Things to Look for When Viewing a Home

Contact me today at www.kimlouie.net for a Free Home Value Report!

When buying a home it is easy to fall in love with a home's appearance, but it is very important to look beyond the window dressing. By playing detective yourself, you can carefully inspect each house you view and eliminate those with too many defects.

 
Here are some things to consider when looking at a home:
 
1. First impressionFirst appearances do count. Is the home dirty and cluttered? Are the lawns uncut? Are the walls chipped and in need of paint? If the owner hasn't bothered to keep the house looking clean and attractive, what problems are lurking below the surface?
 
2. Kitchens and bathroomsKitchens and bathrooms are the most expensive rooms in the house to renovate so pay close attention to the age and quality of cupboards, benches, plumbing fittings and tiling. Turn the taps on in the kitchen, bathroom, and laundry to check the water pressure, performance and drainage. Check for dirty water. You might like to leave the tap running for a minute and it can't hurt to drink the water for a taste test.
 
3. Rooms and furnishingsIf you are not planning to replace all of your furniture, make sure it will fit into the rooms of the new house. Bring a measuring tape as rooms can be deceptive. Are there any rooms unusually shaped that might be difficult to furnish?
 
4. Doors and windowsCheck that doors and windows fit snugly and operate smoothly. Look for flaked paint and loose caulking. Check for drafts. Do windows open and slide easily? Do they have cracked paint? This could be a sign of rot. Press your finger into the wood. If it's soft, it is rotten.
 
5. FloorsFloors should be smooth, even, and solid. Soft springy sections, excessive squeaking, and unevenness are all indications that expensive repairs may be needed. If you intend on renovating, check to see if there are floorboards under old carpets and their condition.
 
6. Storage spaceCheck the size of the closets, the attic, the basement, and the garage.  Make sure the new house has enough storage space for all your belongings.
 
7. BasementUse all of your senses. Sight, smell, and touch. Does the basement smell musty? If the basement is finished, are the walls and floor covering dry? Look for cracks in the walls and floors. Look for any large cracks and look for water leakage or stains from past flooding.
 
8. Water leaksWater can do a lot of damage to a home. It rots wood, undermines foundations, and leads to mold and mildew. It takes an expert eye to find most water leaks. If you spot stains, bulges and other signs of water damage on ceilings or walls, make a special note that there could be a problem.
 
9. Appliances and fixturesTest the lights, faucets, toilets, furnace, air conditioning, and all major appliances that will be included with the home. Make sure everything is in good working order.
 
10. The outside of the houseWalk around the house and yard looking for areas where water might collect. Soggy areas near the foundation indicate poor drainage. Look at the condition of the roof and external walls. Are there any shingles/tiles missing or deep cracks in the walls or foundation? These can be very expensive to fix and is usually not covered by house insurance.
 
11. ServicesMake sure that all the services you need, such as power, water, phone, and gas, are available and in working order. There should be at least two power circuits and one light circuit. Safety switches are compulsory in houses built after 1992. If you find exposed wiring in easy reach that is not protected by conduit, it could be a sign of illegal wiring and should be looked into.
 
12. InspectionOnce you narrow your search down, you should hire a certified Home Inspector to perform a Professional Home Inspection.  Inspectors can spot problems that the average person would never find and they can usually advise you on how much it will cost to make the repairs. A home inspection can help you determine whether or not you are going to make an offer on a house, and if you decide to go ahead, just how much that offer is going to be.

Creating a Home Office

Contact me today at www.kimlouie.net for a Free Home Value Report

With so many people working from home these days, a home office has become an essential space in many homes. It's a growing trend where many Canadians are now choosing to work from home. A home office provides flexibility and saves time where people don't need to go on long commutes. A truly productive home office requires more than a phone, fax, and computer. It is important to keep in mind your specific needs and remember, your space not only needs to be functional, but it also needs to be aesthetically pleasing. So, whether you're contemplating making the move or just want a handy place to work in your house, it's time to create a comfortable office space that's right for you.

Define Your Space
If you're lucky to have a separate room for your home office, this will be ideal and the task won't be so hard. A guest room or underused bedroom can serve the purpose. If not, make use of whatever space you have, whether it's a stair landing, a small closet, or an unused corner of the living room. It is important that this space is defined as yours and not shared with others in your household. You will be more efficient if you find a space that can be dedicated to a home office area.

Designing a Layout
Calling in a professional to help you design your space is a good idea. If that isn't an option for you, then do your homework. Although, it might be tempting to just move furniture and accessories around until space works, if you spend some time measuring your space, creating a floor plan, measuring your furniture, and thinking it through, the final result will be more satisfactory. Most people require two different work stations: one for administrative duties, such as billing, faxing, phone calls and computer work; and another that is project related, such as a meeting, or drafting. Remember to dedicate space for both stations.

Decor
Whatever work you can do yourself will save you money. Fill your work environment with a personality to spark creativity and prevent you from feeling isolated. Consider painting the walls yourself. Adding a fresh, lively colour or a sedate, calming colour will set the tone for your workspace. Surround yourself with objects you love. Since you will be spending lots of time in your office, remember to make it an enjoyable place to be in.

Furniture
Can you move furniture or accessories from one part of the house to your new home office? You'll save money if you don't have to purchase new items. Is there a comfortable chair in the guest room? Do you have some pictures or artwork tucked away in a closet that would be inspiring and decorative on the walls? Look around to see what you can use in your new home office. If you will be purchasing new furniture, look beyond furniture designed specifically for offices. Try to artfully blend home and work to create a calm and peaceful space.

There are many ways to create a good space for working at home without spending lots of money. Home offices can be created in a variety of spaces, from a guest bedroom to a large closet to a corner of your kitchen. These ideas can help you start on your project. You will feel a great sense of accomplishment after turning some wasted and unused space into an efficient home office.

Tax Credits For Homeowners

Contact me at www.kimlouie.net for a Free Home Value Report!



Many taxpayers overpay their taxes simply because they fail to claim some of the common deductions and credits they are entitled to. As a homeowner, there are several home tax deductions and credits that you can claim.

Before you submit your next return, check the following list. It represents the most frequently overlooked tax breaks available to typical working Canadians.

First-time home buyer’s tax creditIf you are buying a home for the first time, you can claim a non-refundable tax credit of up to $750. This new non-refundable tax credit is based on a percentage of $5,000. You or your spouse or common-law partner can claim the home buyer’s tax credit.

GST/HST tax rebate (new housing rebate)If you buy a new home as your principal residence, and if it’s less than $450,000, you may be able to claim the GST/HST new housing rebate too. Ontario and B.C. residents may also claim the provincial portion of the HST if they buy, build or do a major renovation on their principal residence. Other home tax deductions exist for homes that are built by the owner as well as for residential rental properties.

Home Buyer’s Plan The Home Buyer’s Plan allows you to withdraw up to $25,000 from your registered retirement savings plan (RRSP) to help with the purchase or construction of a home. Certain conditions apply. Submit a request by completing the T1036 tax form that is available.

Medical expenses tax credit Persons with mobility impairments can claim renovation expenses to make their home more accessible under medical expenses deductions in Canada. The government provides an extensive list of eligible medical expenses as well as medical expenses that you cannot claim. 

Moving expenses If you move within Canada, your moving expenses might be an allowable tax-deductible. You must be employed, and your new location must be at least 40 kilometers closer to your place of work. Starting a business would qualify, as would moving away from home to take your first job. If the deductions are greater than earned income, they can be carried forward for one year to realize the full tax benefit.

Expenses that can be claimed include hiring movers or renting a van to move, breaking a lease, furniture storage, meals and lodging for you and your family while traveling and legal fees and real estate commissions if you have to sell your home.

Work from home expenses If you are using your house as part of your business — a home office for example — you can claim a deduction for that part of the home that is used to conduct business activities. If you are a homeowner you can claim a portion of your mortgage interest, property taxes, and capital cost allowance. If you are a renter you can claim a portion of your monthly rent. You can include in your deduction a share of the utilities, insurance or home maintenance allotted to the area of the house set aside for business use. For each of these expenses, you can claim a percentage equal to the percentage of your home that is reserved for business.

You can’t use these items to create a loss that could be deducted against other sources of income, however. Of course, any expenses solely related to the business, such as supplies, travel, and client entertainment, are fully deductible. CRA forms T2124 and T2032 contain a guide entitled “Calculation of Business-Use-of-Home Expenses” that will help you calculate your allowable claim.

Rental income If you rent a property you own or that you have use of, use the T776 tax form to report the rental income and claim allowable expenses such as advertising, insurance and interest on the money you borrow to buy or improve the property.

Child care tax credit In most cases, child care expenses for an eligible child must be claimed by the parent with the lower net income for tax purposes.  If parents are separated and share custody, each parent may usually claim a portion of the child care costs.  Where a medical doctor certifies in writing that the lower-income spouse is incapable of caring for the child due to physical or mental infirmity, the costs may be claimed by the higher income spouse.

Eligible child care expenses include day-care centers and day nursery schools, some individuals providing child care services, day camps and day sports schools, educational institutions such as private schools (the portion of tuition costs relating to child care services), boarding schools, and overnight sports schools and camps.

Provincial credits Manitoba homeowners benefit from two other home tax credits: the Education Property tax credit and the School Tax Credit for homeowners. In Ontario, homeowners can apply for the Ontario property tax credit and the Senior Homeowner’s Property tax credit.  For more information, please consult the CRA website

Strong Home Sales in February in Kitchener-Waterloo - Apartment Style Condos Post Biggest Average Increase in Price

Contact me at www.kimlouie.net for a Free Home Value Report!


There were 467 residential homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® in February, an increase of 36.5 per cent compared to the same month last year, and 15.3 per cent above the previous 10-year average.

“After a few consecutive months of sluggish home sales, home buying activity in February was much stronger,” says Colleen Koehler, President of KWAR.   

Total residential sales in February included 272 detached homes (up 52 per cent), and 62 condominium units (up 14.8 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 32 semi-detached homes (up 33.3 per cent) and 101 freehold townhouses (up 18.8 per cent).

   

The average sale price of all residential properties sold in February increased 16.3 per cent to $571,023 compared to the same month last year, while detached homes sold for an average price of $673,825 an increase of 13.2 per cent. During this same period, the average sale price for an apartment-style condominium was $371,923 for an increase of 16.4 per cent. Townhomes and semis sold for an average of $443,382 (up 12.9 per cent) and $485,831 (up 8.4 per cent) respectively.

The median price of all residential properties sold in February increased 18.2 per cent to $550,050 and the median price of a detached home during the same period increased 18.6 per cent to $630,000.

“Like many other markets across the province, the story of our local housing market continues to be one of supply and demand,” says Koehler. “Market-wide, the number of homes available for sale is simply not keeping up with the number of people wanting to purchase a home in the Kitchener-Waterloo area.”

REALTORS® listed 609 residential properties in KW and area last month, an increase of 7.8 per cent compared to February of 2019, and a decrease of 5.9 per cent in comparison to the previous ten-year average for February. The total number of homes available for sale in active status at the end of February was 447, a decrease of 39.4 per cent compared to February of last year, and 62 per cent below the previous ten-year average of 1,179 listings for February. The number of Months Supply (also known as absorption rate) in February was just 0.9 months, 40 per cent below the same period last year. The previous ten-year average supply of homes for February was 2.55 months, and in the past 5 years the average supply for February was 1.76 months.

KWAR’s president points out that now more than ever sellers should avail themselves of a REALTOR®. “With a multitude of buyers jumping on a scarcity of properties for sale, many homes are selling for more than the asking price.  A REALTOR® will ensure you have maximum exposure to these buyers through the MLS® System and will manage the intricate process of any multiple offers professionally.”

The average days to sell in February was 17 days, compared to 26 days in February 2019.  

Historical Sales By Property Type  

Months Supply of Homes for Sale 

Historical Median Sales Price – By Property Type 

Historical Average Sales Price – By Property Type 

Historical Sales – By Price Range 

Average Days on Market