Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: Easing the Cost of Home Ownership

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: Easing the Cost of Home Ownership: Easing the Cost of Home Ownership Even with today’s very affordable mortgage rates, the real estate market can still present a challenge to...

Easing the Cost of Home Ownership

Easing the Cost of Home Ownership

Even with today’s very affordable mortgage rates, the real estate market can still present a challenge to many people wanting to step onto the property ladder.  First-time buyers in particular are finding they have to make adjustments as they plan for their dream of home ownership.  Some young people are staying at home longer in order to save for a down payment.  Other would-be homebuyers are scaling down their expectations, while still others are choosing a home with a rental unit to help with mortgage payments.

There are some other creative alternatives available to help First Time Buyers start to build some equity in the real estate market that entail multiple ownership of the same property.  One option that may be of interest to family groups or close friends is the joint purchase of a multiple-unit dwelling, such as a duplex.  Such a property might be jointly purchased by two groups of buyers, with each family occupying one of the property’s units. 

The duplex approach can work well in situations where young people plan to marry, leaving their parents as “empty nesters”.  In this scenario, the family home is sold, with the parents buying one unit of a new duplex outright, and then banking their surplus funds, perhaps for retirement.  The younger generation then assumes the more manageable mortgage payments on the remaining half of the property.  In this way, they can start to build equity immediately, without having to come up with a large down payment, or taking on a big mortgage.

In less formal arrangements, two couples may elect to jointly buy one single-family residence and share all the living space. This can sometimes be a stressful situation, and the best chance for success is usually when there is a family relationship between the two couples, such two siblings with their spouses, where there is already some history of living together in a shared space.

Whatever method you choose to ease the cost of homeownership, the most important thing to remember is to get all the details worked out before you buy.  Everyone involved in the purchase should agree on all sub-lease and re-sale provisions “up front”, and in writing.  For example, can one party move out and sublet their living space to someone else? Also, what happens when someone wants to sell? Does one party have the right to buy out the other’s interest?  If so, how will a fair price be determined?  And how long will the other party have to come up with the funds?  Or, is the property simply put on the market with all parties sharing the proceeds? 

In addition to the terms of ownership, the ongoing care of the property should also be considered.  Who will be responsible for the ongoing maintenance of the property?  What services such as landscaping or snow removal will be contracted out to service providers, and how will this cost be shared? How will the cost of major repairs be handled?  

As you can see there are a lot of variables to consider.  Such important issues should not be left to chance.  Don’t expect that they’ll be sorted out easily when the time comes. The best course of action is to get a lawyer involved and draw up an agreement that clearly sets out the rights and obligations of all co-owners.

Remember, when you’re thinking of creative ways to ease the cost of owning a home, talk it over first with the expert.  Tell your real estate salesperson all about your plans, so they can ensure that you are shown homes that conform to the appropriate zoning and municipal by-laws.  Best of all, your Realtor® may be able to suggest options that you’d never considered, and help you make your home ownership dream a reality.

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: To Buy or Rent-that is the question!

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: To Buy or Rent-that is the question!: To Buy or Rent – that is the question! For a lot of people, the number one reason they choose to rent versus buy their own home is their ...

To Buy or Rent-that is the question!

To Buy or Rent – that is the question!

For a lot of people, the number one reason they choose to rent versus buy their own home is their fear of signing their name to a long-term mortgage agreement.  But let’s face it – very few of us can go through life without paying for our place of residence in one form or another.  In that sense, you’ve already made a commitment to a fixed schedule of payments for housing -- whether it’s in the form of a mortgage or a rental lease.  In actual fact, one of the major advantages of a mortgage agreement is that it usually covers a longer time period than a lease -- which can work in your favor.  Since no one can guarantee what your rental payments may be two or even five years down the road, your mortgage agreement actually protects you from the increases – compounding annually -- you can often encounter when you rent.

Nevertheless, some people are still intimidated by the total debt that a mortgage agreement represents.  Yet if you added up all the rental payments you could expect to pay over an extended period of time, you may find that going the mortgage route is actually the more affordable of the two options.  With today’s relatively low mortgage rates, and creative financing options, the cost of carrying a home may be lower than what you might expect.  Your Realtor® can show you how owning your own home may be more affordable than you ever imagined. 

While making mortgage payments may actually be more affordable than paying rental costs, let’s not lose sight of the biggest financial benefit of buying a home.

The simple fact of the matter is, when you rent, you’re slowly but surely building someone else’s ownership equity in the property.  On the other hand, when you buy a home, a portion of your mortgage payment is building personal equity for you.  And if sometime in the future, you decide to sell, that equity is something you’ll take with you as you make your next move. 

Lastly, let’s not forget the creative freedom and pride of ownership that comes with owning your own property.  When you buy, you decide the extent of home improvements, and decor changes you want to make.  You decide on color schemes and where you want to build that bookcase.  Maybe best of all, you gain the equity that those improvements add to your home.   Spending money to improve a rental property just puts value in someone else’s pocket. 

If you’re tired of paying off someone else’s home for them, talk to your Realtor® for a no obligation consultation and find out how to make your dream of home ownership a reality.

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: Tips for a Smooth Move

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: Tips for a Smooth Move: Tips for a Smooth Move To paraphrase an old real estate saying – the three most important factors for a stress-free move are: planning, pla...

Tips for a Smooth Move

Tips for a Smooth Move

To paraphrase an old real estate saying – the three most important factors for a stress-free move are: planning, planning, and more planning.  Plan your move at least one month in advance.  Set up an expense log, and start lining up your suppliers – movers, storage companies, delivery of new appliances or furniture.  Don’t forget painters, carpet installers and other services working on your new house prior to your move-in date. 

Now is the time to minimize the number of items you have to move.  Discard unwanted items, hold a garage sale, and collect boxes.  Notify friends, relatives, the post office, and companies you do business with of your change of address.  Don’t forget about those companies you might contact only once a year, such as life or car insurance companies.

Contact your real estate lawyer to confirm who will be handling the changeover of various utilities and services.  Typically, utilities such as power, gas, water, etc. are handled by your lawyer as part of the final adjustments on the sale’s closing.  Other services, particularly cable television, internet and telephone services, you’ll probably be instructed to handle on your own.  Try to schedule utilities and service connections before you arrive at your new house – and book your appointments as far out in advance as possible, especially if you plan to move at month end, or you might find yourself on a waiting list.

Make a floor plan of the new house and plan where everything will go.  Don’t guess - take measurements of room dimensions and major furniture items and then lay everything out.  You don’t want pay movers an hourly rate to move Grandma’s piano four times because it just doesn’t fit!  When you’re packing,  label boxes clearly by contents and by room, and on moving day, provide movers with a copy of your floor plan so they’ll know exactly where to put the boxes for ‘Johnny’s bedroom’.  Remember to provide plastic sheets to protect carpets.

Prepare a list of the items you wish to move personally such as jewelry and precious breakables.  Pack your pillows, a set of sheets and blankets, along with your nightclothes, a towel and toiletries to take with you in your car. Then at the end of a long and tiring day, you can get ready for bed without having to sort through 50 boxes.  You might also pack a lunch complete with utensils, napkins, condiments, (and perhaps a wine opener?) to enjoy your first meal in your home as a picnic on the living room floor.  And if you like a cup of coffee in the morning, you’ll want to pack the coffee maker and all the fixings to take in your car as well. 

These little things can add up to a pleasant adventure on moving day, rather than an exercise in frustration for you and your family.  Ask your Realtor® for more advice about hassle-free moves.  They’ve been through this with hundreds of customers, so they’re the experts!

Haldimand Weather-I confirm that it is raining in Hagersville now

HaldimandWthr Haldimand Weather

Now overcast 16°C. Wind: NE at 13 km/h. Today chance of storm. Min 10°C. Max 18°C. Tomorrow partly sunny. Min 9°C. Max 21°C.

Haldimand Weather

HaldimandWthr Haldimand Weather

Now 13°C. Wind: E at 2 km/h. Today chance of rain. Min 13°C. Max 22°C. Tomorrow mostly sunny. Min 11°C. Max 22°C. #HaldimandCounty

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: September Canadian 2011 @Home Newsletter

http://tomflatt.blogspot.com/2011/09/september-canadian-2011-home-newsletter.html?spref=bl: Sept. Canadian 2011 @HomeNewsletter Canadians believe buying a home is a good investment On September 7, 2011, the Bank of Canada ag...

September Canadian 2011 @Home Newsletter

 

Sept. Canadian 2011 @HomeNewsletter

Canadians believe buying a home is a good investment On September 7, 2011, the Bank of Canada again held interest rates at near-historic lows, maintaining the overnight rate at 1%. The ready availability of affordable financing continues to attract home buyers, including new buyers who are entering the market for the very first time. It’s really not all that surprising that Canada’s housing market is going strong.  The demand is there.  Canadians firmly believe that buying a home is a good investment.  According to the CMHC (Canadian Mortgage and Housing Corporation) 2011 Consumer Survey, the vast majority of recent homebuyers (a whopping 86%) agree that homeownership is a good long-term investment.  This view was shared by respondents in all regions of Canada. With interest rates still at near-historic lows, for many people this is a good time to buy a home, especially if you have the financial viability and a lifestyle need to move.  However, real estate should be seen as a long term investment that adds to the quality of life for you and your family.  It’s not a get-rich-quick scheme or a winning lottery ticket.  Prices are forecast to moderate and stabilize through 2012, so those looking for a fast return from a ‘quick flip’ could be disappointed. Even looking long term, investing in real estate is not for everyone.  That’s why it’s important to get some expert advice from your local Coldwell Banker® real estate professional.

Canadian real estate forecasts upgraded Canada’s real estate market continues to make a strong showing.  Recently, industry forecasts for the national housing market were slightly upgraded.  On August 16, The Canadian Real Estate Association (CREA) revised its forecasts upward for 2011 and 2012.  National sales activity is forecast to reach 450,800 units in 2011, edging just slightly higher than the sales levels 2010.  Sales in 2012 are forecast to stay at similar levels, easing just seven tenths of a percentage point to 447,700 units next year. According to CREA, additional new listings are expected to result in a more balanced resale housing market in most provinces.  The national average home price in Canada is forecast to rise 7.2 per cent overall in 2011 to $363,500.  However, prices are expected to moderate in the second half of this year.  The national average is forecast to stabilize in 2012, although at a slightly higher level than previously expected. Of course, that’s just an overview of the national scene.  It’s important to remember that real estate is, and always will be, a local business.  Prices can vary dramatically within a community.  Even from street to street.  That’s why it’s so important to talk to your local Coldwell Banker® real estate professional, to help you understand the market and make smart decisions.

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: The Value of a Home Inspection-Great Education abo...

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: The Value of a Home Inspection-Great Education abo...: The Value of a Home Inspection Buying a home is probably the single largest investment you'll ever make, and you want to ensure you get the...

The Value of a Home Inspection-Great Education about your Investment...

The Value of a Home Inspection

Buying a home is probably the single largest investment you'll ever make, and you want to ensure you get the best value for your hard-earned dollar. That's why more and more buyers today are turning to professional Home Inspections.  Prospective home buyers, especially first timers with less experience than a repeat buyer, may not always be able to anticipate potential problems down the line.  Here’s where the Home Inspector can help.

A professional Home Inspector takes a close look beneath what’s on the surface, and then prepares a detailed written report for the prospective buyer on what repair and maintenance work is required now, or is likely to arise in the near future, as well as help you estimate how much this work might cost.  The Inspector should look at such things as the condition of the foundation, electrical service, roof, insulation, and other structural factors. Your Realtor® can help you connect with an experienced Home Inspection service in your community.

Although costs will vary, you can probably expect to spend a few hundred dollars for an inspection of a single family home.  And who pays for it?  Well, since the benefit of a home inspection is almost entirely that of the buyer, it’s often the buyer who pays the full cost.  However, there’s no set rule, and as with most things in real estate, the cost and who pays for it is negotiable.  All things considered, it's a small price to pay for the peace of mind it provides, and the negotiating power it can give you as an informed buyer -- especially if the inspection indicates that there are major repairs required.  Under such circumstances, you may still decide to proceed with your offer, but take the cost of the upcoming repairs into consideration when you decide on your offer price. 

When it comes to making your offer to purchase, your Realtor® can advise you how to allow for a satisfactory home inspection as a condition of your offer.  Provided you can obtain the homeowner’s permission,

a home inspection can be arranged either before your offer is submitted, or after your conditional offer is accepted by the seller.   More importantly, you have a legal escape route if the report turns up some major negative surprises, such as a bad roof or a crumbling foundation.

Your Realtor® can counsel you further on the best approach to suit your market and your individual situation.

A Home Inspection is a great education about the investment purchase you are about to make.

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: How to pay off your mortgage quickly

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: How to pay off your mortgage quickly: How to pay off your mortgage quickly Many financial planners will tell you that one of the best investment strategies you can adopt is to...

How to pay off your mortgage quickly

How to pay off your mortgage quickly 

Many financial planners will tell you that one of the best investment strategies you can adopt is to pay off your mortgage in the shortest time frame possible.  Here are a few tips to put your mortgage repayment schedule on the fast track, and with a minimum of hassle and stress.

·         Select the most frequent payment option available.  By choosing to make your mortgage payment on a bi-weekly, or better still, a weekly basis versus monthly payments, the result is making extra payments every year.  Over the life of your mortgage loan, this approach can save you thousands of dollars in interest, and pay off your mortgage years earlier.  Best of all, you’ll hardly notice the difference, since you’ll simply be making regular payments.

·         Consider a closed mortgage.  Getting the lowest rate mortgage available just seems like common sense, yet a great many homeowners choose open mortgages versus the lower rate closed versions.  Unless you’re expecting a windfall and are planning to pay off your mortgage before the end of it’s term, closed mortgages may be your best choice.  Although you can’t add extra money whenever you wish, most closed mortgages allow for an annual lump sum payment, perhaps ten percent of the loan.  Talk to your lender to find out what provisions their closed mortgages offer for repayment.  In most cases, you’ll find that the lower rate closed mortgage offers you the best alternative.

·         Shop around for mortgages.  Gone are the days of “one-stop financial shopping” when people routinely arranged for mortgages at the same place where they did their banking.  Your mortgage represents one of the biggest financial commitments of your life, so it pays to do some research and a little comparison shopping.  There may also be some financing options available to you that you haven’t even considered.  Ask your Realtor® to tell you more.

Lock in rates while they’re at their most affordable.  A good way to protect yourself against a potential increase in interest rates is to get pre-qualified for a mortgage, and lock in your interest rate now with your lender.  A difference of even a quarter percent in interest can add up to thousands of dollars over the life of a mortgage.  Rates are very favorable right now, so why not protect yourself and lock in the current rates while you look for a home, and avoid the risk of paying a higher mortgage payment if rates go up before you close.

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: What makes a good neighbourhood? Location, Locatio...

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: What makes a good neighbourhood? Location, Locatio...: What makes a good neighbourhood? There’s an old saying that ‘the three most important things in real estate are location, location, locatio...

What makes a good neighbourhood? Location, Location, Location

What makes a good neighbourhood?

There’s an old saying that ‘the three most important things in real estate are location, location, location.  But what makes one community more desirable than another?  Often, it’s the visible aspects of the neighbourhood such as pride of ownership in well maintained houses and clean, tree-lined streets.   Sometimes it’s the intangibles: a look or feeling you get while driving down a street.  When you’re house hunting, it’s important to remember that when you buy a home you’re also buying the neighbourhood. 

Your home is probably the single largest investment you’ll ever make.  So, it’s wise to buy in an area that is stable and has a good reputation.  A community’s reputation is based on many factors, including close proximity to a thriving economic centre.  Look for good schools and easy access to public facilities such as libraries, parks and recreation centres.  Also consider commute time: how long will it take you to get to work?  Remember not to make that decision based on how long it takes to make the drive to view the house, but actually during rush hour.  Are you the type of person who doesn’t mind an hour’s drive each way to work? Or do you prefer to take public transit?

Before you purchase a home, it’s a good idea to check with the planning and zoning departments at city hall for proposed developments in the area.  If you’re looking for a quiet area away from the hustle and bustle, you’ll want to know if there’s a proposed shopping mall going in at the corner. Or could there be an office tower slated to back up against your backyard?

The resale potential of the neighbourhood is important too. Your Realtor® can create a report for you, showing the properties listed and sold in the area, and discuss the potential for appreciation in property values.

Try to get a sense of the community before you move in.  Make several trips to the area you’re considering.  Visit on different days of the week at different times of the day and night.  Do you like what you see?  Do you feel comfortable?  Talk to residents—they are a wealth of knowledge about the area amenities and the community spirit.  Read a few issues of the local newspaper to get up to date on current initiatives and developments.  You might even want to visit the local library or community center to get an overview of what’s going on in the area.

You can rely on your Realtor® to be a fountain of information too.  Then, when it comes time to buy your first house, you’ll choose a community where you’ll feel right at home.

tomflatt: Northview Estates, Hagersville-1,249sqft Freehold ...

tomflatt: Northview Estates, Hagersville-1,249sqft Freehold ...

Northview Estates, Hagersville-1,249sqft Freehold Semi's and Town's

Open House Times are Noon to 4pm on Sundays excluding holidays and

Wednesday's noon to 2pm.

Virtual Tour and interior unit pictures CLICK HERE!

tomflatt: How to plan for an In-Law Suite?

tomflatt: How to plan for an In-Law Suite?: How to plan for an In-Law Suite? Today’s home buyers are often young parents, trying to find enough hours in the day to meet all their commi...

How to plan for an In-Law Suite?

How to plan for an In-Law Suite?

Today’s home buyers are often young parents, trying to find enough hours in the day to meet all their commitments.  Many are responding to this challenge by having live-in help assist with childcare and household chores…and that means you’ll probably need an in-law suite.  In some cases, you may be one of the fortunate homebuyers who find caregiver accommodations ready-made in your new home.  Other homeowners may go with the DIY approach.  Here are some helpful hints to keep in mind when planning your space.  

An effective in-law suite will be appealing to your caregiver, while at the same time giving you some privacy.  The challenge is to do that without putting too much strain on your pocketbook.  A good benchmark to help you determine what improvements are worth doing is to measure the cost against the expected lifespan of the expense.  For example, putting in a 4-pc bathroom can be costly, and may not be worth doing if you only see it being needed for three or four years until the kids go off to school.  In a case like that, rather than adding a full bath, you might consider a compromise of adding a sink and counter to a bed-sitting room, that could later evolve into a den with a wet bar.

On the other hand, if you can see the caregiver’s space being used long-term as a permanent in-law suite or used as additional living space as your family grows, then you’ll probably feel the cost is well worth it.  Remember too, the number of bathrooms is an important factor when determining the resale value of your home.  If you do it right, you have an excellent chance of re-couping some, if not all, of the expense when the time comes to sell. Your Coldwell Banker sales representative will be glad to advise you on how such improvements may impact a home’s future value.

Privacy and space are important issues with an in-law suite.  Your caregiver will probably appreciate a lock on the bedroom door, or at least a cabinet that can be locked.   As to decorating, keep it simple.  Light colours, mirrors and recessed lighting will all help make a small space seem larger.  Keep it bright with extra task lighting, including a reading lamp.  Choose inexpensive window treatments such as mini-blinds that let in lots of light, but still allow for privacy.  Add a large framed corkboard for photos, notes and other mementos which will allow your live-in help to personalize their space without it looking cluttered.  Include a writing area, either a small table or desk with a lamp and chair.

Plan your room layout in advance, and don’t forget to take wiring and other facilities into consideration before you start painting.   For example, you may want to install a cable TV or internet outlet or add a phone jack, or a baseboard heater.  A little planning can help make your space a pleasure for years to come.

tomflatt: Tips for Visiting an Open House

tomflatt: Tips for Visiting an Open House: Tips for Visiting an Open House There’s a lot of information out there for sellers staging an Open House, but surprisingly few guidelines fo...

Tips for Visiting an Open House

Tips for Visiting an Open House

There’s a lot of information out there for sellers staging an Open House, but surprisingly few guidelines for the people who come to view them.  For some, an Open House viewing may simply be an impulse activity to satisfy their curiosity about a neighbor’s home.  However, for serious buyers, especially First Time Buyers who have limited experience in seeing different home styles and layouts, visiting Open Houses can be a very worthwhile exercise.

To plan an effective Open House tour, you should start with a map.  Plot out the addresses of where the Open Houses are located, and the times of showings to ensure that you make the most productive use of your time.  

If you don’t already know the neighbourhood, then that’s the first place to start.  Look at your map, and see where major transportation links are located, as well as parks, schools, shopping and amenities.  If everything you see on the map looks good, then start out with a driving tour of the neighbourhood itself, before you devote some time to viewing individual houses.

If you plan on visiting an Open House, and you’re already working with a real estate salesperson, be sure to notify them in advance.  Your sales representative can be a very valuable source of information about the neighborhood, and may possibly even be familiar with the individual property.  Also, depending on the rules of your local real estate board, visiting an Open House without your agent present may result in conferring certain rights on the salesperson who is showing the property.  If you discuss this with your salesperson before your visit, you’re ensured of having the right person to look after your interests when it’s time to make an offer.  Of course, if you aren’t yet working with a sales representative, Open Houses can provide a great opportunity to not only look for the right house, but the right salesperson.  What better way to see them in action, and find out quickly if you communicate on the same wavelength.

As you tour an Open House, try to see past the furnishings, and any personal clutter, and focus on whether the space and layout works for your needs.  Don’t assume that what you see is what you get!  Many things you see at the viewing, such as window treatments, light fixtures, appliances and even that hot tub on the back deck may not be included in the list price.  Check details on the feature sheet and verify what’s included with the agent hosting the Open House.

When touring an Open House, be direct and ask questions.  Remember, this is no time to be diplomatic.  The real estate professional showing the home realizes that it may not be right for everyone.  By keeping your comments open and direct, you help the sales representative to better understand your needs, and offer solutions to meet them.

tomflatt: Look to the Future when home buying

tomflatt: Look to the Future when home buying: Look to the Future when home buying With today’s interest rates at near record lows, many people are recognizing that a mortgage payment on...

Look to the Future when home buying

Look to the Future when home buying

With today’s interest rates at near record lows, many people are recognizing that a mortgage payment on a house can actually be comparable to what they would spend on renting an apartment or home.  Perhaps you’re one of them and are ready to take a step up the property ladder. 

For most people, buying a home is the most significant financial investment they’ll ever make, and there’s a lot of planning that goes into a successful transition.  With that in mind, here are a few tips to help buyers navigate the home buying process:

Consider future needs. Look ahead and anticipate what your family may look like just a few years from now.  If you’re a single buyer, you may someday add a ‘significant other’ to your household.  If you’re a young couple, you may be planning on children.  Or you may already have children whose needs will change within just the next few years.  As they get older, perhaps your children will need a bedroom of their own, or some private play space.  Though additional space may not be needed immediately, it’s important to consider potential future plans for a home.  Keep in mind that there is no such thing as the "perfect" house. Instead, determine what’s essential for the near future – number of bedrooms, approximate square footage, community, etc.  But be cautious.  Look to future needs but don’t overextend yourself buying space you may not ever need.

Remember resale.  Purchasing a home is a great long-term investment. However, there are many reasons home buyers may need to move again, such as relocating for a job or a major lifestyle change. Think about the length of time that the home may be owned and during your search, also consider the potential resale value of prospective properties you are viewing.  Your local Coldwell Banker professional can help by sharing such valuable information as the average price of resale homes in the area, how long each property has been on the market and what features increase – or detract – from a home’s value and appeal.

Plan for maintenance and repair costs. Owning a home is a rewarding experience. However, along with a set of house keys come certain responsibilities for upkeep.  A leaky faucet and unkempt lawn won’t take care of themselves, so be sure to include future repairs and maintenance in your household budget.  Keep in mind that certain properties such as condominiums and town homes require less exterior maintenance and might be a good option for those who find the idea of maintaining a yard a bit daunting.

Want to know more about the home buying and selling process?  Feel free to contact me for the inside scoop on your market.

tomflatt: High gas costs prompt 'stay-cation' living...

tomflatt: High gas costs prompt 'stay-cation' living...: High gas costs prompt ‘stay-cation’ living Outdoor and leisure features have growing appeal as families change their vacation strategies If...

High gas costs prompt 'stay-cation' living...

High gas costs prompt ‘stay-cation’ living

Outdoor and leisure features have growing appeal as families change their vacation strategies

If you’re like most Canadians, you probably wince when you pull up to the gas pumps these days.  It’s already having an impact at how many ‘day trippers’ drive out of the city each weekend for visits to the beach or lake.    And it doesn’t look like the situation is going to improve any time soon.  The latest news comes from Air Canada, announcing that it is eliminating several flights due to the high cost of fuel.  With these cut-backs comes a warning that we can expect airfare prices to rise dramatically over the next short span of time.  It leaves me wondering if more crowded seating and luggage surcharges can be far behind. 

So with all these rapid changes and escalating costs, where does that leave the average Canadian family when it comes to their vacation plans?  Many of my customers are already telling me that they’re changing their vacation strategies.  And not too surprisingly, that brings us back to the subject of real estate.  Many homeowners are opting to take their vacations at home.  They’re planning to put their holiday budget back into their property, to create their own restful oasis from their daily stress.  Luxury features like saunas, home theatres, hot tubs, entertainment size kitchens, swimming pools, outdoor rooms, water features and extensive landscaping are all part of this scenario.  Such appealing amenities are going to be increasingly sought after by discriminating home buyers in the future.   If you’re thinking of similar improvements, I’d be glad to tell you how your renovation plans might improve your property’s resale value.

But what about those people who still crave a change of scene for their vacation plans?  Here’s where a real estate solution can also be the answer.  Think about it!  A family cottage or chalet can grow in value and create an asset you can enjoy for years to come, and even provide rental income if you don’t want to use it for the whole season.  When you’re situated in an area with multiple leisure activities all around you, you won’t be burning gas and spending most of the day driving to get to some outdoor area attraction just to spend a few hours there. 

A vacation property can be a sound investment if you have the help of a specialist to do it right.  I  can help you do the groundwork right here at home, helping you to determine how much you can afford, offering creative financing solutions and much more.  And when the time is right, I have a network of experienced colleagues in resort locations to help you find the right property for you and your family.  So why not give me a call and let’s see if we can put a new spin on your family’s vacation strategy?  The high cost of fuel could send you in an exciting new direction! 

We purchased a bank repo cottage this summer and have had a great experience using and renting it.

Get the best bang for your renovation buck. Thinking of getting ready to list. @tomflatt

Get the best bang for your renovation buck

Now more than ever, Canadian homeowners are venturing into the domain of home renovating.  Many Canadians look forward to enjoying the new, attractive or functional features that these renovations can bring to their everyday life.  Yet more and more, market-savvy homeowners are spending thousands of dollars on home improvements, just to turn around in a short period and put the property up for sale.  Renovations may not sound like a novel idea in terms of adding market value to your home.  However, knowing how and where to use your money can help you achieve the best return on your investment by delivering an improved listing price when the time comes to sell.

The two most prominent areas of your home that will affect its selling appeal are the kitchen and bathrooms, so these are two prime areas to focus on if you’re looking for the biggest bang for your renovating bucks.  For bathrooms, if you’re looking to improve resale value, then focus your efforts first on the main floor bath or powder room.  Buyers decide on a home within the first few minutes, and it will be the only one they will have seen in that time.  Besides, it’s usually the bathroom all your visitors use and it’s typically small – perhaps a half bathroom – so it’s a good place to splurge and achieve maximum impact for a relatively low expenditure.  After the main floor, the master bath is most worthy of premium fixtures and upgrades, because that’s the one prospective buyers will visualize themselves using.  For these two rooms, you don’t necessarily have to break the bank by replacing tubs and sinks.  New products such as porcelain tub paint or even a full insert that mounts on top of your existing tub can give your bathroom a fresh as new look.  Where it will pay off in the end to spend some money is with new, modern faucets and perhaps a new light fixture.  

No other fixture in the home gets more use than the kitchen faucet – so don’t skimp here!  A good idea is to choose one of the latest washer less styles that minimize internal seals and components that can wear out.  Spend the extra couple of dollars on stylish, advanced faucets that will give years of leak-free service.  While the plumbing for the faucets are out, you might decide to replace the kitchen sink – a good investment if yours is showing signs of obvious wear. 

The countertops in the kitchen and bathrooms are another guaranteed-return home improvement.  If the cost seems a little daunting, don’t be discouraged.  New melamine paints can rejuvenate an outdated counter surface with today’s new cool neutral shades.  If your counter is scratched and worn, there are new countertops available today, which are custom ordered pieces according to your specifications that are placed over top of your existing counter.  The end result is a low cost, limited effort alternative that gives you the look of solid granite!

You can speak with your local Coldwell Banker sales professional today to give you further ideas on how to best improve your home in terms of market value.

Phasing in a major renovation-stuff to think about.

Phasing in a major renovation

Renovating a home can be a rewarding and exciting experience, but all too often it can also be costly, disruptive and stressful.  Many homeowners feel that they have to make compromises in their ideal plan in order to accommodate their budget and their schedule.  Granted, as with most things in life, compromise is usually a part of any successful renovation.  However, rather than cutting corners on features or materials, one of the compromises that you can opt for is taking more time to complete the renovation you want, on your own terms.  By spreading out the various stages of your renovation into specific groupings, such as excavation and foundation work; framing, plumbing and electrical; drywall and painting; or flooring, you can plan on some well-timed breaks in between.  You can gradually move toward completion without putting as much strain on your bankroll as you would rushing to do the entire project in one year. 

If you’re thinking of renovating by degrees, a good starting point is research and planning.  First of all, what are your goals for this renovation, and what is your timeline?  Are you planning on creating a dream kitchen where your family will spend the majority of its time for many years to come?  Or are you just looking to freshen up the look, but plan to move within the next two or three years?  Defining your objectives and time frame can really help you to decide what’s worth doing now, what can be done in degrees, or what’s worth doing at all.  Your public library and city planning offices can be a wealth of information on the various stages and requirements for home renovations. 

Your Coldwell Banker sales professional will be happy to discuss how the resale potential for your home might be affected by any renovations you may be planning.  Your local financial institution can advise you on the most cost effective way to finance your renovation.  Usually a line of credit secured against the equity you’ve already built up in your property is one of the most cost efficient options available to you. 

Of course, your contractor is the most important person to include in the investigation and planning process.  Make sure that your contractor understands your goals not only for the immediate stage of your project, but also for any future enhancements you may be planning.  Your contractor is responsible for getting a building permit and ensuring that your long range plan conforms to the building code and regulations of your municipality.  Don’t assume you can simply add on later when the time is right.  Once you’re armed with the right information, you are better able to make an informed choice.