The Appraisal Institute of Canada tracks consumer trends and home prices and values and uses them to create a "calculator" that will give you a rough estimate of how much a home improvement project will increase the value of your home.
Click this link http://component.aicanada.ca/e/resourcecenter_renova.cfm?ref=nf and happy renovating~
For a market evaluation of you home contact me today.
Find relevant information on real estate, from household tips to market conditions and statistics. Contact me for a FREE Home Value Report!
Monday, April 30, 2012
Thursday, April 26, 2012
"Post-Claim Underwriting" could mean your mortgage insurance isn't worth the paper it's written on...
Do you know what "post-claim underwriting" means? You should - it could mean the insurance premiums you've been paying for years won't help you because your claim is denied...
This is a very important video which you should watch before deciding on which insurance products you purchase and from whom.
Wednesday, April 25, 2012
When Do You Have to Pay tax on a Profit from a Property Sale?
This is an interesting question and answer column from the Globeandmail.com regarding the designation of a principle residence and, more importantly, how the Canada Revenue Agency determines a "principle residence" for tax purposes.
The question:
Right now I'm renting the condo that I live in. I don't have any desire to be a homeowner just yet, due to the higher maintenance associated with it but I was thinking of buying a condo as an investment property - buying it early pre-sale and then selling after. My question is: Which condo should I list as my principal residence? In other words, if my investment condo is the only property that I own, is it possible to list it as my principal residence, even though I actually live in another condo that I rent? I would like to see if I can avoid capital gains when I sell.
The answer:
This issue can be complex. Let me try to break it down for you: First, you should know that designating a property as your principal residence (to shelter the sale from tax) doesn't require that you live in the property for any particular period of time. Some people think that one year is the magic number. Not so. There is really no prescribed time frame. I've seen some people call a second property their principal residence even though they live in the property for a week or two a year.
Here's the bigger issue: You can only designate a property as your principal residence if it is a “capital property.” That is, if CRA looks at your situation and considers the condo (the one you hope to flip for a profit) to be more akin to business inventory (that is, the CRA doesn't believe your intention was to ever hold the property for any length of time to either live there or rent it out; rather that your intention was always to flip it for a profit), then the condo won't be considered “capital property” and any profit will be taxed as business income. This is called an “adventure in the nature of trade.”
In order to be successful at designating the condo as your principal residence you'd have to live there for some period of time, but more importantly, you'd have to convince CRA that it was your intention to hold the property and live there rather than flip it. So, the longer you can own the property and live there, the better your argument that you should be able to call it your principal residence. If you choose to rent out the condo rather than live in it, you may be able to argue that any profit should be taxed as a capital gain (not as business income), but this won't entitle you to designate the property as your principal residence.
Globe Investor columnist Tim Cestnick has been answering one reader question online each week in the runup to the filing deadline. Mr. Cestnick is president and CEO of WaterStreet Family Offices and author of 101 Tax Secrets for Canadians.
The question:
Right now I'm renting the condo that I live in. I don't have any desire to be a homeowner just yet, due to the higher maintenance associated with it but I was thinking of buying a condo as an investment property - buying it early pre-sale and then selling after. My question is: Which condo should I list as my principal residence? In other words, if my investment condo is the only property that I own, is it possible to list it as my principal residence, even though I actually live in another condo that I rent? I would like to see if I can avoid capital gains when I sell.
The answer:
This issue can be complex. Let me try to break it down for you: First, you should know that designating a property as your principal residence (to shelter the sale from tax) doesn't require that you live in the property for any particular period of time. Some people think that one year is the magic number. Not so. There is really no prescribed time frame. I've seen some people call a second property their principal residence even though they live in the property for a week or two a year.
Here's the bigger issue: You can only designate a property as your principal residence if it is a “capital property.” That is, if CRA looks at your situation and considers the condo (the one you hope to flip for a profit) to be more akin to business inventory (that is, the CRA doesn't believe your intention was to ever hold the property for any length of time to either live there or rent it out; rather that your intention was always to flip it for a profit), then the condo won't be considered “capital property” and any profit will be taxed as business income. This is called an “adventure in the nature of trade.”
In order to be successful at designating the condo as your principal residence you'd have to live there for some period of time, but more importantly, you'd have to convince CRA that it was your intention to hold the property and live there rather than flip it. So, the longer you can own the property and live there, the better your argument that you should be able to call it your principal residence. If you choose to rent out the condo rather than live in it, you may be able to argue that any profit should be taxed as a capital gain (not as business income), but this won't entitle you to designate the property as your principal residence.
Globe Investor columnist Tim Cestnick has been answering one reader question online each week in the runup to the filing deadline. Mr. Cestnick is president and CEO of WaterStreet Family Offices and author of 101 Tax Secrets for Canadians.
Monday, April 23, 2012
5 Low-Cost Kitchen Reno Ideas
Kitchens are one of the features buyers compare most closely when they’re shopping for a home. Also, studies by the Appraisal Institute of Canada show that Kitchen renos are the second most profitable project, behind only painting and decorating. Here are cost estimates for some of the low-cost kitchen upgrades that will make your kitchen more enjoyable for you and more appealing to buyers:
1. Hardware.
Replacing cabinet hardware, such as handles, knobs, and hinges is a quick, DIY way to enhance kitchen space. According to HouseLogic.com, an average kitchen is 200 square feet with 30 linear feet of cabinetry, which equates to about 40 handles and knobs. Averaging between $2 and $20 per knob or pull, a home owner can expect to spend from $80 to $800 for this enhancement.
2. Faucet.
There are myriad options today in terms of height, spouts, pullout hoses, and folding necks, with quality faucets starting at around $200.
3. Lighting.
Adding an LED undercabinet light can have a dramatic effect for about $75 to $100.
4. Organization.
Buyers today choose functionality over elaborate decoration. Practical storage in the kitchen will go a long way. Over-the-door hooks, baskets in the pantry, drawer organizers, wall hooks for pots and pans, and stackable shelves for cabinets will add appeal, typically for less than $100.
5. Countertops.
Laminate can mimic the contemporary look of granite at a significant discount. The cost for an average kitchen with 30 linear feet of laminate countertop is roughly $1,500; the same space in granite would be about $3500.
Finally, check out http://urneighbourhoodrealtor.blogspot.ca/2012/03/kitchen-can-help-sell-your-home.html to see the results of a recent study showing what is most important to buyers.
Please contact me if you have any questions or would like a home market evaluation.
Saturday, April 21, 2012
10 Common Mistakes Made by First-Time Homebuyers
1. Not knowing what you can afford
As we learned from the subprime mortgage mess in the U.S., what the bank says you can afford and what you know you can afford or are comfortable with paying are not necessarily the same. If you don’t already have a budget, make a list of all your monthly expenses (excluding rent), including vehicle costs, student loan payments, credit card payments, groceries, health insurance, retirement savings and so on. Don’t forget major expenses that occur only once a year, like any insurance premiums you pay annually or annual vacations. Subtract this total from your take-home pay and you’ll know how much you can spend on your new home each month. Click here http://urneighbourhoodrealtor.blogspot.ca/2011/08/tds-total-debt-service-rationot-just.html to calculate your Total Debt Service Ratio which is the formula lenders use to help determine maximum mortgage affordability.
If you end up looking at homes that are outside your price range, you’ll end up lusting after something you can’t afford, which can put you in the dangerous position of trying to stretch beyond your means financially or cause you to feel unsatisfied with what you actually can afford. You may even learn that you can’t afford the type or size of home that you desire and that you need to work on reducing your monthly expenses and/or increasing your income before you even start looking.
2. Skipping mortgage qualification
What you think you can afford and what the bank is willing to lend you may not match up, especially if you have poor credit or unstable income, so make sure to get preapproved for a loan before placing an offer on a home. You’ll be wasting the seller’s time, the seller’s agent’s time and your agent’s time if you sign a contract and discover later that the bank won’t lend you what you need or that it won’t give you a mortgage you find acceptable.
Be aware that even if you have been preapproved for a mortgage, your loan can fall through if you do something to alter your credit score, like finance a car purchase. If you cause the deal to fall through, you may have to forfeit the money that you put up when you went under contract.
3. Failing to consider additional expenses
Once you’re a homeowner, you’ll have additional expenses on top of your monthly payment. Unlike when you were a renter, you’ll be responsible for paying property taxes, insuring your home against disasters and making any repairs the house needs (which will occasionally include expensive items like replacing the roof or furnace).
If you purchase a condo, you’ll have to pay monthly maintenance costs regardless of whether anything needs fixing because you’ll be part of a homeowners association, which collects monthly fees from the owners of each unit in the form of condominium fees.
4. Being too picky
Go ahead and put everything you can think of on your wish list, but don’t be so inflexible that you end up continuing to rent for significantly longer than you really want to. First-time homebuyers often have to compromise on something because their funds are limited. You may have to live on a busy street, accept outdated decor, make some repairs to the home or forgo that extra bedroom. Of course, you can always choose to continue renting until you can afford everything on your list — you’ll just have to decide how important it is for you to become a homeowner now rather than in a couple of years
5. Lacking vision
Even if you can’t afford to replace the hideous wallpaper in the bathroom now, it might be worth it to live with the ugliness for a while in exchange for getting into a house you can afford. If the home meets your needs in terms of the big things that are difficult to change, such as location and size, don’t let physical imperfections turn you away. Besides, doing home upgrades yourself, even if you have to hire a contractor, is often cheaper than paying the increased home value to a seller who has already done the work for you
6. Being swept away
Minor upgrades and cosmetic fixes are inexpensive tricks that play on your emotions and elicit a much higher price. Sellers may pay $2,000 for minimal upgrades or staging that you’ll end up paying $40,000 for. If you’re on a budget, look for homes whose full potential has yet to be realized. Also, first-time homebuyers should always look for a house they can add value to; this ensures a bump in equity to help you up the property ladder.
7. Compromising on the important things
Don’t get a two-bedroom home when you know you’re planning to have kids and will want at least three bedrooms. By the same token, don’t buy a condo just because it’s cheaper when one of the main reasons you’re over apartment life is because you hate sharing walls with neighbors. It’s true that you’ll probably have to make some compromises to be able to afford your first home, but don’t make a compromise that will be a major strain.
8. Neglecting to inspect
It’s tempting to think that you’re a homeowner the moment you go into escrow, but before you close on the sale, you need to know what kind of shape the house is in. You don’t want to get stuck with a money pit or with the headache of performing a lot of unexpected repairs. Keeping your feelings in check until you have a full picture of the house’s physical condition and the soundness of your potential investment will help you avoid making a serious financial mistake.
9. Not hiring your own agent or using the seller’s agent
Once you’re seriously shopping for a home, don’t walk into an open house without having an agent (or at least being prepared to throw out a name of someone you’re supposedly working with). Agents are held to the ethical rule that they must act in the best interest of their clients, but if you’re a buyer, you’ll probably have a stronger advocate for your interests if you use your own agent and not the seller’s.
10. Not thinking about the future
It’s impossible to perfectly predict the future of your chosen neighborhood, but paying attention to the information that is available to you now can help you avoid unpleasant surprises down the road.
Some questions you should ask about your prospective property include:
Buying a first home can seem stressful and overwhelming, and it isn’t without its share of potential pitfalls. If you’re aware of those issues ahead of time, though, you can protect yourself from costly mistakes and shop with confidence.
For many people, a home is the largest purchase they will ever make, but that doesn’t mean it has to be the most difficult.
As we learned from the subprime mortgage mess in the U.S., what the bank says you can afford and what you know you can afford or are comfortable with paying are not necessarily the same. If you don’t already have a budget, make a list of all your monthly expenses (excluding rent), including vehicle costs, student loan payments, credit card payments, groceries, health insurance, retirement savings and so on. Don’t forget major expenses that occur only once a year, like any insurance premiums you pay annually or annual vacations. Subtract this total from your take-home pay and you’ll know how much you can spend on your new home each month. Click here http://urneighbourhoodrealtor.blogspot.ca/2011/08/tds-total-debt-service-rationot-just.html to calculate your Total Debt Service Ratio which is the formula lenders use to help determine maximum mortgage affordability.If you end up looking at homes that are outside your price range, you’ll end up lusting after something you can’t afford, which can put you in the dangerous position of trying to stretch beyond your means financially or cause you to feel unsatisfied with what you actually can afford. You may even learn that you can’t afford the type or size of home that you desire and that you need to work on reducing your monthly expenses and/or increasing your income before you even start looking.
2. Skipping mortgage qualification
What you think you can afford and what the bank is willing to lend you may not match up, especially if you have poor credit or unstable income, so make sure to get preapproved for a loan before placing an offer on a home. You’ll be wasting the seller’s time, the seller’s agent’s time and your agent’s time if you sign a contract and discover later that the bank won’t lend you what you need or that it won’t give you a mortgage you find acceptable.
Be aware that even if you have been preapproved for a mortgage, your loan can fall through if you do something to alter your credit score, like finance a car purchase. If you cause the deal to fall through, you may have to forfeit the money that you put up when you went under contract.
3. Failing to consider additional expenses
Once you’re a homeowner, you’ll have additional expenses on top of your monthly payment. Unlike when you were a renter, you’ll be responsible for paying property taxes, insuring your home against disasters and making any repairs the house needs (which will occasionally include expensive items like replacing the roof or furnace).
If you purchase a condo, you’ll have to pay monthly maintenance costs regardless of whether anything needs fixing because you’ll be part of a homeowners association, which collects monthly fees from the owners of each unit in the form of condominium fees.
4. Being too picky
Go ahead and put everything you can think of on your wish list, but don’t be so inflexible that you end up continuing to rent for significantly longer than you really want to. First-time homebuyers often have to compromise on something because their funds are limited. You may have to live on a busy street, accept outdated decor, make some repairs to the home or forgo that extra bedroom. Of course, you can always choose to continue renting until you can afford everything on your list — you’ll just have to decide how important it is for you to become a homeowner now rather than in a couple of years
5. Lacking vision
Even if you can’t afford to replace the hideous wallpaper in the bathroom now, it might be worth it to live with the ugliness for a while in exchange for getting into a house you can afford. If the home meets your needs in terms of the big things that are difficult to change, such as location and size, don’t let physical imperfections turn you away. Besides, doing home upgrades yourself, even if you have to hire a contractor, is often cheaper than paying the increased home value to a seller who has already done the work for you
6. Being swept away
Minor upgrades and cosmetic fixes are inexpensive tricks that play on your emotions and elicit a much higher price. Sellers may pay $2,000 for minimal upgrades or staging that you’ll end up paying $40,000 for. If you’re on a budget, look for homes whose full potential has yet to be realized. Also, first-time homebuyers should always look for a house they can add value to; this ensures a bump in equity to help you up the property ladder.
7. Compromising on the important things
Don’t get a two-bedroom home when you know you’re planning to have kids and will want at least three bedrooms. By the same token, don’t buy a condo just because it’s cheaper when one of the main reasons you’re over apartment life is because you hate sharing walls with neighbors. It’s true that you’ll probably have to make some compromises to be able to afford your first home, but don’t make a compromise that will be a major strain.
8. Neglecting to inspect
It’s tempting to think that you’re a homeowner the moment you go into escrow, but before you close on the sale, you need to know what kind of shape the house is in. You don’t want to get stuck with a money pit or with the headache of performing a lot of unexpected repairs. Keeping your feelings in check until you have a full picture of the house’s physical condition and the soundness of your potential investment will help you avoid making a serious financial mistake.
9. Not hiring your own agent or using the seller’s agent
Once you’re seriously shopping for a home, don’t walk into an open house without having an agent (or at least being prepared to throw out a name of someone you’re supposedly working with). Agents are held to the ethical rule that they must act in the best interest of their clients, but if you’re a buyer, you’ll probably have a stronger advocate for your interests if you use your own agent and not the seller’s.
10. Not thinking about the future
It’s impossible to perfectly predict the future of your chosen neighborhood, but paying attention to the information that is available to you now can help you avoid unpleasant surprises down the road.
Some questions you should ask about your prospective property include:
- What kind of development plans are in the works for your neighborhood?
- Is your street likely to become a major street or a popular rush-hour shortcut?
- Will a highway be built in your backyard in five years?
- What are the zoning laws in your area?
- If there is a lot of undeveloped land? What is likely to get built there?
- Have home values in the neighborhood been declining?
Buying a first home can seem stressful and overwhelming, and it isn’t without its share of potential pitfalls. If you’re aware of those issues ahead of time, though, you can protect yourself from costly mistakes and shop with confidence.
For many people, a home is the largest purchase they will ever make, but that doesn’t mean it has to be the most difficult.
Friday, April 20, 2012
Light Rail Transit Public Presentation Scheduled April 24th
 |
|
Don't miss our upcoming
speaker event on Enhancing Mobility
Dr. Steven Cassidy of MRC McLean
and MRC Europe will join us on Tuesday, April 24 for a presentation on enhancing
mobility. The event will take place at the Tannery event space at 151 Charles
St. W. in Kitchener. Doors will open at 6:30 p.m. and the presentation will
begin at 7 p.m. Please register for this free
event. Get all the details about this and future speaker events from their flyer.
Enhancing
Mobility Community Open House
On April 26, you're invited to
drop in anytime between 3 and 7 p.m. to provide your input and have your
questions answered at the Enhancing Mobility Community Open House. The open
house will take place at the newly opened Storefront at 220 King St. W. in
Kitchener.
|
Thursday, April 19, 2012
How To Sell a Home With a Tenant
Having worked a lot with buyers lately, I've come across an issue that has a profound impact on the sale of the property that many seller agents don't appear to be properly addressing with their clients - namely, how to properly sell a home with a tenant in residence.
Ideally, it would be best to have the home vacant rather than having a tenant there. However, most people can't afford the loss of income during the transition period.
While many renters maintain and keep their home clean, in general, a property is devalued with a renter not just because of wear and tear, but also because agents and buyers are less likely to view a property with a tenant and, even if they do, quite often the restrictions involved in scheduling a showing are prohibitive. In Ontario, a notice period of 24 hours is required to be given to the renter for entry.
Additionally, sellers must remember that renters consider it their home and not an "asset" and, therefore, may be reluctant to co-operate to the advantage of the seller. Just by doing or not doing simple things, a renter can potentially hold up a sale for a long time, or affect the final selling offer if and when it does come in.
GETTING RENTER CO-OPERATION
In order to show a home properly and take advantage of every potential buyer, the tenant should be ensuring the home is clean and tidy; dishes and laundry done, beds made, etc.... Ideally, the tenant would be open to allowing shorter notice periods than 24 hours.
But how does a seller get a renter to help sell the home - provide an incentive!
One idea could be to provide a rebate of half of the last month's rent back to the renter if it sells in the first month. Perhaps a gift certificate for dinner for two each month while the property is on the market.
The point is that the seller needs to recognize the importance of the renter in the selling process.
In order to make it as easy as possible for showings and to get the tenant to maintain a clean and tidy home, they need their co-operation. And you can only get that by showing the tenant that you appreciate their help and respect that the sale of "their" home is a major transition.
If you have any questions about the sale process or would like a market evaluation of your home, please contact me today.
Ideally, it would be best to have the home vacant rather than having a tenant there. However, most people can't afford the loss of income during the transition period.
While many renters maintain and keep their home clean, in general, a property is devalued with a renter not just because of wear and tear, but also because agents and buyers are less likely to view a property with a tenant and, even if they do, quite often the restrictions involved in scheduling a showing are prohibitive. In Ontario, a notice period of 24 hours is required to be given to the renter for entry.
Additionally, sellers must remember that renters consider it their home and not an "asset" and, therefore, may be reluctant to co-operate to the advantage of the seller. Just by doing or not doing simple things, a renter can potentially hold up a sale for a long time, or affect the final selling offer if and when it does come in.
GETTING RENTER CO-OPERATION
In order to show a home properly and take advantage of every potential buyer, the tenant should be ensuring the home is clean and tidy; dishes and laundry done, beds made, etc.... Ideally, the tenant would be open to allowing shorter notice periods than 24 hours.
But how does a seller get a renter to help sell the home - provide an incentive!
One idea could be to provide a rebate of half of the last month's rent back to the renter if it sells in the first month. Perhaps a gift certificate for dinner for two each month while the property is on the market.
The point is that the seller needs to recognize the importance of the renter in the selling process.
In order to make it as easy as possible for showings and to get the tenant to maintain a clean and tidy home, they need their co-operation. And you can only get that by showing the tenant that you appreciate their help and respect that the sale of "their" home is a major transition.
If you have any questions about the sale process or would like a market evaluation of your home, please contact me today.
Tuesday, April 17, 2012
Why Did My Roof Shingles Blow Off ?!?
After hearing from several home owners, and in the news, of roof shingles being blown off, I decided to do a google search. Other than severly deteriorated shingles, the main reason for them being blown of the roof is due to improper nailing - either too far from the shingle edge or at too high a pressure, causing the nail to "punch" through the shingle.
A picture is worth a thousand words, so check out this short video showing you what to look for on your roof.
A picture is worth a thousand words, so check out this short video showing you what to look for on your roof.
Friday, April 13, 2012
What Skills Should a Good Buyer Agent Have?
Despite my success in listing and selling homes, because I have been in real estate sales full-time for less than 5 years I find myself working a lot with buyers....especially first-time buyers.
I can't stress enough how critical it is to find a good buyer agent. One with whom you can build a life-long relationship founded on trust and good advice.
Here are a couple things to consider when deciding on your sales representative to help you in that momentous and exciting purchase.
1. An effective communicator:
One of the top complaints from buyers is a non-responsive agent, and deservedly so. Real estate is a people business. When it comes to winning deals, a buyer’s agent needs excellent communication skills and responsiveness with all parties involved. To save yourself headaches and frustration, find an agent who really speaks to you from the get-go. This is not just about speaking the same language. It means an agent who adapts to your communication style. Whatever you preferred method of communication, be it a phone call, text message, email, video chat and what not, your Realtor should be able to respond with a timely message, ideally within hours if not minutes.
2. On top of the market trend and local data:
The real estate market is in flux and is highly localized. The agent who is plugged-in can help you access the latest data and make the best decision. At the introductory meeting, ask the prospective agent a few questions about trends in the local market. Have the agent explain the rationale behind each trend, like school ratings, employment levels, mortgage rates, or home prices. If he or she appears to know less than you, move on.
3. Tuned into your needs and timelines:
Many buyers avoid getting an agent because they don’t want to be pushed to buy anything. Certainly, nobody should be pushed into anything. A good agent should advise and guide you. He should take the time to understand your needs and match you with a suitable property within your budget.
This relationship is a two-way street. The buyer should do their part to be honest and communicate your needs and timelines. Don’t try to draw attention from agents by boasting that you are ready to buy now or want something much higher than your budget. You will end up with what you’ve asked for — a pushy salesperson.
If you merely want to monitor the market and are not yet ready to buy, tell your agent so your agent won’t rush you. In a hot market, good property can come and go within days, so you need to tell your agent when you’re ready to act decisively.
4. Organized and attentive to details:
Thanks to all the regulation in the real estate industry, the real estate business has a lot (and I mean a lot) of highly regulated paperwork — from the initial offer, to inspection reports, to endless disclosures, to closing statements from the title company and the lender. Besides the sheer volume, time is of the essence. All the paperwork have to be reviewed, completed, and reviewed according to a very tight schedule. It can easily overwhelm any buyer and even novice agents. A good agent can help you make sense of the myriad of documents and make sure each time-sensitive task is completed according to the contract terms.
On the road to real estate success, a buyer’s agent is like a car. You should always start your journey with a good one.
Fee free to check out my past clients' ratings of my service at http://realestateagents.servicerating.ca/agent/Kim_Louie and to see what amenities are in an area where you are considering moving to click this link http://www.neighbourhoodexpert.ca/geoweb/mappublic.aspx?id=kim_louie
Thinking about buying or selling? Call me today!
I can't stress enough how critical it is to find a good buyer agent. One with whom you can build a life-long relationship founded on trust and good advice.
Here are a couple things to consider when deciding on your sales representative to help you in that momentous and exciting purchase.
1. An effective communicator:
One of the top complaints from buyers is a non-responsive agent, and deservedly so. Real estate is a people business. When it comes to winning deals, a buyer’s agent needs excellent communication skills and responsiveness with all parties involved. To save yourself headaches and frustration, find an agent who really speaks to you from the get-go. This is not just about speaking the same language. It means an agent who adapts to your communication style. Whatever you preferred method of communication, be it a phone call, text message, email, video chat and what not, your Realtor should be able to respond with a timely message, ideally within hours if not minutes.
2. On top of the market trend and local data:
The real estate market is in flux and is highly localized. The agent who is plugged-in can help you access the latest data and make the best decision. At the introductory meeting, ask the prospective agent a few questions about trends in the local market. Have the agent explain the rationale behind each trend, like school ratings, employment levels, mortgage rates, or home prices. If he or she appears to know less than you, move on.
3. Tuned into your needs and timelines:
Many buyers avoid getting an agent because they don’t want to be pushed to buy anything. Certainly, nobody should be pushed into anything. A good agent should advise and guide you. He should take the time to understand your needs and match you with a suitable property within your budget.
This relationship is a two-way street. The buyer should do their part to be honest and communicate your needs and timelines. Don’t try to draw attention from agents by boasting that you are ready to buy now or want something much higher than your budget. You will end up with what you’ve asked for — a pushy salesperson.
If you merely want to monitor the market and are not yet ready to buy, tell your agent so your agent won’t rush you. In a hot market, good property can come and go within days, so you need to tell your agent when you’re ready to act decisively.
4. Organized and attentive to details:
Thanks to all the regulation in the real estate industry, the real estate business has a lot (and I mean a lot) of highly regulated paperwork — from the initial offer, to inspection reports, to endless disclosures, to closing statements from the title company and the lender. Besides the sheer volume, time is of the essence. All the paperwork have to be reviewed, completed, and reviewed according to a very tight schedule. It can easily overwhelm any buyer and even novice agents. A good agent can help you make sense of the myriad of documents and make sure each time-sensitive task is completed according to the contract terms.
On the road to real estate success, a buyer’s agent is like a car. You should always start your journey with a good one.
Fee free to check out my past clients' ratings of my service at http://realestateagents.servicerating.ca/agent/Kim_Louie and to see what amenities are in an area where you are considering moving to click this link http://www.neighbourhoodexpert.ca/geoweb/mappublic.aspx?id=kim_louie
Thinking about buying or selling? Call me today!
Thursday, April 12, 2012
Caulking Tips to Create a Perfect Bead
Based on my caulking fiasco I decided to look up some tips to help get a nice bead down...check out this video.
http://www.youtube.com/watch?index=9&feature=PlayList&v=_XIf0deyzx4&list=PL1D8877B23F5EDA94
http://www.youtube.com/watch?index=9&feature=PlayList&v=_XIf0deyzx4&list=PL1D8877B23F5EDA94
Tuesday, April 10, 2012
Cleaning Eaves Troughs - Whys and Hows
Cleaning out the eaves troughs is never a fun task but, unfortunately, it is a necessary evil of home maintenance. Failing to flush out your troughs and keep them clear of debris can lead to gutter rusting and roof damage, not to mention the fact that decaying plant matter in your gutters can smell horrible and stain the sides of your home. Taking a short amount of time to clean out your eaves troughs, two or three times a year, will minimize damage to home, not to mention making the job easier to complete.The purpose of the eaves trough, or gutter, is to direct rainwater off your roof and away from your home. This helps to prevent standing water around your home, and minimizes the amount of damage that your home will suffer from water during the rainy season or even spring thaw. When these troughs become blocked, however, it allows the water to sit there in the troughs and this can eventually lead to rusting eaves troughs and a leaking roof; neither of which is fun to repair. If you stay on top of this job, it will be quick and virtually effortless.
There are several ways of cleaning your eaves troughs. While some companies market special gutter rakes and eaves trowels, the task can be done with a simple garden trowel. In addition to this, you will also want a sturdy and reliable ladder, some rubber gloves and a garden hose, preferably equipped with a spray and stream adjustable nozzle (you will want to turn it to stream). Some people will suggest using a power washer, but this is not advisable - not only is it danger to use a power washer from atop a ladder, but you also risk damaging your home, due to the angle you would have to spray at.
For best results, start at the drain pipe that leads down off the side of your house and to where the water is draining off to. Ensure that nothing is obstructing the end of this pipe and that it’s draining to a good area, where you won’t be walking around. Once you have cleared away anything in the way, spray water down your pipe and continue to do so until the water runs clear out onto the ground. When it has done so, you’re safe to move on.
Working your way back from the drain pipe, use your trowel to scoop and scrape any debris you find out of the eaves troughs. While you’re working on the roof, it’s highly advisable that you have someone with you, helping to support the ladder. Take your time and be sure never to over-stretch. It’s much easier to get down and move the ladder over, than to try and reach an itch in a body cast. Safety should always come first.
Alternate between scooping, scraping and spraying, ensuring that the water flows easily behind your work area and that no small sticks or leaves escape, that could get down inside and block up your eaves trough again. In no time, you will be done with this task and, if you do it every few months, you’ll find it’s a quick snap to spray out the gutters and then put all your supplies away. Like many things in life; an ounce of prevention is worth a pound of cure, when it comes to cleaning out your gutters. If you really want to make your job a snap, check into purchasing gutter toppers or eaves trough screens. Blocking a lot of the debris and keeping it from getting into your gutters in the first place, toppers can be a hassle to install, but make for a lot less work in the long run.
Cleaning the eaves troughs isn’t really that much of a chore and it is necessary to maintain a beautiful and trouble-free home. Regular cleanings will save you time and energy, and you can rest easier, knowing you’ve taken these extra steps to keep your home beautiful, inside and out.
Friday, April 6, 2012
Are You Ready for Home Ownership?
Lately, many of my clients who were purchasing homes have been first-time home buyers. There were all thrilled and very happy when they finally found the home they wanted.
However, before getting to that point, they had many questions they answered, whether it was subconsciously of while discussing the option of buying with me or their partner.
I've decided to put together a "list" of questions that potential buyers should consider before embarking on the fulfilling path of home ownership.
The decision to pursue homeownership may be based on many factors: everything from a friend’s decision to purchase a home or a family member’s advice against “throwing your money away on rent” to your bad experience with a landlord or the noisy neighbors sharing your wall. While all of those scenarios (minus peer pressure, of course) may inspire valid arguments for considering the purchase of a home, how do you determine if you’re genuinely ready to join the ranks of homeowners? After all, it’s hardly a decision to be taken lightly. If you’ve spent your life as an apartment-renter or a condo-dweller, you’ve never had a yard to maintain. Even more significant, you’ve never moved into a home without the appliances — a refrigerator, washer and dryer, and microwave, for example — you’ve taken for granted as a renter. All of those appliances represent immediate expenses you’ll face upon move-in — and that’s precisely the time when you’re already feeling financially drained.
So is there any definitive way of knowing whether or not you’re ready for homeownership? Yes, to an extent. You can ask yourself a series of questions, and based on your answers, you’ll have a fairly strong indication of whether or not you’re ready to commit to what’s sure to be one of the biggest financial commitments you’ll make in your lifetime. Ask yourself the following questions, and jot down your immediate response (don’t ponder the answer you think the model homeowner would provide). Go with your instincts.
Please contact me today if you want to chat about your different home ownership options.
However, before getting to that point, they had many questions they answered, whether it was subconsciously of while discussing the option of buying with me or their partner.
I've decided to put together a "list" of questions that potential buyers should consider before embarking on the fulfilling path of home ownership.
The decision to pursue homeownership may be based on many factors: everything from a friend’s decision to purchase a home or a family member’s advice against “throwing your money away on rent” to your bad experience with a landlord or the noisy neighbors sharing your wall. While all of those scenarios (minus peer pressure, of course) may inspire valid arguments for considering the purchase of a home, how do you determine if you’re genuinely ready to join the ranks of homeowners? After all, it’s hardly a decision to be taken lightly. If you’ve spent your life as an apartment-renter or a condo-dweller, you’ve never had a yard to maintain. Even more significant, you’ve never moved into a home without the appliances — a refrigerator, washer and dryer, and microwave, for example — you’ve taken for granted as a renter. All of those appliances represent immediate expenses you’ll face upon move-in — and that’s precisely the time when you’re already feeling financially drained.
So is there any definitive way of knowing whether or not you’re ready for homeownership? Yes, to an extent. You can ask yourself a series of questions, and based on your answers, you’ll have a fairly strong indication of whether or not you’re ready to commit to what’s sure to be one of the biggest financial commitments you’ll make in your lifetime. Ask yourself the following questions, and jot down your immediate response (don’t ponder the answer you think the model homeowner would provide). Go with your instincts.
- Why do you want to purchase a home? If it’s because your best friend just purchased a home and is constantly gushing about her new garden, extra living space and great neighbors, don’t get caught up in her excitement. Remind yourself that committing to homeownership means facing expenses you probably can’t even comprehend at the moment. It also means ongoing maintenance. The bottom line is that homeownership is an lifetime commitment that can’t be decided overnight.
- How long have you wanted to be a homeowner? Were you content being a renter until some recent event or thought triggered thoughts of homeownership?
- Do you think your quality of life will improve if you own a home? How?
- In what terms do you associate homeownership? Does it represent in your mind an important step toward “becoming settled”? Do you view homeownership — the act of putting down roots — as a necessary milestone that you must cross in order to be taken seriously? Or do you view homeownership merely as a smart investment that can pay large dividends later if and when you decide to sell? If you’re thinking of homeownership solely as a means of putting down roots, you could become so wrapped up in this emotional decision that you overlook the practical factors every prospective homeowner should consider: the quality of the surrounding neighborhood, the resale value of the other homes on the block, the quality of the local schools, and the quality of your prospective home’s construction, among other criteria. You may also fail to consider whether or not the market is favorable for buying a home right now. It may be in your best interests to wait.
- On the other hand, if the market conditions are good for considering the purchase of a home right now, are you feeling pressured to buy? Renters who live in hot real estate markets sometimes feel as if they should hurry up and buy homes before prices become too high. But if your instincts are telling you that this really isn’t the best time for you to make this commitment, it’s best to avoid jumping into homeownership at the present time. Instead, consider waiting until the market cools down slightly. Remind yourself that this isn’t the only time your local market will be hot; you’ll probably witness an upswing again in the near future. Or you may even consider another neighborhood that lies outside of the “red-hot,” high-priced region.
- Are you happy with your present job? Are you confident that you’ll remain with your current employer for a lengthy period — so confident that you’re ready to put down stakes and commit to staying in the area for several more years? If that’s the case, it may indeed be a smart investment to purchase a home located close to your place of work. And if you work long hours, the closer you move to the office, the better your quality of life. You’ll also save considerable amounts of money on gas.
- Are the local schools noted for their academic quality? Even if you don’t have children, it’s smart to consider this factor because it will affect your home’s resale value. If you do have children, how close are schools to your prospective new home? Will you save time shuttling the kids back and forth, allowing you to spend more time with them at home? If so, this is an excellent reason for considering homeownership.
- Are you ready to assume the responsibility of home maintenance, including everything from appliances to yardwork and plumbing? Remember that you’ll have to factor these inevitable expenses into your annual budget. How much you’ll need to budget will depend, of course, on the age of your home, the general condition of the home upon move-in, and most important, how attentive you are to its ongoing maintenance needs. If you turn a blind eye toward those little signs that something is wrong, and you wait until something catastrophic happens, you’ll be facing expenses far greater than you could imagine — or afford.
Please contact me today if you want to chat about your different home ownership options.
Thursday, April 5, 2012
3 Steps to a Perfect Easter Ham
With Easter right around the corner, you're probably trying to decide what to cook for your Easter dinner. If you're intimidated by the thought of cooking your own Easter ham, don't be! In just 3 easy steps you'll have a delicious and beautiful Brown Sugar-Bourbon-Glazed Ham to serve your family.
Step 1: Score Ham
Preheat oven to 350°. Remove skin from ham, and trim fat to 1/4-inch thickness. Make shallow cuts in fat 3/4 inch apart in a diamond pattern. It adds a decorative edge and also ensures the outer coating of fat crisps to a rich golden brown when baked.
Step 2: Spice Ham
Insert 48 cloves in centers of diamonds. Piercing a small hole first with the sharp point of a wooden skewer makes it easy to insert the cloves. Place ham in a lightly greased 13- x 9-inch pan.
Step 3: Glaze Ham
Stir together 1 (16-oz). package light brown sugar, 1 cups spicy brown mustard, 1 cup cola soft drink, 3/4 cup bourbon. Spoon mixture over ham. Bake at 350° on lowest oven rack 2 hours and 30 minutes, basting slowly with pan juices every 15 to 20 minutes. Remove ham from oven, and let stand 20 minutes before slicing, basting occasionally with pan juices.
Enjoy this time with family and friends.
Happy Easter!
Step 1: Score Ham
Preheat oven to 350°. Remove skin from ham, and trim fat to 1/4-inch thickness. Make shallow cuts in fat 3/4 inch apart in a diamond pattern. It adds a decorative edge and also ensures the outer coating of fat crisps to a rich golden brown when baked.
Step 2: Spice Ham
Insert 48 cloves in centers of diamonds. Piercing a small hole first with the sharp point of a wooden skewer makes it easy to insert the cloves. Place ham in a lightly greased 13- x 9-inch pan.
Step 3: Glaze Ham
Stir together 1 (16-oz). package light brown sugar, 1 cups spicy brown mustard, 1 cup cola soft drink, 3/4 cup bourbon. Spoon mixture over ham. Bake at 350° on lowest oven rack 2 hours and 30 minutes, basting slowly with pan juices every 15 to 20 minutes. Remove ham from oven, and let stand 20 minutes before slicing, basting occasionally with pan juices.
Enjoy this time with family and friends.
Happy Easter!
Wednesday, April 4, 2012
Average Home Sale Prices Up in March for Kitchener Waterloo
Here is the link to all the March K-W Real Estate Board sales statistics. Average sale prices continue to rise.
http://www.kwar.ca/stats/March_2012_Media_Release.pdf
http://www.kwar.ca/stats/March_2012_Media_Release.pdf
Monday, April 2, 2012
Preparing Your Lawn for Spring
Having a beautiful lawn doesn't have to be a lot of work, provided you are willing to get ready for it ahead of time. A lot of people don't even give their lawn a second thought until they're well into the spring season, by which point it's already growing and they have to struggle to keep up with it.
There are a number of things that you can do before spring begins in order to get your lawn ready for warmer weather, ensuring that you'll have a great lawn without nearly as much work as it would take to achieve later.
One of the first things that you can do is to take advantage of retailers who put out their lawn care supplies early. Shop around for a good grass seed and lawn fertilizer, choosing a fertilizer that has slightly less nitrogen because you're going to want to be encouraging root growth instead of top growth at first. High nitrogen content will encourage your grass to grow tall quickly, but it will be at the expense of a solid root system which can lead to problems with durability and your grass being able to get the water and nutrients that it needs as spring turns to summer.
A time-release fertilizer can work well in the spring, since it will make sure that your grass gets needed nutrients each time that it rains. Choose a grass seed that has qualities and color that you want, and if possible pick one that is resilient against crabgrass and other weeds so that it won't be choked out if they start to grow. Some grass seeds even come with a coating on the seeds themselves which helps to kill off unwanted plants while not harming the grass itself.
Next, take the time to get out early and start cleaning up your lawn. Remove any dead limbs that might be lying around since a winter snowstorm and get rid of any other debris that you might have let stay too long. Clean up any leftover leaf piles or anything else that might impede the growth of your grass in certain places. If you're planning on gardening or maintaining flower beds you should use this opportunity to clean them up as well so that you don't have to do your entire cleanup when you get ready to start gardening or planting flowers.
It's also important that you spend a little bit of time doing needed maintenance to your lawn care equipment in advance of when you're actually going to need it. Change the oil and sharpen the blades of your lawnmower, running it through a thorough maintenance check to ensure that everything is going to work like it should.
Clean up and check any weed trimmers or other equipment that you might have as well, making sure that they're in top working condition and that any vital fluids are full. Most people wait until they're about to start cutting their grass to check out their equipment, but waiting can mean that you won't be as thorough with your checks and you can end up with uneven cuts or unnecessary wear and tear on your lawnmower and other equipment.
If you have a late snow, make sure that there aren't any patches of your yard which remain under a drift of snow after everything else has melted. Not only can it stunt growing grass or cause yellowed patches in your yard but the extra moisture could set you up for mold or other problems as your lawn tries to get started growing. Try to break up any larger mounds of snow as they melt to keep this from happening.
Once you've got all of your equipment ready and you have the seed and fertilizer that you need to reseed your lawn, make sure that you choose the right time to plant your grass seed. While some people claim that the fall is the best time to reseed your lawn, you can have wonderful results from grass seed that's planted in the early spring. Make sure that you scatter your seed evenly, doing so after the risk of snowfall or extreme low temperatures have passed.
Late March to mid-April can be an ideal time to seed your lawn in the spring if you live in the northern hemisphere, being late enough in the year to avoid most freezing dangers yet still giving ample time for the grass to begin growing before the summer. Try not to over-water your lawn early on, as letting the soil dry out between rain and watering can result in deeper roots and a healthier lawn.
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