if the terms
are more favourable than the existing market conditions would allow.
Remember, when it is time for you to sell, you may still be liable for
any mortgage you allow the buyer to assume. This means if the buyer
stops making payments, you could be accountable for the payments. Be
sure to have the subsequent buyer approved for the assumption of the
payments, thereby avoiding this potential land mine.
Be
sure to have the subsequent buyer approved for the assumption of the
payments, thereby avoiding this potential land mine.
Expandability
If you need additional funds down the road, will your mortgage terms
allow you to increase the principal amount? Usually, your new rate
will be a blended amount of the initial mortgage rate and the
prevailing rates. It's a great option to discuss with your lender if
you foresee large expenses in your future like
Assuming
an Existing Mortgage
By assuming the existing mortgage, you may
be able to save on the usual mortgage fees such as appraisal and legal
fees. You'll save time, since you don't have to negotiate to arrange
financing from another lender and the existing mortgage on the home
may be less than the current market rates. Unless otherwise specified,
you'll still have to qualify with the lender first!
Vendor Take Back
With a VTB, the vendor also becomes a lender, holding all or some of
the mortgage. Sometimes the vendor will offer this loan at lower than
bank rates.
Rate of Interest
Quite simply, interest is the cost of borrowing money. There are two
types of rate structures: fixed and variable.
A fixed-rate
mortgage will remain the same for the length of the negotiated term.
Your payment
Property Insurance
Your lender will insist that you have insurance on your property
because your home is used as security for the mortgage.
Service Charges
You'll be charged for telephone, cable and a variety of other services
that you hook up at your new home.
Lawyer (Notary) Fees
Each real estate transaction requires the assistance of a legal
professional to review the Offer to Purchase, search the title, draw
up the mortgage documents and take care of the details on the day of
closing. Lawyers fees range widely depending on the complexity of the
transaction. Ask your Blue Mountain Real Estate & Rentals agent to
recommend a lawyer. And remember, fees can be negotiated.
Mortgage Loan Insurance
Premium and Application Fee
Mortgage loan insurance will be necessary if you have a high-ratio
mortgage (less that 25% down payment). The application usually costs
$75 with a valid appraisal, otherwise it's $235. The actual insurance
premium will range from .5% to 3.75% of the purchase price and is
added onto the mortgage.
Mortgage Broker Fee
Some brokers may charge as much as 2% of the total mortgage to find
you a lender. In most cases though, the broker is paid by the lender.
Buyers with good credit should not have to pay a fee.
Moving Costs
Whether you've decided to do it yourself or hire a moving company, now
is the time to budget for the costs involved.
Estoppel Certificate
If you're moving into a condominium (complex not necessarily a
high-rise) this certificate outlines the condominium corporation's
financial and legal state. It will cost you up to $50.
Condominium Fees
These monthly fees vary from complex to complex. The fees are applied
to everything from grounds keeping and carpet cleaning to security
personnel and health club maintenance. Depending on the type of
structure, these fees will usually be a few hundred dollars.
Home Inspection Fee
For around $300, depending on the size of your home, you'll receive a
complete written report about the condition of the structure. Do your
research and hire a reputable firm.
Renovation and Repairs
Your home inspection may indicate the need for some general repairs or
a major project. Have some money set aside, particularly if you are
purchasing an older home.
Redecoration
Your taste will be different from the previous owner. Set aside money
to paint and wallpaper. Prepare a list of things you can live with,
for now, and decorating faux pas that need immediate alteration.
Water
Quality Certification
If you are purchasing a home with a well, you'll want to ensure the
quality of the water. This will cost approximately
Securing a Mortgage
Applying
When applying for a mortgage, provide
prospective lenders with enough information about your work history,
debts and assets. They're looking at the state of your personal
finances. They will look at your gross income and potential mortgage
payments and property tax expenses to come up with a Gross Debt
Service ratio (GDS). This is usually limited to 30-35% of your gross
income. To that lenders will add all other debts to come up with a
Total Debt Service ratio (TDS), which can't exceed more than 40
percent of your gross earnings.
What Lenders Look For
Lenders are looking at the risk factors from two points. First, will
you be able to make your scheduled monthly payments? Second, if you
default (don't make your payments) can the financial institution get
enough money from the sale of the house to repay the loan?
Approval Process
You'll be asked about your net worth, the difference between the value
of everything you own and the amount you owe. Lenders take into
account your bank balance, any types of investments, other real
estate, cars and boats, other loans, credit card balances and many
other things. Remember to be as specific as possible. So if you have a
coin, significant stamp or art collection, have it appraised!
Your credit rating is your history
of loan repayment and will be used by lenders as an indicator of your
ability to repay your mortgage. It covers how you've managed past
debts or if you've filed for bankruptcy. You'll be asked to sign a
form allowing your financial institution to gather information from
your employer, creditors and credit rating agencies.
If you've had credit problems, it
may be a good idea to check and clean them up before you apply for a
mortgage. You can check your own credit rating by contacting a company
that compiles the information. One source is the Trans Union Customer
Relations Department, P.O. Box 338-LCD1, Hamilton, Ontario L8L 7W2.
Simply send a note asking for your credit rating along with
photocopies of two pieces of ID with your current address, plus a
photocopy of a utility bill or credit card invoice. The process takes
about two weeks and you'll get a good idea of how you'll be evaluated
by the banks.)
If there is an outstanding debt,
contact the creditor and resolve it. If you notice an error, report it
immediately in writing and get it resolved.
Although your credit may not be
perfect, it does not mean you are unable to purchase a home. Make sure
you talk to a mortgage broker about your situation before you give up
on your dream. Even if you can't buy now, your mortgage broker can
help you re-establish your credit so that one day you will be able to
live your dream of owning a home.
Insurance
Mortgage Loan Insurance
As a first-time home buyer, chances are, you're not walking into your
deal with a huge down payment. As you may have already discovered in
other areas of the site, you can purchase a home with as little as 10%
down, or even a 5% down payment if you qualify with CMHC's First Home
Loan Insurance.
Bottom line, if your down payment
is less than 25% of the value of the home, you must purchase mortgage
loan insurance. In Canada, most lenders are legally required to insure
these high risk mortgages. This insurance means that if you default on
your mortgage, your lender receives their money from the Canadian
Mortgage and Housing Corporation (CMHC) or other insurer. And it's
coverage like this that gives most lenders the confidence to finance
up to 90% of your purchase.
What Does it Cost?
The actual premium of the loan ranges between 0.5% and 3%, and is
based on the size of the loan and value of your home. You can make
your premium in two ways: as a lump sum when you make your purchase or
as part of your monthly mortgage payments. But keep in mind, if you're
paying it monthly, you're also paying interest on the premium!
Of course, there are always
additional fees:
(If you provide your own appraisal,
the fee drops to $75, but neither cost covers the actual inspection or
appraisal service.)
Application Fee $25
Appraisal Fee $235
First Home Loan Insurance
This is a special product for first-time purchasers. It allows you to
mortgage up to 95% of the value of your home. Any type of home is
eligible, as long as it meets the following criteria:
- The home must be occupied by you and be in Canada.
- You can't have owned a home in Canada during the past five years.
(If there is more than one owner, only one has to meet this
criterion.)
- All housing payments - mortgage principal and interest, property
taxes, heating (and if applicable, 50% of your condominium fees)
can't total to more than 32% of your gross household income, or be
more than 40% of your entire debt load.
Getting Ready (to see a lender)
Getting Ready
Remember that impressions count. The best
way to make a good impression is be prepared. Gather the following
information to submit to your lender:
- Current statement of earnings of all purchasers
- Updated bank account balance's)
- Current credit card statements
- Car loan or lease information
- Other debt information
- All asset information:
- vehicle information
- home furnishings
- investments
- vacation property (trailer, timeshare)
- collectibles (they must be professionally appraised)
- Projected down payment information
Names, addresses and telephone
numbers of:
- Employer's)
- Chequing/savings account bank branch and contact
- Broker
- Landlord
You may also
wish to do a rough calculation to figure out your debt service ratio.
This will give you a rough idea
The Hunt is Over
For
some, this is a stressful experience. After all, you and the seller
may not be able to come to an agreement and you won't get your dream
home. There are eight basic elements to an offer and there are various
offer strategies that you may want to use during your negotiations.
When you've found your home, you
will make a formal, written offer to purchase. This is a legally
binding contract outlining what you will give (a combination of price
and terms) in exchange for the home. Your agent will probably use a
pre-printed form covering all of the legalities and will modify it to
cover what you want to offer.
Remember, everything is negotiable.
You should ask for what you want, but keep in mind what you're willing
to give up. Your Blue Mountain Real Estate & Rentals agent will put
everything in writing. Of course, the more contingencies in your
offer, the less attractive it will be to the vendor. In a buyers'
market, that's OK.
The vendor may counter your
contingency with an escape clause. For example, the vendor may wish to
continue showing the house and if they receive another offer, you'll
have the option of backing out or removing your contingency.
The
Offer Can be Firm or Conditional
A firm offer means that you are prepared to purchase the home without
any conditions. If the offer is accepted, the home is yours. Although
a firm offer to purchase is usually preferable to the seller, if you
are unable to close you will lose your deposit and may get sued. Take
time to confirm your financing and to think twice about the
investment.
A conditional offer to purchase
means that you have placed one or more conditions on the purchase,
such as subject to home inspection, financing or sale of your existing
home. The home is not sold until all the conditions have been met.
Acceptance of the Offer
Your offer to purchase will be presented as soon as possible. After
the seller has reviewed the offer, it may be accepted as is, rejected,
or returned with a counter offer.
The counter-offer may be in
reference to the price, the closing date or any number of variables.
The offers can go back and forth until both parties have agreed or one
ends the negotiations.
It is best to know your absolute
upper limit before you begin negotiations, so that in the heat of the
moment you don't end up with a home you really can't afford.
Eight Basic Elements of an Offer
1.
Basic Details
This includes the address and legal
description of the property, and the names of the vendor, purchaser
and brokers involved.
2.
Price
Depending on the market conditions, your opinion of the value of the
home and the information provided by your Blue Mountain Real Estate &
Rentals Associate, the price you offer may be different from the
seller's asking price.
3.
Chattel - Inclusions and Exclusions
Items within the home that will be included in the purchase price such
as appliances, fixtures or decorations such as drapes or mirrors are
referred to as chattel. Don't assume that anything will be left
behind. If you want it, put it in writing.
4.
Deposit
The deposit shows your good faith and will be applied against the
purchase of the home when the sale closes. Deposits are usually no
more than 3-5% of the purchase price, but a larger deposit can show
the vendor that you're serious. Your Blue Mountain Real Estate &
Rentals agent will advise you on the appropriate amount, and you may
wish to stipulate that some interest be paid on it in the meantime.
5.
Terms
These include the total price of your offer as well as the financing
details. You may arrange your own financing or may ask to assume the
seller's mortgage, especially if it has an attractive interest rate.
There will also be an expiration date and time after which the offer
is no longer valid.
6.
Conditions
These might make your offer subject to home inspection, to your
obtaining financing or to your selling your property.
7.
Closing or Possession Date
Generally, the date the title of the property is legally transferred
and the transaction of funds is finalized between 30 and 90 days from
the date of the offer. This is often a good negotiating point as
vendors usually have a fixed date in mind.
8.
Request for a Current Survey of the Property
If the vendor does not have one, you may wish to make one obtaining a
land survey a condition of the closing. In most cases, the vendor will
not pay for a new survey. As discussed earlier, you can ask the vendor
to provide a "Declaration of Possession" or you could buy a "Title
Insurance" policy instead. If however, you are planning to add to the
house or build a garage, the best idea is to request a new survey -
you'll likely need it to get your building permits
Making
An Offer & The Process
When it
comes time to determining the dollar amount of your offer, your Blue
Mountain Real Estate & Rentals agent can provide information on the
prices of similar homes that are currently on the market and those
that have sold recently in the surrounding area. Then you'll be better
prepared to make an informed decision.
Find out how motivated the seller
is. The house may have been on the market for quite some time and the
vendor may have other obligations. Find out if the asking price has
been reduced. It's also good to know when and for how much the vendors
purchased the home. Vendors who have accumulated considerable equity
will be willing to bargain more than those who may be faced with an
overall loss.
You'll probably wish to make an
initial offer that is lower that what you would actually be willing to
pay.
Once you have decided on the
initial price, terms and conditions, your Blue Mountain Real Estate &
Rentals agent will communicate your offer, sometimes known as an offer
to purchase to the seller, or the seller's representative, on your
behalf.
Accepted
and Rejected Offer
If the
seller accepts the offer, congratulations, you're the proud owner of a
new home! If you don't hear back, the seller has rejected the offer.
You may want to make another one, or simply look at other houses that
interest you.
Most often, you'll receive a
counter to your offer. You can choose to accept it, or respond with
another counter offer. This process will continue until one side
accepts or quits.
Reminder: The home inspector does
not pass or fail the property.
The Deposit
The
deposit shows your good faith and will be applied against the purchase
of the home when the sale closes. Deposits are usually no more than
3-5% of the purchase price, but a larger deposit can show the vendor
that you're serious. Your Blue Mountain Real Estate & Rentals agent
will advise you on the appropriate amount, and you may wish to
stipulate that some interest be paid on it in the meantime.
Offer
Strategies
Choose the Strategy That's Best for You
- The "How Low Can You Go" offer
- The "I've Got to Have This Home" Offer
- The "Poker" offer
The "How Low Can You Go" offer is
contingent on you not having an emotional attachment to the property
you intend to purchase. In a buyers' market, you may find a few homes
that catch your interest and you may want to make a lowball offer.
This is usually significantly less than the asking price.
Low balls only succeed if the
seller is desperate. You may receive a counter offer, but more often
than not, the seller will feel insulted and ignore your offer.
Your Blue Mountain Real Estate &
Rentals agent may advise you against presenting such an offer, but
will pass it along to the vendor.
The 'I've Got to Have This Home'
offer usually happens when buyers fall in love with the home and want
to present their best offer first. This offer leaves no negotiating
room, but if the market is hot, it's an offer that will attract
attention. Your Blue Mountain Real Estate & Rentals agent will convey
to the seller that this is your best offer. Most sellers expect to
receive an offer and counter with another, so you may find yourself in
a situation where you either accept the counter offer, or walk away
from the home.
The 'Poker' offer usually arises in
a sellers' market where buyers find themselves in a bidding war for
the property. If you find yourself in this situation, all of your
negotiating strength will be lost. You have the choice to raise the
bid, or fold and move on.
The power of waking away is a
formidable one, especially when no one else is competing against you
to buy the house.
Closing Day
It's a
day filled with nervous anticipation. This is the day on which all of
the legal and financial promises in the offer are met. It's the day
when you get the keys and begin a new phase in your life. Your Blue
Mountain Real Estate & Rentals agent and your lawyer will give you all
of the details on steps and timings. All of the small details will be
taken care of ahead of time, so in most cases it will be just a day of
waiting by the phone.
Also, remember that this is a
hectic day for the seller, too! Very often it's moving day and they're
trying to gather all of their belongings to leave as the purchaser is
trying to move in.
In brief, here's what takes place
before the actual closing day:
1. A copy of the offer will have
been forwarded to the office of your lawyer. Your lawyer will have
reviewed the conditions of the sale. You will have made your lawyer
aware of how you, and any co-buyers, will be registered on the title
of the property.
2. All of the conditions in the
offer to purchase must be satisfied by the closing date. If one of the
conditions in your offer was a house inspection, it should have been
completed by the closing date, and you should be satisfied with the
report.
3. All of your financing details
will have been finalized and ready to fall into place on the closing
date.
4. If the vendor did not have an
up-to-date land survey, you'll have had one done. Your lender will
insist on it.
5. Your lawyer will search the
title of the property to ensure that you can purchase the home without
any legal problems. Your lawyer will also make sure that tax payments
have all been made and there are no liens on the home or the personal
property the vendor has agreed to sell you as part of the deal.
6. You'll want to make sure that
you've contacted all of the utility, cable, and phone companies to
ensure an easy transition of service and billing.
7. Your lawyer will prepare a
statement of adjustment. This confirms the selling price, adjustments,
and the balance (less the deposit you provided with the offer). Your
lending institution will draw up a certified cheque for your lawyer to
hold in trust.
8. Additional settlement charges
will have to be paid:
- Your lawyer's
fee and disbursements
- Condo and
co-op fees (Remember to ensure there is an adequate Reserve fund in
place and that the condominium has a proper Technical Audit and
Reserve Fund Study completed by competent professionals.)
- Tax and
utility adjustments; if they have been pre-paid, you'll have to pay
the vendor for the portion of the service you assume
- Land transfer
tax; based on the price of the home, this fee ranges from 0.5% to 4%
of the selling price
9. You'll want to make sure your
homeowner's insurance policy will be in place to cover your new home
and property once the deal is closed. Your lawyer will need a copy of
the policy before closing.
The
Lawyer
A lawyer
is there to represent your interest, and to process the documentation
required. The legal aspects differ from province to province. Your
Blue Mountain Real Estate & Rentals Agent can recommend a lawyer to
advise you on the steps to be taken before the keys to your new home
are presented to you.
Surveys and Inspections
Surveys
The survey is a diagram of the location of
the home on the lot, as prepared by a certified land surveyor. You
must ensure that the vendor has an accurate, up-to-date survey so that
your lawyer can make the proper municipal zoning inquiries. If no
survey exists, or the survey is not accurate and up-to-date, this
should be the subject of negotiations and should form part of your
offer.
Inspections
If your new car turns out to be a lemon, not only is it a headache,
but it could cost considerable money to set things right. If your
dream home turns out to be a nightmare, you could be facing huge
expenses -- money you may not have after making the biggest single
purchase in your life.
Why do people take a mechanic for a
test drive before buying a used car, but spend much, much more on a
home based only on a quick tour? One reason may be that, until
recently, it hasn't been all that easy to find a knowledgeable
professional who can make a detailed assessment of each of the systems
and components that can go wrong in a house. A carpenter moonlighting
as an inspector would probably check all the structural elements but
walk right past a deficient furnace or a soon-to-be-leaking basement
caused by improper grading.
Professional home inspection,
backed by a national association, is an industry that has become
increasingly involved in residential real estate transactions over the
past few years.
So how do you find a professional
home inspector to help you make an informed decision prior to buying?
Ask your Blue Mountain Real Estate & Rentals agent for
recommendations. You may only buy one house in your lifetime, but Blue
Mountain Real Estate & Rentals agents are involved in home purchases
every day and come to know who does a competent and professional job.
Ask your prospective home inspector for references from recent
clients. Ensure the inspector is a member of a reputable industry
association. In addition, ensure the inspector carries errors and
omissions insurance. Not only does this give you an extra level of
protection in case of future problems, it is also a test for good
inspectors. (Those without specialized training either cannot obtain
the insurance or can't afford it because the rates are higher for
those with lower credentials.) Finally, to avoid the possibility of
conflict of interest, avoid any inspector who offers to do necessary
repairs, or who is involved in any way in real estate or home repair.
Professional home inspectors stick to inspections.
Be sure your home is inspected for
termites, radon, lead paint, asbestos, Urea Formaldehyde Foam
Insulation (UFFI) and other hazards. Find out if your lending
institution has any specific tests it requires before it will approve
your mortgage. to you.
The
Title Search
It is the responsibility of your
lawyer to conduct a search of title (at the registry office) and also
to contact the municipality for taxes, zoning compliance (permits,
use, setbacks, pool, fencing, compliance with subdivision agreements,
etc.) and public utilities (hydro, gas, etc.) within the time stated
in the offer.
Taxes and Liens
Your
lawyer will search the title of the property to ensure that you can
purchase the home without any legal problems. Your lawyer will also
make sure that all tax payments have been made and that there are no
liens on the home or the personal property the vendor has agreed to
sell you as part of the deal.
Finalizing the Mortgage
Once
you've found the home you want to purchase, there are some documents
you'll probably be asked for in order to finalize your financing.
These will include:
1. The real estate listing of the
property. If the home is still to be built, the mortgage lender will
need to see the architect's or builder's plans and details on lot size
and location.
2. A copy of the offer to purchase
or the building contract, if this document has been prepared.
3. Documents to
confirm employment, income and source of down payment.
Signing on the Dotted Line
On
the Actual Closing Day
Your lawyer pays the vendor, registers the
home in your name and delivers the deed and keys.
Make sure that you have all of the keys. The side door, garage door,
shed, mailbox etc. And don't forget about the garage door opener! If
you are purchasing a used home, it might not be a bad idea to change
the locks or have them re-keyed after moving in.
What
to Expect on Moving Day
Saying
good-bye to one neighbourhood and discovering a new one is an exciting
adventure. But let's face it, at the end of your home-buying process
you may find yourself exhausted. After all, the other obligations in
your life have not paused.
What's more, now there's another
cost -- moving. Whether you hire professionals or strong-arm friends
into helping, be prepared for the cost of the move. Here are some
suggestions on how to reduce the cost of your move, but let's first
look at how to prepare for the big day.
You will have noticed that your
possessions expand to fill the space allotted. Guess what, if you're
moving into a larger home, you'll be gathering more stuff, so start
out right.
- Don't take it
all. Before you pack it all into boxes and cart it to a new
location, take a good look at everything and find out what you can
live without. This is a great time to have a garage sale and what
doesn't sell, you can give away to charity.
- Have all of
your change of address cards filled out months in advance. You'll
want to notify friends, family, businesses, organizations you're a
member of, etc. Have the cards ready to mail once the deal is
closed. Redecorate before the move. Sometimes it isn't possible, but
if you have the chance to work without the obstructions of
furniture, you'll find that you can get twice the work done in half
the time.
- Put the
utilities in your name. Hydro, water, gas are the first companies to
call. But don't forget to coordinate your telephone and cable
service. Of course, you'll want to let the companies servicing your
old home know when to disconnect service there.
Get
Packing
You'll want to ensure that each item you own is well packed to
minimize damage during travel. Whether you're moving around the
corner, across town or across the country, the moving process is
always the same.
To
Hire Movers or Not to Hire Movers?
If you hire movers to pack for you, they'll descend on your home with
a crew of experienced packers who will seal, pad and itemize
everything you own in a day or two.
During the move, you'll want to
make sure you're insured while your belongings are in transition. Many
moving companies also offer additional insurance.
On moving day, go through the house
with the crew supervisor and have him take note of any special
instructions. If there are items you will need first in your new home
(like a crib) make sure they put it in the moving van last. The movers
will also make note of the condition of your goods on a master list.
It is your responsibility to make sure it's accurate.
After the van is unloaded and your
goods are unpacked, inspect everything and make note of any damage.
While movers do unpack, they don't put dishes or linens away.
If you are undertaking the packing
process by yourself, it will take time. Pack well in advance, and take
note of what you can really live without. You'll have items that need
special attention and other items that need to be disassembled. Label
each box in detail and, if you know where it will go in your new home,
put the destination on the box.
- Pack what you
need most last!
- Label each box
carefully!
- Designate a
destination!
You'll also want to pack a box of
essentials. These are items you're likely to use once you arrive in
your new home. Include items like:
- toilet paper
- soap
- toothbrushes
and toothpaste
- paper towels
- garbage bags
(a lot of them!)
- paper plates,
cups and plastic utensils
- can opener
- hammer,
screwdrivers, pliers
- a flashlight
- some light
bulbs
- snacks and
drinks
- a radio
Ways to Reduce the Cost of a Move
There
are many ways to reduce the time and cost required to complete your
move. No single item will greatly lower your costs, but any
combination of the following can produce significant savings.
1. Start the move as early as
possible. Late starts, particularly on large moves, can have a
psychological as well as physical effect on both the crew and you.
Overtime can become a factor as well.
2. Be ready when the movers arrive.
Make certain that all small items, including lamps, pictures, small
mirrors, lampshades, dishes, books, etc., are packed prior to the
arrival of the movers. Use cartons that can be sealed. Follow our
'Packing Tips' carefully. We can supply you with all the materials
necessary to ensure a proper packing job. Keep in mind that the costs
of these materials may be outweighed by the extra cost of the move,
should it take longer due to improper packing. Mark the cartons
clearly to ensure proper placement in your new residence.
3. Discard unwanted items prior to
the move. Have a garage sale for items that you no longer consider
useful. Don't pay to move what you don't need.
4. Have the cars out of the
driveway. Otherwise the moving van may block them in. If the truck has
to load off the street, try to ensure that there is a parking spot
specifically reserved for the movers.
5. If you are moving from an
apartment, have the elevator on service and meet the crew when they
arrive in the moving room.
6. In the winter, make sure the
driveways and walkways are clear and salted to prevent slipping.
7. Remove all items that you are
moving yourself prior to the arrival of the movers, so they won't be
in the way during the move.
8. Move small plants yourself. The
movers will move large plants at the customer's risk, if desired.
9. Disconnect all appliances and
remove hoses completely from the washer and the dryer to prevent
scratching and soiling of walls and floors. Place the hoses inside the
washer to ensure that you will find them later.
10. Bring garden tools, lawn mower,
patio furniture, etc. from the backyard to the front.
11. Bring small items and cartons
up from the basement and put them in the garage for quicker access.
12. Disassemble swing sets and
other large items. If you're moving in winter, plan ahead to prevent
them from freezing in the ground.
13. Disassemble all beds. Movers
assume that waterbeds will be drained completely and disassembled
prior to their arrival.
14. Take mirrors off the dressers.
Wrap the screws and tape them into the top right-hand drawer of the
dresser.
15. Take the legs off large tables
and handle carefully to avoid damage.
16. Remove screen door plungers and
any doors that had to be removed when you moved in.
17. Walk through the house when the
crew first arrives and point out the things that are not to go, as
well as items you are especially concerned about.
18. Make yourself available at all
times in case of questions.
19. Try to keep children from
getting in the way of the movers. Remember this is a big day for them,
and try to be as patient as possible.
20. Assist in carrying small items,
boxes, etc. Do not attempt to carry heavy items requiring two people.
The movers are experienced at working together.
21. Check the house thoroughly
prior to the departure of the crew. The driver is instructed not to
leave until you are satisfied that they have loaded everything that is
to go.
22. Be organized at the new house.
Have someone at the door to direct the movers. This will eliminate
confusion about where to place items.
23. Pack and unpack the clothing
wardrobe cartons you rented, or which the movers supplied on the day
of the move, while the movers load and unload the truck. Make sure
they're one of the last things to go onto the truck. This way, you can
unpack the wardrobe cartons quickly and the movers can take them when
they leave, thus avoiding additional rental costs.
24. Reassemble items on your own
where possible to save time and the cost of having the movers do it.
25. Pick a closing date that is
unique and not end of the month.
26. Think about where your moving
from. (i.e. elevator to large building may be busy)
The items listed
above are just some of the money-saving tips you can try. The most
important suggestion we can make is to be organized. Your move should
be an enjoyable event, and a little planning will ensure you and your
family have a great move.
Moving
Checklist
1.
Book the Movers
You can choose to have your movers pack
everything, or just the breakables, or you can pack yourself. It is a
good idea to obtain estimates from several different companies and ask
for complete references.
2. If You Own Your Present Home
- Arrange to
have your gas, water and hydro meters read on the day you leave and
forward the bill to your new address.
- Have the oil
tank read and filled before your sale closes (unless stipulated
otherwise in the offer).
- If the water
heater or furnace is rented, arrange for a transfer of the rental
agreement to the purchaser.
- Disconnect
your telephone, cable and water softener.
3.
If You Rent Your Present Home
Give necessary written notice to your landlord and make arrangements
for the return of any money you have on deposit.
4.
At Your New Home
Make arrangements for the gas and electric utilities, water softener,
telephone and cable to be connected on the day the sale closes.
5.
General
- Get change of
address cards from the post office and send out well before moving
day.
- Have the post
office forward your mail to your new address.
- Cancel any
contracted services and pre-authorized cheques.
- Inform
gardening, dry cleaning, garbage pick-up, newspapers, magazines and
other home services. Arrange for service at your new address.
- Cancel or
transfer social, athletic, civic, religious or business affiliations
and memberships.
- Arrange for
transfer of medical, dental, prescription and optical records.
- Change the
address on your driver's licence's) effective the day of the move.
- Collect all
items out for cleaning, repair or storage (e.g. dry cleaning).
- Make special
arrangements for the moving of your pets.
Change of Address
There
are many people you'll want to inform about your new location. Use
this worksheet as a guide.
- Relatives and friends
- Landlord (if necessary) - remember you must give two months' notice.
- Insurance broker
- School's)
- Post office
- Phone company
- Hydro company
- Gas (or oil) company
- Cable company
- Doctor
- Dentist
- Lawyer
- Veterinarian
- Bank
- Employer
- Tax dept.
