If you’re a typical borrower, your debt ratios will largely determine if you’re approved for a mortgage.

(NC) – Finding a home and getting a deal signed, sealed and delivered is one of the biggest and most emotionally-charged decisions that people ever make.

In fact, a recent Bank of Montreal report found that 80 per cent of prospective homebuyers know if a house is “the one” the moment they step inside.

While that initial feeling is important, buyers should keep in mind that there are several other factors to consider before making a final decision.

Here are four important steps for prospective buyers to take before making any decisions:

• Talk to the neighbours: The best way to get an idea of what it would be like to live in a particular neighbourhood is to talk to someone who already lives there. Chat with neighbours about the community, schools, commute and any potential surprises that you should know about.

• Work with a local Realtor: Look for a Realtor who works in the area and knows the ins and outs of the community. Asking friends, family and colleagues for references is a great place to start.

• Get a home inspection: A home inspection reports on the condition of the roof, structure, foundation, drainage, heating, cooling, plumbing, insulation, walls, doors and electrical system. The cost of a home inspection can vary so do your research and make sure to choose a qualified home inspector who will also inform you of the scope and limitations of the inspection.

• Check with the city: Visit your local building department and find out if any new developments are planned. Check to see how many owners have applied to build homes or additions that are larger than the by-law permits – this gives an indication of the neighbourhood’s future.

When it comes to making a home buying decision, do your homework and be sure to enlist a real estate professional to guide you through the process.

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(NC)—Maybe your home is a little down-at-the-heels and you haven’t noticed, let alone done anything about it. Not to worry, the following are some tips for an update that are neither difficult nor time-consuming:

The world’s at your feet

Wall-to-wall carpeting can really look like yesterday’s news so do the easiest thing: Pull it up and expose what’s beneath like shiny hardwood or polished concrete. It will be cool on the feet and to the eyes. Throw down a faux cowhide or two if you feel a little “warmth” is needed. They’re easy to clean with a quick sweep of the broom and are appropriate with a wide gamut of décors.

If you don’t like what’s underneath, consider staining a wood floor a lighter or darker hue—pure white and ebony are hot right now, or stenciling it.

For something super-easy, add a border to an area rug. Glue-gun contrasting suede on a sisal, for example. It not only produces a more expensive appearance, but personalizes it.

Dress up and down the windows

The key to modernizing window treatments is to make changes that not only look good, but allow the window to perform more efficiently. Have you had mini-blinds since the 1960s? For a more formal, yet still leisurely atmosphere, exchange them for versatile Vignette Modern Roman Shades. To make the window treatment even more current, there are mobile apps available that allows you to control motorized products by shade, room, time, or activity. In advance, just set everything as you want it so that when you arrive home, there’s nothing to do but relax.

Fool the eye

Kitchens are among the first rooms to show their age. One way to fix them up is to reface cabinet doors. There are a variety of brands available that are installed over existing frames for a perfect fit and enhanced functionality, and you can choose many details, too, from drawer glides to ornamental accents. Center a coordinating area rug on the floor, and there’ll be no mistaking it for any time but the present.

The good kind of mold

Whether it’s because they were built when cost was an issue, or an absence of imagination, many older homes lack wall molding. Similar to the right window dressings, molding provides the polished detailing that gives any room the designer touch.

When it comes to selecting the motif, think about the overall feel of the room. You wouldn’t want molding à la the Palace of Versailles in an airy loft or something plain in a palatial salon. They should complement each other. Also key to selecting the right ones is that they be proportional to both the size of the room and the height of the ceiling.

The best quick-fix

Painting might be the fastest and easiest alteration one can make to a room. There are certain colours and combinations—avocado, deep pink, turquoise with brown and orange to name a few—that shriek “old-fashioned.” So rifle through your favorite magazines or sites and pick a new palette. It can completely transform a room’s mood from yesterday to today. If a total re-do is too radical for the moment, try painting one accent wall, perhaps in the niche of a large room, to establish a cozy spot for reading.

Add your own special touch

Just as you accessorize your wardrobe to suit your lifestyle, do the same with your home. If you have an old-fashioned, bedside table left over from childhood, replace it with a clean-lined chair or stool with a flat, wide seat. Is your bathroom from the Victorian era? Paint the claw-footed tub, and slipcover a chair with terrycloth to match—very spa-like and fun. As importantly, break up suites of furniture. Nothing is more yesterday than matchy-matchy, be it in the living-, dining- or bedroom.

There’s nothing like changing the décor to update an entire house. And be brave. Unlike a real facelift, whatever you do in your home can be fixed easily and inexpensively.

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(NC)—When moving to a smaller space homeowners need to do some serious de-cluttering. Homeowners have a tendency to fill up any space they are in, which is why de-cluttering is so important during a downsize. Stripping your home of extras will make moving to a smaller space easier on you and your family.

To make this process seamless, the following is recommended:

Set a de-cluttering date.
Set at least two de-cluttering dates for this task. This will help you stick to a timeline and lessen the chances of putting this off. You can also make a game out of the de-clutter date by timing how long each room takes. Bringing fun to this onerous task will make the time go by more quickly.

Use labeled boxes.
Prepare large, labeled boxes and use these to separate the things that need to go from the things that you can’t live without. You can assign two boxes to each room for this purpose.

Take it one room at a time.
Small rooms are more manageable spaces. Starting with a smaller space, and therefore less pressure, will help you get the hang of de-cluttering without making you feel overwhelmed. Start with the bedrooms, then move to the dining and living rooms. Leave daunting storage spaces like the basement for last.

Get the entire family to help.
De-cluttering can be fun if you make it a family activity. Involving everyone in the household is also a smart way to avoid spats about throwing out a loved one’s prized possession that you didn’t know existed. With the input of family members, the task gets done in half the time.

Reconsider your furniture.
There is no way you will be able to fit 4,000 square feet of furniture into 1,500, so you will need to decide what pieces of furniture you would like to keep and what can be sold off or given to charity.

While it can be a significant time investment, de-cluttering is a necessary part of downsizing that will help showcase your home and assist in getting your asking price.

www.newscanada.com

(NC)—In today’s competitive real estate market, a major disservice a homeowner can do to their space is clutter it up, making it appear smaller. No matter how big or small a house may be, adjustments in each room can maximize the potential of the space. It is recommended that sellers employ these five tips to make rooms feel bigger:

1. Use light colours. Dark colours tend to close a space up, while lighter colours make a room seem larger. If the room is painted a dark colour, opt instead for a lighter shade on the walls to keep the overall feel of the room, or go with a neutral shade.

2. Maximize natural lighting. Letting natural light stream into a room will open it up. For this reason, try to show the house while it is light outside and make good use of natural light. Clean the windows, pull back the drapes, and let in as much daylight as possible.

3. Hang mirrors. The use of mirrors is recommended because they give the illusion of increased depth. So will light colours, which reflect natural light and help brighten up a room.

4. Buy space-saving furniture. This trick ensures that the furniture doesn’t take up too much space in the home. Stylish and elegant tables and chairs that fold up when not in use create an air of space that allow the home to maintain its openness.

5. De-clutter. When it comes to adding space, you need to be ruthless with some of your possessions. If they haven’t been used recently, or don’t fit in with the rest of the decor, they should likely be removed from the room.

Some sellers are open to renovations but for others, simple fixes like a coat of light paint, adding mirrors and showcasing natural light can make a significant difference to the selling price and also to the amount of time that the home sits on the market.

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(NC)—Almost two-thirds of young Canadians (63 per cent) are looking to purchase their first home within the next two years, according to a recent RBC Home Ownership Poll. But these 18-34-year-olds have significant concerns about making the leap. Almost half of respondents (49 per cent) in this age group cited affordability as a reason they had not yet purchased a home, while one-third (34 per cent) said they were saving money for a large down payment.

“Buying your first home is a major milestone and you want to ensure you are both financially and emotionally prepared,” says Michael Schmidt, manager of client segment strategies. “There are no ‘do-overs’ when buying your first house, so it’s important to arm yourself with the right advice to avoid unexpected costs down the road.”

First-time buyers could also benefit from the wisdom of current owners. Three-in-five Canadian homeowners admit they made at least one mistake when they bought a house, including underestimating or overlooking significant renovations that the property needed, not having a bigger down payment, and lack of a home inspection.

Schmidt provides the following tips to combat some of common home buying mistakes:

• Put saving on autopilot: Down payment saving takes discipline. So when you get your pay cheque, pay yourself first. One of the easiest ways to commit to this plan is to arrange for pre-authorized transfers from your bank account to your savings account.

• Understand the total cost of owning a home: Purchasing a house is more than just a regular mortgage payment. Budget for both one-time expenses (such as land transfer tax, property surveys, and legal fees) and ongoing costs (property tax, utilities, condo fees) and balance those costs against your lifestyle.

• Create a rainy day fund: Major repairs and upgrades are inevitable. Keeping a separate emergency fund will ease unexpected costs such as a leaky roof or a furnace repair.

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(NC)—It’s true that real estate sales are dependent on the right price, location and condition of a home, but there’s a little more to it than that. Simple strategies can reduce your days on market, without having a negative impact on your pocketbook. Consider the following tips:

1. De-personalize the rooms.

Buyers need to visualize themselves in your home. When staging it, go for a neutral look and put away family photos and personal artwork. If there are loud colours on the walls, use a fresh coat of paint in a neutral colour to make the space more welcoming.

2. Breathe new life into curb appeal.

Invest in quick, simple fixes in the front and back of the home. Mow the lawn, trim the hedges and plant flowers. Once this is finished, take quality photos to use in your listing and showcase your home at its best.

3. Get a pre-listing inspection and complete the to-do list.

Once the inspection is complete, either fix any issues found in the report, or reflect the repairs needed in the asking price. The smaller your to-do list, the smaller a homebuyer’s will be, giving them less bargaining room.

4. Be accessible to your Realtor and for showings

Check your e-mail and voice mail often and respond quickly and cordially. Your Realtor could receive a request for showing or an offer at any point and timing is everything.

www.newscanada.com

(NC)—Preparing to buy a home requires more than just a down payment. Before you purchase property, take time to understand your available mortgage options and balance your debt load. Thorough planning and smart budgeting now can help you avoid running into high debt or repayment problems down the road.

Farhaneh Haque, director of mortgage advice at TD Canada Trust, says that first time home buyers should answer three important questions before they start hitting any open houses this season.

• Do I understand the process? It never hurts to meet with a mortgage specialist to learn more about the home buying process and the different mortgage options available, such as fixed versus variable rate mortgages, flexible repayment schedules, and even mortgages that offer cash back. Before falling in love with a home, consider getting pre-approved so you know what you may be able to afford and avoid getting disappointed by falling in love with a home that is outside your price range.

• What is my personal debt load? If you have other obligations like a car payment or student loan, ensure you are taking on a mortgage that you can manage within your total budget. Try using an online debt management calculator to help determine how much debt you can reasonably take on based on your income, current debt payments and expenses.

• Can I afford my mortgage and save for the future? Sometimes home buyers take on more debt than they can manage and quickly find themselves “house poor” – with no money left for future savings or a rainy day. Before you take the leap into homeownership, crunch the numbers to ensure your budget reflects the lifestyle you want after you move into your new home, and you are clear on what sacrifices you may need to make to continue to live comfortably and save for your future.

For more information about buying a home, visit www.tdcanadatrust.com/homeownership

www.newscanada.com

(NC)—More than ever before, first-time homebuyers are considering housing affordability.

“We want consumers to be comfortable with the financial responsibilities of owning a home, so it’s important to determine what you can afford in order to maintain a reasonable lifestyle once you’ve made the leap,” says Phil Soper, president of Royal LePage Canada. To assess if you are ready for homeownership, Soper offers this guideline:

1.Determine your net worth. Take your assets (earnings, investments, savings, vehicles and other items you own) and subtract your liabilities (car loans, lines of credit, overdrafts and credit cards). A positive number is a good sign that you may be ready to purchase your first home.

2. Hire a real estate agent. Top agents have extensive experience and demonstrate dedication and commitment to helping their clients. Visit my testimonial page and my About page to learn more about how I can help you with your first home purchase.  I have knowledge of accurate, real-time market data to leverage your negotiating position, as well as access to properties often even before they are listed.

3. Make a list of your basic needs. Is it important to you to be close to transit and amenities? Do you intend to grow your family or do you have a need for extra space? Determine the factors essential to you in a home and which ones you may be able to live without. This will help you narrow your search and choose a home that is within your financial means. www.newscanada.com