Saturday 7 May 2016

Know the roles of both deposit and down payment when buying a home

(NC) They both start with the letter 'd', and they both require a large sum of money to secure the purchase of a home. However, a 'deposit' and 'down payment' are very different.
“A lot of my first-time home buying clients ask me what the difference between a deposit and down payment is,” says Ray Ferris, president of the Ontario Real Estate Association (OREA). “Simply put: a deposit is associated with your offer to purchase a home, while the down payment is associated with your mortgage. The deposit will go toward the down payment.”
Here is more information to help you decide how much to contribute to each:
Deposit – When you submit an offer, normally you are requested to include a deposit to demonstrate a serious intent to buy the property. This deposit will usually be in the form of a cheque, payable to the listing broker, who will place it in a trust account until the deal is completed or terminated. Your deposit provides the seller with some assurance that you will go through with the sale when the day of completion arrives.
When an agreement is reached and the transaction is completed, the deposit will be credited in full towards the purchase price. There is no standard amount for a deposit, but the size of it says something about how serious you are about buying. Your Realtor can help you figure out the right amount to offer.
Down payment – This is the money that you pay at the time of purchase toward the price of your home. Your mortgage loan covers the rest.
How much you contribute as down payment depends on upon your specific financial situation. The more you put down, the lower your monthly payments will be. But before you contribute every penny you have to the down payment, set aside a cash reserve for other costs, including legal fees, land transfer taxes, closing costs, moving expenses, and any improvements or renovations you plan to make in your new home shortly after you move in.
More information is available at www.wedothehomework.ca.

Add eye-catching design trends to outdoor spaces this summer

www.realtorpankajpatel.com
(NC) Outdoor living continues to evolve, as Canadians are expanding their living spaces into the front and backyards at an increasing rate. Design enthusiasts are always looking to industry experts to discover what's new and hot in outdoor design. Here to share some of this year's latest outdoor design trends is Sharon Grech, a colour and design expert for Benjamin Moore.
Bring indoor luxe outside: Glamourous, multi-functional and classic are all key traits to keep in mind when updating the interior of the home, and the same applies for outside. “Outdoor living spaces are an extension of the home,” says Grech. “Creating backyard living rooms with sectionals and coffee tables, and front yard grand entrances with stunning doors and accessories is the new norm. Install shutters, add more trim around windows or switch out the hardware on your front or back door for something more sophisticated. It's the little updates that have the biggest impact and will bring the flow from your home's interior to the exterior.”
Design more with less: This year, it's all about simplicity in design. Eliminate clutter and select sleek furniture to achieve a minimalistic look. Go through outdoor furniture and don't be afraid to get rid of the items that don't serve a purpose. Throw out patio chairs, tables or accessories that are old and clunky. Use only a few select varieties of flowers in the garden and keep garden accessories to a minimum.
Go contemporary with pops of colour: Although designers often share their favourite neutrals, it's crucial to strategically add pops of colour to any space. Light, airy shades and dynamic jewel tones are the go-to palettes this year. Incorporate these trendy colour schemes not only with accessories, but try painting architectural features like the front or back door. To easily add a trendy splash of colour to your doors, Grech recommends English Scone or Crete Countryside from Benjamin Moore.
For best results, Grech suggests using a premium paint designed for doors, such as Aura Grand Entrance, which is specially formulated to retain colour integrity and gloss and is easy to apply.
More information is available at www.benjaminmoore.ca.

Top Family-Friendly Investment Areas in Toronto

Top Family-Friendly Investment Areas in Toronto   Watch this video till end.  Let me know whch is your favorite neighbourhood in the comment...