What does Walk Score mean for a First Time Home Buyer

Walking is good for  health and savings

While I was showing homes  to my young couple clients, they asked me to get them a home with the lowest walk score. Heard this first time?! What is this walk score anyways? Most of us don’t know about it but believe me it is becoming a new concept in home buying or renting. Walk score is emerging as a new trend in the minds of people when they plan to buy/rent their first home. As you would have guessed, a walk score is a measure of closeness of many facilities close to your place of residence.  The walk score is measured over a scale of 0-100 with 100 being the best. A walkshed is defined as a distance from your place of living to the amenities like school, hospital, shopping centre/mall, arena, library, restaurants and eateries etc. A walkshed is believed to be less than 1 mile from your place of residence.

Walking is just a personal option. But, if Americans, as an example,  trade their cars for walking for at least 30 minutes each day, they might be able to reduce the carbon foot print by more than 58 million metric tonnes and 24 billion litres of gas. Isn’t that amazing? The world would be a better place to live in and enjoy.

All those amenities that lie within 1 mile (1.6 Kilometers) of distance are given the higher score while those beyond this are given zero scores. The culminating total of all such amenities together makes the walk score. A score of 90-100 could be termed as walker’s paradise where a resident doesn’t need a car to commute and meet daily needs.

Walk score is measured using  Google™ API and it has some limitations as well. The walk score doesn’t know about the topography of an area, might miss on a few amenities or places of interest like a newly opened Starbucks® or Tim Hortons® or a supermarket. You can always add these to the API to improve the score.  Walk score is only tells you how easy it is to live without a car.

Most of the newcomers to Canada  have difficulty getting a driver’s license which may take at least 8 months or more. Many newcomers can’t  buy a car for some time and want to save on commute expenses.

If you are a newcomer to Brampton, Mississauga or Greater Toronto Area, let me find you either a rental or a resale home with the highest walk score. You can save a lot of money and keep fit at the same time.

Sources
•Carter, Matt. "Gas prices pique interest in Walk Score." Inman News. 2008. http://www.inman.com/news/2008/06/25/gas-prices-pique-interest-in-walk-score
•Complete the Streets. http://www.completestreets.org/
•Forrest, Brady. "Neighborhood Leader Boards on Walkscore." O'Reilly Radar. 2008. http://radar.oreilly.com/2008/06/neighborhood-leader-boards-on.html
•"Frequently Asked Questions." The Walking Site. http://www.thewalkingsite.com/faq.html
•"Frequently Asked Questions." Walkable Communities, Inc. http://www.walkable.org/faqs.html
•­Slater, Dashka. "Walk the Walk." The Green Issue. The New York Times. 2008. http://www.nytimes.com/2008/04/20/magazine/20Act-t.html?_r=2&pagewanted=2&oref=slogin
•Smart Growth. http://www.smartgrowth.org/
•Steffen, Alex. "WalkScore and the Great Neighborhood Book." WorldChanging. 2007. http://www.worldchanging.com/archives/007055.html
•Walk Score. http://www.walkscore.com
•"Walking for fitness: How to trim your waistline, improve your health." Mayo Clinic. 2006. http://www.mayoclinic.com/health/walking/HQ01612
•"Walkscore.com." Environmental Building News. BuildingGreen.com. 2008. http://www.buildinggreen.com/auth/article.cfm?fileName=170319a.xml
•Weil, Richard. "Walking." MedicineNet. http://www.medicinenet.com/walking/article.htm

For First Time Home Buyers in Ontario, Canada

Buying a home in Ontario  with the Right Real Estate Sales Representative
can be Exciting , Fun, and Assurance for life.

Buying a new home?
It doesn’t have to be hard. Buying your first home can be a very exciting time! With tons of things to know and learn however, it can seem overwhelming. Which is why Paul Cheema is doing his very best to simplify the whole process. What you want to know, what you need to know, and perhaps a few things you've never even considered.

Neighborhood and Type of House??

What neighborhood you’re interested in? Single detached or townhome? Square footage and upgrade packages? If you’ve never purchased a home before these are things you may never even know you had to think about.

Where do you want to live?

It may sound like a simple question but it seems to be the most obvious: where do you want to live? Consider the city’s convenience versus more relaxed rural settings. Suburbs versus downtown. As a rule, considering the needs of your family is the best way to decide where to live. In fact, a recent study by found that 90% of first-time buyers settled on the neighborhood where they wanted to live before choosing the actual home they wanted to buy.

What type of home to buy?

Once you know where you want to live you need to decide what you want to live in. Detached, semi-detached, townhome, condo? Semi-detached homes or townhomes are usually less expensive than comparably sized detached single family dwelling. If having neighbors close to you are OK then this is perfect. If you prefer a little more space to call your own however perhaps a detached home would be more to your liking. The Detached appreciate more in value than the Semi-detached because of more units sale compared to Semis.  Condos are great if you’re looking for extensive fitness and social amenities but remember, you pay for them in the initial cost and in the monthly condo fees, whether you use them or not.

Figuring out what you can afford

The easiest way is to figure out what you can afford is by examining your income, expenses, investments, savings and debt. When you do that, try to keep in mind inevitable expenses such as a wedding, new car, etc., etc.) And always keep a little extra for items such as legal fees, real estate agent fees, land transfer fees, and mortgage insurance to name but a few. To get an approximation of how much you would be paying, you can use these mortgage related calculators.

New home buyer's RRSP Plan

This program simply allows prospective homebuyers to borrow money from their own RRSP's to buy a home. Similar to a loan this money must be paid back within a specified time frame. You must be an RRSP holder, a resident of Canada and a first-time homebuyer to qualify. The plan allows you to withdraw up to $20,000 tax free from your RRSP to purchase your home, provided it is paid back within 15 years. If these funds are going to be used for a down payment they must have been deposited at least 90 days before you sign your agreement of purchase and sale. Both you and your spouse may withdraw up to $20,000 for a total of $40,000. To apply, talk to your bank or contact:

Canada Customs and Revenue Agency

1-800-959-8281, New home RRSP Plan

CMHC (mortgage insurance)

Many first-time buyers face unique financial challenges along the way. We know saving up for a down payment in these expensive times can be difficult, and every penny counts. Luckily there are a variety of programs available from both the provincial and federal governments to help simplify and make the process much easier.

For more info, speak to your bank or visiting CMHC website.

Home land transfer tax refund

This program applies to newly-built or Re sale (Old) homes and gives eligible purchasers a refund of their land transfer tax up to $2,000 based on the purchase price of their home. To be eligible, you and your spouse must be first-time home buyers.

For more information, ask Paul Cheema, Sales Representative, RE/MAX Professionals Inc., Brokerage at 647-333-2273 or contact the Ontario Ministry of Finance 1-800-263-7965

Whatever home you choose, whichever route you take, buying a new home is one of the most exciting and dynamic experiences of your life. So have fun and remember if you have any questions, the expert Paul Cheema is just a phone call away!

Visit my other blog sites for more valuable information:

• Mississauga, Ontario Real Estate, Updates and More
• GTA Condo market information
• Condo project launch in Mississauga, Toronto, & Neighbourhood
• Get information, Search Properties, Ask for reports and consultation before buying

It is easy to contact with Paul Cheema. To send him an e-mail click here.  Download CMHC booklet on What Newcomers Should Know