Bying New Construction vs. Older Homes

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 may be 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 unestablished 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 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.

Tips for Buying Outdoor Furniture

Great patio furniture brings comfort and function to your outdoor spaces. With a spacious table and comfortable chairs, a basic patio can be transformed into a cozy area for entertaining.

Choosing patio furniture should not be a hard decision. There are many types of outdoor furniture to choose from.  Taking a walk through a home improvement store, a patio furniture store, or a garden centre during the spring and summer months will remind you of the many types and styles of furniture that are available.  Since there are so many options, selecting outdoor patio furniture or accessories to suit your decorating style should be a breeze.

Several factors should be taken into consideration, including price, style, and maintenance.

When it comes to price, you need to examine your budget carefully. While it’s true you get what you pay for, it is possible to get an excellent deal for a high quality product. Your comfortable patio furniture should not be a place where you skimp on money because it is an investment that will last for years to come. It is important to remember, though, that price doesn’t always equate to quality.

There are several different styles of comfortable patio furniture, and what you choose will depend on your personal taste. Outdoor furniture is most commonly made out of wood, metal, plastic, wicker, or a combination thereof. Choose a style you like that fits your budget. Focus mostly on the cushions themselves–some sets may not come with them–because this is where your comfort is going to come from. Some sets may offer more comfortable cushions than others. Who wants to sit on the bare furniture? When you choose the material, consider the climate you live in and how well it will hold up against the elements.

Depending on the number of people you wish to seat and the available space, you will need to choose something suitable from the many outdoor furniture sets on the market. It's a good idea to choose something that has matching seats, benches , and canopies if you want a coordinated look. For some people, outdoor tables may be all that is required, either because they already have other outdoor furniture and simply want to accommodate more people or because they want to have additional table space for all the extra food, drinks, and tableware that goes with outdoor entertaining.

You should measure and plan where you will put the furniture to ensure you have room for the entire set, including an umbrella to provide shade.

Finally, it is important to remember that most outdoor furniture requires maintenance.  It may require re-staining, steam-cleaning, or covering during harsh weather periods.  Be sure to know what maintenance your outdoor furniture requires, as this will add to the cost of the furniture over the long run.

Change Your Mood With Feng Shui Colours

Colour is one of the easiest ways to shift the energy in your home or office in order to create the right mood. However, working with colour can be a bit tricky, as many interior decorators and feng shui enthusiasts will surely agree.

Followers of the ancient Chinese art of Feng Shui believe that colours play an important part in the harmony of our lives. Selecting the right colour could affect your health, career, finances and even your romance. While finding the right feng shui colours for your space is really easy, as you can see in our description below, it might take a bit of work to make a specific colour work harmoniously in your space.

Chinese Feng Shui has five elements: earth, wood, metal, fire and water. Each property enhances certain areas of a person's life. Feng Shui colours are separated into categories that coincide with these elements. By using Feng Shui colours that match particular elements, a person can attract specific attributes into a home or office.

The Feng Shui earth element symbolises relationships and harmony. Colours associated with the earth are pale yellow and tan. Yellow gives patience and encourages calm thinking. It also nurtures the ability to remain centred throughout life’s changes.

Wood elements relate to green and brown colours. They are associated with family and represent wealth and prosperity. Decorating a room with shades of green reinforces the power of the wood element and prevents family upsets and fights.

Enhance the metal property to promote concentration, efficiency, creativity, mental sharpness, love, friendship, travel and productivity. Metal is enhanced with the Feng Shui colours of gray or white. Avoid the use of too much white, as this can create excess "cold" energy, creating a negative result. The colour white, which represents spiritual and moral purity, is also used in Chinese Feng Shui decorating when people want to have children.

Fire is yang energy and is considered the most powerful among the five. It represents energy, passion, warmth and cheer. It can, however, be dangerous as it also burns. This element is associated with triangular shapes and the colours red, orange and purple.

The fire element can be enhanced by the placement of red objects and the use of candles and bright light. Chinese families often paint their front doors red to invite positive energies into their home. The fire element is a great way to boost your fame and recognition.

The water element in Chinese Feng Shui is used for abundance, wealth, purity and peace. Blue and black are the Feng Shui colours for water.

Black represents seriousness and justice, deep waters and the darkness of winter. Not usually considered lucky, but when used in balance with other colours, black can absorb negative chi. Black or dark blue are best for the career area of your home.

If you dislike a particular colour, it doesn't have to be used in abundance. Even accents of colour can produce the desired energy. For instance, it is not necessary to paint the walls green or to use green furniture to get results. Simply place some green plants in your room and add some artwork with touches of green. This is sufficient to produce positive energy.

As you use colours in your overall external environment, realize that according to Feng Shui principles, they will also affect your inner self. Let your surroundings be an accurate manifestation of who you are now and all that you endeavour to be. Strive for harmony, rather than excess. This balance will nurture a deep satisfaction and enduring results as you develop the sphere of influence surrounding your mind, body and spirit.

How to Deal with Mortgage Payment Difficulties

When unforeseen financial circumstances impact your ability to make regular mortgage payments, you need to take quick action. With early intervention, cooperation, and a well-executed plan, you can work together with your mortgage professional to find a solution to your financial difficulties.

If you or your spouse has lost employment and no longer earns as much money, and you anticipate that meeting your mortgage payment obligations will be problematic, the first step is to take a deep breath. There are literally millions of people who face the same problem. Fortunately, there are ways to avoid default and keep your home, so read on for more information on how to avoid a mortgage default.

1- Get moving on a solution. Your first option is to find a way to make up the back payments and continue making your payments on time every month. Although not an attractive option, it is an option.

Explore options to decrease expenses and increase income, such as an additional job, selling possessions, and look to community resources for help. You may have to temporarily cut back on things like dining out, internet, and cable.

If you have a basement or spare room, you may consider renting it out. The extra income could be up to 50% of your mortgage payment.

2- Work with your lender. Contact your mortgage lender. Banks do not want to foreclose on properties. The process is long and costly, and in the end, mortgage lenders lose money. Instead, they would rather work alongside borrowers who are slightly behind on payments and come up with a practical solution.

Consider extending your mortgage term to reduce your monthly payments. The downside is that you will end up paying more in the long term. However, if it means you are able to continue meeting the minimum mortgage payments, it is worth doing.

Set up a repayment plan. If you are unable to pay your mortgage payment for one or more months, the lender may agree to a repayment plan. The mortgage lender adds additional money to each subsequent mortgage payment until the loan is up-to-date.
Your lender may also suggest an interest-only mortgage. This will also reduce your monthly mortgage payments, often quite substantially. However, again, the disadvantage is that, in the long term, you will need to find an alternative investment plan to pay off your mortgage capital, which might be a good short-term option.

3. Refinance your mortgage. 
This is perhaps the easiest and most effective method. If you happen to be on your bank’s existing standard rate, the chances are you will be able to find a much better deal.

4. Talk to a Financial Advisor. 
If the situation is becoming overwhelming and you are really in danger of defaulting, you may need to consider speaking to a financial consultant or accountant. This will arm you with expertise and resources with which to approach planning your financial future and make the most of your current circumstances.

5. Resell – Downsize. 
This option is probably the most drastic and only to be undertaken when the others have failed. If you can sell your house, you can temporarily rent somewhere cheaper or buy a cheaper house in a different location. The money saved can be used to pay off your mortgage. This option is not easy, due to the costs involved in moving, but it might be worth doing in the long term.

If you can see that things are going to get bad in relation to meeting your mortgage payment obligations, take a deep breath and take action now—it will help in the long run.

Economic Uncertainty Tempers Waterloo Region's Real Estate Market Despite Growing Inventory

WATERLOO REGION, ON (June 6, 2025) —In May, a total of 675 homes were sold in the Waterloo Region via the Multiple Listing Service® (MLS®) System of the Cornerstone Association of REALTORS® (Cornerstone). This represents a 9.3 per cent decrease compared to the same period last year and a decline of 26.2 per cent compared to the average number of homes sold in the previous ten years for the same month. 

“Even with home prices on the decline, a cloud of uncertainty looms over the economy, largely fueled by tariffs and lingering concerns about job security. This environment is causing potential buyers to hesitate, keeping them from making their move and entering the market,” says Christal Moura, spokesperson for the Waterloo Region market. “It’s not that we lack buyers or inventory; rather, consumer confidence is not at the level necessary to see stronger home sales.” 

Total residential sales in May included 427 detached homes (down 8.4 per cent from May 2024), and 132 townhouses (down 1.5 per cent). Sales also included 67 condominium units (down 20.2 per cent) and 48 semi-detached homes (down 18.6 per cent).  

In May, the average sale price for all residential properties in Waterloo Region was $789,154. This represents a 3.6 per cent decrease compared to May 2024 and a 0.8 per cent increase compared to April 2025.  

• The average price of a detached home was $909,897. This represents a 3.7 per cent decrease from May 2024 and a decrease of 1.0 per cent compared to April 2025.  

• The average sale price for a townhouse was $634,320. This represents a 3.5 per cent decrease from May 2024 and an increase of 3.1 per cent compared to April 2025.  

• The average sale price for an apartment-style condominium was $431,944. This represents a 6.7 per cent decrease from May 2024 and a decrease of 9.4 per cent compared to April 2025.  

• The average sale price for a semi was $652,627.  This represents a decrease of 6.7 per cent compared to May 2024 and a decrease of 1.4 per cent compared to April 2025. 

CORNERSTONE cautions that average sale price information can help establish long-term trends but does not indicate specific properties have increased or decreased in value. The MLS® Home Price Index (HPI) provides the best way to gauge price trends because averages are strongly distorted by changes in the mix of sales activity from one month to the next.

“Right now, we’re seeing a market that is different from the frenzied market of a few years ago, but that’s a good thing for buyers who have more breathing room to make decisions,” says Moura. “The fundamentals that make Waterloo Region attractive – our diverse economy, strong tech sector, world-class educational institutes and stable governance – continue to strengthen. Waterloo Region has proven time and again that it is a solid place to invest and put down roots.”    

There were 1,663 new listings added to the MLS® System in Waterloo Region last month, an increase 1.4 per cent compared to May last year and a 15.6 per cent increase compared to the previous ten-year average for May.  

The average time to sell a home in May was 24 days, which was the same in the previous month. In May 2024, it took 16 days for a home to sell, and the five-year average was 14 days. 

View our HPI tool here to learn more: https://www.cornerstone.inc/stats/ 

The April Real Estate Market in Wateloo Region is a study in Shifting Dynamics

WATERLOO REGION, ON (May 5, 2025) —In April, a total of 595 homes were sold in the Waterloo Region via the Multiple Listing Service® (MLS®) System of the Cornerstone Association of REALTORS® (Cornerstone). This represents a 14.1 per cent decrease compared to the same period last year and a decline of 26.7 per cent compared to the average number of homes sold in the previous ten years for the same month. 

“Home sales in April showed typical seasonal improvement over March, but remained notably below the ten-year average,” says Christal Moura, spokesperson for the Waterloo Region market. “What we’re seeing is a clear market rebalancing, with inventory levels up 75% above the ten-year average and nearly four months of supply across all property types. This shift is creating more opportunities for buyers who now have more time for due diligence and negotiations, while sellers are adapting to a market that demands strategic pricing and patience. Waterloo Region’s strong economic fundamentals continue to support overall market stability, even as we move away from the intense seller’s market of recent years.” 

Total residential sales in April included 356 detached homes (down 12.5 per cent from April 2024), and 109 townhouses (down 19.9 per cent). Sales also included 71 condominium units (down 22.8 per cent) and 59 semi-detached homes (up 5.4 per cent).  

In April, the average sale price for all residential properties in Waterloo Region was $789,639. This represents a 1.7 per cent decrease compared to April 2024 and a 2.7 per cent increase compared to March 2025.  

• The average price of a detached home was $927,591.?This represents a 1.7 per cent decrease from April 2024 and an increase of 0.9 per cent compared to March 2025.

• The average sale price for a townhouse was $615,982. This represents a 7.0 per cent decrease from April 2024 and a decrease of 0.2 per cent compared to March 2025.  

• The average sale price for an apartment-style condominium was $473,079.?This is on par with April 2024 and an increase of 3.5 per cent compared to March 2025.  

• The average sale price for a semi was $659,017.  This represents a decrease of 0.7 per cent compared to April 2024 and a decrease of 0.6 per cent compared to March 2025. 

There were 1,371 new listings added to the MLS® System in Waterloo Region last month, a decrease of 4.9 per cent compared to April last year and a 10.5 per cent increase compared to the previous ten-year average for April.  

The total number of homes available for sale in active status at the end of April was 1,936, an increase of 39.5 per cent compared to April of last year and 75.3 per cent above the previous ten-year average of 1,105 listings for April. 

The total inventory across the market increased by 52.0 percent, resulting in a 3.8-month supply of all property types by the end of April. Condominium apartments had the highest inventory, with 8.0 months’ supply, followed by townhouses with 4.9 months’ supply and detached homes with 2.89 months’ supply. The number of months of inventory represents the time it would take to sell all current inventories at the current sales rate. 

The average time to sell a home in April was 20 days, compared to 24 days in the previous month. In April 2024, it took 15 days for a home to sell, and the five-year average was 14 days. 

“For those concerned about current market conditions, it’s important to remember that Waterloo Region remains one of Ontario’s most dynamic economic hubs, supported by our diverse employment base in tech, manufacturing, education, and healthcare,” says Moura. “My advice is to work closely with a REALTOR® who understands these shifting dynamics, focus on your long-term housing needs, and remember that real estate has historically proven to be a sound long-term investment in our region.” 

Are YOU looking for a Free Home Value Report emailed directly to your inbox?  Just reach out!

View our HPI tool here to learn more: https://www.cornerstone.inc/stats/

Professional Photography is Key in Selling a Home

Since many buyers are turning to the internet to shop before they take a drive around neighbourhoods, photography can make the difference in selling your home quickly.
 
A picture is worth a thousand words, and with the right listing pictures, you can attract more people to your property by showing your home’s highlights. Below are tips on how you can take the best quality pictures of your property to showcase it properly. 

Read to the bottom for the best tip of all!
 
Clean the entire house before taking photos.
Never take photographs of a dirty home. Remove all trash cans from all rooms being photographed. Tidy up any clutter and remove personal photos and drawings from refrigerators and bulletin boards.
 
Think about the picture before you take it. 
What are you trying to show in the photo?  Do you want to move or remove anything before you take it?
 
Highlight the best features of your home. 
Do your rooms have spectacular views? You can take pictures of your rooms to show off their views. Let the potential purchaser imagine themselves standing in the room with the view. They will appreciate the picture more knowing where they will be able to enjoy the view when they purchase the home.
 
A general photography rule of thumb is the closer the subject, the better the photo.  However, it may be useful to take a few steps back or use a wide-angle lens to give the viewer more context and make your home seem more spacious.
 
Take a shot of every part of the house, including the living room, kitchen, dining room, and other key areas of your home.
 
Pay attention to lighting. 
Lighting is the key to good photography; you must choose the optimum time of the day for the shot, typically when the sun is behind you. If the front of the house faces east, the morning is the best time. If the front faces west, you want to take your pictures in the late afternoon.
A good general time of the day is around noon or early afternoon on a sunny day for most exterior pictures since the sun is overhead and there are few shadows.  If it is overcast, you can set your camera to a lower shutter speed to absorb more light and create a brighter image.

The light source also affects colour. When the sun is lower in the sky, either in the morning or in the late afternoon, you get more intense colour. This time of day makes the sky pop blue and the house shows off its best colour. High noon overhead sunlight tends to wash out colour.

Cloudy and overcast days can often provide surprisingly wonderful diffused light that can bring out great colour, although shots like this lack the bright blue sky in the background.

For dramatic evening photography, turn on all the house lights, and take the picture after sunset but before it is totally dark.  You will see light coming out of the windows, however, there will be enough exterior light to capture the details of the house. 

For interior room photography, avoid midday, on sunny days, the light coming in the windows will be too bright. The best times are after daybreak and just before sunset.  Use a powerful flash or turn on all the lights.

Take many shots. 
If you are using a digital camera, you can take multiple shots of the same room and then pick which one looks best. You can try different angles and pick the winning view of the room.

You can touch up your pictures on your computer software, including brightening up a darker picture. After you have a look at your pictures, you will have a better idea of how to improve them. Some indoor pictures can look too warm due to the lighting. You can always reduce certain colours with your photo editing software to make it look more natural.

Consider hiring a professional real estate photographer.  
Many real estate agents and homeowners simply do not have the time, equipment, or skills necessary to take good photographs of a home or building they are listing for sale. Professional photography is provided by many brokerages as an optional service and the price is extremely reasonable.

Photos of your home are the first introduction of your new listing to the world. This is the visual element that captures the imagination of buyers and sends them running to contact you for a first look

FINAL TIP:  Insist that your Realtor hire a professional photographer.  Just as you entrust a professional to sell your home, your Realtor should entrust a professional to take the listing photos!

How to Maintain Good Credit

In today’s society, credit is our gateway to purchasing big-ticket items like a home, cars, electronics, and many other daily needs. When you buy something on credit, you are responsible to repay it under the contract with the lender. If you do not pay the debt according to the terms and agreement, your credit score will be affected. When you have bad credit, you will be denied financing up to 90% of the time because the lender looks at you as a serious risk, which is not good.

 
So, how do you build and maintain good credit?
 
Establish chequing and savings bank accounts
This is the basic step necessary to build credit. Lenders see bank accounts as signs of stability. Opening a chequing and savings account is one of the few things young people can do to start building a financial history. While you can't get a credit card in your own name until you're 18, many banks have no problem letting you open an account.
 
Always pay your bills on time
This is one of the major factors that keep people from increasing their credit score. When you make a late payment, the lender will mark your credit report, and this will substantially affect your credit score. Some people do not listen to this and charge more than they can afford. They get caught in a trap that they can never get themselves out of because they can barely afford to pay the payments.
 
Check your credit report regularly
Your credit report is available to you at little or no charge from major credit reporting agencies like TransUnion or Equifax.
 
Your credit report contains all your financial obligations and accounts associated with you. This is what banks, mortgage, credit card, and auto loan companies use when reviewing your application. Every transaction or purchase that you have made shows on your credit report.
 
Check your credit report for inconsistencies, incorrect information or accounts that you do not know about. If there are any corrections that need to be made, follow up with the credit bureaus.
 
Do not spend more than your credit limit 
A limit is set for you so you do not go over it. A creditor looks at you and thinks that you spend beyond your means, and instead of trying to improve your score, you are hurting it.
 
The best way to avoid going into serious debt or financial trouble is to avoid using credit at all, and use cash or your bank account instead. If you are in a situation where it is an emergency use credit and then pay it off immediately. The problem with today’s society is that we spend way more than we make, and this is what gets us all in trouble.

How to Make Garage Sales Fun and Profitable

Rather than discarding what you may no longer use or want, a yard or garage sale can help you clear clutter and earn some extra cash. A garage sale can be a profitable and fun way to make sure items you no longer use or want are reused. Holding a garage sale is easy to do, and all it takes is some time, a few organisational skills, some marketing, and you will be on your way to turning your junk into cash.

The following are some tried-and-true tips for a successful garage sale:

1. Planning
The success of your garage sale depends on how well you organise for this big event. You should prepare yourself several weeks in advance, as you have to sort, clean, test, repair, label and count all items included in the sale. Choose a date that will not conflict with holidays. The weekends are a better choice than weekdays because more people are likely to show up. You should also consult your real estate agent about any pertinent bylaws from your municipality, as certain cities control the number and length of garage sales in their area. Ask neighbours if they want to take part in a neighbourhood sale as this will give your sale a party atmosphere, which will draw larger crowds.

2. Items for Sale
You should display and sell practical household goods, bicycles, children’s toys, clothes, sports equipment and garden tools in your garage sale. All items should be clean, polished, and in good repair. Remember to limit yourself to the sale of used personal items, otherwise, you'll need a permit and GST/PST registration numbers if you are selling new items.\

3. Advertising
As the big day approaches, promote your event effectively to attract as many people as possible. Put up posters in your neighbourhood to promote your event and write your address in big letters, and don't forget to include the date and time of your garage sale. Make sure that the poster is legible from 10 to 15 metres away. You could also place a classified ad in your neighbourhood newspaper, distribute flyers to your neighbours, and get your family and friends to help spread the word about your garage sale.

4. Displaying Your Items
Before your event begins, ensure that you display your items attractively in neat and clean surroundings. Place things in categories, as it will look more attractive. Place the more desirable items toward the back so browsers can notice other merchandise on their way to the best items.

5. The Big Day
On the day of your garage sale, put up a big poster with balloons at the end of your street as well as the busiest intersection near your house to attract and direct people. Be ready early because the real garage sale pros tend to be early birds. Mark the price of articles and leave some room for bargaining. Don't be too rigid about the prices because you are having fun while cleaning out your house and garage. Make sure you have change, bags, boxes and tissue paper for fragile items and remember to have an extension cord and batteries to test that certain items are in working order. Use your garage sale as an opportunity to mingle with the neighbours and create a sense of community. Be creative and have fun! Mark the season of spring as your time to clean up your house and discard items that are cluttering the garage and house. Throwing a garage sale will help you do just that while having fun and enjoying a sunny afternoon.

5 Home Upgrades that Pay Off!

When it comes to preparing your home for sale, most home sellers aim to get the most return on their home's value. Before starting any home improvement, you should evaluate the return on investment (ROI). Ask yourself what renovations will boost the resale value of the house.

Here are a few renovation ideas that pay off.

1. Floors
Replacing dated, scuffed floors can give your house a new sheen and make small spaces seem larger. Flooring can generate a payback as high as 75% on investment.  If you have carpet in the family, dining, and living rooms, it is recommended to change to hardwood and/or tiles. Not only will it make your home more elegant, but you will also enjoy the benefits of a healthier indoor environment, with fewer allergens.

According to the Appraisal Institute of Canada, the ROI on floor upgrades ranges from 50% to 75%. That means if you spend $5,000 redoing your floors, you can expect to recoup anywhere from $2,500 to $3,800 of your costs. If you’re a handy person, you can save yourself a few hundred dollars by installing the floors yourself.

2. Interior and exterior paint
Painting is an inexpensive and very profitable renovation project. Rolling on a new interior or exterior paint colour can generate a 50% to 100% return on investment. If you are planning on selling your house, choose neutral shades over trendy colours that may not appeal to all buyers.

3. Kitchen
Instead of spending a bundle gutting this essential room, think smaller. Counters, sinks, plumbing and lighting fixtures, and appliances can change their look and cost far less than a major renovation. From an investment standpoint, the kitchen may be the best place to sink your money: Kitchen facelifts pay back about 80% of their cost.

Granite is the standard high-end finish for kitchen counters, but high-end synthetic stone materials look just as good, wear better, and cost about the same. Installing a granite or solid-surface counter, along with a stainless-steel sink and faucet, will probably run $5,000 to $8,000.

Your contractor might suggest that, while you’re replacing the counter, get a new backsplash, too. Save your money, as backsplashes don’t get the wear and tear counters do and can add $2,000 or more to the cost of your modest upgrade.

3. Bathrooms
You can expect to recapture about 75% of the cost of a minor bathroom remodel. Most bathtubs already have showers built in, so the plumbing infrastructure is likely there. Replace a dated, rarely-used tub with a spacious shower and multiple showerheads. Similarly, adding a decent-sized shower to a half-bath makes it a whole bath — and much more marketable.

You can purchase a big “rainfall” showerhead for about $200, or spring for a fancier handheld showerhead and other gadgets for $500 and up. Don’t bother building a niche into the shower wall to hold shampoo bottles and such (typical cost: about $300).

4. Closets
Large and organized closets are a big draw for prospective buyers, though it’s impossible to put an exact payback percentage on them. Fitting a walk-in master closet with drawers, shelves, shoe racks, hooks and poles can cost $500 to $2,500 or more, depending on the quality of the materials and the complexity of the design. Wood is the most expensive material, but typically delivers the best return on investment.

This is a job where it’s easy to overspend. So decide exactly what you want and need before you either buy the supplies or bring in a professional closet organizer, who will charge $50 to $150 an hour. Make sure you square reality with the many options: Will you really sort your socks into separate drawer dividers?

5. Energy Upgrades
Real estate agents say energy-saving amenities make a house more attractive to buyers. New windows, for example, return 77% of the project cost, according to Remodeling Cost vs. Value Report. But there’s another good reason to upgrade now; you can, in some cases, let the government help shoulder the cost of projects to make your house more energy efficient and more attractive to prospective buyers.

You may need to wait years to recoup some energy conservation moves. So if you’re more worried about money than your carbon footprint, run the numbers to ensure you’ll be there by the time the cost gets covered. When you’re ready to sell, spell out your energy improvements for prospective buyers. Create a worksheet showing what you spent, plus the before-and-after utility bills.

Remember to keep receipts and careful records for all your energy-saving expenses. This will keep you square with the Canada Revenue Agency and let you prove to potential buyers that you have lowered their future energy bills.

Starting from Scratch

 

Knocking down an old home to build another can prove a rewarding move. But, it requires careful consideration.

While renovating or moving home may be more traditional methods of solving a housing issue, knock-down-rebuild projects are becoming an increasingly popular housing strategy.

 Why knock down and rebuild?
There are a number of reasons to consider a knock-down-rebuild project. The chief reason for knocking down a home is because it’s beyond repair. As a general rule of thumb, the more work that needs to be done to a property, the more value a rebuild will offer. When it comes to especially old houses, a rebuild is often the most cost-effective solution.

In established inner city metropolitan areas where land is increasingly in short supply, rebuilding is also sometimes the only way to get into a neighborhood or stay in one.

Many people also consider a knock-down rebuild when a home is no longer suitable for their lifestyle but they don’t want to change location. Many of us have a strong affinity with our local community – be it the shops, schools or our neighbours – and a rebuilding project means this need not be disturbed.

And finally, people are often attracted to rebuilding because it can be much less stressful than renovating. We’ve all known friends who have spent months living without kitchens or bathrooms; a rebuild can be a much more hassle-free solution.

Rebuilding and financing
The real financial benefit of a knockdown rebuild is the fact that there are no hidden costs.

Renovations are notoriously difficult to budget for, with unexpected hurdles likely to bring up countless additional expenses. Because of this, finance can be difficult to arrange compared to a rebuild, which is straightforward.

Of course, building a new home doesn’t come cheap either, so it’s important to seek professional building advice as well as a range of quotes to determine what will be the most cost-effective solution for you.

Important points to consider

• Don’t forget that you may be eligible for new home incentives from the government if you decide to rebuild rather than renovate.
• Be sure not to overcapitalise – a new home always involves unexpected expenses.
• If you’re knocking down your existing home, you’re going to have to pay for rent during that time or find somewhere to live. So factor in possible extra costs.
• City approval for rebuilding can be difficult, time-consuming, and expensive. But remember, carrying out any work without approval is illegal, so don’t be tempted to try to slide under the radar.

The Path to Real Estate Investment Success

 Residential property can be a great investment selection, but you need to buy well to secure the best return.

Property is widely considered a great investment and a powerful wealth creation strategy. But as with anything in life, there are no guarantees.

Yet if you back yourself with the power of knowledge and employ the right investment strategy, there is no reason why property investment can’t be a powerful wealth creation strategy for you and your family.

If real estate investment is on the horizon for you, try to keep the following tips in mind, and you’ll be well on track to securing yourself a great investment.

Know your limits
Overstretching your budget is a sure-fire way to cripple your chances of doing well in the property market.

Whether you are a seasoned investor or new to the market, there is nothing more important than determining your budget and understanding how much you can afford to borrow.

A mortgage broker can work with you to assess your borrowing capacity and ensure you embark on an investment strategy that fits your budget. With pre-approved finance, you’ll also be ready to strike when the right property comes along.

Location, location, location
When investing in property, the location of your potential purchase should always be at the front of your mind.

Be sure to consider areas that are backed by strong population growth, employment opportunities, development prospects, and solid infrastructure projects.

A great idea is to take a drive around any areas you’re interested in and note all local schools, transport hubs, and shopping centers.
 
A property that is in proximity to such key amenities is usually in higher demand for both tenants and future buyers, which should maximize your prospects of achieving solid capital growth and stable rental income.

Understand the tenant
The location and type of property you purchase will be a strong motivating factor in the type of tenant you are likely to attract.

If you are seeking a long tenancy agreement with a family, it may be wise to consider areas that support such a demographic.

Once again, consider a safe area surrounded by a range of schools and shopping centers to support the needs of your target market.

While there are no guarantees with any investment strategy, understanding these three essential aspects of successful property investment should get you closer to ensuring good returns on your next purchase.

Build a Greenhouse for Early Spring Planting

With spring just around the corner, many homeowners have gardening on their minds. The seed catalogues are well worn from repeated flipping of pages. Seeds have been ordered, and some early bedding plants have been started. Many of us are itching to get outside and start seeding the garden, but it is too early. The days are warming, but the nights remain too cold to allow seedlings to survive.

One way out of this dilemma is to build your own portable greenhouse. A simple greenhouse can consist of some wooden frames that are bolted together and assembled in the garden. The greenhouse can be easily dismantled and folded flat for storage. It can be built to any size specifications, depending on your needs. Many Home Depot stores sell some preassembled DIY kits that can be put together easily in one afternoon at very reasonable prices.

The floorless greenhouse allows light and heat to enter but prevents some of the heat from escaping. Thus, the temperature inside the greenhouse increases during the day. The soil over which the greenhouse is placed stores some of this heat. During the night, when the outside temperature is cold, the heat gradually escapes from the soil, but the greenhouse holds enough of this heat to prevent frost from damaging the plants inside.

The system works well if the air temperature is not too cold, though additional frost protection can be achieved by using internal and external curtains.

The greenhouse can be set over the garden area in the early spring (March). For best results, the garden should be located in an area that receives full sunlight. As the air temperature builds up inside, any snow covering will melt, and the ground will begin to warm. By mid to late March, it is often possible to seed directly into the soil "floor" of the greenhouse. Only plants that tolerate a cool growing season can be seeded early. Warm-season crops such as require much more warmth that this greenhouse can provide.

As the days become warmer, too much heat may build up inside the greenhouse. It is very important not to let this happen, or you might lose your crop. The simplest solution is to leave the greenhouse door partly open to provide ventilation. When the days become quite hot, remove the greenhouse. In September, it can be taken out again and placed over the garden patch to extend the growing season.

How Staging Can Help Sell Your Home

When selling your home, it is essential to present it in such a way that showcases its best features and minimizes or rectifies problem areas. Many surveys have proven the importance of home staging as a powerful real estate marketing tool that helps sell your home faster and for top dollar.

What is staging?
Home staging is a marketing tool that involves dressing up your home to be presented for sale in its best possible state. It is about merchandising your property.

Professional home stagers work with the traffic flow of a home, eliminate or reduce clutter, rearrange the furniture, add decorative accessories, and create the illusion of space to enhance the best features of your home and minimize or rectify problem areas.

Another often overlooked but equally important part of the staging process is addressing the exterior of the property. Oftentimes, a prospective buyer forms their opinion about a property based on curb appeal. A property's exterior is very important, and for this reason, stagers will also make recommendations based on the property's landscaping, driveway, and exterior look.

Good staging considers the style of the home and ensures that the staging is done with moderate taste to appeal to a wide range of people. When done properly, your house can make a memorable first impression on potential homebuyers. Staging can be accomplished with a minimal amount of time, money, and effort.

How Much Does Staging Cost?
Usually, home stagers will work within the seller's budget, with an average cost of $1,000 to $4,000. This is dependent on the home's requirements and the amount the seller can afford to spend.

The initial investment starts with a consultation, lasting one to two hours. During this time, your home will be closely examined with the critical eye of a potential buyer. The home stager will then provide you with a list of recommendations. You may do all of the work yourself, hire out some of it, or perhaps leave the entire process to the staging professional.

Market Advantage
As a seller, two considerations are of most importance: time (how long it takes to sell the home) and money (how much money the home sells for).

Staging provides advantages on both fronts. Many surveys have proven, quite powerfully, that there are many benefits to staging. Indeed, one of the most important benefits of staging is that it can allow sellers to obtain top dollar for their property. Oftentimes, the seller will obtain a 200% to 300% return on their investment in staging.

• A staged home shows better than competing homes on the market.
• Staged homes sell for more money than unstaged homes.
• A staged home sells faster than an unstaged home.
• The listing of a staged home looks superior in print advertising and appeals to more people.
• Realtors recognize staged homes as the best properties to show their clients.

It's Never Too Late To Stage...
If your house is already on the market, you may feel that you are reading this too late in the game. Rest assured, this is not true. While it's ideal to have your home staged before it's listed, the benefits of staging can also be achieved after it's been sitting on the market for a while.

If your home is currently sitting with no reasonable offers, and it's not overpriced, you should consider having it staged. Once the staging work is completed, your real estate agent can simply change the marketing plan. Instead of advertising it as "reduced", it can now be advertised as "recently staged", which is actually much less costly than a price reduction as well as the obvious benefit of generating a new interest in your property.

There is no question that staging plays an important role in today's real estate market. Consult your realtor to assess the viability of staging your home.