How to Save Thousands of $$$ When Buying a Home - on the price and on future costs!

By improving the energy efficiency of a home a buyer can not only save up to 20 or 30%  on utility costs, but can also qualify for up to a 10% rebate on a CMHC mortgage loan premium.  Also, the goverment is temporarily providing grants and rebates for home owners who improve the energy efficiency of their homes.

So, with the cold weather coming, many are moving in that direction, as this article below from Propertywired.ca outlines.

This is an opportune time, as homeowners begin to retreat indoors as the colder weather comes, to consider ways in which to make homes more airtight- and energy efficient and environmentally friendly. Similarly, for Real Estate and Mortgage Professionals, there exists an opportunity to guide and be a source of information- for both the how and why behind these home renovations.

Daryn Young, a mortgage broker with MortgageIntelligence, there is no time like the present to both add value to your home, and in the process reduce housing costs associated with energy consumption and the like: "A home that needs upgrades can still be your perfect home as long as you're willing to put in the work," says Young.

"With some careful planning, making your home more energy-efficient can save you money in the long run."

There are several compelling elements that are currently present to incentify homeowners to consider upgrading their homes.

There can be real impact in increasing cash flow towards the family budget, as there are a couple of financial incentives. As Daniel Natareno, Mortgage Agent, Mortgage Intelligence told Propertywire.ca, this kind of investment in a property can contribute substantial cash flow into a household: “By investing in home upgrades, many people in the long run are saving on expenses...I had a client who saved, on average $250 on monthly expenses after making upgrades.”
Natareno suggests that the changes need not be major to make an impact either. Every little bit counts: even things like windows, caulking, new insulation and a new furnace."

Adding to the savings too are several tax rebates and programs available to those that are so inclined- that will do much to offset costs. The Federal government offers a tax rebate through their ecoEnergy Retrofit program for homes that undergo renovations to upgrade their energy efficiency. Similarly, homeowners who upgrade their homes may be eligible for refunds of 10% on mortgage loan insurance premiums- and the surcharge for amortization extension is waived as well, supplying savings from several different avenues.

Natareno says, “These rebates can be put back into the mortgage, and the debt paid down relatively quickly.”

Also, for clients who are interested and who qualify, the current interest rate environment provides an optimum opportunity to leverage equity in a home at a reasonably low cost to actually increase the value of the asset.

With the changing of the seasons, as well as increased availability of a myriad of incentives for homeowners to go green with their homes, there exists an opportunity for both mortgage professionals and realtors alike to be able to share this information with clients, present themselves as a knowledgeable resource, and contribute to a client’s perception of value-add.

Natareno, agrees: “It all goes towards making a home more marketable. It goes a long way to be able to say that a home has gone through an eco energy audit, or is an energy star rated home... This is a chance to educate clients about what is available (i.e. Renovations, purchase +improvements mortgage).”

Natareno also says that this is a great chance to sit with prospective sellers and build a cost analysis – to see what it would cost to make these eco friendly changes- and consider doing them to make a property more marketable.

For purchasers, Natareno says that he recommends that, as part of an offer, purchasers request two visits prior to closing date, and that for one of these visits they should bring a contractor or even an eco energy auditor to consider doing a purchase +improvements mortgage, so that a home can be energy and cost efficient right from the start

This is the home you've been waiting for - check out this video tour!

Don't miss out!  Contact me today for a private viewing or for more information...

In Honour of Halloween, "Scary Houses for Sale........"..

We all grew up talking about "the" haunted house in the neighbourhood which, as adults, we realized were actually just "scary looking" homes.

In honour of Halloween, here is a link to a slideshow of "scary" homes for sale.....enjoy :)

http://www.cnbc.com/id/44806478

Hot New Listing!

I have a great listing coming out this week...if you know someone who is looking for a very contemporary, custom-built home in the upscale neighbourhood of Hopewell Heights in Breslau, let me know.  Loads of built-in features and upgrades.  Gourmet kitchen, magnificent great room with gas fireplace.....Be the first to see it this Thursday!  More details in a couple of days.....

Brand New Coldwell Banker Listings Hot off the Press......

Check out our new on-line listing booklet here http://issuu.com/kwtreb/docs/cbpbr102011?mode=window&viewMode=doublePage

If you want more information or would like to see any of these please let me know.

7 Strategies for Home Sellers

Set an offer date - for now. Agents still believe it’s wise for homeowners to hold off receiving offers on a property for sale until a specified date. That way, more potential buyers have a chance to see it and the increased traffic may bring competition.
But some agents are nervously watching to see if offer dates go by without a single bid as the fall market gears up. When that starts happening, agents will recommend switching to a strategy of “offers welcome any time”.

If you’re planning to sell your house eventually, perhaps it’s time to stop procrastinating. In September, the average price of a home in the K-W rose by 3.9 per cent year-over-year to reach a record high of $295,845. Home prices may drop somewhat once the Bank of Canada begins to raise interest rates - likely in early 2013.

If you’re shopping for a mortgage, consider signing up for a five-year term. A number of the banks have lowered their 5-year fixed rates again in recent days, points out economist Robert Kavcic of Bank of Montreal.

Prepare to negotiate if you’re a buyer purchasing higher end property's as there are always an abundance of those listings and they take the longest to sell.  Buyers should be well-armed with sales figures about comparable listings before they make an offer.

Sellers need to set realistic asking prices for a balanced market - particularly if they are dwelling in the upper echelons, says Ms. Lindsay. If you’re not priced to attract attention, buyers will not pay attention to you. There are still buyers out there but the recent fluctuations in financial markets - along with fears of a global economic downturn - can be unnerving for consumers.

Do you sell first or buy? If listings are scarce you may have to shop around for a while, so buy first.  However, if there are lots of listings or if you are selling a property with less appeal - say it’s on a busy street or is badly in need of renovations - you need to sell first if you can’t afford to carry two properties.

Don’t overstretch when buying a house and pay down existing debt. Canadian consumers are more indebted than they have ever been, according to Statistics Canada figures released this month. In the second quarter, the ratio of household credit market debt which includes mortgages, consumer credit and loans, to disposable income rose to 149 per cent form 147 per cent in the previous quarter. Bank of Canada Governor Mark Carney has cautioned Canadians to rein in credit-fuelled spending. Some market watchers fear the housing market has become too frothy as a result of a willingness among buyers to take on huge mortgages.

What Makes a Good Neighbourhood?

My Fall Newsletter is out - click the link and get the scoop!

http://www.coldwellbankerpbr.com/newsletter/realestateupdate_Fall2011-kimlouie.pdf