Realty Check: Real Estate Secrets for First-Time Canadian Home Buyers [NOOK Book]

Overview

Top advice from one of television's most well-known Realtors.


Buying a home for the first time can be a daunting and stressful endeavor. The myriad questions and issues that arise can be overwhelming, resulting in an experience completely different from what first-time buyers were expecting. Sandra Rinomato, the host of the hit HGTV show Property Virgins, delivers a "realty check" by pointing buyers to ...

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Realty Check: Real Estate Secrets for First-Time Canadian Home Buyers

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Overview

Top advice from one of television's most well-known Realtors.


Buying a home for the first time can be a daunting and stressful endeavor. The myriad questions and issues that arise can be overwhelming, resulting in an experience completely different from what first-time buyers were expecting. Sandra Rinomato, the host of the hit HGTV show Property Virgins, delivers a "realty check" by pointing buyers to homes that fit their budget, satisfy their needs, and most importantly, achieve their goal of home ownership. Realty Check covers such topics as:



  • How to finance your home purchase without going broke.



  • How to look past home staging and focus on the crucial elements of a potential property.



  • Home inspection and exactly what it entails.



  • Tips for condominium buyers.



  • How to find and work with a good Realtor.



  • Mortgage fraud and other legal issues.




Buying a first property is a major commitment, but readers of this book will be well-prepared to take the leap into home-ownership, with their eyes wide open.

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Product Details

  • ISBN-13: 9780470738863
  • Publisher: Wiley, John & Sons, Incorporated
  • Publication date: 3/25/2010
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition number: 1
  • Pages: 256
  • File size: 2 MB

Meet the Author

A property expert in the Toronto area for more than 12 years, Property Virgins host Sandra Rinomato has focused her career on achieving the best possible outcome for her clients. Whether they are buying or selling a home, setting the stage for an outstanding client relationship and performance are her focus. She has developed her own formula for success: upfront honesty and a "go that extra mile" attitude; effective negotiating skills; expertise; and professionalism. Ms Rinomato is also an active fundraiser for charities in the Toronto area.
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Table of Contents

Preface xi

Acknowledgements xiii

EPISODE 1: Knowing WhatYou Want 1

What every buyer needs 3

But do you really need a realtor? What can a realtor do for you? 5

Realtor—or fortune teller? What a realtor can’t do for you 6

How do you find a good realtor? 9

It's a roller coaster, that’s for certain 11

Meet Ray and Yvonne 12

EPISODE 2: New Kids onthe MLS Block 31

Meet Mike and Angela 34

The Role of the Realtor 37

The MLS System 40

Qualifying the Buyer 42

What to Expect from Your Realtor 45

EPISODE 3: Avoiding the Pitfalls 49

How ideas get started 51

Meet Niall and Bob 54

Buyer beware: The pitfalls of disclosure statements and home inspections 57

Getting the most from a home inspection 59

More housing hazards to keep on your radar 64

EPISODE 4: Taking It All On 71

Meet Mustafa 72

Gold mine or money pit? 74

What will the bank say? 75

First time's the charm? 76

Tearing down misconceptions 77

Words to the wise about fixer-uppers 83

So you want to be a landlord? 88

The dreaded "r" word: Responsibility 89

EPISODE 5: The Condo ofTheir Dreams 93

Meet Claudia and Grant 97

Condos, from the ground up 101

Pros or cons? It all depends on your point of view 104

More fine print: Insurance! 108

The perils of purchasing a "virtual" condo 108

Some final words to the wise 112

EPISODE 6: Mustangs and Mor tgages 115

A role model with moxie 119

Meet Lauren 122

Single buyers rule! 124

Condo Safety Factors 125

What's in a mortgage? 129

EPISODE 7: Big, Bad Realtor 135

Meet Henry and Jill 138

Freehold, hybrid, co-op—what's best? 141

Too much of a good thing 143

The non-negotiable costs of buying 145

The 10 most important questions to ask your realtor before making an offer—and why you should ask them 146

Another issue for your trusty home inspector 148

More than a casual stroll: the final walk-through 150

EPISODE 8: "You Like It? I Own It" 157

Meet Mr. Daniels 159

Every homeowner's worst nightmare 160

What the legal mumbo-jumbo really means 164

Even if mortgage fraud is unlikely, you need a real estate lawyer! 166

That old ounce of prevention 168

EPISODE 9: A Time To Sell 173

Meet Katie and Bill 176

What if there are—gulp—multiple offers? 179

Back to the drawing board—again, and again . . . 181

Selling your home—fast and profitably 188

EPISODE 10: What I've Been Trying To Say 199

Meet My Family—Gary and Edward 201

Expectations—and the dreaded word “compromise” 203

Blunders and bloopers of the first-time homebuyer 204

Sandra's Top 10 Recommendations for First-time Homebuyers 206

APPENDICES

CHECKLIST 1: What to Consider and Do When Buying a Property 217

CHECKLIST 2: What You Need to Know about a Mortgage 222

CHECKLIST 3: Closing Costs and Other Purchase Expenses 227

CHECKLIST 4: Property Checklist 229

WORKSHEET 1: Your Personal Cost-of-Living Budget (Monthly) 239

WORKSHEET 2: Calculating Your Gross Debt-Service (GDS) Ratio 243

WORKSHEET 3: Calculating Your Total Debt-Service (TDS) Ratio 245

CHART 1: Recovery on Renovation Costs 247

GLOSSARY 248

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