What Mortgage is Right for Your Luxury Real Estate?

Whether you’re just starting out, middle aged or nearing retirement there are different mortgage options that will work best for your luxury real estate. Here we’re going to explore how to finance homes for sale that you want to buy and how to figure out which is right for you. Let’s get started!

Luxury Home Still need Financing!

While you might be buying luxury real estate, you’re going to still need that down payment and financing available for it. It’s not always a smart move for your credit to pay outright with cash, even if you can afford to. You’ll also slowly build equity in your home that you can borrow against as time goes on. If you want something that you can build and borrow against, you can never go wrong with luxury real estate.

First Time Homebuyer

It’s always exciting being a first time homebuyer! There are many luxury homes for sale right now and you can get great deals… but how are you going to finance it? The best kind of mortgage for a young or first time home buyer is going to be a low down payment long term (20 to 25 year) conventional mortgage – you should always put down the MAX possible amount when you buy real estate, this way your payments will be lower and you’ll be able to pay off faster. The mortgage rules changed in 2012 to a max length of 25 years, which is more than enough time to pay off your mortgage.

Middle Age and Home Hoppers

If you want to buy luxury real estate (especially if you’re upgrading from a different kind of home), you’re going to want to look at your current situation. Do you own your home outright and just want to find a new home? If so, you can take out a home equity loan (second mortgage) to buy your next home – once your current home sells you’ll be able to pay it off and you won’t be stuck in the same house until you can sell it.

Retirement Mortgages

If you’re buying luxury real estate prior to retirement, opt for a shorter repayment term. You’ve been saving all that money all this time for a reason! Most Baby Boomers and older have been taking out 15 year fixed rate mortgages more now than ever before. With interest rates so low it’s a great time to finance luxury real estate.

Whatever you do, it’s important to be aware of your options. If you’re just starting out a long term fixed rate conventional mortgage is going to give you a great chance to buy luxury homes for sale. If you’re middle aged you’ll want to go for a mid-range mortgage, and if you’re retiring short term mortgages 15 years and under are the best option for you. Whatever you do, talk to a financial consultant and work with a luxury realtor to make sure you’re getting the most for your 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

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/

Buying Oakville Real Estate

If you want to buy Oakville homes for sale, you’re going to need to know what you’re looking for! There are so many kinds of homes, so many kinds of needs and so many things that make a house a home. If you’re looking for a great condo, a cottage or a house, you’re going to find a great place for you. Oakville is one of the safest communities in all of Canada, so why wait? You can have the home you’ve been dreaming of and you won’t even have to worry about crazy Toronto prices that people are paying.

Figuring Out Your Needs

What do you need out of your home? Oakville homes for sale are going to have a lot to offer you, but if you don’t know what you’re doing you could get in trouble. Think about your current home, what is it about it that you want to move on from? Are there amenities or services that just aren’t around, or do you want to be close to an urban area? Are you looking for the safety that Oakville provides, with its great schools and everything else? If you’re ready for something different, this may just be the community for you.

Work with a Realtor

You’re going to want to work with an Oakville luxury realtor to see what they can help you find! You just aren’t going to be able to find the best house for you without the help of an expert, so it’s important that you choose your Oakville real estate agent wisely. You want someone with a long record in the city, someone who knows all the little places to find the best deals. You may worry about commissions at first but if you focus more on the end result, your Oakville luxury dream home, you’re going to get the one that’s right for you no matter what. That tiny commission can be a small price to pay for having your dreams, no?

Get Financed

Before you even start looking for a Oakville homes for sale, you’re going to want to talk to your bank or a mortgage broker. They’re going to help you get pre-approved for your financing. Without financing you’re not going to be able to get some of the better luxury Oakville real estate for sale. If you can show that the money is a sure thing and that a seller is safe dealing with you, you’re going to make the most of whatever home you find. Don’t lose out on your dream home just because you don’t know what you’re doing.

Whatever you do, make sure you’re working with an Oakville luxury realtor. They’re going to be able to help you buy Oakville real estate and they’ll help you focus on everything you need to do to make your dreams of home ownership a reality. Why do it on your own when there’s help waiting for you to take it?

By Brad Miller of The Goodale Miller Team. Goodale Miller, located in Oakville, Ontario is the #1 team in Canada for Century 21 8 years running, specializing in Oakville luxury real estate.  To learn more visit http://www.goodalemillerteam.com

Why You Need a Luxury Realtor

If you want to be able to get the house of your dreams you’re going to have to work with an Oakville luxury realtor. The last thing you want to do is spend all that money on trying to find a home and end up with nothing at all. When you work with a realtor you’re going to get the expertise to know how much you should spend, you’ll get the help to find out what you really want. A tiny 4% commission is going to be nothing compared to getting the home you’ve always dreamed of. Let’s see what they can do for you!

What is an Oakville Luxury Realtor?

A realtor is a lot different from a real estate agent – they’re ethically bound to help you do things your way and look out for your best interests. You’re going to be able to have an expert in Oakville real estate that’s going  to be there for you through every step of the process. You won’t have to worry about trying to buy a house that’s overvalued or out dated. You shouldn’t have to spend more than you have to, and when you work with an expert they’re going to be here for you every step of the way to make sure you’re getting what you need to win!

What Benefits does an Oakville Luxury Realtor Provide?

If you’re selling they will be INVALUABLE. You could just work with them as your listing agent, or someone that puts your luxury Oakville real estate on the market where people can find it. But if you opt for the full service you’re going to get everything that you need to sell your home. They’ll help you market it to the right people, run a comparative price analysis on your home and they’ll even help you find out how to project a specific kind of image.

If you’re buying Oakville homes for sale, you’re going to want to do things like think about just what you want in a home! Most buyers have no idea what they need and they’re going to want to work with an Oakville luxury realtor to help them find out what they need and what they want. You’re going to want to walk a fine line between the two of these, and a professional will be able to help you do that.

Is an Oakville Luxury Realtor Right for You?

If you want to be able to reach your goals, you’re going to want to go with a realtor. Don’t you deserve the right kind of deal for you? If you’re selling you need to reach the right people and if you’re buying Oakville real estate you’re going to want to reach the right house! This way you’re going to be able to get exactly what you need all without having to blow money and time on something that’s just not going to work out.

By Brad Miller of The Goodale Miller Team. Goodale Miller, located in Oakville, Ontario is the #1 team in Canada for Century 21 8 years running, specializing in Oakville luxury real estate.  To learn more visit http://www.goodalemillerteam.com

Can a Mobile App Replace a Realtor?

You better start providing more value to your clients or you could wind up a victim of the APPSTORE! Seriously though, more and more people are turning to apps when they can’t reach a realtor to buy real estate. There are apps that will help buyers figure out the property value, apps that will help buyers and sellers to negotiate the price up or down as they see fit.  But let’s face it, a computer is probably never going to be able to replace a realtor – people don’t go to them for services like that anyway.

What Value do You Provide?

People don’t want to be serviced, they want a relationship with someone they can trust. They need to know that you’re working on their behalf for their best interests. Only then are you going to be able to compete with something that promises to do everything but doesn’t provide real value. People that would use an app over a skilled negotiator that’s looking after their best interests may not even be the kind of people that would want to work with a realtor instead! This appeals more to DIY folks that want to have better cost control than the average bear, but it doesn’t always work out so well with them when they try to cut corners.

Nothing Can Replace a Skilled Negotiator

It’s true – an app can give you a barebones CMA or comparative market analysis, but how can it counter the deal offered in return? Probably not, and it won’t be able to tell a buyer when they’re getting emotionally overinvested in a property, or when they’re bidding so low that they’re insulting the seller. This kind of advice can only come for an even headed realtor that has the experience to help them out. An app can tell them where they can find the cheapest homes, but they won’t be able to tell them that this house has been sold 3 times in the last year because the neighbour kids continuously egg it on the way to school. There’s just so much that goes into making sure that a client gets their needs met that an app can’t possible play the role of a human being – not yet anyway!

Understanding the Role Apps Should Play

There is a time and a place for apps, but they can only go so far. If you’re a client looking to buy or sell, you’ll need the help of a seasoned realtor that knows how to sell luxury homes for sale, residential real estate and more. You want that extra help, especially if you’re a first time buyer or seller. No one should have to go it alone, and an app can only do so much when it comes to getting the best business deal.

While apps have a lot to offer, if you want to keep clients you’ll need to show them the real value that you provide! You’re not just selling homes, you’re an advisor and the helping hand they need to succeed.

By Brad Miller of The Goodale Miller Team. Goodale Miller, located in Oakville, Ontario is the #1 team in Canada for Century 21 8 years running, specializing in Oakville luxury real estate.  To learn more visit http://www.goodalemillerteam.com

What to Expect When You’re In Closing

When you close your home there are a few things you’re going to need to expect – first of all you’ll want to expect the unexpected! It’s important to really be prepared for something awful to happen, so don’t freak out if the cashier’s check doesn’t clear or if there are delays. This just happens sometimes with closing, and with closing times going longer than ever before, you’re better off just dealing with delays as they come. Here we’re going to talk about a few of the things you should expect when you get to closing and how to make sure it goes as smoothly as possible. Let’s get started!

It Doesn’t Hurt Your Credit Score to Apply

It doesn’t hurt your credit score to apply to multiple lenders over a 45 day period. Make sure that you get aggressive about finding the lender that will give you the best deal.

Closing Starts Way Before You Get the Home

As soon as you sign your purchase contract, you’re in closing. It can take months to get from start to finish, so don’t rush. Take your time, have a lawyer look at your purchase contract and make sure that both the home you’re buying and the mortgage you’re about to take out is exactly what you expect it to be. It’s not uncommon for either the lender or the seller to add in a little something extra – and if you don’t find it, you’re liable. Take the time to have your lawyer look over it; if you don’t have a lawyer, get one!

Closing Costs Vary Lender to Lender

Different lenders are going to offer different fees and discounts, so it’s important that you get out there and start exploring what you can get from each lender. A common misconception about applying for mortgages is that you’ll ding your credit – you actually have a 45 day window from the first time you apply to apply for other mortgages to avoid damaging your credit. This gives you a lot of time to talk to different lenders and find out what they have to offer you.

Understand Your Lender Fees

You’re going to have lender fees, but what fees you pay will vary from lender to lender and province to province. You’ll have government fees and taxes, you’ll have different fees from companies (title companies for example) and you’ll have some filing fees you have to pay too.

To find the best rate on your lender’s fees, you’re going to want to look at the closing costs and origination fees with your mortgage. This will help you understand which is the most affordable and which lender is padding the bill.

Understand Government Taxes

Land Transfer Tax is one of the most unpopular fees to pay, but you’ll also have property taxes and recording or registration fees that you’ll have to pay when you buy luxury homes for sale or luxury real estate. Just make sure you know what you’re paying before you close!

 

The Goodale Miller Team is the #1 team in Canada for Century 21 11 years running.  Specializing in Oakville luxury real estate including Lakefront homes, infill building lots, condominiums and more. For a listing of luxury homes for sale in the Oakville area visit their homes for sale page here: http://www.goodalemillerteam.com/Homes.aspx

Looking For A Luxury Home Is Different

Looking for a luxury home isn’t the same as looking for an ordinary condo or house. You can’t just drive through a neighbourhood that strikes your fancy and immediately spot a residence that matches both your needs and your dreams, and that just happens to have a “For Sale” sign outside the gate. Most truly grand (and sufficiently private!) properties won’t have a sign posted at all.

The owners of many such properties may discretely let it be known in personal social circles that they are interested in selling their homes. But what if you don’t move in the right circles, and never hear about a property that would be perfect for you?

The Internet and newspapers are so full of advertisements that you be unlikely to locate your dream luxury residence by simply checking under “Luxury Homes for Sale.” And just like in the case of posted signs, most truly grand (and did we mention “private”?) properties just aren’t advertised that way.

Figure Out Your Requirements and Seek Professional Advice

If you were thinking of spending similar amounts of money on any other type of investment that you will need to spend on a luxury home, wouldn’t you seek professional advice from business analysts, stockbrokers, and bankers? Wouldn’t you want them to suggest investment opportunities, and provide informed professional feedback on any investment ideas of your own?

Buying a luxury home is no different. This is the type of job that needs a real estate professional, and not just any professional. Some realtors are not prepared to actually serve the specialized needs of luxury clients – they just sell those ordinary condos and homes. No doubt realtors like that are good at what they do, but just like in any other profession, there are real estate specialists. You need to consult a professional specializing in luxury real estate, who can serve their clients and customers in the manner they deserve.

Think carefully about your needs, and establish a list of requirements. Are you looking for an elegant urban residence, or an estate outside the city? No matter how good your real estate specialist is, they can’t read your mind. Once presented with your basic requirements, a luxury real estate specialist will certainly be able to suggest other criteria as well, once they have an idea about what your needs and desires are.

Get the Information You Need To Get What You Want

A luxury real estate specialist provides you with the information that you need to properly locate, vet, and purchase a luxury home. They know about appropriate areas, about luxury homes for sale that may not be publicly advertised, and may already be aware of problems with that property you had your eye on.

They save you time and disappointment. And they know the market – while price is not a main concern for someone in a position to buy a luxury home, why pay more than you have to?

The Goodale Miller Team is the #1 team in Canada for Century 21 11 years running.  Specializing in Oakville luxury real estate including Lakefront homes, infill building lots, condominiums and more. For Oakville real estate news and more join their Facebook page today!

Buy a Home in Less than a Year

Everyone wants to own a home of their own, but creating a plan of action goes way beyond hoping that one day you’ll have enough money to buy a house. Here we’re going to go over a 12 month plan to help you buy a house within a year. From checking your credit report, building credit, getting qualified for a mortgage and even finding a luxury home for sale, we’ll cover it all here. With a little planning you can have the home you’ve always dreamt of, so let’s go ahead and get started!

Month 1: Crunch Time

Start looking at your credit report and building credit; take time to look over and figure out what credit accounts you can work on.

Month 2: Know Your Numbers

How much can you realistically afford? Don’t try to make your budget bigger,

Month 3: What Kind of Home is Right for You?

What home do you and your partner or family want? If you’re buying alone, think of all the stuff that you’ve hated about renting and what you’d like in your next home.

Month 4: Researching Neighbourhoods

Use realtor.ca and other sites to do research on neighbourhoods.

Month 5: Finding a Real Estate Agent or Realtor

Finding a luxury real estate agent or luxury realtor will save you time and money, but only if you find the right one. Research and choose wisely.

Month 6: Hunting for a Broker, Lawyer and Home Inspector

You’ll need a mortgage broker, a real estate lawyer and a home inspector before you start looking for a home.

Month 7: Getting Your Paperwork Together

You’ll need to have all of your identification and financial documentation together. Letters from your employer, proof of income, asset like checking statements and more are important.

Month 8: Find a Pre-Approving Lender

You’ll want to work with a mortgage broker to find a lender that will work with you before you start looking at homes.

Month 9: Work with Your Realtor and Lawyer on a Sale Contract

Once you find a home, you’ll want to work with your realtor and lawyer to get your sale contract ready. This way you’re protected after you buy the home.

Month 10: Start Planning Your Move

You’ll want to begin planning your move – this means now! Don’t wait, get things you don’t need right now into boxes.

Month 11: Packing and Moving

A month before the mortgage closes, you’re going to need to have everything packed, and you’ll need to schedule the movers.

Month 12: You’re Home!

Once the sale is closed, your things are moved in, you’re finally moved in. You won’t have to worry about anything aside from your mortgage payment and making sure all of your utilities and mail has transferred over.

And that’s all you have to do to buy a home in a year. Don’t let the idea that you don’t have enough time or money to buy a home get in the way of buying a home.

The Goodale Miller Team is the #1 team in Canada for Century 21 11 years running.  Specializing in Oakville luxury real estate including Lakefront homes, infill building lots, condominiums and more. You can visit their website here.