Finding the perfect home is an important decision for everyone, but it holds particular significance for seniors and retirees. After a lifetime of hard work, it’s essential to choose a home that not only meets your current needs but also supports your lifestyle and well-being in the years to come. 

In this blog post, we’ll touch on a few important details to look out for as you search for your new home. 

Looking for more real estate tips about retirement? Check out these blog posts!

• 3 Things Seniors Should Know Before They Sell Their Home
• How to Help Your Parents Declutter
• Buying a Home in Florida For Canadians

A Neighbourhood With All the Essentials

Just like any home purchase, one of the most important aspects to consider when selecting a home as a retiree is the location. In other words, you’ll want to choose a home in a neighbourhood that suits your needs and preferred lifestyle.  

During your golden years, convenience will be a key part of what makes your home a great place to live. On top of being close to family and friends, recreational activities, and other things that pique your interest, you’ll want to consider everyday essentials. This means proximity to healthcare facilities, grocery stores, public transportation, and other important services. 

You’ll also want to consider who your neighbours will be. Buying in a vibrant community with fellow retirees can enhance your social life and provide opportunities for new friendships – they may also provide unique amenities and activities tailored specifically for seniors. If this interests you, ask your real estate agent about neighbourhoods with active retiree communities. 

Ready to find your next home? Click here to browse our local listings! 

Turn Key Condition 

At the end of the day, retirement is a time to enjoy hobbies, spend time with family, and take part in activities that bring you joy. With that in mind, you won’t want to spend all your time working on or fixing up your home. As you look for the right place to spend your golden years, consider choosing a home that won’t require major renovations, repairs, or improvements. 

On top of not needing major upgrades or renovations, a home that makes a good fit for retirees often doesn’t require an excessive amount of routine maintenance or upkeep. This could mean a home with smaller square footage, less required yard work, or even newer appliances. 

Condos are a great option for retirees looking to minimize their responsibilities as much as possible. With most maintenance tasks taken care of, condo living can help you maximize your free time. 

Downsizing to a smaller home for your golden years? Explore these posts about condo living from our blog! 

• Working With an Agent When Buying a Pre-Construction Condo
• 5 Reasons You’ll Love Condo Living 
• What Happens if My Pre-Construction Condo is Delayed?

Accessibility Considerations

As we age, mobility and safety become increasingly important. When evaluating potential homes for your next chapter, don’t forget to assess their accessibility features. Mindful features include wide doorways, step-free entrances, and well-lit spaces. While you may be able to make some modifications to your home after moving in, it’s helpful to find these features up front. 

For some retirees, a single-level home such as a bungalow is often more practical as it eliminates the need to navigate stairs regularly. Alternatively, a unit in a condo building with elevators is also a good option as it can make daily tasks more manageable and reduce the risk of falls. 

An Open Floor Plan

As part of accessibility, a home with an open and spacious floor plan can make life easier for retirees. When you begin looking for a new home and find one that catches your eye, take a moment to consider the layout. Pay attention to the width of doorways and hallways, to ensure easy accessibility for mobility aids like wheelchairs or walkers. While this may not be a part of your needs today, it’s important to think ahead – especially when purchasing a home. 

Buying With the Lino Arci Team

Finding the perfect home as a retiree is no easy task – that’s where we come in. As Vaughan’s #1 real estate group, the Lino Arci Team provides a simple, stress-free buying experience that can help you land a home you love at the right price. 

With close to four decades of experience, we’ve built out a specialized approach to helping seniors transition to a new home. We understand the unique challenges you may face as you enter the next phase of your life. That’s why it’s our priority to make your purchase as smooth, successful, and risk-free as possible. 

Ready to find the perfect home for your next chapter in life? Work with the #1 real estate team in Vaughan! Call 416-571-2724 or send an email to info@arciteam.com today. 

We assume the rights of freedom and debate its boundaries in politics, yet how often do we take time to reflect on what freedom means to us personally? Freedom is not a concept carved from stone; it is malleable and personal, always shifting shape depending on where you find yourself standing and the angle of the slanting light.

My personal definition of freedom is the ability to act based on my convictions without external restriction or retribution. It is the ability to represent myself as I see myself to be, not having to hide or disguise who I am in order to pursue happiness, fulfillment, and growth. It is the power of free self-expression. Personal freedom is one of my top three values.

Of course, there are boundaries to freedom. My actions should not hurt others or restrict their personal freedoms, and so this is the dance of conscience. Will what I want conflict with what others want or need? If so, how can I have the personal autonomy I need while respecting the freedom of those around me?

I believe there is always a path for mutual free expression, when we respect one another. Today, as we prepare to celebrate Freedom Month, I offer the following quotes as food for thought and as writing prompts.

AND remember… YOUR referrals
help the Community

This year my team and I are on a mission to raise $50,000 for SickKid’s Hospital of Toronto! SickKid’s Hospital of Toronto does awesome work in helping kids fight through and survive nasty life-threatening diseases like cancer, non-Hodgkin’s lymphoma, leukemia, and others.

Whether it’s providing Food for the struggling and hungry through its many food pantries, providing temporary housing for the displaced or the abused or the homeless, the jobs programs for struggling neighbours trying to get back on their feet, the Clothing, the Summer Lunch Programs, the Toy Shop, and their Market Place for poverty-stricken neighbours, SickKids leads the way in restoring lives one person and one community a a time.

SickKid’s Hospital of Toronto is Making a Difference Today and for Tomorrow!

As a leading non-profit, SickKids depends on Sponsorships and Donations to continue its leading-edge service. We proudly donate a portion of our income from real estate sales to SickKids to help them continue serving the needs of those who most need it in our community!

So When you hear my say “YOUR REFERRALS HELP THE COMMUNITY…” they really do!

Who do you know considering buying or selling a home you could refer to our real estate team?

Not only will they benefit from our award-winning real estate service, but you can rest assured a very worthy cause will benefit as well.

To refer your friends, neighbours, associates or family members considering making a move just give me a call or pass on my number to them! 416-571-2724 (ARCI).

Over the decades of helping thousands of families sell their home and/or buy another, we have met some wonderful, loving, caring people. People like you! So those you know considering a move that we help, you have my word that we will do our very best in helping them buy or sell the place they call home. I hope this special month of Showing Thanks bring you so much joy and happiness. 

A real estate company with experience, proven results, and a give-back philosophy! 

Refer your friends, neighbours, associates or family members considering making a move:

1. You can send this blog link to someone you know considering a move.

2. You can pass along our business card or contact info to them.

3. You can go to www.WeHelpTheKids.com and enter their contact info online or forward the link to someone you know considering a move.

4. Of course you can always call me direct as well at 416-571-2724 (ARCI).

Why Support SickKid’s Hospital of Toronto:
Born, raised and growing up right here in Toronto I have seen many things change. I remember when it was just woods where two of the areas largest shopping malls are now, Vaughan Mills Mall and Yorkdale Mall. Most call it progress, and it is true that many have done well as the Greater Toronto Area has grown. There are however some in our community that for reasons beyond we can fully understand are experiencing real hardship. Circumstances like tragedy, loss, victim, homeless, disables, abused, hungry, gravely ill and unemployed. People with one or a combination of these hardships do exist and exist in numbers that would shock most. Thank God for the grateful people at Sick Kids Hospital.

SickKids Hospital has been leading the way in helping those in our community that need help the most. Literally, restoring HOPE to those who are living with hopelessness. My team rally’s around our annual goal of raising money and donating portions of our income to help Sick Kids Hospital of Toronto in their quest to heal young people when they need healing. My team and I are committed to providing outstanding results for buyers and sellers referred to us by our past clients. I have discovered that Sick Kids Hospital of Toronto shares similar commitments to their patients. And since their services survive on sponsorships and donations we are happy to contribute and proud to support them.

I encourage you to visit their website at www.sickkids.ca and check out how they are making a difference in the lives of children and their families!

As the cost of housing increases both locally and across the country, it’s no secret that saving up for a home looks a little different for today’s generation of buyers compared to years past. 

Despite these new challenges, condos remain a great way to break into the housing market. As they come at a lower price point, purchasing a condo is a great way to begin building personal wealth through owning real estate. 

That being said, just like a house, saving up to buy a condo will require planning and discipline. As you begin saving, you’ll want to be prepared for the various costs involved – not just the cost of the unit. 

In this post, we’ll look at the complete cost of condo ownership and share some helpful tips for reaching your goals sooner rather than later. 

Looking for advice on how to budget for a larger detached family home? We have tips on that too! Click here. 

Down Payment Basics

When you purchase a condo, the down payment is hands down your largest cost. In the past, buyers typically needed a minimum down payment of 20% to purchase a home. However, today’s buyers are facing wildly different conditions compared to years past, and rules around home financing have changed to reflect this.

Depending on your financial strength, you may be able to purchase a home with a down payment of as little as 5%. However, in these cases, you will be required to obtain mortgage insurance – which comes at an extra cost. 

Need more information about buying a condo in the Greater Toronto Area? Check out these blog posts for helpful tips and insights.

• What Happens if My Pre-Construction Condo is Delayed?
• An Investor’s Guide to Pre-Construction Condos
• How a Real Estate Agent Can Help You Buy the Perfect Condo

Budgeting For Condo Fees

In addition to the down payment, buying a condo also involves a few specialized expenses. Arguably the most significant of these is your condo fees. 

The fees are separate from your monthly mortgage payments and they cover a number of essential expenses related to the maintenance of the building itself and other similar costs.

As a recurring expense, condo fees can add up in a hurry so it’s important to be adequately prepared for them. Once you have an idea of what you’re looking for in a condo, begin browsing local listings. In most cases, a unit’s condo fees will be outlined in the actual listing itself.

The average price of units you’re interested in, along with their respective condo fees, can help you estimate how much you’ll need to save in order to be ready for the market.

Condo Closing Costs

Like other types of real estate, condos are subject to Land Transfer Tax when purchased. In Ontario, this cost is applied to properties using a sliding scale (between 0.5 and 2.5 percent). However, some municipalities may apply additional taxation depending on the jurisdiction. If you’re uncertain about how Land Transfer Taxes may impact your budget, ask a real estate agent. 

If you’re serious about buying a particular condo, you’ll also need to obtain and review a copy of the status certificate. This comes at a fee too, however, it’s usually quite minimal (less than $100). 

Keep in mind, these costs apply to resale condos. Pre-construction condos, which similarly make for a great pathway to homeownership can come with their own unique closing costs and fees.  

Buying a piece of real estate for the very first time? Check out these other blog posts to get a sense of what you can expect from the process. 

• 5 Reasons to Get Pre-Approved For a Mortgage Before Heading to the Market
• Essential Tips for First-Time Home Buyers
• 5 Mistakes First-Time Home Buyers Make

Saving & Building Your Budget

With a complete idea of how much you will need to buy a condo, it’s time to start saving up! You may have already started to set some money aside, however, it can be helpful to create a more regimented savings plan to ensure you reach your goals in a timely manner.  

There are even government programs and initiatives that can help you save for a condo faster. The recently launched First Home Savings Account allows you to have a dedicated space to build up your savings tax-free.

First-time buyers should also take advantage of the First-Time Home Buyer Incentive, which is designed to reduce monthly mortgage costs and help alleviate some of the financial burdens associated with today’s housing costs. 

Want to make the most of your first home? Work with the #1 real estate team in Vaughan! Call 416-571-2724 or send an email to info@arciteam.com today.

Is Vaughan, Ontario a good place to raise kids? Absolutely! 

There are countless reasons why Vaughan is the perfect place to raise your family, and we’ll touch on a few of them in this post! Want to know more? Keep reading. 

Thinking about moving to Vaughan, Ontario?
Click here to explore available homes in the area. 

Vaughan at a Glance

Home to a little more than 300,000 residents, Vaughan is a charming community located at the northern edge of the Greater Toronto Area. In addition to being one of the fastest-growing municipalities in Canada, it’s also a fantastic place to raise kids. 

With its high-ranking schools, welcoming neighbourhoods, great access to amenities, and a strong focus on family, it has everything you need to ensure your children have a wonderful upbringing. 

Looking to buy a home that’s perfect for your growing family? Check out these other blog posts for helpful tips. 

• How to Budget For Buying a Home in Vaughan
• How to Buy a Home
• Taking the Risk Out of Real Estate

Vaughan’s Great Schools 

It’s not unusual for buyers to hit the market with a long list of “must haves” in their new home, and for many of these buyers (especially parents), being close to a great school is somewhere near the top of that list. Luckily, Vaughan has some of the best schools in not just the GTA, but all of Ontario. 

There are tons of top-notch schools in Vaughan that offer an incredible education. Including both public and private options, these schools offer state-of-the-art facilities and well-regarded teachers who use creative teaching methods to keep learning exciting. Plus, there are so many extracurricular activities available, like art, science, and sports programs – giving your kids the chance to discover and pursue their passions.

When they grow up, Vaughan is also close to a number of top-ranking universities and other post-secondary institutions where your kids can continue their studies. 

Want to know more about the amazing educational opportunities in town?
Click here to read our list of the Top 5 Schools in Vaughan. 

Family-Friendly Fun All Year Long

In addition to having many great schools, Vaughan is practically overflowing with fun activities. With its plentiful parks, playgrounds, sports facilities, and more, there’s always a somewhere to play, have a blast, and stay healthy.  

There are also endless opportunities to spend quality family time outdoors, whether it’s a family picnic, a bike ride, or just exploring nature. Not to mention, the world-renowned and always popular with kids Canada’s Wonderland amusement park is located right in Vaughan!

As a bonus, the city’s prime location within the Greater Toronto Area means that there’s easy access to a whole bunch of exciting opportunities. Take a quick trip to downtown Toronto to explore incredible museums, art galleries, and theatres. 

Whether it’s a day at the Royal Ontario Museum, a visit to the Ontario Science Centre, or checking out the cute animals at the Toronto Zoo, Vaughan’s proximity to these attractions means your kids will always have something fun to do.

Looking to brush up on your real estate knowledge? Explore these other posts from our blog. 

• Questions to Ask Your Vaughn Real Estate Agent Before Selling
• Why You Need to Price Your Home Strategically
• How to Get VIP Access to Vaughan Homes For Sale

Homes That Meet Your Needs

Along with the lifestyle elements, Vaughan’s huge selection of family-friendly homes also makes it a great place to lay down roots and raise kids.

As an extension of this, one of the distinct advantages of living in Vaughan is the sheer abundance of neighbourhoods that are specifically designed with families in mind. 

These thoughtfully-planned communities feature great parks, playgrounds, and access to essential amenities. Of course, there are plenty of amazing homes too – catering to a wide selection of needs and budgets. Plus, thanks to Vaughan’s suburban-style development, many houses come with spacious front and backyards. This is a huge bonus that not every community in the GTA can provide. 

If you’re looking for the right home for you and your family, you’ll want to work with a local real estate agent who knows Vaughan inside and out – like the Lino Arci Team! For decades we’ve helped countless buyers build a solid foundation for their children’s future, and we can do the same for you!

Ready to find the perfect home for you and your family? Work with the #1 real estate team in Vaughan. Call us at 416-571-2724 or send an email to info@arciteam.com to be in touch. 

You guessed it right. June is Donald Trump’s Birthday Month. BUT why would I mention this to YOU?

Well, since you have been kind enough to be a part of our business, I wanted to take the opportunity to give YOU a gift on Donald Trump’s birthday.  I am sure Mr. Trump doesn’t mind. He seems to have plenty of stuff, so I’d like to celebrate his birthday by giving you (and those you know), TWO very special gifts! Yes, TWO gifts.

Gift #1 is my lifetime home sale guarantee.

Your Home Sold, Guaranteed, at Your Price or I’ll Buy It*

Yes, this is the guarantee I am most famous for. And you will know that whether it’s a super awesome real estate market or a housing recession, I have not wavered from this guarantee.  The peace of mind from a guarantee like this is a fantastic gift. I can think of none better.

My team and I are committed to results.  In fact, Results-Oriented is one of our core values. For 37 years people have been coming to us when they want their home sold, at their price and with the least hassle.  We look forward to the next years of Guaranteed Results for area homeowners. 

Therefore, we offer guarantees and assurances to our clients. We call this Our Risk Removal System.  Like our Guaranteed Sale Program: Your Home Sold at a Price Agreeable to You or We’ll Buy It*. And our VIP Buyer Satisfaction Guarantee:  If You Are Not Happy With Your Home, We Will Buy It Back!*  In fact, our Exclusive Seller Agreements Offer 10 Unprecedented Guarantees.  In my experience, these guarantees elevate our service and our client’s experience. 

Gift #2…

Donations to SickKid’s Hospital on Your behalf.

In last month’s letter, I updated you on our goal of raising $50,000 for SickKid’s Hospital this calendar year. In case you missed it, we donate a portion of our income from home sales to SickKids. 

And by now, four paragraphs into this month’s Homeward Bound, you are wondering how the headline ties into any of this.  If you are reading Homeward Bound for the first time, you will notice we give back to those in our community who need help the most. Like our neighbours at SickKid’s Hospital of Toronto!

AND remember… YOUR referrals
help the Community

This year my team and I are on a mission to raise $50,000 for SickKid’s Hospital of Toronto! SickKid’s Hospital of Toronto does awesome work in helping kids fight through and survive nasty life-threatening diseases like cancer, non-Hodgkin’s lymphoma, leukemia, and others.

Whether it’s providing Food for the struggling and hungry through its many food pantries, providing temporary housing for the displaced or the abused or the homeless, the jobs programs for struggling neighbours trying to get back on their feet, the Clothing, the Summer Lunch Programs, the Toy Shop, and their Market Place for poverty-stricken neighbours, SickKids leads the way in restoring lives one person and one community a a time.

SickKid’s Hospital of Toronto is Making a Difference Today and for Tomorrow!

As a leading non-profit, SickKids depends on Sponsorships and Donations to continue its leading-edge service. We proudly donate a portion of our income from real estate sales to SickKids to help them continue serving the needs of those who most need it in our community!

So When you hear my say “YOUR REFERRALS HELP THE COMMUNITY…” they really do!

Who do you know considering buying or selling a home you could refer to our real estate team?

Not only will they benefit from our award-winning real estate service, but you can rest assured a very worthy cause will benefit as well.

To refer your friends, neighbours, associates or family members considering making a move just give me a call or pass on my number to them! 416-571-2724 (ARCI).

Over the decades of helping thousands of families sell their home and/or buy another, we have met some wonderful, loving, caring people. People like you! So those you know considering a move that we help, you have my word that we will do our very best in helping them buy or sell the place they call home. I hope this special month of Showing Thanks bring you so much joy and happiness. 

A real estate company with experience, proven results, and a give-back philosophy! 

Refer your friends, neighbours, associates or family members considering making a move:

1. You can send this blog link to someone you know considering a move.

2. You can pass along our business card or contact info to them.

3. You can go to www.WeHelpTheKids.com and enter their contact info online or forward the link to someone you know considering a move.

4. Of course you can always call me direct as well at 416-571-2724 (ARCI).

Why Support SickKid’s Hospital of Toronto:
Born, raised and growing up right here in Toronto I have seen many things change. I remember when it was just woods where two of the areas largest shopping malls are now, Vaughan Mills Mall and Yorkdale Mall. Most call it progress, and it is true that many have done well as the Greater Toronto Area has grown. There are however some in our community that for reasons beyond we can fully understand are experiencing real hardship. Circumstances like tragedy, loss, victim, homeless, disables, abused, hungry, gravely ill and unemployed. People with one or a combination of these hardships do exist and exist in numbers that would shock most. Thank God for the grateful people at Sick Kids Hospital.

SickKids Hospital has been leading the way in helping those in our community that need help the most. Literally, restoring HOPE to those who are living with hopelessness. My team rally’s around our annual goal of raising money and donating portions of our income to help Sick Kids Hospital of Toronto in their quest to heal young people when they need healing. My team and I are committed to providing outstanding results for buyers and sellers referred to us by our past clients. I have discovered that Sick Kids Hospital of Toronto shares similar commitments to their patients. And since their services survive on sponsorships and donations we are happy to contribute and proud to support them.

I encourage you to visit their website at www.sickkids.ca and check out how they are making a difference in the lives of children and their families!

If your parents are looking to downsize their home, you may have wondered how you can help. Assisting them through the decluttering process is a great way to start.

Decluttering is one of the biggest steps involved in downsizing and if you’re not sure how to tackle it, it can get overwhelming in a hurry. Luckily, we’ve got advice for you. 

Helping your parents downsize? We’ve got more tips for you. Click here to read our list of 3 things seniors should know before selling. 

Get Started Early

Downsizing from a larger family home to something smaller is a big transition. Even if your parent’s next home isn’t super tiny, they will still need to slim down their belongings. Therefore, decluttering will be an important part of their downsize. 

To avoid being overwhelmed by a task of this size, encourage your parents to start this process early on. Begin by discussing their goals and creating a realistic timeline for their journey. 

Decluttering is an essential step in selling your home quickly and for top dollar. For other home-selling strategies, check out these blog posts. 

• The Top 5 Common Mistakes Home Sellers Make
• What to Look For in a Listing Agreement
• Why Agent Feedback Matters When Selling Your Home

Stay Organized

Organization is key when tackling clutter. Help your parents develop a system to sort their belongings efficiently. 

Targeting one area at a time, break down various tasks into manageable sections to reduce the chances for them to become overwhelmed. Encourage them to establish specific objectives for each area or room, tackling the most cluttered spaces first. 

Next, help them sort items into three main groups: keep, donate/sell, and discard. Suggest using boxes or bins for each category and placing labels on larger items like furniture.  

Be Patient 

Downsizing is an emotional process – especially when your parents are moving out of a home they’ve lived in for many years. It’s not uncommon to feel attached or sentimental about moving on from the home itself, and the same goes for their belongings. 

There’s a good chance that your family will feel sentimental about certain belongings, which can make it difficult to decide what they’d like to do with them. This is another reason why it’s good to start the decluttering process early. 

Decluttering is the first step in what will be a fairly big life change. As you help them through the process, be patient with their feelings and emotions. While sorting through their belongings, take moments to reflect on and celebrate the memories made in the home. 

Looking for even more tips on selling your home? We’ve got you covered! Check out these related posts from our blog.

• Questions to Ask Your Vaughn Real Estate Agent Before Selling
• How to Buy a House Before Selling Yours
• A Seller’s Guide to Multiple Offers

Know When to Ask For Help

Decluttering an entire home is a significant undertaking, and it’s essential to let your parents know that they don’t have to face it alone. Offer your support and encourage them to ask for help from other family members and friends. You can also ask for help from a dedicated real estate team – like the Lino Arci Team!

We understand the unique needs of downsizers and even have a specialized selling process for clients in their golden years. Our approach is supportive, empathetic, and all-encompassing. 

Whether you and your parents need help decluttering their current home or moving everything into their next place, we’re happy to go the extra mile so you don’t need to lift a finger. Of course, we also have top home-selling strategies to ensure your sale goes as smoothly as possible. 

Your Home Sold Guaranteed

There are enough stresses in the downsizing process without even considering the real estate side of things. Far too often downsizers list their homes and have to deal with the anxieties that come with an uncertain market. That’s why we came up with our Your Home Sold Guarantee. 

Put simply, we guarantee to sell your home. If for any reason that doesn’t happen, we’ll buy it from you with a cash offer. This promise takes the uncertainty out of the equation, allowing you and your family are able to relax and focus on what’s most important to you. 

Looking for a senior-specialized home sale? Our team is proud to offer industry-leading support for our clients. Get in touch to learn how we can offer you a low-stress selling journey with great results. 

In the world of real estate, divorce isn’t always the easiest topic to discuss. However, it is important.  

When one partner wishes to stay in the home following a divorce, they’ll need to buy out the other’s share in it. While this may seem fairly straightforward on paper, there are a lot more details to sort out than you may think. 

Understanding the buyout process is incredibly important because it often needs to be completed before a divorce can be finalized. In this blog post, we’ll look at buyouts, what’s involved, and which factors will impact the completion timeline. 

Want to learn more about working with a real estate agent in the event of a divorce? Click here to read our blog post on the topic. 

Spousal Buyouts at a Glance

Generally speaking, divorce already involves a number of legal processes, logistics, and paperwork. The real estate side of the equation is no different. 

Divorce can be an incredibly difficult experience, and while you may wish to get through the buyout process as fast as possible, it’s important to recognize that things will take some time. Even though the home isn’t being listed on the market, partner buyouts still qualify as formal real estate transactions. With this in mind, there’s still a handful of key details and logistics to sort out before everything is completed and finalized. 

As a first step, you and your former spouse must have a signed separation agreement in place before you can proceed with the buyout. This document will cover a number of important details and your lawyer can help you draft and sign it.

The Matrimonial Home

Under Ontario law, both spouses automatically have equal rights to their shared home (different rules apply to non-married or common-law couples). This concept, which is also known as the ‘Matrimonial Home’ is designed to ensure both parties interests are protected in the event of a divorce. 

When a divorced couple decides to sell the home together, this law ensures proceeds are distributed fairly. In the event of one partner buying out the other, it determines (among other factors) how much the purchasing spouse will owe the other. 

In need of specialized real estate advice? You may find these blog posts helpful. 

• 3 Things Seniors Should Know Before They Sell Their Home
• Will My Kids Be Able to Afford a Home On Their Own?
• Are ‘Home Sold Guarantees’ the Real Deal?

How it Works 

When one partner buys out the other, they’re essentially taking on the remaining amount of the mortgage, plus any outstanding equity associated with the home’s market value – more on that later. On top of the financial elements, it also involves the legal steps of removing one spouse from the title of the home. 

When it comes to the actual purchase itself, one thing to note is that there is actually more than one way to pay it off. Usually, the purchasing partner will simply increase their monthly mortgage payment amount to reflect the amount owed to their former spouse, however, there are other ways to complete the process too. 

If you’re preparing to buy out your former spouse’s share of the mortgage, talk to your financial planner or accountant first. They’ll help you assess the situation and choose the right path forward. 

Who Keeps the Home?

The first major decision of the buyout process is determining which partner keeps the home. Ideally, you and your former spouse will already have an idea of who is staying and who will be moving out. 

In most cases, children are the determining factor in this decision. For instance, if one partner will hold primary custody, it’s often easiest for them to remain in the home. That way the children will be able to stay near school, friends, and in the home and neighbourhood they’re most familiar with. 

Downsizing to a smaller living space following a divorce? Explore these related readings for helpful tips. 

• How to Budget For Buying a Home in Vaughan
• 5 Reasons to Get Pre-Approved For a Mortgage
• Our VIP Buyer’s Program

Accounting For Equity

One of the more unique steps involved in a spousal buyout is determining how much equity the home has accrued since you moved in. 

Depending on when the home was first purchased, there’s a strong possibility that it has since increased in value. As a result, you and your former spouse will need to agree on a current market value. While there’s no universal formula to determine what the property is now worth, your real estate agent can help you calculate a fair and accurate estimate. 

We understand that the real estate steps of divorce can be challenging, and we’re happy to provide you with empathetic, personalized guidance on this unique process. Click here to send us an email or give us a call at 416-571-2724.