Take the stress out of preparing to sell your home with these easy staging tips!

  1. First Impressions

What do buyers see as they come up to your home? Take a look outside. Keep it inviting by having your walk way clear of clutter, your trees and shrubs trimmed, and your lawn mowed. What season is it? Having seasonal flower pots is a great way to add colour to your walkway and steps. Freshly painted doors and steps are a great way to update without breaking the bank.

  1. Clean

It might seem like common sense but it’s easy to skip a step when you’re used to your own home. Take sometime to yourself and hire a cleaning company if you don’t like to clean. Having sparkling appliances, clean cupboards inside and out, and crisp baseboards is a sure way to leave a lasting impression on buyers.

  1. Declutter

This helps speed up the packing process by helping you decide what you want to keep or what you could live without.

  1. Paint

Keep it to neutral colours. We all love trying bright colours in our homes but most buyers have a hard time seeing their own items fitting in. Avoid dark colours in small rooms to keep it from looking even smaller.

  1. Depersonalize

You may love all your family photos but it is hard for buyers to envision themselves in your home with to many personal items. 

  1. Details 

Fresh towels in the bathroom or flowers in the kitchen go a long way. Does anything need replacing or fixing? Replace any burnt out light bulbs and leaky faucets.

Don’t get so carried away with prepping your home that you forget why you’re doing this; to get more money! When doing the updates ask yourself, will this make my home more desirable to buyers or will this increase the value of my home more than it costs me to do it?
Looking to sell and want more information on how to get you and your home ready for the market? Email me for my sellers guide!

Making sense of the new mortgage rules

There has been a lot of confusion on the new mortgage rules with clients thinking they will need more than 20% down. Here is some Clarification on what Down Payment is needed for different Circumstances.

5% Down Payment

Can be used for:

  1. First Time Home Buyers
  2. New to Canada Clients with 2 Credit Sources for previous 12 months OR a Strong Credit File (Can be Gifted)
  3. Vacation Home – 4 Season Home with Year round access (Type A Property)
  4. Second Home – Owner Occupied or for an immediate family member (Child, Parent)
  5. Purchase Plus Improvements – if Owner Occupied
  6. Construction Builds – Progress Advances

10% Down Payment

Can be used for:

  1. Stated Income Clients with 2 Years History of Self Employment
  2. New to Canada Clients with Less than 1 Year History with 6 Months Bank Statements (5% of the Down Payment must be own Funds)
  3. Vacation Home – 3 Season (Type B Property)

20% Down Payment

Can be used for:

  1. Conventional Mortgages with NO Lender Insurance Premiums
  2. Rental Properties
  3. Self Employed Clients with Less than 2 Year History
  4. Stated Income Clients with less than 2 Year History
  5. Clients that do not meet the Minimum Equifax Beacon Requirements

Special Conditions:

  1. Foreign Funds need to be sitting in a Canadian Bank Account Varying from – Proof of Deposit to 90 days (Depending on the Lender)
  2. Funds are not accepted from all Countries due to Sanctions
  3. Some Lenders still allow Borrowed Down Payments (Flex Down)
  4. Gifted Funds from Immediate Family Members are Allowed

Lenders all have Different Rules when it comes to what they will accept for Down Payments. If you are having a hard time deciding to use a mortgage broker or a bank talk to your realtor!

Infomation kindly provided by Eva Neufeld from the Mortgage Tailers.