Preparing a thorough budget is one of the keys to a successful home purchase. Of course, it’s not just a property’s sticker price that buyers need to consider. If you’re getting ready to buy your dream home, there are several other costs you’ll have to cover before you can take ownership. 

By knowing what to expect financially, you can avoid being caught off guard on closing day. Here are the major costs you’ll be responsible for before you can call your new living space home…

Deposit 

A deposit is required when you make an offer on a home. This money will count towards your down payment, and you ultimately get to decide on the amount (though higher sums are more attractive to sellers). While it’s true that your deposit is due early on in the process, many buyers count it among their closing costs.

Home inspection

Most home hunters opt to have a property inspected before they make an offer on it. Like your deposit, your home inspection fee is a cost you’ll pay long before closing. That said, it will likely set you back between $300 and $500—making it an expense worth budgeting for.

Land transfer tax

Every home buyer in Ontario has to pay a provincial land transfer tax. The tax exists on a sliding scale, which means the amount you’re responsible for will depend on how much your property costs. The total could be anywhere between 0.5 and 2 per cent of your purchase price (though first-timers may be eligible for a rebate).

Legal fees

Sound legal advice can be incredibly helpful during the home purchase process, so it’s a good idea to find a professional who’s experienced in real estate law. At the very least, you’ll need either a lawyer or notary to prepare the necessary documentation—a service you can expect to pay a few hundred dollars for.

Title insurance

Your lawyer may recommend that you purchase title insurance, and most lenders will require you to obtain some form of it. This coverage will protect you and your lending institution against future challenges to ownership of the property you’re buying, along with other title-related issues.

Tax on CMHC insurance

If you’re making a down payment lower than 20 per cent, you’ll need mortgage default insurance through CMHC (Canada Mortgage and Housing Corporation). While this cost will be part of your mortgage, you’ll need to pay PST on it at the time of closing.

Seller reimbursement

You’ll need to reimburse the seller for any costs they’ve prepaid related to the home you’re buying. Most commonly, these include property taxes and utilities.

The bottom line

The closing costs listed here are some of the most common, but your purchase may include others. While it’s true that they won’t be as significant as your purchase price, these expenses tend to add up. To avoid any unpleasant financial surprises, find out exactly which expenses you’ll be responsible for—and work with an experienced agent who knows the home-buying process inside and out.

Preparing to buy a home? From the start of your search right up until closing, we can help you at every step. Get in touch to learn more about the process! Call or E-mail 416-571-2724 | info@arciteam.com If you want to learn more about first-time homebuying, visit our complete guide!

Are you gearing up to purchase a home? If you’re like most buyers, you’ll need to obtain a mortgage first. Unfortunately, this step can be stressful, time-confusing, and a little bit confusing. Many buyers find themselves wondering what lenders are looking for—and how they can secure a loan that will truly meet their needs.

The good news is, there are a few things you can do to help ensure that the path to homeownership is smooth. If you’re preparing to apply for a mortgage, here are five tips for increasing your chances of success…

1) Whip your credit into shape

Credit is one of the first things lenders look at, so it’s important to get yours looking as good as possible. Start by getting a copy of your credit report. If it contains any errors, dispute them. You should also make any outstanding payments you have as soon as possible. Next up, think about your utilization rate (which looks at the amount of credit available to you vs. that which you’re using). You may be able to bump this rate up by raising your credit limit or opening a new account—which could provide a quick boost to your overall score. A financial expert can help you determine whether these steps are worth taking in your situation. Based on their advice, you may want to wait a few months to establish a better pattern of debt repayment before applying for a mortgage.

2) Know your options

Working with your bank is probably the most obvious way to get a mortgage, and there are potential advantages to going this route. That said, you should know that you have other options. For example, many Canadian borrowers are turning to private lenders. Unlike banks, they don’t have to adhere to the stress test—a set of rules that have made qualifying for a mortgage in Canada more difficult over the past couple of years. On the flip side, private lenders tend to charge higher interest rates. If a great rate is one of your biggest priorities, you might want to consider using a mortgage broker. A broker will shop around to help you find the best possible deal (something banks can’t do). The point is, you have options—and being familiar with them can help you get a loan that truly suits your needs.

3) Get pre-approved

Before you start the home-hunting process, it’s a good idea to obtain mortgage pre-approval. While many buyers skip it, this step offers some major advantages. First off, pre-approval will tell you the maximum amount you can receive in mortgage financing—and help you estimate your monthly payments. Obtaining pre-approval will also make you look good in the eyes of sellers. It shows you’re serious about making a purchase, and that you have the income and good borrowing habits to complete one. Sellers can be skittish, so demonstrating you dependability can go a long way when they’re deciding whether to accept your offer.

4) Create your home-buying budget

Many buyers rely too heavily on the amount they’ve been pre-approved for. If you’ve gone through the pre-approval process, there are a couple of things you should keep in mind. First off, it isn’t an absolute guarantee of what you’ll get when (and if) you obtain a mortgage. Second, lenders often pre-approve buyers for more than they can comfortably afford. For this reason, it’s important to create your own home-hunting budget. You know your expenses better than anyone, and you should think carefully about them before setting a price range. While this may seem like an unnecessary step, it could help you avoid looking at properties you can’t afford—which will save you a lot of time in the long run.

5) Avoid major changes

If you’re well-positioned to obtain a mortgage, make sure you stay that way. Having a predictable income is one of the keys to getting approved, so this isn’t the time to go out and find a new job. You should also hold off on making any big purchases or applying for new credit after you’ve submitted your documentation. Any major changes to your financial situation that occur between the time you apply and the day you close could throw a wrench in your plans. Put simply, lenders like stability. Keep this in mind to avoid causing problems for yourself after you apply.

Preparing to buy a home? From starting your search to making a highly-appealing offer, we can help at every step. Get in touch to learn more about the process! Learn everything there is to know about buying a home in ontario by visiting our buyers guide!

Summer is well underway, but it’s also far from over. For those of us lucky enough to live in Vaughan, there’s no shortage of fun, family-friendly attractions and events to check out before fall begins. Explore the natural world, hop on an amusement-park ride, or enjoy some incredible cuisine—just don’t forget the sunscreen!

If you’re ready to help your kids make the most of summer in Vaughan, here are five things to do before the school year begins…

1) Visit Canada’s Wonderland

Canada’s Wonderland is one of the top destinations for families not only here in Vaughan, but across the country. The incredible rides and games at this massive theme park are a huge draw for fun-seekers of all ages. If you have little ones, you’ll want to visit Wonderland’s two kiddie-friendly areas. This summer is a great time to do just that. From July 22nd to August 1st, live family entertainment, foam pits, and your kids’ favourite Marvel superheroes will add even more excitement to the park!

2) Check out the scenery at Kortright Centre for Conservation

The Kortright Centre for Conservation sits on 325 gorgeous hectares. These sprawling Vaughan woodlands attract over 100,00 visitors annually, and it’s easy to see why. From its pristine marshes and wildlife to its wonderful educational programs, Kortright is a true gem. This summer, there are some great programs to check out with your kids. We recommend Little Saplings, where you can learn all about the environment alongside your tots. If you have older children, hit up one of the hiking trails to experience the natural world first hand.

3) Beat the heat at Legoland

If you and your family need to get out of the sun for a day, why not visit Legoland Discovery Centre? This indoor playground is a favourite with Vaughan kids, and for good reason. Featuring play zones, rides, and 4D cinema, Legoland is the perfect place for precocious little ones to get creative and have fun. There are millions of Lego blocks available, so your kids will have everything they need to build their masterpieces!

4) Pig out at Woodbridge Ribfest

From August 9th to 12th, round up the family and enjoy the best ribs in town. At Woodbridge Ribfest, you’ll find perfectly-prepared meat from Mississippi Smokehouse, Texas Rangers, Boss Hogs, and other vendors. In addition to great eats, there will be plenty of children’s entertainment to keep the kids busy. Last year, young visitors enjoyed face painting and storytime, among other activities. Be sure to head over to the festival and find out what this year has in store!

5) Find a local summer camp

While our last activity may not be suitable for parents, it’s bound to be a truly rewarding experience for your kids. Camp helps children become more independent and learn new skills. Luckily, there are tons of great options available in Vaughan this summer. Whatever you’re kids are most interested in—whether it’s nature, science, engineering, cooking, or some other hobby or educational pursuit—you’ll probably find a great camp in Vaughan that focuses on it.

Looking for the perfect family home for any season? Get in touch—we know the Vaughan market, inside and out!

Are you thinking of selling your home? If so, you may be wondering about the best time of year to do it. While conventional wisdom says that spring is ideal, that’s not always the case. There are actually some major advantages to putting your home on the market during the summer. With a bit of planning, selling during the hottest months can make for a quick, profitable, and low-stress experience.

If you’re trying to decide when to sell your home, here are five reasons to consider the summer…

1) It’s a great time for curb appeal

No doubt about it: homes tend to show well in the summer. The grass is green, the sky is blue, and the sun is lighting up every inch of your property. It all makes for fantastic curb appeal—which is important, since buyers will be greeted by your home’s exterior before they ever step inside. To make a great first impression, focus on your front lawn and entranceway. Care for your grass, tend to your shrubs, and add extra visual appeal with summer flowers.

2) The weather is great for renovations

Most properties require some small improvements before they can go on the market. Whether your power washing your front steps or replacing your siding, you’re bound to spend some of your home-prep time outdoors. Fortunately, warm summer weather will make your job easier and more enjoyable. As a bonus, the bright sunlight will help you get the best possible view of your work—which means you can really focus on the details.

3) People are outside

While it’s true that most buyers are looking at listings online, you shouldn’t forget about appealing to pedestrians. A beautiful, well-tended home with a “for sale” sign out front is bound to attract attention—especially when the weather is nice. Whether it’s a neighbourhood couple jogging or a family out for a weekend bike ride, the people who will ultimately buy your home might just notice it while they’re enjoying the summer sun.

4) Buyers are in the market

One of the best reasons to put your home on the market in the summer is because there are a lot of buyers out looking. Many people take time off from work during these months, which makes it a great period for them to attend showings and focus on making a major purchase. Summer is also an ideal time for families to move, since the kids are on break and many parents would like to settle into a new place before school starts up again.

5) You may have more time

There’s a good chance that you’ll be taking at least some of your vacation days during the summer. In addition to enjoying the gorgeous weather, you can use this time to find a great real estate professional, prepare your home for the market, and consider the details of any offers you receive. There’s no doubt that selling a property can be complicated. The good news is, if you set aside the time to do it right (and accept the guidance of an experienced agent), you’ll be well positioned to make a successful summer sale.

Getting ready to sell your house? Reach out today to learn how we can help you prepare your property for the market—and get the best return possible!

Are you ready to buy a home for the first time? If so, there are a few things you should know. While finding the perfect place to live is a rewarding experience, it can also be complicated. From obtaining a mortgage to setting a price range to hammering out your agreement with a seller, getting the process right is the key to success. Luckily, there are a few steps you can take to help ensure a great outcome.

If you’re a first-time homebuyer, here are five ways you can prepare for one of the biggest purchases you’ll ever make…

1) Obtain pre-approval

First things first: if you’re going to need financing, you should get pre-approved for a mortgage. During this process, a lender will look closely at your financial history and current circumstances. They’ll use this information to figure out how much you’re likely to receive in financing. Many first-time buyers don’t see the point in getting pre-approved, but it’s a crucial step in the purchase process. It tells sellers that a lender has vetted you, and that you’ll likely have the necessary funds to make it to closing.

2) Budget carefully

Most buyers are aware that they should start off the home hunt by setting a reasonable price range. After all, knowing what you can afford—and what you can’t—can prevent a lot of headaches and wasted time. Start by performing a few calculations to determine what type of home (and monthly mortgage payments) you can fit into your budget. The biggest mistake that many first-timers make is underestimating the costs of homeownership. From insurance to taxes to larger utility bills, the expenses can add up quickly—so be conservative when you’re budgeting.

3) Know your neighbourhoods

When you’re searching for your first home, it helps to know exactly what you’re looking for. Start by researching neighbourhoods. Consider a variety of factors that matter to you, from price points to local schools and green spaces to transit options. When you’re narrowing down your list of areas, try to be open-minded. While most home buyers have a few ideas of where they’d like to live, they’re often surprised to learn that communities they’ve never considered before are a perfect fit.

4) Understand closing costs

From a financial perspective, the road to closing is less stressful when you know what to expect. There are a number of costs you’ll pay at the end of your purchase, though these differ from one transaction to the next. In almost all cases, the most significant one will be land transfer taxes. The amount you pay will be calculated as a percentage of the overall price of your home (typically between 1 per cent and 2.5 per cent). You’ll also have to pay legal costs, along with an assortment of others that may include inspection and appraisal fees.

5) Work with the right agent

When you’re buying your first home, your real estate agent should act as your guide. From helping you find properties that meet your needs to making sure your i’s are dotted and your t’s are crossed, a knowledgeable professional will help at every step. If you’re thinking of working with a particular agent, make sure you understand their approach. Ask about their track record, what sets them apart, and whether they’ve worked with first-time buyers before.

Purchasing your first home is a big step toward securing your future. By making sure you’re as prepared as possible, you can set yourself up to make an informed decision—and a purchase you’ll be happy with for years to come.

Preparing to buy a home? From starting your search to making a highly-appealing offer, we can help at every step. Get in touch to learn more about the process!

Are you looking for the perfect family-friendly neighbourhood? From local schools to nearby recreational opportunities, there are many factors that determine whether a community is a great place to raise your kids. For many families, attractive, multi-functional green space is high up on the list. Whether you’re planning a hike, setting up an afternoon picnic, or just hoping to find a jungle gym your little ones can crawl around on, you’ll find plenty of fantastic options in and around our city.

From friendly neighbourhood parks to large conservation areas, here are five of the best green spaces in Vaughan…

1) Concord Thornhill Regional Park

While it’s well known for its off-leash dog area, Concord Thornhill Regional Park has a little bit of something for everyone. Its trails, ponds, and gardens make this a great place for nature lovers, while the playground is perfect if you have little ones. That said, one of the best things about this charming park is a recent addition. In 2013, a FIFA-standard artificial turf soccer field was unveiled. Funded by the city, community organizations, and a monetary prize awarded by BMO to the Glen Shields Sun Devils, the field is a true labour of love. It’s this type of local spirit that makes Vaughan such an incredible place to live!

2) Marita Payne Park

The top-notch amenities at Marita Payne Park include playgrounds, baseball fields, tennis courts, and even an area set up for skateboarders. If you’re a fan of nature strolls, you’re in luck. There’s a 2.5 km paved stretch that goes through Marita Payne and Glen Shields Parks, as well as part of the Bartley Smith Greenway. This is an easy, well-lit walk, making it a great option if you have kids. If you’re a Glen Shields resident looking for some outdoor fun, round up the family and head to Marita Payne Park!

3) Kingsview Park

Are you looking for a quaint community green space in Woodbridge? If so, check out Kingsview Park. With a stimulating playground that features a climbing structure, several slides, and a whole lot of sand to play in, this is a great place to visit during the day if you have young children. You’ll also find a basketball court and small soccer field. These features make Kingsview Park as great for older kids as it is for little ones. Put simply, Woodbridge families will love this clean, well-cared-for green space.

4) Boyd Conservation Area

Boyd Conservation Area is a place where Vaughan residents can enjoy the splendour of nature. This green space features 7 km of gorgeous walking trails that wind through the Don River Valley. It’s also the ideal place to relax with some barbeque or a packed lunch. Whether you want to set up something small and impromptu, or a large family gathering, the picnic sites at the Boyd Conservation Area can accommodate you. While you’re eating, enjoy some scenic views of the water—or do some bird watching once you’re done your meal.

5) Kortright Centre for Conservation

Without a doubt, Kortright Centre for Conservation is one of the most majestic sites in Vaughan. Located in Woodbridge, this sprawling, 325-hectare area is truly pristine. Kortright is dedicated in large part to habitat preservation, and the grounds are home to both gorgeous gardens and a beehive observation area. You should also check out the 1.6-km Innovation Trail, which features displays of renewable energy technology. If you want to have a learning experience with your family while you enjoy the great outdoors, this is the place to visit.

Do you remember the feeling you got the first time you saw your house? Were you excited? Full of anticipation? If you’re like most buyers, you were probably attracted to your home’s exterior before you even set foot inside. Now that you’re getting ready to sell, it’s time to ensure that the home hunters who drop by for a tour get that same feeling—and the best way to do that is by boosting your curb appeal.

Fortunately, making the exterior of your house stand out doesn’t have to take a lot of time or money. With a few simple improvements, you can grab the interest of more buyers and start paving the way toward a successful sale.

If you’re about to put your home on the market, try these six quick tips to boost your curb appeal…

1) Add planters

Whether they contain lively greenery or colourful flowers, planters can add instant curb appeal to your home. Carefully-tended vegetation doesn’t just look gorgeous. It also sends the message that your home is well cared-for. There are a few things to consider when you’re browsing your local gardening store. Choose plants that are in season, and think about how they’ll look in your entranceway. Remember that planters of different sizes can add a lot of visual interest to your home!

2) Repaint your front door

Speaking of the entrance to your home, a quick way to refresh your front door is by giving it a new coat of paint. While you can always stick with the colour you’ve used in the past, opting for a more eye-catching hue could make your property more memorable. From cobalt blue to sunshine orange, a vibrant shade that complements your home can really pop—and invite buyers to see what else is in store.

3) Rent a power washer

You’d be amazed at how much old dirt and mildew has almost certainly accumulated around the outside of your home. Fortunately, there’s a cost-effective solution. Pressure washers use highly-concentrated streams of water to lift grime from external surfaces—like your patio, your front steps, and the walkway leading up to your property. You can rent these machines from many home improvement stores at affordable rates. Just one word of warning: pressure washing can damage some surfaces, so be sure to do your homework!

4) Consider using mulch

When you’re creating spring or summer curb appeal, an attractive lawn is crucial. Dead, discoloured, and unkempt grass is a major turnoff for buyers—and it can lead to the assumption that your property hasn’t been properly maintained. One thing many sellers struggle with is sparse patches in their yards. Depending on the placement of these areas, mulch may be the answer. We recommend bark or wood chips—especially cedar, which has a rich colour and pleasant scent.

5) Replace your light fixtures

Your porch lights can contribute to the great first impression your home makes on buyers. From wall sconces to hanging lanterns, there’s no shortage of options to choose from. But whatever style you decide on, make sure it has a simple, modern look. If you’re holding showings around dusk, don’t forget to flip those lights on to welcome buyers—and make it easier for them to find your home.

6) Get a new welcome mat

It’s an incredibly simple way to make your front door look a little bit more polished. If your welcome mat is less than welcoming, replace it with a new one. Whether it’s faded or encrusted with mud, this is the perfect time to toss out that eyesore. Other front-door items that tend to get worn-out include mailboxes and address numbers. That’s why it pays to be as objective as possible when you give your front door the once-over.

Put simply, boosting your curb appeal doesn’t have to be a major pain. With a bit of forethought and a relatively modest budget, you can help ensure that more buyers fall in love with your home at first sight!

Preparing to sell your house? Reach out today to learn how we can help you prepare your property for the market—and get the best return possible!