Here's How To Know If A Neighbourhood Is Improving

How to tell if a neighbourhood is improving

When you’re looking for a new home, you want to find one in a great
neighbourhood – or, at least, in a neighbourhood that is on the upswing.
How can you tell if a particular area is improving? Here are some common
indicators:
• Pride of ownership. Take a walk around the neighbourhood. Do you get a
sense that people take good care of their homes? Are the lawns mowed?
Is the landscaping trimmed? Are flowers planted? Homeowners are more
likely to look after their properties when they like where they are living.
• Home improvements. Are people investing in their homes? Are they
getting their driveways re-done? Their windows replaced? Are there signs
of home improvement projects? If so, this is a clear indication that
homeowners like the area enough to invest in their properties.
• Real estate sales activity. Do homes tend to sell quickly in the area? Do
they sell for a good price? If so, the neighbourhood is probably in demand.
If people want to live there, it's a desirable area.
• Business investment. Are businesses investing in the surrounding area?
Is there an increase in the number of upscale shops, health clubs,
restaurants, and other commercial enterprises that often locate near
desirable neighbourhoods?
• Community involvement. Are there signs that the community plays an
active role in the look and lifestyle of the neighbourhood? Are there
neighbourhood picnics, yard sales and other get-togethers? Check
Facebook.com to see if the neighbourhood has a community page.
• City plans. Find out what plans the city has for the area. Will there be road
improvements done in the near future? Are there any major construction
projects on the schedule, such as a new school or community centre.
Although such projects can be disruptive in the short term, they may
improve the neighbourhood – and, as a result, boost the value of any home
you buy – in the long-term.
Of course, the best way to find out the desirability of a neighbourhood is to
talk to a good REALTOR® who knows the area. Call Rashna today at 416-554-7253

How Much Home Can You Afford?

How Much Can You Afford?

Why is it so important to know how much you can afford to spend on a 
home? 
Two reasons. 
First, you don't want to buy a property and then find out, only after you’ve 
moved in, that you can't financially maintain it. That would mean having to 
resell it under stressful conditions. 
Second, you don't want to settle for a property that's less than ideal, when 
you really could have afforded the "dream home" you've always wanted.
So how do you figure out how much you can afford to pay for your next 
home?
The first step is to talk to a good REALTOR®. He or she will help you gain a 
clearer understanding of how much your current home will likely sell for in
today's market. That amount, together with other financial resources you 
might have (such as savings), will determine your down payment.
The next thing you’ll need to figure out is your mortgage. Your REALTOR® 
can help you find a lender who will take a variety of factors into account –
income, credit rating, debts, expected down payment, etc. – to calculate the 
maximum amount of mortgage for which you qualify. 
Say, through the proceeds of the sale of your home combined with your 
savings, your expected down payment is $90,000. If the lender authorizes a 
mortgage of $270,000, then you can afford a $360,000 home.
Of course, that doesn't mean you'll need to spend that much. In fact, a 
home that meets your needs in terms of property type, features, and 
neighbourhood, may in fact cost you less.
One thing is for sure. A good REALTOR® can work with whatever amount 
you can afford and show you homes on the market that most closely meet 
your needs.
Looking for a good REALTOR®? Call today.