Hiking in Memory!

Sunday May 6th 2012 will mark our 4th annual Hike for Hospice and Palliative care for London Ontario. It’s not the Hospice House of London’s 4th Hike of course. But our’s.

We are so enthusiastic about finding a charity and organization that we feel so strongly for that we can put our whole hearts into sponsoring in anyway that we can.

Hospice House of London is a wonderful place that offers support and strength to those suffering from life threatening illnesses such as cancer. They also provide support to families who have lost or are losing loved ones from these same diseases.

If you have never visited the Hospice House or their grounds, I suggest that you do. It’s a beautiful place just North of downtown London on Talbot Street. The grounds lead down to the pathway’s that stretch throughout the City of London. They have the most peaceful garden behind the house. And continued support and donations of hike’s such as the Hike For Hospice every year allow the organization to keep this peaceful place alive and running for those who need some time to reflect or just rest. Although that is only a small portion of what this organization really does.

As supportive Londoner’s we’ll dust off our hiking boots and join the Hike for Hospice again for another year. With our hearts full of love and memories.

Thanks to all who have sponsored us or would like to sponsor us in our hike! Your gracious donations are greatly appreciated!!

And.. if you don’t have anything to do… why not come out and join us!!

Happy Hiking!

Investing in Real Estate – Two Realtors Tell All

Another month draws to a close. As does another tax season for Canadians. It is very likely that there will be alot of folks pulling all nighters tonight.. Cheers to procrastination.

But as this dreaded time comes to a close we all begin to think of the year ahead and how we are going to make better decisions in terms of how we spend our money and of course… how we invest it.

The most commonly misunderstood, and therefore missed opportunity for investing is in real property. Most people get turned away because of the perceived “risk” involved in purchasing real property as an investment.

There are certainly risks in this type of investing. And yes, you may have to put in some blood (hypothetical.. or in some cases real), sweat and tears. But with the proper planning and advice as in any investment the pay out can be very rewarding.

You buy a home today for let’s say $150,000. You finance the home with a down payment of 15% (just keeping the numbers simple here.. these actual numbers would have to be discussed with a mortgage professional and would depend on each individual person and situation).

Find out more about investment property mortgage approvals here.

So your initial investment is $15,000. You must pay a monthly mortgage payment of approximately $630.00 per month over 30 years. Plus property taxes that are around $166.00 a month. Other costs include things such as insurance, and any maintenance ,savings plus we will balloon an amount to keep away should anything happen. Let’s safely budget at $1100.00 costs out.

Don’t forget this is ALL rough estimating.. we just want you to see the big picture here!

You find yourself a quality tenant. With the help of a trusted real estate professional that will be paying you $1200.00 monthly plus they will cover all of the utilities.

This continues for I don’t know.. let’s say to keep things easy… the entire 30 years of the mortgage. To keep things extremely simple and easy to understand. 30 years from now.. you owe nothing on the property. It hasn’t cost you much over the years because the tenants have paid most of the bills. Sure you needed to do some updates… but really your overhead has been pretty small. The home that when you invested in it was $150,000 is now worth close to $300,000 because you maintained it, kept it in good shape and the location has been thriving.

See where we are going with this?

At this point the numbers don’t matter. The thought does. You can see here that with a small initial investment you can really make your work for you by investing in real estate.

So as you begin to ponder your next investment move… don’t shy away from investing in real estate. It really isn’t as daunting as it seems.

It’s actually quite exciting… isn’t it??

“You Mean it’s not for real?”- The Conditional Offer

So what if you put an offer in on a house and then you find out that your mortgage rate is over the top, your insurance premium is unaffordable or the home inspection revealed some really scary stuff? You now own a home you cannot afford or that is falling apart! EEEEK!!

Not if your offer was conditional you don’t.

Yet another one of the advantages of using the services of a trusted real estate professional (such as Dan and Rachael Polakovic of course) ensures you are protected from these types of situations by crossing all the T’s and dotting all of the I’s in your agreement of purchase and sale. (your offer).

When submitting and negotiating an offer to purchase a home both the buyer and seller agree to certain terms and the “deal” is done. Usually pending certain conditions for both parties protection. Conditions being, a number of things have to be proven, approved, inspected and so on for the “deal” or agreement to becoming binding.

The usual conditions in a home purchase/sale are:

1. The buyer finds and is approved for satisfactory financing (a mortgage)

2. The buyer conducts a home inspection to their own satisfaction and discretion

3. The buyer searches for and finds satisfactory insurance for the property.

Now there are many many other items that can make an offer conditional. These are just the most common. Another example would be a conditional on sale offer. Meaning the buyer agrees to purchase the home at the price and time etc., provided they sell their current home first.

The list could really go on and on. But you get the idea.

Should during the time frame agreed upon any condition laid out in the agreement to purchase not be met then the deal is no longer firm and binding and both parties go their seperate ways. The home is now available to other potential buyers.

So buyers and sellers can breath a sigh of relief when concerned with any issues that may arise during the purchase and sale process.

Conditions are key in all offers!

For more information on how to protect yourself in your home purchase or sale. Stick with us!

We’ve got your back!

Until Next Time…

Affordable Home Ownership In London Ontario

So what is all the fuss about? You have heard the news lately. That there is an option to own your first home with virtually no money down??

The rumours are correct. The Affordable Homeownership Program is back in the City of London.

This is not the first time this great incentive has been available and it certainly won’t be the last. But we just never know when it comes and when it goes.

So what is it?

The Affordable Home Ownership Program is offered every once in a while through the City of London. It is designed to get London’s renters into home ownership. They will gift you your 5% downpayment to a maximum home purchase of $145,000 (some conditions apply). And that’s it!! Really!!

So the dream of home ownership is just within your reach. But don’t wait… you must act now, because there is only a set amount of money for the program and once it’s gone… it’s gone. And you must have the offer in place before you apply.

Contact us today for more information.

 

We look forward to working hard for you.

Decorating Your Home Sale

As the snow begins to fall on your beautiful home, and the for sale sign on the front lawn you are beginning to wonder if you should forgoe the Christmas decorations this year so they don’t turn off any potential buyers.

You are not alone on this question. We as Realtors face it often this time of year with our home sellers. One of the first things we tell our home sellers to do when they decide to put the house on the market is to clear away all of the clutter. So are Christmas decorations clutter? Yes.. and No.

Your stunning Christmas tree lit up in the window and the welcoming smell of apple cinnamon and vanilla are certainly inviting and can even give a potential buyer the feeling of home.

Where you may overload them is in the extra stuff. Like the stuffed reindeer or the life sized talking Santa. The good rule of thumb when decorating the interior of your “for sale” property during the Christmas season is keep it simple and classic. Your tree, stockings some lights and maybe a garland or two. But don’t forgo the decorations all together. Home buyers understand that you have to live in the house to. And the feeling of a ”lived” in home shines truer with any buyer. Any time of the year.

Do the same things with your homes exterior. If you hang outdoor Christmas lights every year then do it this year too. Simple is best. The lights to trim the home and a lovely Christmas wreath. Maybe leave the wooden statues of the Nativity scene or all 8 reindeer for your next home, next Christmas. They are show stopping for sure… but we don’t want to take away from the exciting exterior features that will bring home buyers in. And remember, if they are showing the home during the day, the lit up statues aren’t on. So they have little to know effect and can be not so eye catching. But rather, just a mess of wires.

The good thing to note is, that most home buyers that are out home shopping during the Christmas season are usually the most serious. So with any luck, your simple and classic Christmas home decorating style will be the icing on the Christmas cake.

Enjoy the Holidays! Decorating is what Christmas is about.

Much Does a Realtor Cost? – A Two Realtors Tell All

Your head is already spinning with the numbers involved in your home purchase. With downpayment, closing costs, legal fees, inspection, appraisal… AHHH! Will you ever be able to do it? What about the costs associated with using a Realtor for your home purchase?

Overwhelming, we know… but worth it? Yes of course.

Hiring a trusted Realtor to help with your home purchase is something you certainly shouldn’t skip out on. Because the purchase of a home is literally the largest transaction you will make in your life, the help of a licensed professional will only ensure you are doing what is best.

There a wordy contracts, legal terms and conditions to be met within the process of purchasing a home. More so then most of the general public is aware.

To avoid turning this particular blog post into a novel, we will keep those topics for another time.

One of the main reasons people avoid the services of a Realtor is of course the cost. But again, the price of a Realtor is not widely known by the general public.

Yes, these prices can vary based on what type of transaction. But for the most part the cost is pretty standard for the services of a Realtor. And it is not as scary as you think.

Of course, our real estate services for our buyers is free. We do not request payment from our buyers whatsoever. That is not to say that it isn’t done, but typically it is not.

So as a home buyer, using the services of a trusted real estate professional should go without saying.

How does that popular Mastercard saying go?

This is what the Realtors version for a home buyer would sound like:

Dream Home $300,000

Actual List Price of Dream Home $340,000

Master Negotiator Realtor Fees $0.00

Other trusted professionals referred to me by my Realtor, such as the best home inspector, mortgage professional, lawyer etc.. that I may never have otherwise known about  approx $2000.00

A stress free transaction that has left me feeling satisfied and protected as I enjoy the home of my dreams thanks to the stellar help of my professional and knowledgable Realtor  PRICELESS

See… now that wasn’t that scary now was it?

MOvember in London Ontario

So Halloween is behind us, yet we are still seeing scary (and hairy for that matter) faces around the City of London.

MOvember kicks off another year in the City of London. YEP! Men (and women… you never know) across London Ontario and beyond are growing their mustache’s and beards to increase awareness of pancreatic cancer.

As big cancer advocates ourselves… we have decided to join in.

Facial hair growing is not our strong suit (either of us) so we have decided to kick it up a notch and offer all those Londoner’s out there a chance to win some amazing prices for growing their mustache’s and beards for MOvember.

And by great prizes… we mean great prizes!! One being 2 BOX SEATS to see the London Knights play at their home arena the John Labatt Centre. All you have to do is put your best foot forward and either find a picture of, draw a picture of or grow your very own beard or mustache and submit them to our Facebook Page. Then share your pic with all of your friends and get VOTES VOTES VOTES! The one with the most votes in each category gets the corresponding prize.

MOvember in London Ontario just got better didn’t it??!!

So LIKE our page, submit your photo, get the votes and start winning LONDON!

All contest details and information is posted in the MOvember section of our page.

We look forward to seeing what you’ve got London! Happy MOvember.

 

It's MOvember London

The Advantages of Hiring Two Realtors

Is 2 better than one?

And when we say two Realtors, we are not only referring to US, two realtors. But rather two Realtors to do the job as opposed to just one.

So what ARE the advantages to having two qualified and knowledable Realtors work for you in your home purchase or sale?

Well as in most cases in life, two is always better then one. Most cases. This is a very true statement with regards to buying or selling your home.

Either side of this coin (a home purchase or a home sale) is an emotional and fast paced process. As well each situation is unique. So it is important to have an experienced and knowledgeable Realtor on your side to ensure all of your i’s are dotted and t’s crossed. Now with knowledge and experience comes increased need for this particular

Realtor and therefore a lack of time to sometime properly meet all of your needs. With two Realtors on call for you, you have the benefit of always having someone available to you.

Another great benefit (which perfectly describes this team of two Realtors) is what we like to call the “Ying and the Yang Factor”. One goes this way, one goes that way. What one partner may not excel in, the other does. For example, Dan is not that tech saavy or in tune with the latest marketing techniques. But Rachael knocks it out of the ball park. And when it comes to the fine print and negotiating skills, Dan’s got that one pegged.

So with double the man power and every single angle of real estate transaction mastered, when it comes to buying or selling a home, two heads are certainly better then one.

Home Inspections! – Two Realtors Tell All

Dan and Rachael Polakovic on Home Inspections

Purchasing or selling a home is an emotional rollercoaster. For all parties involved. There are extreme ups and downs in a short period of time.

We will spend some time in later posts to disect each aspect of the purchase and sale process. You may also find detailed information on the home buying and home selling experiences on our Learning Channel podcast.

Today we would like to touch on a topic that is very commonly asked by home buyers during their home buying experiences. It touches on one of the most concerning topics for home buyers. The home inspection.

As a rule, we always recommend our  buyers have a home inspection completed on the home they are purchasing. It is ultimately up to each and every home buyer to make the decision to do so or not. The one question that comes up the most when discussing this part of the real estate contract is, "What if something goes wrong in the home inspection? Do I have to buy the house anyway?"

In our world... this is a loaded question. So we will answer this with caution. The answer you will read comes directly from us. Dan and Rachael Polakovic Sales Representatives Realty Executives Elite Ltd Brokerage, London Ontario. The following is the response that we give to our clients when asked this question.

There are some areas that need to be examined before answering yes or no. First, was the offer to purchase this property conditional upon a home inspection? Or did you obtain this inspection for your own piece of mind.

What does a conditional offer mean? - You ask. This will be covered in more detail and marked in a later post but for a quick explanation: When purchasing a home you have the option to buy a home "firm" meaning as soon as you sign the contract you are obligated legally to purchase that home for the price written, and within the time frame. Or the option to purchase "conditionally" meaning you agree to purchase the home for that price, within that time frame conditional upon certain circumstances. Such as a home inspection, suitable financing (mortgage), insurance, approvals and so on. Should these conditions not be met within a specified time frame then the agreement to purchase the home becomes null and void. If they are met, then you sign the deal and "firm it up" (to use a little real estate jargon)

SO if you answered yes to the question "Was the offer conditional?", then NO. If something goes wrong in the home inspection then you are under no obligation to purchase the property. Your condition on a home inspection was not met and you do not "firm up" the deal. Provided that the "thing that went wrong" in the home inspection was valid. And what we mean by valid is, was it something of concern rather then just a minor detail like a hole in the carpet in the master bedroom or a creaky stair.

If you answered NO to the question, "Was the offer conditional", then YES. You are obligated to purchase the home as you did not stipulate in your offer that you would only buy the home upon conducting a home inspection to your satisfaction.

Now, with all of this being said. Each individual situation is different. There are several factors that can change any of these answers. So, should you find yourself in a situation where you are asking yourself this it is always best to examine your specific situation with either a lawyer or a Real Estate Professional.

Should you not have either of these... well.. you know where to find us!

We look forward to working hard for you London!! (and everywhere for that matter!)

See you soon.

Don’t Cheat on Your Realtor

Realtor Relationships

We are committed to providing information and knowledge about the real estate market and industry to our clients, customers, followers and friends and this blog is one way of doing it.

We were presented with a situation just a few days ago and we immediately thought, “Now this is something we need to share!!” It is not a situation that we haven’t been presented with before but since it is becoming increasingly more common we realized.. this is likely something most people don’t understand and that is why it keeps happening.

Enter the blog post to help you understand. Presented by Dan and Rachael Polakovic!!

Last weekend was a long weekend for us Canadians. Thanksgiving weekend. Now typically weekends do not exist for us Realtors and that’s fine. Real estate never sleeps, and we know that. It’s something that we love and being interupted at abnormal times is certainly normal for us. We understand that most people are free on weekends and holidays so these are prime times to view and buy homes. We are regularly contacted and asked for help on holiday weekends. No problemo. We received a short notice showing request (someone looking to view a property with very little notice.. under 12 hours) for Thanksgiving Sunday. It took some rearranging on our part and the sellers but we got it done. Since it was what we call a “sign call” this particular buyer had contacted us through an ad we had published and expressed that they had no representation (meaning no Realtor of their own). So we did some juggling and made it there to the appointment to show the property to this buyer. After the viewing we followed up to see if there was any other interest only to learn from this particular buyer that they did have representation (a Realtor of their own) he was just unavailable on a holiday to show the property to them. And mentioned that if he had any further questions he would ask his Realtor.

We had to scratch our heads a bit. The buyer didn’t want to interupt his Realtors holiday to show him a property. Instead it was easier to just interupt ours. Which is fine, because ultimately, the property was viewed by a potential buyer so this is a good thing. But we are left to believe that the only reason why this has happened is because that buyer is unaware of our roles as Realtors and the regulations and guidelines that we must follow.

When a relationship is created between a Realtor and a Buyer, (or Seller for that matter) that means that the Realtor and Buyer or Seller mutually agree that the Buyer/Seller will work exclusively with that Realtor for the balance of their home search/sale or an otherwise mutually agreed upon time frame. Getting information from other Realtors is a conflict of interest and the other Realtors could be considered to be impeding upon the existing contract. Not to mention these other Realtors are not being compensated for their time and effort put in.

Make sense?

So to keep it as simple as possible, I guess what we are saying is. If you currently have a relationship with a Realtor and you find a property advertised online or in a magazine or anywhere it is always best to contact your sales representative for information and viewings. Every Realtor has access to the same property information so they can fill you in on any questions that you may have. The same goes with For Sale By The Owners. Realtors have the tools necessary to negotiate the best prices and terms for their clients in any sale, be it public or private. That being said, if you don’t have a Realtor looking out for your best interests… it’s probably a good idea to find one.

If you ever have any questions about real estate topics or situations, and YOUR ARE NOT currently in a relationship with another Realtor, please don’t hesitate to contact us at anytime.

We believe that information is the key to success in any situation. And success in your home purchase or sale is our goal!

We look forward to working hard for you!!

Until Next Time,

Dan and Rachael Polakovic