Home Closing Costs: Now that you know what you can afford, the next step is to determine the additional costs of the home-buying process. According to CMHC and GE Capital, one should have, in addition to the down payment, at least 1.5% of the purchase price for closing costs (we say 2-2.5%, just to be on the safe side). The costs vary across provinces, and for that matter, cities. Below you will find a brief explanation of these costs, yet it may not include all items required specific to your property, or the area in which you have purchased. This is a guideline, but your lawyer can provide a fairly close estimate, and is the best resource. Appraisal Fee: The appraisal provides the lenders with a professional opinion of the market value of the … Read entire article »

The Insurance Advice Business Owner’s Policy A standard business owner’s policy (BOP) provides coverage for property (fire, wind, theft, etc.), liability (injury of someone in your business or by your product), business interruption, and, in some cases, workers’ compensation. The components of each Business Owners Policy are different, so be sure that your policy contains all the components your business requires. Business Owners Policies were originally designed for small businesses, often retail, such as stationery or hardware stores. Today, Business Owners Policies are available for a broad range of businesses covering most major industries and professions. If your business has more than 50 employees, or very high sales volume, you may not be eligible for a Business Owners Policy and will have to purchase a package with the same elements at … Read entire article »

The Legal Corner: There are many different methods of carrying on business. This article will address three: the sole proprietorship, the partnership and the corporation. In a sole proprietorship, the individual will carry on business on his or her own behalf. He or she is the sole owner of the business and may hire employees. If using a name different than his or her own, he or she is required to register a business name. A business name registration is valid for 5 years and can be renewed. As a sole proprietor, the income and losses of the business are for his or her own account. If creditors wish to sue, they may sue the individual personally and seize his or her personal assets (with certain exemptions) to satisfy any judgment. A partnership … Read entire article »

STAGING… FOR A FASTER SALE AND HIGHER PRICE   There   are many television shows today that focus on home staging. If you have not   watched any, do yourself a favor and tune in. They all say the same thing: do   not even consider putting your house on the market until you have taken a   close look at its condition. Experienced sales people know that you only have   one shot at impressing potential buyers, so take some time to prepare your   home for showings. You will be rewarded with a faster sale and a higher   offer. Start with the Basics Everything from floors to windows must be spotless. Remember to clean   the oven and other major appliances. Skylights   should be crystal-clear, too. Kill the   offensive odors. They’re the first thing buyers notice, and often a permanent   turnoff. Eliminate   … Read entire article »

Real Estate Market Affect your Home Price A hot market is a “seller’s market”. During a seller’s market, properties can sell within a few days of being listed and there are often multiple offers. Sometimes homes even sell above the asking price. Though most buyers want to get a “deal” on a home, reducing your offer by even a few thousand dollars could mean that someone else will get the home you desire. A slow market is a “buyer’s market”. During a buyer’s market properties may languish on the market for some time and offers may be few and far between. Prices may even decline temporarily. Such a market would allow you to be more flexible in offering a lower price for the home. Even if your offered price is too low, … Read entire article »

When should I sell my home? Your answer to this question might be right now! If you have taken a job in another city or made an offer on a new home, or had an addition to your family, selling your home fast might be the most important goal you have. Most people, however, have some flexibility when they sell their home. Let us take a closer look at the most important factors that can go into this decision. How quickly must you sell? If you have decided that now is the best time for you to sell your home, then, you will probablywant to complete the process as soon as possible, but will also want to sell your home at the highest price possible. In a “sellers market”, where many buyers are … Read entire article »

Selling your Home with a Realtor or Go it alone If you have decided that now is the time to sell   your home, you might be thinking: should I hire a Real Estate Sales   Representative or do it alone. Have you ever considered repairing your own   car? Anyone can buy the tools and parts. However, most of us just do not have   the knowledge, training, experience or the expertise and commitment of time   to do the job properly. Besides, there are plenty of experienced   professionals to do the work for us. If you are tempted to do it yourself and “save” the real estate   commissions this article will be of great help to you in making your   decision. Selling   your home is quite a complex procedure, involving large sums of money,   stringent … Read entire article »

For those wanting a steady return on their money, houses can be a sure bet. When the baby boomers started madly buying houses in the 1980s, suddenly real estate seemed like the path to instant wealth. The real estate markets fluctuate constantly. There have been times when house prices have gone down. However if you look at the overall price of homes in your area over the last 10 years, in most cases, (depending on your region) prices have risen. Where is the housing market headed? Nobody can accurately predict. But even if house prices don’t rise phenomenally, a home has two strong things going for it as an investment. First, any capital gains on your principal residence are tax-free. If your house appreciates by 6 per cent, you get to … Read entire article »

SMALL BUSINESS FINANCING PROGRAM   Small business is one of the fast growing segments of Canada’s economy. Imaginative entrepreneurs with drive and spirit are creating thousands of new jobs and new opportunities for our country’s future. The Canada Small Business Financing (CSBF) Program was created to help small businesses reach their potential by making it easier for them to get term business improvement lawns to finance the purchase or improvement of fixed assets for new or expanded operations. Administered under the Canada Small Business Financing (CSBFA), the program is a joint initiative between the Government of Canada and private sector lenders. WHY A CSBF LOAN? Owners of small businesses frequently lack the funds they need to pay for business improvement or expansion. Financing may not be available to them unless they are willing to … Read entire article »

Home Closing Costs: Now that you know what you can afford, the next step is to determine the additional costs of the home-buying process. According to CMHC and GE Capital, one should have, in addition to the down payment, at least 1.5% of the purchase price for closing costs (we say 2-2.5%, just to be on the safe side). The costs vary across provinces, and for that matter, cities. Below you will find a brief explanation of these costs, yet it may not include all items required specific to your property, or the area in which you have purchased. This is a guideline, but your lawyer can provide a fairly close estimate, and is the best resource. Appraisal Fee: The appraisal provides the lenders with a professional opinion of the market value of the … Read entire article »