real estate insider vol 33 2015

WHAT’S INSIDE:Protect Your Family: PAGE 2

Oakville • Milton • Campbellville • Acton • Rural • HaltonPay down Your Mortgage Faster, PAGE 7Property Taxes, PAGE 711 Critical Home Inspection Traps, PAGE 7

YOUR SOURCE FOR REAL ESTATE INFORMATION

Volume 33

Escarpment Manchisi Realty Ltd., BrokerageIndependently Owned & Operated

Not intended to solicit persons or properties currently under contractual agreement.

Office: [email protected] • [email protected]

www.facebook.com/Manchisiteamwww.manchisiteam.com

Sales Representative & Broker of Record

2014

2013

Closing day for house deal is stressful. But if you handle problems properly, deal will close and both parties will be satisfied. Closing day for a house deal is stressful. But no matter how well you plan, you must be prepared for unforeseen things to arise. If you handle them the right way, your deal will still close and more importantly, you’ll be satisfied with the result.

Here are some the things that I have seen come up:

Where is my privacy?A seller advertised the home as having large evergreens in the backyard, giving year round privacy. The sellers moved out a week before closing and gave their neighbour permission to trim the branches on the neighbour’s side of the fence. The neighbour proceeded to remove all the branches, taking away the entire privacy of the backyard. The buyers noticed this just before closing and were upset. The solution was to plant eight cedars in the space, creating instant privacy at a cost of about $1,200 which the seller paid. Problem solved.

There is a skunk under the porch:The buyers found a family of skunks under the front porch on the day before closing. The seller’s lawyer said it was not the seller’s responsibility to remove the skunks from the property. It is difficult to tell who would win if this went to court. The seller paid a pest control company $250 to remove the skunks. These companies also specialize in trapping raccoons and removing termites as well. Problem solved.

The furnace is not working: Most real estate agreements say home

systems and appliances must work on closing. When buyers do the final visits, problems arise if they notice that things aren’t working. The best way to resolve this is to get an estimate to fix the problem and then offer the seller the option of fixing the problem themselves or giving the buyer a credit for the repair.

There is an outstanding City permit: This typically means the owner of the home has started work that needed a building permit, but did not have the inspector sign off when the work was finished. The buyer must have proof the work was in fact done correctly or else the buyer will be responsible to fix this after closing. If the permit related to work done by a prior owner who was not the actual seller, then it is possible that title insurance will solve the issue. Otherwise, it is best to contact the City, arrange for an inspector to come out to conduct whatever inspection is necessary to close the permit. This may require extending the closing date for a few days to get it done.

I can’t get in the front door: I have seen situations where the seller leaves one key for the buyer and the rest of them are on the kitchen counter. The problem is that there are two locks on the front door. In this situation, buyers should call a 24 hour locksmith. The cost will be the seller’s responsibility.

If you relax and look for common-sense solutions, most closing day issues can be overcome to the satisfaction of both buyers and sellers.

Article written by: Mark Weisleder. Mark Weisleder is a Toronto real estate lawyer. Contact him at: [email protected]

Volume 33


Escarpment Manchisi Realty Ltd., BrokerageIndependently Owned & Operated www.manchisiteam.com

Domenic Manchisi started his career in real estate in 1996. In addition to strengthening his experience, Domenic has dedicated himself to expand his skill set both personally and professionally which he has utilized to lead himself and his team to become the number one real estate team in Canada* and he was a top producer for RE/MAX in 2013. Domenic’s dedication to expand his knowledge has led him to pursue the following designations and certificates:

• Appraisal• Mortgage Financing• Property Law• Property Management

• Licensed Mortgage Agent• Brokers License• Real Estate Investment• IRES

Domenic has created a dominant presence as a real estate broker predominantly in the Halton Region. Domenic’s success is a result of his extensive experience in the real estate industry as well as the ability to understand the needs of his clients. His core understanding of the real estate industry has not only been recognized by clients but also by colleagues and industry leaders. Domenic has been invited as a guest speaker for Donald Trump’s Apprentice, Bill Rancic, has appeared with The Dragons Den Wealthy Barber, has participated in expert panels at the National Association of Realtors (NAR), has made the cover of several magazines and has won many awards across North America for the work he and his team have achieved.

Domenic currently lives in Milton with his wife and business partner, Jody Manchisi, and their two children.

*For Prudential Canada 2008-2011

Stability • Experience • Relationships

About Domenic Manchisi

Member of theCross Canadian Referral Network

Every year, dozens of Canadians are killed by carbon monoxide poisoning in their own homes. According to the Ontario Association of Fire Chiefs (OAFC), hundreds more are hospitalized from injuries caused by carbon monoxide poisoning, often with life changing, permanent effects.

Carbon monoxide is odourless, tasteless and invisible, and according to the OAFC, 88 per cent of homes in Canada have something that poses a carbon monoxide risk.

So how does this silent killer work? When carbon monoxide is absorbed through inhalation it immediately begins depleting your body’s oxygen cells. Carbon monoxide is absorbed faster than oxygen by red blood cells. As it replaces the oxygen in your blood, it starves cells and vital organs of their required oxygen. In some cases, death can occur in minutes.

The most common symptoms of carbon monoxide poisoning are headache, dizziness, nausea, vomiting, weakness, chest pain and confusion, though many fall unconscious before they can remove themselves from the affected area or call for help.

If you’re wondering how carbon monoxide enters your home, you may be surprised by some of the sources. It is found in fumes of automobiles, small gasoline engines, stoves, lanterns, burning charcoal and wood, fireplaces, gas ranges and heating systems. Danger can occur when there is a problem with ventilation, creating a buildup in an enclosed or semi-enclosed space. Your best defense against carbon monoxide poisoning is to have all heating systems, water heaters and gas, coal or oil burning appliances serviced yearly by qualified technicians. Install battery operated detectors (at knee level) and check them on a bi-yearly schedule. Keeping chimneys free of nests, leaves and debris will ensure proper ventilation and will prevent carbon monoxide buildup. Always use items that create carbon monoxide with care. Never use these items indoors, in garages or near windows. Never leave a vehicle running in your garage.

Protect Your Family from the Silent Killer

DomenicMANCHISI

[email protected] of Record

[email protected] Representative

MickeyGALEKOVIC


AprilMURPHY


Pooja [email protected]

Broker

AnnaTACIAK


KatherineBRUTON


FEATURED HOMES


to get your home sold, call us now! Office: 905.875.4594Escarpment Manchisi Realty Ltd., BrokerageIndependently Owned & Operated

Volume 33

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FOR SA

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Gorgeous home located in a quiet village of Limehouse. Adjacent to the Bruce Trail. Situated on 1.39 Acres. This home is an Entertainers Dream! Pride of ownership. Main floor offers, living room, separate dinning room, and a family sized kitchen. Beautiful Crown moulding. Upper level offers 3 bedrooms, and a 5 piece bath. Finished lower level offers 2 recreational rooms a fireplace and a wet bar. Attic can be finished into a loft, electrical is finished and ceiling is framed for stairs. Located on a exquisite property with large deck, work shed and a small cabin with power. Beautifully landscaped property.

11309 22nd Side Road �� $839,600

FOR SA

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Very well maintained home close to Highway 403, Erin Mills Mall and all amenities. Spacious home. Large eat-in kitchen with stainless steel appliances, separate dining room, large living room with fireplace. Main floor family room. 3rd level laundry room. Good size bedrooms, master bed with 4 piece ensuite. Update main bath. Finished recreation room with lookout windows – very bright and 4th bedroom!

4213 Sunflower Drive �� $649,900

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Gorgeous custom built estate home located in a quiet cul-de-sac just outside Acton, very private 2 acre property, spacious home offers hardwood floors through out, large kitchen with built in appliances, breakfast area overlooking pool with walk out to deck, family room with double sided gas fire place, built in cabinets and sitting area with views of the pool. Main floor laundry with garage access, spacious bedrooms, master bedroom offers 6 piece ensuite with jacuzzi tub and separate shower. Over 150k in gorgeous landscaping.

5 Morgan Drive �� $1,124,900

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Large family home – 5 level sidesplit with 4+1 bedrooms located on a desirable crescent in Timberlea backing onto trees! Main floor family room with gas fireplace and walkout to yard, eat-in kitchen overlooking family room offers quartz counters and stainless steel appliances. 4 great size bedrooms, finished lower levels with recreation room, 5th bedroom, games room and gym. Fully fenced yard with above ground pool, 4 car parking in driveway!

596 Moorelands Crescent ��$640,000



Volume 33

CALL TODAY905-875-4594

FIND OUT WHATYOUR HOME IS WORTH

ONLINE www.manchisiteamhomeevaluation.com

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Beautiful detached home with double car garage! Great layout offering hardwood floors in living/dining room, 2nd floor great room with cathedral ceilings, gas fireplace and walkout to balcony. Large eat-in kitchen with walkout to 3 tier deck! Custom finished basement with large above grade windows and 2 piece bath. Large masterbed with 4 piece ensuite and walk-in closet. Professionally landscaped, upgraded light fixtures, california shutters, main floor laundry/mud room with access to garage.

1012 McCuaig Drive �� $599,000

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Gorgeous unit in the heart of Mississauga. South west views from this modern corner unit. Very bright condo with large windows offering panoramic views of the city and lake. Excellent location to square one and Highway 403. Master bedroom offers a 4 piece ensuite and walk-in closet. Galley kitchen with stainless steel appliances.

4070 Confederation Parkway, Unit 1604 �� $349,000

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Charming raised bungalow on beautiful lot, minutes to Tottenham. Park setting with lots of trees and open fields. Large open concept ling space. Vaulted ceilings on main floor, updated hardwood flooring, main floor freshly painted, formal dining room, eat-in updated kitchen with newer counters and tiled back splash. Stainless steel appliances, breakfast bar, overlooking dining/room/family room with fireplace and walk out to terrace. Renovated 2 piece ensuite in master. Renovated lower level recreation room with walk out to backyard. In-law setup with separate entrance to 1 bed apartment.

6929 Fourth Line �� $509.900

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Absolutely gorgeous one of a kind completely renovated unit! No expenses spared! Top of the line quality finishes throughout. Open concept kitchen and living room – a terrific space for entertaining! Engineered hardwood throughout! Modern kitchen with centre island, stainless steel appliances overlooks the unit. Large windows makes this unit very bright! Master bedroom with walk-in closet and 4 piece ensuite.

4235 Sherwoodtowne Boulevard �� $329,900



Volume 33FO

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Beautifully completely renovated 3 bedroom unit, good size kitchen with stainless steel appliances, corian counters and breakfast bar overlooks the living room. Separate dining room overlooks living room. Large living room with huge windows allowing lots of light into the unit with walkout to oversized balcony. Good size bedrooms, ensuite laundry, renovated bath. All ready for you to move in!

9 Four Winds Drive, Unit 709 �� $275,000

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Location, location!! Beautiful open concept condo near Square One shopping centre, walk to transit, library, theatre and restaurants. Open concept design with gorgeous kitchen overlooking the living room and dinning room. Walkout to balcony, master bedroom with large walk-in closet! Insuite laundry, 1 parking space and 1 locker. Building amenities include, 24 hr concierge, virtual golf, outdoor barbecue, games room, party room, indoor pool and sauna.

480 Living Arts Drive, Unit 514 �� $240,000

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Terrific 3 bedroom end unit town home backing onto park, located on a quiet street. Tastefully decorated with new laminated flooring in living/dining room combination. Updated main bath, open concept main floor with walkout to deck from kitchen. Upstairs has 3 bedrooms and updated 4 piece bathroom. Finished recreation room in basement with large laundry room with storage. Inside entry to garage is an added plus, plenty of visitor parking. Most windows replaced 2014!

39 Corey Circle �� $289,900

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Less than 5 years old 1 bedroom luxury suite in Tridel building “Ultima” with upgraded engineered hardwood floor. One exclusive parking spot underground access to subway. State of the art amenities including golf simulator, indoor pool, gym and exercise room. Walking distance to all shopping and transit. Amazing Value!

4978 Yonge Street, Unit 811 �� $279,900

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Volume 33

Purchasing one of the biggest investments in your life is nothing short of stressful. My son and I met April at a listing in an area we were very interested in. I found April to be very friendly, approachable and not overbearing. l knew deep down she was a person I could work with and trust.

April provided a calm presence. She took the time to get a sense of who l was and what was important to me in finding the right home. This was valuable in creating a comfort zone for me. April wanted to make sure l bought a home that fit my criteria, while considering the budget l set out.

We spent numerous hours viewing houses. Her honesty allowed me to weigh the pros and cons of every property.April’s sense of humor and low pressure approach took the anxiety away from a time which is known to be so overwhelming. Her patience and support allowed me to make such an important decision.

The information she provided regarding the inspector and overall knowledge of the general market was highly advantageous.

April, thank you for your hard work. Your immediate follow-up, honesty, feedback, sensitivity and professionalism in your negotiation skills were remarkable! You made me feel confident and comfortable with my purchase.

After working with such a well-rounded person like April, I can easily say that I would recommend her to anyone.

Kent Turcotte

TESTIMONIAL OF THE WEEK

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or email [email protected]

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VISITwww.haltonhomeevaluation.com

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Volume 33

What You Need to Know About Property Taxes

HALTON – According to industry experts, there are over 33 physical problems that will come under scrutiny during a home inspection when your home is for sale. A new report has been prepared which identifies the eleven most common of these problems, and what you should know about them before you list your home for sale.

Whether you own an old home or a brand new one, there are a number of things that can fall short of requirements during a home inspection. If not identified and dealt with, any of these 11 items could cost you dearly in terms of repair. That’s why it’s critical that you read this report before you list your home. If you wait until the building inspector flags these issues for you, you will almost certainly experience costly delays in the close of your home sale or, worse, turn prospective buyers away altogether.

In most cases, you can make a reasonable pre-inspection yourself if you know what you’re looking for, and knowing what you’re looking for can help you prevent little problems from growing into costly and unmanageable ones.

To help homesellers deal with this issue before their homes are listed, a free report entitled “11 Things You Need to Know to Pass Your Home Inspection” has been compiled which explains the issues involved.

To order your free copy of this report visit:www.haltonhomeinspectionpitfalls.com

Even with a substantial down payment, the purchase of a home means that you’re in it for the long haul. The most common amortization periods in Canada are 20 or 25 years. This means that your monthly payments have been calculated in such a way that in 20 (or 25) years, the full amount will be paid off. So, if you opt for a 25-year amortization period, your monthly payments will be significantly lower than with a 15 or 20-year amortization period. Why, then, doesn’t everyone purchase a home and opt for 30, 35 or even a 40-year amortization period in order to lower their monthly payments? For a few reasons, the number one being that in Canada, as of July 2012, the maximum amortization period allowed was reduced from 30 to 25 years. But there are a few other good reasons why paying off your mortgage as quickly as possible is in your best interest (no pun intended).

Typically with a 25-year commitment, a mortgage is compounded with hundreds of payments to slowly reduce both your principle loan as well as interest charges. You can expect interest-heavy payments for the first five to seven years as your bank makes lending you all that money worth their while.

Here are some simple ways to pay down your mortgage faster and save money in the long run:

Bi-weekly is best - Opting for an accelerated biweekly payment schedule will not only allow you to make 26 payments a year, it will also reduce both your interest rates and principle amount faster. Lenders may charge you an additional fee, but this is money well spent.

Round it up - Homeowners are surprised to learn that a hypothetical increased payment of $1,000 instead of $830 could save up to $48,000 over the course of the mortgage. That’s nearly eight years of payments! Another popular option is the anniversary payment. Depending on your lenders stipulation, saving this extra money for a yearly lump sum payment is a great way to celebrate your purchase while significantly decreasing your mortgage.

Increase your payments - Putting aside unexpected income towards a lump payment at the time of your mortgage renewal is an easy way to pay your mortgage down faster. Bonuses, raises, gifts and overtime earnings are extra money, which should not affect your budget. As your income increases, apply these earnings to your mortgage, instead of your lifestyle. Know your stuff - Talk to your lending institution occasionally and stay informed. Keeping up-to-date with interest rates is an easy way to responsibly manage your mortgage.

There’s that great old saying about nothing in life being more certain than death and taxes and the latter holds true, especially if you’re purchasing a home. Besides the various fees and other taxes you will have to fork out, you will need to closely consider the property taxes of the house, building or property you’re considering.

Unlike land transfer tax, this is not a one-time cost. It comes back year after year. And while the average annual property tax bill is a relatively small amount compared to many household incomes, you need to bear in mind the burden of that tax each and every month.

Another consideration that’s nearly as sure as death and taxes: your property tax bill will likely increase every 1-2 years. Municipalities use property taxes to pay for the cost of road repairs, garbage and snow removal, parks, police, schools and social services. As those costs rise, so does the percentage of tax a municipality charges its residents.

This annual tax is levied within local municipalities so that there are many different rates within each province. For example, in 2013,

your average Ontario bungalow paid taxes in the neighbourhood of $2,500 to $3,500. Generally speaking, property taxes are in the range of 0.5 to 2.5 per cent of a home’s market value. The more expensive your house, the higher the property taxes is the general rule.Many homeowners pay their property taxes monthly, while others pay them quarterly.

Sometimes, for various reasons, the property taxes on a home may be too high when compared with other similar homes in your neighbourhood. You can attempt to dispute your tax bill by filing an appeal with your provincial assessment authority. In Ontario, the authority is known as MPAC, Municipal Property Assessment Corporation.

Simple Ways to Pay down Your Mortgage Faster

11 Critical Home Inspection Traps to Be Aware Before

Listing Your Home for Sale



“Your Connection to a Better Mortgage”Not intended to solicit buyers or sellers currently under contract with brokerage.Lic. # 10505

Together we makeMORTGAGES EASY

CALL US FOR ALLYOUR MORTGAGE NEEDS

LET US DO THE SHOPPING FOR YOU!FREE service with no obligation, find out how we can help! Learn how you can use your existing equity as an investment!

THINKING OF CONSOLIDATING DEBT?WE DO FIRST AND SECOND

MORTGAGES, CONSOLIDATE DEBT, AND REFINANCING

CALLDomenic Manchisi | Mortgage Agent (Lic. # 10505)

FOR YOUR MORTGAGE APPROVAL

Volume 33

DomenicMANCHISI

[email protected] of Record


MickeyGALEKOVIC


AprilMURPHY


Pooja [email protected]

Broker

AnnaTACIAK


KatherineBRUTON


real estate insider vol 33 2015

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