Wednesday, October 16, 2019

Buying a New Construction Home vs. a Resale Home


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When trying to decide whether to buy an older home or a newly constructed one, many questions come to mind. Start by educating yourself and knowing the pros and cons of each.

In most cases, existing homes have a touch of character with their own charm and details.  They are usually located in more established neighbourhoods with mature trees and desirable landscaping and maybe closer to city services such as schools, libraries, hospitals, shopping centres, and public transportation.

Older homes may have better quality materials and workmanship that are too costly for newer homes and may come with window coverings and appliances which are often included with the home. If you are lucky, you may still get an updated kitchen and bathrooms if the home has been renovated.

However, existing homes are generally less energy-efficient and are typically more costly to heat and cool. They may need updating and require expensive repairs, and sometimes it may be difficult to find or match older building materials.

Newer homes usually have bigger rooms, more built-in wardrobes and closets, and more bathrooms. If you are building a new home you can also influence the layout and the finishes within the home as part of the negotiations with the builder or developer.

Whereas with an existing home you will inherit what the previous owner built or remodelled over time. Very rarely will an existing home be built and finished exactly to your liking. Think about how much renovating you'll need to do to an existing home. If you can buy an existing home that's been totally renovated in a great neighbourhood within a good school district this might be a better choice than moving into a newer neighbourhood with an un-established school district.

On the other side, buying a newly-built home tends to cost more than an existing home, unless you buy outside of the city, where land is cheaper. Of course, you will have to consider the price of gas to get to your job.

And it isn't just about getting to your job. You'll also want to think about how long it will take to get to a grocery store, dry cleaners, your kids' school, your house of worship and other places you get to by car.

While new homes are more expensive, they might also increase in value faster than an existing home. That said, it may be challenging to buy a new home in your neighbourhood of choice, unless you buy a vacant lot, hire a developer and build your own home which can get quite costly.

However, with new homes, you get warranties and guarantees on appliances that come with the new home. Dangerous building materials, such as lead and asbestos, will likely not be a problem. A new home will meet modern safety and building codes and usually use building materials that offer improved insulation, thereby reducing your heating bill.

You may be able to upgrade or customize such features as floor coverings or paint colours and sometimes the floor plan. New homes often have more closets and storage space and most importantly don't require as much maintenance.

New homes though have their own disadvantages. Higher taxes could be required to bring water, gas or electrical services to a still under-populated area. Resale could be difficult if the entire neighbourhood is not yet complete, and you may have to cope with construction noise, dust, and mud. New neighbourhoods frequently lack the relaxing appearance of mature trees, and your new subdivision may require costly landscaping.

You can make the case for and against buying either a new home or a "used" home. It's great to live in a brand new home, but there's nothing like the feel of an established neighbourhood. The bottom line is: Don't buy someone else's problems unless you can tackle the solutions.

 Find a house you like, consider its pros and cons — objectively, as well as emotionally — and think about the compromises you're willing to make. The more logically you approach buying the house, the more you're going to love living in it.

Winter Home Maintenance Checklist




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With the winter just around the corner, it’s time to get your house in shape for the cooler months ahead. Although autumn can be one of the busiest seasons for homeowners preparing for winter, it’s also the best time to take advantage of the moderate weather to repair any damages before the first frost sets in. Here are some home maintenance tips that will keep your home running in peak condition all winter long.


Outdoor Preparation

  • Check the roof for cracked or missing shingles, bald spots on shingles, missing or damaged flashing, and other conditions that might allow leaks. Replace any roof shingles that are missing or damaged. Seal minor cracks or tears with roofing cement.
  • Check the gutters. If they are clogged with leaves and debris, clean them. Gutters prevent basement and foundation flooding and water damage to siding, windows, and doors.
  • Check the siding for cracks or damage and seal any leaky spots with clear caulking compound.
  • Windows and doors. Make sure they are properly sealed with weather stripping and replace any damaged parts. Weather stripping prevents drafts and winter heat loss.
  • Trim trees and bushes away from the house.
  • Cover air conditioner and barbecue to prevent winter damage.
  • Store lawn and patio furniture in a shed or basement. If space is limited, use weather-resistant covers that can protect outdoor furniture.
  • Close your pool before leaves start to fall and night-time temperatures begin to drop, otherwise, you may risk an algae bloom.
  • Drain and shut off outdoor water faucets and remove and store garden hoses.
  • Store kid's toys indoors or in an outdoor shed to prevent rusting and fading.
  • Check and repair exterior lighting before daylight fades.
  • Scrape peeling paint and apply touch up paint to your siding, trim and fences, and apply waterproofing sealer to your deck if necessary.
  • Examine driveways and walkways for cracks. Larger cracks should be sealed to keep out water.

Lawn and Garden

  • Prepare planting beds when the soil is relatively dry. By adding soil and mulch to your beds, you'll be a step ahead for spring planting.
  • Plant spring-blooming bulbs and perennials.
  • Protect roses, saplings and small trees by sheltering them with a burlap screen.
  • Pull weeds to reduce the number of seedlings next spring.
  • Mow grass short for the final cut of the year by reducing the cutting height gradually to 3.5 cm (from 7.4 cm) until the grass stops growing.
  • Check ground grading around the house. All surfaces next to walls should be sloped to shed water away from the house. This is most important on warm winter days, as melting snow runs quickly across the surface of the frozen ground. If the grading is incorrect, water will potentially flow into the house, causing basement leakage. Now is the time to use a shovel to re-slope the grass, or call a paving contractor to correct a negatively sloped walkway or driveway.

Indoor Preparation

  • Bring container plants inside and make sure they are free of pests. Doing so may enable plants to survive the season and bloom again in spring.
  • Caulk around window and door casings to keep out air and water. If your house has wood siding with window frames that stand out from the siding, caulk the top and sides of the frame. Don't caulk under the sill as this space should be left open to allow moisture inside the wall to escape. If your house is brick or stone, with window frames that are set into the finish material, caulk all four edges of each frame where the brick mould meets the masonry.
  • Clean or replace furnace filters as needed. Check and clean dryer vent, air conditioner, stove hood, and room fans. Keep heating and cooling vents clean and away from furniture and draperies.
  • Ensure that all smoke detectors, carbon monoxide detectors, and fire extinguishers are in good working order. Replace batteries as needed, or at least twice each year.
  • Have your heating system checked by a licensed heating/air-conditioning professional. Most furnace manufacturers recommend annual inspections.
  • Have your chimney(s) inspected by a chimney service and, if necessary, cleaned. Cleaning is generally recommended at least once a year for an active fireplace.
  • Store plenty of salt or rock salt, snow shovels, and any other items you will need during the winter.
  • Examine the basement floor and walls for cracks or leaks; seal as needed.


If you plan to reside elsewhere during the winter months, you may want to partially shut down your home. In addition to the tips above, consider the following:

  • Leave the temperature at its lowest setting, usually between 5 to 7 degrees Celsius or install a low-heat thermostat to maintain the air temperature at approximately 5 degrees Celsius
  • Turn off and drain the water heater; leave a reminder to refill before restarting.
  • Keep the electricity on so lights will continue to function (put lights on timers).
  • Unplug the microwave, clothes dryer, televisions and other appliances not in use.
  • To avoid large repair bills and the hassle associated with breakdowns, take the time now to develop an action plan for the coming months. You'll feel secure in your warm home or while you're away from home.

Winter can be hard on a house, following these steps will help preserve your investment and prevent any unnecessary chores or repairs that might be difficult to do during winter.

Thursday, October 3, 2019

September Home Sales and Prices Set New Records


526 residential properties sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in September, an increase of 17.7 per cent compared to the same month last year.     

Home sales in September included 330 detached (up 20.4 per cent), and 38 condominium apartments (down 24 per cent). Sales also included 125 townhouses (up 34.4 per cent) and 33 semi-detached homes (up 10 per cent).   

This was the second strongest September for home sales we’ve had on record, and only the second time transactions exceeded 500 units in the month of September,” says Brian Santos, KWAR President.  

Alongside the strong sales in September, average and median prices of all residential properties hit all-time highs.  

The average sale price of all residential properties sold in September increased by 10.2 per cent to $541,850 compared to September 2018. Detached homes sold for an average price of $612,643 (an increase of 7.1 per cent compared to September of last year. During this same period, the average sale price for an apartment-style condominium was $335,110 for an increase o3 per cent. Townhomes and semis sold for an average of $439,522 (up 16.3 per cent) and $459,588 (up 18.9 per cent) respectively.  

The median price of all residential properties sold last month increased 12.6 per cent to $510,000 and the median price of a detached home during the same period increased by 10.9 per cent to $576,500. 

The average days it took to sell a home in September was 22 days, which is three days fewer than it took in September 2018.  

REALTORS® listed 811 residential properties in K-W and area last month, a decrease of 2.1 per cent compared to September of 2018but an increase of 5.2 per cent in comparison to the previous ten-year average for the month of September. The total number of homes available for sale in active status at the end of September totalled 775, a decrease of 21.7 per cent compared to September of last year, and well below the previous ten-year average of 1,458 listings for September. Months Supply of Homes for sale stood at 1.6 months in September, which is 23.8 percent lower than the same period last year. The previous ten-year average months supply of homes for September was 3.16.    

Tight supply is the new normal,” says Santos. “We’ve been tracking under two months of supply for over three years nowand this has put steady upward pressure on prices.  

Santos says market conditions have made it especially challenging for first time home buyersnoting that all the major political parties have made policy commitments related to home buying going into the upcoming federal election.  











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