Feb 6, 2018 | Real Estate 101
It’s a big decision. There are many pros and cons to consider.
On the pro side, renting can provide you with additional income. An extra few hundred dollars a month can go a long way towards paying down your mortgage or splurging on an exotic summer vacation.
Creating rentable living space in your home — for example, an “in-law suite” featuring a kitchenette and bathroom — may also increase your property’s market value.
On the con side, you’ll have more costs and responsibilities as a landlord. For example, you might need to purchase extra insurance because basic home insurance policies typically do not cover rental units, even if you’re just renting out a room. You’ll also be responsible for dealing with repairs – sometimes in the middle of the night.
Also, if you’re not careful about the renter you choose, you might end up with a “problem tenant”. For example, you could have a tenant who is consistently late on rent payments or simply stops paying. That can be stressful.
If you’re deciding whether or not to rent, be sure to check local laws and regulations. Many jurisdictions have very strict rules regarding renting out space in a residential property, and those rules change frequently. Make sure you get the latest information.
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Jan 17, 2018 | Real Estate 101
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Jan 3, 2018 | Real Estate 101
Homeowners may find it useful to understand how data analysis assists the real estate industry. Sometimes referred to as “big data”, the cross-referencing of wide-ranging statistics can reveal trends that give us insights that may have been undetectable only a few years ago. For example, it’s possible to identify neighbourhoods and home types that show the strongest potential for resale, either within a specific community or on a nationwide scale, or identify the types of renovations that offer the most favourable impact on property values.
It’s also possible for insurance companies to calculate a region’s likelihood for frequent claims, or risk of exposure to natural disasters – factors that could affect a homebuyer’s policy premiums. Similar analysis can dictate whether financial institutions have confidence in a property’s mortgage viability (and what risk a borrower might pose), which can have a direct effect on the ultimate lending rate made available. Perhaps the most positive real estate potential of data analysis is the ability to identify consumer profiles that match properties on the market, giving us new powers to bring together the perfect pairing of lifestyles and homes.
And that’s Beth’s specialty! For more information on Real Estate, or for help to find your perfect pairing, email Beth with the link below.
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Dec 18, 2017 | Real Estate 101
Imagine you were selling your car, and a prospective buyer was on the way over to see it. What would you do? You would probably make your vehicle look as clean and shiny as possible, inside and out.
The same holds true if you’re selling your home and there’s a potential buyer on the way. You want the buyer to be wow’d by your property. Here’s a handy checklist to follow:
- Clean every room. Make your entire house look as “guest ready” as possible.
- As much as is feasible given the time, reduce clutter. Consider packing some items into boxes and storing them in the basement or garage.
- Get pets out of the house. You can take them for a walk, have a neighbour watch them, or take them to a good kennel.
- Turn on the lights, even during the day. You want each room to look bright.
- If there are any maintenance issues, such as a dripping faucet, let your Realtor know. Often, it’s best for buyers to be told rather than discover such issues themselves.
- Open the curtains, except in those rooms where the sun will be uncomfortably strong during the viewing.
- Move your vehicles from the driveway so the buyer can park there. (That can help them imagine living there, which is what you want!)
- Make sure your foyer is especially clean and uncluttered. It’s the first “room” the buyer visits.
- Avoid cooking just before a viewing. Even if the meal is wonderful, the aroma may linger. (Some people don’t like the smell of certain dishes, such as fish.)
- Freshen up the outdoor space. Mow the lawn. Sweep the walkway.
This viewing checklist will help you prepare your home quickly, so when the buyer comes in your front door, there’s a much better chance he or she will be impressed.
Nov 20, 2017 | Real Estate 101
Assuming that at each renewal, a homeowner’s mortgage would be less than it was in the previous term, homeowners can look forward to eventually improving their monthly cash flow. In addition to a smaller mortgage, some may also enjoy the benefit of additional home equity if the property’s market value has increased since it was first purchased. If these factors are working in your favour, it could be a good time to think about your options.
For example, you could consider increasing your monthly payments and shortening the amortization period for your remaining mortgage. Alternatively, you might consider up-sizing to a more accommodating home, or downsizing and benefiting from more affordable monthly costs (e.g. mortgage, condo fees, etc.) and fewer responsibilities. If you’re looking for financial opportunities, another option might be to examine the income-earning potential of a second property that could provide you with a stable monthly return on your investment.
If now is the time to consider how you may capitalize on your property’s potential, let’s meet to discuss the best options for you. We can start with a candid evaluation of today’s market and your property, and then consider the factors that might affect values in the short and long term.
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Nov 15, 2017 | Real Estate 101
Vancouver, BC – November 14, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 8,677 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October, an increase of 19.3 per cent from the same period last year. Total sales dollar volume was $6.25 billion, up 41.6 per cent from October 2016. The average MLS® residential price in the province was $720,129, up 18.7 per cent from October 2016.
“BC home sales trended higher in October, up 23 per cent from January on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist.”A lack of supply in the resale market continues to put upward pressure on home prices in most BC regions.”
Total active listings were down 5.1 per cent to 27,987 units in October compared to the same month last year, and have declined 49 per cent over the last five years. The ratio of home sales to active listings was up from 24.7 per cent in October 2016 to 31 per cent last month. The BC housing market is considered to be in relative balance when the ratio of home sales to active listings is between 12 and 20 per cent.
Year to date, BC residential sales dollar volume was down 9.4 per cent to $63.8 billion, when compared with the same period in 2016. Residential unit sales declined 10.7 per cent to 90,290 units, while the average MLS® residential price increased 1.4 per cent to $706,881.
source: BCREA
