Ways to Save on Your Luxury Real Estate Purchase

You’re ready to buy luxury real estate… but your mortgage is going to cost how much? What? How are you going to afford THAT? Don’t worry though because there are some great and easy ways to save on luxury homes for sale. Here we’re going to go over some of the best ways to save – hopefully a few you didn’t know about.

Don’t Take a Long Mortgage

I know this sounds insane, you’ll have higher monthly payments right? But every month that passes by that you’re paying extra interest is another month that interest is compounding. You’re going to need to look beyond that 25 year max mortgage and see if you can find one that’s more 15 to 20 years long. If you can go shorter than that AND it off before it ends, go for it! Up until recently you could get a max 30 year mortgage but the Bank of Canada changed that – the longer you’re paying on your luxury real estate the more can go wrong.

Save for Your Down Payment

If you can’t get up 20% for your down payment, you’re going to have to purchase something called PMI or private mortgage insurance. This is bad, very bad, especially when it comes to luxury homes for sale. You’ll want to have that 20% up front – if you don’t have it, start saving now. If you are buying a $900,000 home, you’ll have to pay $9,000 a month in PMI (1% of the value). This is just awful, and that’s $9,000 a month that can go towards paying off your mortgage.

Get Financed Ahead of Time

Want to know the secret to getting the best mortgage? Planning ahead! If you get pre-approved (not pre-qualified, this is virtually useless) you’ll be able to lock in low rates, good money and good terms for up to 6 months after the lender has pre-approved you. You shouldn’t have to pay more than you have to, and when you plan ahead you’re going to be able to avoid that altogether. Working with a planner or mortgage broker is going to help you on that end.

Work With a Luxury Realtor

Are you really going to shop for luxury real estate or homes for sale on Craigslist? Really? Stop that! Don’t do it! You want a professional to help you know which neighbourhoods are good, which houses are overvalued and help you find the hidden gems that are right for you.  You need that extra help to have the protection you need to stay safe – don’t forget to hire a real estate lawyer as well! While private sales are always an option, you’re still going to need a luxury realtor. Don’t work without a net, make sure you’re covered and getting the house that’s best for you.

If you want to be able to make the most of your luxury home purchase, start planning now. A prepared buyer is a buyer that saves more money!

The Goodale Miller Team is the #1 team in Canada for Century 21 11 years running.  To learn more visit http://www.goodalemillerteam.com

Putting Down Roots: How a Tree Can Raise Your Asking Price

It’s amazing when you think about it, but a single tree can actually up the average cost of a home by nearly $20,000 and save you hundreds of dollars a year on your utilities. If you’re about to buy a home or you’re thinking about selling in a few years, mature trees can do magical things for your property values.

Don’t Forget: Buyers are willing to pay top dollar for mature trees – just planting a tiny tree on the side of the house isn’t going to cut it!

What Kind of Tree is Right for You?

You don’t want to plant just any tree – you want to plant the right tree! This is a great time to hire an arborist to help you identify species that are not only durable in your area, but strong and desirable too. Oak trees are always a great choice, but they can take years to grow as they’re slow growing even under the most ideal conditions.

Fruit bearing trees can be a great choice, but again you’ll want to work with an arborist to make sure you’re getting the best for your property. Some trees, like figs for example, can survive cold winters, but may need to grow in a container for the first few years before they’re rooted in the ground.

Trees Maximize Curb Appeal

Who doesn’t have a loving childhood memory around a tree? They’re shady, they’re green and they can protect your home from environmental damage. Mature trees can add 5% on to your asking price; if you’re selling luxury real estate with 5+ year old mature trees, you can imagine the price jump!

Choosing attractive trees is important – especially ones that provide beautiful foliage in the fall. Don’t forget that your tree must be one for all seasons, though they don’t all have to be needle bearing trees.

Plan Your Trees Carefully

It’s not enough to have curb appeal, to have beautiful desirable trees – you also need to have a plan of action before you plant your trees.

Use needle bearing, conifer trees on the northern and western side of your home to block those harsh winter winds. You’ll be amazed at home much money it’ll save you on your heating bills in the winter.

Guard yourself against the hot summer sun with deciduous trees to the south. The more shade you receive, the better off you’ll be in the summer months.

But just how much can you expect in the way of savings? You can save anywhere from 20% off the cost of heating ($150+ a year, depending on the size and type of home) and 30% off your cooling bills each year.

Maintenance is Key

It’s important that care goes well beyond planning locations and what kind of trees you’re planting. You want to have regular, seasonal maintenance on all of your trees – but trust us, you’re going to get that money back with a great tree adding value to your property.

Ask the arborist about things like deicing salts on your driveway, chemicals used in your lawn and other environmental factors that can make life difficult for your tree.

The Goodale Miller Team is the #1 team in Canada for Century 21 8 years running.  Specializing in Oakville luxury real estate including Lakefront homes, infill building lots, condominiums and more. You can visit their website here: http://www.goodalemillerteam.com/

Make Sure You Really Get the Right House

It’s easy to get caught in an endless circle of shopping for homes that aren’t all that great – but how do you stop it? When you’re looking at luxury homes for sale or just real estate in general, it’s important to take a deep breath and think before you act. Here we’re going to go over everything you need to know to make sure that you’re getting the home that’s right for you! From taking an inventory of must haves to understanding what your real deal breakers are, you’ll be better equipped to buy the home that works best for you.

Make a List, Check it Twice

The first thing you need to do is make a list of all the things you want in your home and all the things you don’t want! You’ll want to divide things up between must haves, would like to haves, and of course deal breakers. Having this list will help you keep perspective and avoid any problems when you’re looking at different homes – people get confused when they don’t have a clear direction, a goal in mind. The worst thing you could ever do is just meander along hoping to find the one that “speaks” to you. Don’t do it!

Get Preapproved for Financing

Before you even start looking at homes for sale you’re going to want to get preapproved for financing. Any luxury realtor is going to tell you this – if you don’t know what your budget is, you’re not going to be able to find the home that fits! You’ll want to really be honest with yourself here and figure out which home is the one that’s right for you. If you can’t get preapproved for financing, now may not be the time to buy a house just yet – always know ahead of time what kind of budget you have to play with.

Know Your Neighbourhoods

When you’re buying any kind of home, especially luxury homes for sale, you’re going to really want to know what kind of neighbourhood you want to live in. While the house may be a dream, you just don’t know what kind of nightmare neighbours you’ll be dealing with. Don’t get stuck in a nightmare home just because you don’t know anything about a neighbourhood. Get out there and explore, do some research, know where you’re going to be living for years to come.

Don’t Linger: Get a Deadline

Before you even start shopping for a home you’re going to want to give yourself a deadline so you know when you need to stop. So many people just keep going and going not knowing just where they’re going. This is the worst thing you could do, other than shop in the wrong neighbourhood! Buying luxury homes for sale, or any homes for sale, means knowing when you’re going to stop and start. If you can’t find a home right now, you might be better off just waiting until you find the home that’s right for you.

 

The Goodale Miller Team is the #1 team in Canada for Century 21 8 years running.  Specializing in Oakville luxury real estate including luxury Oakville homes for sale, infill building lots, condominiums and more. Visit their website today at http://www.goodalemillerteam.com/