Buying your first home is exciting. But I bet you’re imagining a lot of unknowns. One burning question many first-time homebuyers ask: “How many homes should we look at before we make an offer?” While there’s no one-size-fits-all answer, exploring a variety of homes is essential to finding the perfect match for your needs, preferences, and budget.
Buying your first home is exciting. But I bet you’re imagining a lot of unknowns. One burning question many first-time homebuyers ask: “How many homes should we look at before we make an offer?” While there’s no one-size-fits-all answer, exploring a variety of homes is essential to finding the perfect match for your needs, preferences, and budget.
As you define your priorities, you’ll realize that there are lots of things that would be nice to have, but might not be essential. Keep these separate to start. As you start looking at houses, you may find yourself swapping some items from one list to another.
Every house you see gives you the opportunity to refine your priorities and determine what are real deal-breakers. Pay attention to the layout, the condition, and unique features of each property. Maybe you’ll decide a spacious backyard is more important than that open-concept kitchen you were imagining. Or maybe the neighbourhood is a higher priority than the size of your home.
Woodstock and some of the surrounding communities are known for their affordable real estate, making this area an attractive destination for first-time homebuyers. Of course, it’s important to establish a realistic budget and stick to it. As you view homes within your price range, you’ll better understand the market and identify reasonable price points for the features you desire. You’ll also get insight into areas where you might negotiate.
I usually find that after you’ve seen around seven homes, you’ve got a better handle on the market, what’s available in your price range, what neighbourhoods you’re drawn to, and what features are truly important to you.
But the process is unique for everyone, and you should trust your instinct. It’s as much about discovering what you prefer and what’s important to you as it is about finding the perfect house.
By exploring a variety of homes, paying attention to your reactions, and working with knowledge and guidance, you’ll be well-equipped to make an informed decision and find the perfect home in Woodstock or elsewhere in the area.
Don’t forget to download your free First Time Homebuyers Guide.
Image by pikisuperstar on Freepik
While we recently outlined the advantages of the First Time Home Buyer Incentive, as a first-time homebuyer in Oxford County, you may be able to access other funding sources.
Oxford County delivers the Affordable Home Ownership Program on behalf of both the federal and provincial governments. If your household income is $92,700 or less and you’re currently renting in Oxford County, you may be eligible to receive a down-payment assistance loan of 5% of the purchase price of an eligible home – to a max of $21,000.
Unlike the First Time Home Buyer Incentive, with this program, you don’t need to match or exceed the down payment yourself – the loan covers your down payment.
Under the program, you can buy a single-family home, a semi-detached, a townhouse (condo or freehold), a row house, or a condo apartment. The home must be located in Oxford County and have a maximum purchase price of $425,000. It includes new construction and resale.
The loan is interest-free. And it’s forgivable after 20 years. So if you live in the home for 20 years or more, you don’t have to pay it back.
Of course, 20 years is a long time, and there’s a good chance you’ll sell sooner than that. If you do, the terms are similar to those of the First Time Home Buyer Incentive. You pay back the principal, plus 5% of the capital appreciation of the house (effectively 5% of the home’s value, as with the FTHBI). If the house increases in value by $40,000, you pay back the loan plus $2000. (If the house decreases in value, the terms are better than with the FTHBI. The loan takes the hit for the decrease [capital loss] – the loss is subtracted entirely from the loan amount, and if it’s more than the loan amount, the loan’s forgiven.)
You may have a parent or another party who is not living in the home guarantee your first mortgage. However, due to the terms of the loan, you cannot have a guarantor on title, nor can you have a co- signer on title that will not be living with you in the home.
Affordable Home Ownership Program approval and mortgage insurance underwriting approval are two separate processes. In some cases, households may be approved by the County under this program, but may not be eligible for a mortgage or mortgage insurance.
You’re not required to use Canada Mortgage and Housing Corporation (CMHC) insurance; however, CMHC will waive the usual surcharge for extending the amortization period to 25 years. And CMHC considers the down payment assistance as your equity in its underwriting evaluation.
Beyond the income qualification, to be eligible, you need to
More details from Oxford County on the Affordable Home Ownership Program
Oxford County’s Affordable Home Ownership Program may be the solution you’ve been looking for to break into the housing market. I’d like to help you take advantage of this valuable program and put you in your own very first home.
Don’t forget to download your free First Time Homebuyers Guide.
Image by Drazen Zigic on Freepik
For first-time homebuyers, deciding where to set down your roots means you need to consider not just affordability, but amenities and community spirit. Oxford County boasts a lot of charming communities, each with its own unique appeal. But Ingersoll, Woodstock, and Tillsonburg emerge as standout choices for first-time homebuyers. And Thamesford has added new developments in response to the lack of affordable housing.
Let’s talk dollars and cents. While Mount Elgin and Drumbo, for example, have their own allure, the housing markets in these areas may present challenges for those entering the real estate landscape for the first time. The newer subdivisions in the smaller towns are definitely aimed at higher end buyers – you can’t touch a new build in Mount Elgin or Drumbo for under a million! In contrast, Ingersoll, Woodstock, and Tillsonburg offer a range of housing options at various price points, providing more opportunities for budget-conscious buyers to find their dream home.
Woodstock, in particular, stands out for its diverse housing market. From historic homes with character to modern developments, Woodstock caters to a wide range of preferences and budgets. First-time buyers can explore neighborhoods like Old North, known for its tree-lined streets and Victorian architecture, or opt for more contemporary options in newer subdivisions. This variety ensures that you can find a home that aligns with your vision and financial goals.
Accessibility also positions Ingersoll, Woodstock, and Tillsonburg as attractive choices for first-time homebuyers. These communities are strategically located, with easy access to the major highways and transportation networks. This makes it easier to commute to nearby urban centers for work and to enjoy the natural beauty and recreational opportunities that Oxford County has to offer.s.
One of the first things you’ll notice is the sense of community in Ingersoll, Woodstock, and Tillsonburg; newcomers tell me time and again that they find all three welcoming and warm. These towns host a variety of community events, festivals, and markets, fostering a strong sense of belonging. You can expect to become part of tight-knit communities where you know your neighbors by name.
Narrowing down your search gets you closer to that amazing feeling of moving into your first house. I’d love to help you refine your search for your dream home even more.
Don’t forget to download your free First Time Homebuyers Guide.
As tempting as it is to leave your year-end financial to-dos until after the holidays, you’re better off getting them started now.
Here are nine things to do to improve your financial life as the year winds down and you gear up for 2024.
Meet with your tax and financial planners to review your financial picture, especially if you’re considering retirement soon. See how your portfolio is performing, set your savings targets, and adjust your portfolio based on your tax needs and short- and long-term goals. You may find that you’re in terrific financial shape, that you need to be a more aggressive saver, or that you need to adjust your investments to be sure they’re in line with your risk tolerance. Here are some tips for picking the right advisor.
If you don’t have a will — half of Canadian adults don’t have one, says Angus Reid — create one. Furthermore, review who you’ve named as your medical and financial power of attorney to decide if they are still the right people for the job.
Consider how and where you want to age, and if you plan to stay in your house, think about how suitable it is for aging in place. Here’s a checklist to help you figure out what changes you may need to make, or what to look for in a new home in which to enjoy your retirement years.
Consider how and where you want to age, and if you plan to stay in your house, think about how suitable it is for aging in place. Here’s a checklist to help you figure out what changes you may need to make, or what to look for in a new home in which to enjoy your retirement years.
As we age, the ability to remain in the comfort of our own home becomes increasingly important. Aging in place, or the ability to live independently and comfortably in your own home as you grow older, is a goal for many seniors. To make this a reality, it’s crucial to choose a home that is conducive to aging gracefully. In this article, we will explore the key factors to consider when selecting a home for aging in place, along with a handy checklist to ensure you make the right decision.
One of the most important features for aging in place is a single-story floor plan. Stairs can become a significant obstacle as mobility decreases with age. A single-story layout minimizes the risk of falls and makes it easier for seniors to move around the house without the need for stairs.
Bathrooms are potential danger zones for seniors. Look for homes with accessible bathrooms that include features like grab bars, non-slip flooring, and a walk-in shower with a built-in seat. These modifications enhance safety and ease of use for individuals with limited mobility.
Narrow doorways and hallways can be challenging for those using mobility aids such as walkers or wheelchairs. When searching for a home, prioritize properties with wide doorways and hallways to ensure easy navigation for individuals with mobility devices.
An open floor plan can enhance accessibility and create a more inclusive living space. It allows for easier movement between rooms and can accommodate mobility aids, making daily activities more manageable for seniors.
Choose a home with low-maintenance exteriors to cut down the time and efford of regular upkeep. Features such as vinyl siding, minimal landscaping, and easy-to-maintain outdoor spaces reduce the physical strain of maintaining the property.
Good lighting is essential for seniors, as it reduces the risk of falls and enhances visibility. Look for homes with ample natural light and install additional lighting fixtures where necessary. Well-lit spaces contribute to a safer and more comfortable living environment.
Replace traditional doorknobs and faucets with lever-style handles. These are easier to grasp and turn, making them more user-friendly for individuals with arthritis or limited hand strength.
Flooring choices play a crucial role in preventing slips and falls. Opt for non-slip flooring materials in key areas such as the kitchen and bathrooms. Rugs with non-slip backing can also enhance safety.
Aging in place requires a kitchen that is both functional and accessible. Consider features like lower countertops, pull-out shelves, and easy-to-reach storage to create a senior-friendly kitchen.
Investing in a reliable home security system can provide peace of mind for both seniors and their caregivers. Look for systems that include emergency response features and monitoring to ensure prompt assistance in case of an emergency.
Selecting a home for aging in place is a significant decision that requires careful consideration of various factors. By prioritizing features such as accessibility, safety, and convenience, you can create a living space that allows you to maintain your independence and quality of life as you age.
As an accredited Seniors Real Estate Specialist (SRES®), I can take a load off your shoulders by helping you find a house that will suit you now – and for many years into your retired life in Oxford County. Learn more about how I can help.
As a first-time homebuyer, you’re up against two big obstacles.
First, you need cash available for your down payment. And then you need to be prepared to handle your monthly mortgage payments.
Normally, you can put down as little as 5% on a house with a purchase price of $500,000 or less. Above that, you need 10% for the amount up to $999,999. (We won’t even talk about going beyond that!)
Let’s say you have your eye on a house you can get for $530,000. You’d need $25,000 (5% of $500,000) plus $3,000 (10% of $30,000) – a grand total of $28,000. That leaves you with a mortgage of $502,000.
What if there was a way you could decrease your down payment AND reduce the amount of your mortgage – reducing your monthly payments?
If you qualify, you only need to put down 5% of the TOTAL: so $26,500. Then the Canadian Mortgage and Housing Corporation (CMHC) matches that with another $26,500 for a total downpayment of $53,000.
You’ve saved $1500 on your down payment. And your mortgage is a lot less at $478,000 – as are your monthly payments! Better yet, you don’t make regular payments to the government for that $26,500, and you don’t pay any interest on it.
What’s the catch?
If this sounds too good to be true, understand that it’s not free money. The CMHC downpayment is a “shared-equity mortgage”. That means that while you don’t pay front-loaded interest, as you do on your regular mortgage, when you sell your house (or in 25 years, whichever comes first), CMHC takes proportionate amount of the selling price or the home’s value. If they contributed 5% for the downpayment, they get 5% of purchase price when you sell. (They cap the repayment based on an 8% increase or decrease on your home’s value per year.)
If you sell the house a few years down the road for $600,000, $30,000 goes to the CMHC. (If the market dips and you have to sell for less, the government still gets 5%, though in this case it would be less than the original loan.)
Beyond this, the First Time Home Buyer Incentive limits the amount of the regular mortgage to four times your income. And you’re only eligible for this incentive if your household income is $120,000 or less (thus the price we came up with for the house in our illustration.)
Finally, the purchase price of the house can’t be more than $722,000. (In this scenario, you’d obviously need to put down more than 5% yourself to keep the mortgage within the limits.)
The income and loan max are based on buying outside of Toronto – in beautiful Oxford County. But while $722,000 won’t get you much in the city, it’s a whole different story in Woodstock, Ingersoll, Tillsonburg, Thamesford, and other communities in our area.
I’d love to help you discover how the First Time Home Buyer Incentive can help you into your own first home in Oxford County more quickly – and a lot more affordably.
Don’t forget to download your free First Time Homebuyers Guide.
Rumour has it that there will be a real estate market crash here in Oxford County in 2024, because homes purchased in 2019 with five-year mortgages will be coming due. Is this likely?
Let’s look at the numbers.
The average five-year mortgage interest rate in 2019 was 5.34%; the average home in Oxford County was $394,000.
While we don’t know what the average mortgage rate will be in the spring of 2024, currently it is 6.94% – only 1.5% higher than the average in 2019.
The current average home price in Oxford County is $631,000. That’s 160% of what the average home value was five years ago!
During the last five years, most people have seen a huge increase in their home’s equity by both paying down their mortgages and enjoying the rise in average home prices. The increase in mortgage interest rate will be negligible, and for most people, their monthly payment will stay the same.
The people that are hurt by the rise in interest rates are those that re-financed during COVID and pulled out all their equity at a time of inflated home values. Most of those were only locked into one- or two-year terms. (The low rates were intended to keep the economy going during a global pandemic – the housing frenzy was a by-product.) Most of those mortgages have already come due without a flood of homes hitting the market. In fact, we see fewer and fewer foreclosures each year. The Canadian mortgage system has too many checks and balances to allow for a crash similar to the US crash of 2007/08.
The reality is that homes are just as affordable as they were during the pandemic. Think about it.
At the height of the frenzy, the average home price was $815,500 in Oxford County (almost $200,000 more than today). A minimum downpayment would’ve been $40,775. Even at that time, while a one-year mortgage was 2.79%, a five-year fixed was 4.79%! Even at the discounted rate of 2.79, the monthly payment was $3,590, and if you weren’t a gambler and locked it in, your payment would be $4,435. Apply today’s numbers: average home $631,000, downpayment becomes $31,550, and you get a five-year mortgage payment of $4,044!
My conclusion: Rumours of a real estate market crash should be taken with a large grain of salt. A crash is unlikely because home price drops have balanced out any increase in mortgage rates, and monthly payments have adjusted accordingly. If you’re waiting for a magic time to buy, please think again. Now is as good a time to purchase a house as it was at peak-pandemic.
The reality shows make it seem like fun and laughs. But before you jump into renovating and selling a house for profit in Oxford County, you need to face, well, reality.
Flipping a house can be profitable, but first ask yourself these three key questions – and make sure you know the answers.
The costs of buying a house include land transfer tax and HST on transactions costs (such as legal fees.) While you own the house and are renovating it, you’ll need to pay for insurance and utilities. And you need to be aware of the Residential Property Flipping Rule introduced by the Canadian government at the beginning of this year (2023). Sometimes called the “Anti-flipping Rule”, it means that if you sell the renovated house within one year of purchasing it, the profit is fully taxable as business income and doesn’t qualify for the 50 percent capital gains inclusion rate or the Principal Residence Exemption. (Talk to a real estate lawyer or an accountant early on.)
House flipping is much more than a hobby. The faster you flip, the greater your profit (bearing in mind the new rules). You’ll need to invest a lot of time even if you’re not doing the work yourself. If you’re acting as a general contractor, you need to have a solid grasp of the process, including the order in which jobs need to be done, what the Building Code requires, and the availability (or not) of local tradespeople.
Successfully flipping a house means finding one that has the potential to significantly increase in value after renovations. So you need to find the perfect property – a house in a desirable location that needs repairs or updates to make it attractive. That’s where a local Woodstock REALTOR®, with knowledge of the Oxford County market, an understanding of local zoning, and a firm grasp of the competition in Woodstock and area is your best ally.
I work with Oxford County home buyers and home sellers every day, so I can even help you understand which features and which renovations will catch the eyes of interested buyers in the Woodstock area.
House flipping can be a great – and profitable – adventure, if you’re well prepared.
If you’re considering buying a home in Oxford County, Ontario, it’s essential to ensure that you’re financially prepared for this significant investment. To help you determine your readiness and make an informed decision, here are four crucial questions to consider:
Before applying for a mortgage and securing a favourable interest rate, evaluating your financial situation is essential. Lenders carefully assess credit reports to determine your creditworthiness. Take steps to improve your credit scores if needed. Maintaining low debt levels, paying bills on time, and tracking your spending are critical. Additionally, start planning and saving for a down payment, as building up savings takes time.
First-time buyers in the Oxford County area often underestimate the hidden costs associated with purchasing a home. You must factor in additional expenses besides the mortgage, down payment, and closing costs. For instance, if your down payment is less than 20 percent of the home’s value, you may need to pay monthly insurance fees. Other costs include utility setup, homeowner insurance, maintenance fees, and property taxes. Being aware of these expenses will give you a more realistic understanding of your monthly financial obligations as a homeowner.
Considering your long-term goals is crucial when buying a home. Will there be changes in income? Are you or your partner planning to pursue higher education? Are children in your future? While starting a family in Oxford County is amazing (I know for well myself), understanding these factors helps you create a comprehensive plan that aligns with your budget and lifestyle. It also assists in determining the ideal size of the home and finding the most suitable mortgage option for your circumstances.
Evaluating your ability to handle unexpected financial bumps along the way is vital. To gain insight, consider simulating your monthly mortgage payments before purchasing. Follow this test drive by depositing the estimated amount into your savings account and observe the impact. Are you struggling to make ends meet? Accumulating debt? Assess if you can maintain your desired lifestyle while meeting your financial obligations. This exercise will clarify your comfort level with mortgage payments, help you prioritize spending, and ease the adjustment period.
Purchasing a home in Oxford County, Ontario, requires careful consideration and financial preparedness. You can confidently embark on your home-buying journey by asking these four essential questions and seeking the guidance of a reputable realtor like Jen. Take the first step towards homeownership today by contacting Jen, who is dedicated to helping you find the perfect home in Oxford County.
Why Choose Jen – Your Local Realtor in Oxford County: With a wealth of experience and expertise, Jen, an accomplished realtor in Oxford County, is here to guide you through the home-buying process. As a broker at Sutton Group Right Way Real Estate Inc, a locally owned and 100% Canadian office, she brings in-depth knowledge of the local market. Notably, Right Way has been the largest independently owned Woodstock real estate office in Oxford County for more than 25 years.
If you feel you meet the above requirements, contact Jen today to benefit from her exceptional service and make your dream of homeownership a reality.
Are you considering selling your home? If so, it’s essential to make sure it’s as irresistible to buyers. Here are a few tips to help get you started:
This may seem like a no-brainer, but many sellers make the mistake of thinking they can get away with not cleaning or repairing minor problems. Remember, buyers will look at every detail, so making an excellent first impression is essential.
Some things you should take care of before listing your home:
-Clean the inside and outside of your home, including windows, carpets, and gutters
-Fix any cracks or holes in walls or floors, and repair any leaks
-Mow the lawn and trim the hedges
-Paint the walls (if necessary)
-Make sure all the light fixtures are in working order
Staging refers to the process of preparing your home for sale by arranging furniture and décor in a way that makes it look attractive to potential buyers. It’s worth spending some time on this, as it can significantly affect how quickly your home sells and for how much.
There are a few key things to keep in mind when staging your home:
– First, ensure that each room has a purpose and is free of clutter. Buyers should be able to imagine themselves living in and using the space efficiently.
– Second, use neutral colors throughout the house. This will help potential buyers visualize their belongings in the space.
– Finally, make sure all of the rooms are well-lit. This will create a warm and inviting atmosphere that is welcoming to buyers.
It’s important to remember that overpriced homes tend to take longer to sell and often end up selling for less than they would have if they had been priced correctly. Work with your real estate agent to determine a price that reflects the current market conditions in your area.
It can also be helpful to look at comparable homes in your area that have recently sold. This will give you an idea of what similar properties are selling for and can help you price your home appropriately.
If you’re unsure what your home is worth, you can always get a professional appraisal. This will give you an accurate estimate of your home’s value, which can help you price it correctly.
When pricing your home, it’s essential to be realistic. Don’t try to overprice your home just because you think it’s worth more than it is. This will only make it harder to sell and cost you money in the long run. Work with your real estate agent to determine your home’s fair and accurate price.
Good-quality photographs are essential for selling products and services in today’s online shopping world. But taking great photos isn’t always easy, and making a living from your photography can be even more challenging.
If you’re serious about turning your passion for photography into a career, there are a few things you need to know. Here are four tips to help you get started:
Millions of photographers are out there, so it’s essential to find a niche you’re passionate about. Whether it’s fashion, food, nature, or anything else, focus on honing your craft in that particular area.
As with any profession, if you want to be a successful photographer, you must invest in quality gear. This doesn’t mean you need the most expensive equipment, but it’s essential to have a camera that suits your needs and a few key pieces of kit, like lenses and tripods.
One of the easiest ways to make money from your photography is to start selling your images as stock photography. There are several stock photography websites where you can upload your photos and earn royalties every time someone downloads them.
Another option for making money from your photography is to offer your services as a freelance photographer. This could involve anything from wedding to event photography, and you can often set your rates.
If you’re serious about making a career out of photography, these four tips should help you get started. Remember, it takes time, dedication, and a lot of hard work to succeed in any field, but anything is possible if you’re passionate about it.
Once you have all of the above in place, it’s time to start promoting your home online. Post listings on popular real estate websites, and share them on social media. The more people you reach, the better your chances of finding a buyer quickly.
To get the word out, consider hiring a professional real estate marketer. They can help you create compelling listings and target potential buyers in your area.
You can sell your home fast and for top dollar with little effort. Just be sure to take the time to prepare your property and market it effectively. You can have a successful sale with the right approach in no time.
By following these tips, you can make your home much more appealing to potential buyers and increase your chances of selling it quickly. Jen Thomson is a real estate agent and broker who specializes in helping people sell their homes. She can help you get the best price if you consider selling your home. Contact Jen today to learn more about how she can help you sell your home quickly and for the best price.