If you have decided to sell your home then here are a few tips that will make your property more attractive and appealing to potential purchasers.
Tidy and Clean Homes are Welcoming Homes
Once your property is listed for sale, and especially for inspections and open house days, ensure your house is clean, tidy and uncluttered. Remember first impressions do count and you want viewers to see your property at its best. Position furniture so that rooms have an 'open' feel and place fresh flowers and pictures on the wall to give the property extra vibrancy. Remove any clutter, and while family photos are great, limit them to no more than three. Be sure to have the kitchen and bathroom spotless and any used towels replaced with clean ones.
Maintenance - Indoors
Investing some money in any overdue maintenance items will make a big difference and let purchasers know the property is cared for. But be careful not to let maintenance turn into an extensive and expensive renovation only to find you have over-capitalized your property. Also be conscious of keeping any repairs and maintenance in the style and period of your property.
Some of the items which may benefit from some pre-sale maintenance include fixture and fittings items such as door handles, torn fly-screens, broken window latches, light switches, light shades, leaking taps, doors properly opening and closing and clean carpets.
Maintenance - Outdoors
Again, be wary not to over capitalize but, where required consider planting some colourful flowers and if necessary reseed your lawn a suitable time prior to the planned inspection date to let it establish. If you would rather not purchase new plants consider hiring or borrowing some, especially leading up to your front door. Make sure garden beds have been weeded and plants well watered in the days leading up to the inspection. On the day of the inspection give the water a light spray to give it a clean crisp look. And remember to clean the windows inside and out.
Time of Day
Schedule inspections for a time during the day when the rooms are bright and have the maximum sunlight shining in; obviously have the curtains open. If it is a dull day and you can't use the natural sunlight then make sure all the lights in the house are turned on.
Hot and Cold
If your property is being inspected during winter ensure the heating is on and the property is warm (not hot) and cozy. If during summer then have the air-conditioning on or doors open to let any breeze flow through.
Crowd Control
If you are having an open house, limit the number of people in the property at any one time. Too many viewers may make the property feel smaller than it actually is and potential purchasers may struggle to see all the property has to offer.
Pets and Music
Ensure pets are kept out of the property during any inspection and music (if any) is turned down low to avoid creating any distraction.
Valuables
Be sure to remove any easily 'pocketable' valuables from the house prior to any open house.
You can find great local Toronto, Ontario real estate information on Localism.com Frank Bott is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.
Friday, February 29, 2008
Thursday, February 28, 2008
Discover Toronto's Ravines
Anchored by the Don and Humber Rivers and their numerous tributaries, Toronto is blessed with magnificent ravines that provide some of the best Real Estate lots in the city and provide easy access to fitness paths and nature walks. Anyone who has ridden a bike down the Don river has noticed the beautiful and abundant nature not seen elsewhere in the city.
Toronto has many ravine areas on both private and public land. Working in co-operation with agencies such as the Toronto Region Conservation Authority the city enforces ravine protection by-laws and limits development proposals in and adjacent to ravine areas. They also initiate projects, and work with community groups to restore native species and forest cover to areas currently denuded. For more information on ravine areas please call 416-338-TREE (8733).
Did you know that Toronto's landscape was created 10,000 years ago when the last glaciers receded? Over the past 200 years urban development has contributed to many changes in our natural landscape - in some cases, natural valleys were filled and streams were altered or buried. Fortunately, a number of our natural ravines have escaped these dramatic changes.
Some of the trees in Toronto's ravines are now more than 150 years old. They survived the urbanization of Toronto, and are part of our living history. Our urban forest adds beauty to the landscape - it's also a welcome refuge from the hustle and bustle that's part of life in a city. Trees also add new life to the forest ecosystem by anchoring soils on fragile sites, shading young plants at their base, and providing a wide range of habitat for birds and other wildlife.
Ravine living can be a unique and rewarding experience in the city of Toronto but it also comes with unique concerns such as soil erosion and local by-laws. If you are considering a ravine lot, make sure you deal with someone who is fully conversant in these areas.
Toronto has many ravine areas on both private and public land. Working in co-operation with agencies such as the Toronto Region Conservation Authority the city enforces ravine protection by-laws and limits development proposals in and adjacent to ravine areas. They also initiate projects, and work with community groups to restore native species and forest cover to areas currently denuded. For more information on ravine areas please call 416-338-TREE (8733).
Did you know that Toronto's landscape was created 10,000 years ago when the last glaciers receded? Over the past 200 years urban development has contributed to many changes in our natural landscape - in some cases, natural valleys were filled and streams were altered or buried. Fortunately, a number of our natural ravines have escaped these dramatic changes.
Some of the trees in Toronto's ravines are now more than 150 years old. They survived the urbanization of Toronto, and are part of our living history. Our urban forest adds beauty to the landscape - it's also a welcome refuge from the hustle and bustle that's part of life in a city. Trees also add new life to the forest ecosystem by anchoring soils on fragile sites, shading young plants at their base, and providing a wide range of habitat for birds and other wildlife.
Ravine living can be a unique and rewarding experience in the city of Toronto but it also comes with unique concerns such as soil erosion and local by-laws. If you are considering a ravine lot, make sure you deal with someone who is fully conversant in these areas.
Wednesday, February 27, 2008
It's RE/MAX Hallmark!
I ended my Broker search yesterday by signing with RE/MAX Hallmark Realty Ltd.
Over the past week I interviewed with many of the Brokerages in the East York, Riverdale and Beach area of Toronto. After a number of interviews I was really impressed with the quality of people trading in real estate in this area. There is little wonder that this area is as competetive as it is, regardless of size, these realtors really have their act together.
Hallmark just stood out a little above the others in many ways. from the manager, Desmond Brown, through all the support staff, there is a great feeling in the office and among the sales reps.
RE/Max Hallmark was founded in 1980 and is now the largest brokerage for residential property in the Toronto Real Estate Board. With six offices and over 500 agents, I can truly tell my clients that if I don't know the answer to a question, I'll be able to get it for them! First meeting is today at 9:30 am followed by a tour of new listings in the area. As I get to know the local houses, I already have to meet a lead for a small factory in Mississauga and prepare a Comparative Market Analysis (CMA) for a townhouse in Etobicoke so we can relocate the owner to East York.
Nothing like hitting the ground running!
Over the past week I interviewed with many of the Brokerages in the East York, Riverdale and Beach area of Toronto. After a number of interviews I was really impressed with the quality of people trading in real estate in this area. There is little wonder that this area is as competetive as it is, regardless of size, these realtors really have their act together.
Hallmark just stood out a little above the others in many ways. from the manager, Desmond Brown, through all the support staff, there is a great feeling in the office and among the sales reps.
RE/Max Hallmark was founded in 1980 and is now the largest brokerage for residential property in the Toronto Real Estate Board. With six offices and over 500 agents, I can truly tell my clients that if I don't know the answer to a question, I'll be able to get it for them! First meeting is today at 9:30 am followed by a tour of new listings in the area. As I get to know the local houses, I already have to meet a lead for a small factory in Mississauga and prepare a Comparative Market Analysis (CMA) for a townhouse in Etobicoke so we can relocate the owner to East York.
Nothing like hitting the ground running!
Tuesday, February 26, 2008
Some Help for Ontario in New Federal Budget
According to this morning's Globe and Mail. Ontario's auto industry and cities can expect modest federal assistance in the new Federal budget.
Sources say the federal government will spend about 1 billion dollars on infrastructure and another 200 million dollars on the auto sector (despite a 400 million dollar request last year). The Ontario economy is primarily fueled by manufacturing but this is not the case for Toronto with it's large and diversified economy. Toronto's principal concern needs to be it's infrastructure which has been under funded for a number of years.
As people continue to stream back into the city, fuelling our local market, all levels of government should be expected to make sufficient funding available for roads, schools, water mains and public transportation. This, ultimately, will provide the environment for sustained growth which will protect and nurture, among other things, property value.
Sources say the federal government will spend about 1 billion dollars on infrastructure and another 200 million dollars on the auto sector (despite a 400 million dollar request last year). The Ontario economy is primarily fueled by manufacturing but this is not the case for Toronto with it's large and diversified economy. Toronto's principal concern needs to be it's infrastructure which has been under funded for a number of years.
As people continue to stream back into the city, fuelling our local market, all levels of government should be expected to make sufficient funding available for roads, schools, water mains and public transportation. This, ultimately, will provide the environment for sustained growth which will protect and nurture, among other things, property value.
Monday, February 25, 2008
GTA Population to Reach 7.5 Million by 2031
The City of Toronto official plan provides a detailed picture of where the city and surrounding area is today and where we are headed over the next twenty years.
Anyone who owns a home or is thinking of buying one would benefit from the contents of this detailed report. It can be found at:
http://www.toronto.ca/torontoplan/about.htm
Anyone who owns a home or is thinking of buying one would benefit from the contents of this detailed report. It can be found at:
http://www.toronto.ca/torontoplan/about.htm
Sunday, February 24, 2008
From Toronto Life
Old East York
With its abundance of quaint post-war bungalows and high population of retirees, Old East York still feels like a portion of the city left over from another era. The housing stock is very well-maintained, and most feature lot sizes that would make Riverdalians drool. In fact, these large lot sizes are driving a craze in the area that has younger families snapping up bungalows and immediately building on two-storey additions. This trend is likely to define the growth of Old East York over the next few years, slowly transforming it into something very much like Leaside. The fast-moving traffic on O’Connor Drive effectively bisects this neighbourhood; the thin strip of land between O’Connor and the crest of the Don Valley is known as Todmorden Village. The homes on this side of O’Connor tend to be older brick homes, some of which back onto the ravine and command views of Taylor Creek Park. Prices in Old East York start around $300,000 for an all-brick bungalow in need of updating, and go as high as $800,000 for a spacious, modern two-storey home overlooking Taylor Creek Park.
With its abundance of quaint post-war bungalows and high population of retirees, Old East York still feels like a portion of the city left over from another era. The housing stock is very well-maintained, and most feature lot sizes that would make Riverdalians drool. In fact, these large lot sizes are driving a craze in the area that has younger families snapping up bungalows and immediately building on two-storey additions. This trend is likely to define the growth of Old East York over the next few years, slowly transforming it into something very much like Leaside. The fast-moving traffic on O’Connor Drive effectively bisects this neighbourhood; the thin strip of land between O’Connor and the crest of the Don Valley is known as Todmorden Village. The homes on this side of O’Connor tend to be older brick homes, some of which back onto the ravine and command views of Taylor Creek Park. Prices in Old East York start around $300,000 for an all-brick bungalow in need of updating, and go as high as $800,000 for a spacious, modern two-storey home overlooking Taylor Creek Park.
Saturday, February 23, 2008
MLS® Statistics
Each month, The Canadian Real Estate Association compiles the statistics of existing homes and properties sold through the Multiple Listing Service®. This provides an overview of the existing housing market in Canada, and tracks market trends for prices and properties sold.
The national average for December, 2007 was $317, 825.00 compared to $278,573.00 the year before.
In Ontario the average was $317, 346.00 compared to $272,278.00.
In Toronto the average was $374,449.00 compared to $353, 724.00 the year before.
The national average for December, 2007 was $317, 825.00 compared to $278,573.00 the year before.
In Ontario the average was $317, 346.00 compared to $272,278.00.
In Toronto the average was $374,449.00 compared to $353, 724.00 the year before.
Friday, February 22, 2008
Home Buying Guide to Getting Started
Guide to Home Buying Step-by-Step
Let's say one morning you wake up and realize that, yes, you should buy a home. You're tired of throwing away money on rent and figure that it's time to get into a home of your own. But you have reservations.
After all, if it's your first time, you've got questions. You might be a little nervous that you'll mess up, and it's normal to feel that way.
First, you need to gather information. Information is empowering. Lucky for you that you came to the right place. So let's get started buying your first home!
Learn From Other's Mistakes
Smart people learn from the mistakes of others. May all your home buying mistakes be new ones!
More important, homes to avoid are those with a bad layout or obvious (patent) defects. If you are considering a home with obvious defects, research ahead what will be involved to fix these defects, what it will cost and what amount of time will be involved.
Order a Free Credit Report
Your credit report will determine the rate and terms of your loan. You can order a free credit report online. If you have bad credit because of late payments or a recent bankruptcy, you can still buy a home; you'll just pay more in rate and terms.
Find a Real Estate Agent
There are millions of real estate agents in the business and plenty of reasons why you want to hire an agent to help you. The trick is to find a good real estate agent. Once you settle on an agent, expect to sign a buyer representation agreement or a customer service agtreement, There is a big difference between the two, make sure your representative explains this to you. You will need to sign an agreement for representation or service when you write an offer.
Interview Sales Representatives
After you find several agents, it's smart to interview those agents before selecting your representation. Learn the differences that each Realtor has to offer and choose what's best for you.
Understand How Agency Work
What you've heard about agents from friends and family might not be true. Review agent protocol and ethical rules before you get into hot water, and remember that agents face restrictions regarding their fiduciary responsibility to you. Agents face stringent ethical rules these days for the protection of the consumer. Consider carefully working with an agent who doesn't fully explain these to you.
Find a Lender You Trust
Your bank isn't the only place to get a mortgage these days. You have other options. But do recognize the signs of predatory lenders and stay away from them. Once you find a lender you like, interview your lender before making your final selection.
Apply for a Mortgage
Explore mortgage options. Figure out how much money you will need to put down, as there are many ways to find a down payment. Decide if you should lock your loan rate upon application. Then ask for a preapproval letter from that lender.
Look for a Home
Is there a good day to buy a home? Don't pass by overpriced homes and do take time to look at new homes. Builders offer amenities and hot trends that may payoff big when you sell. When buying in a down market or a slumping marketplace, it's important to act fast.
Make an Offer
You'll write purchase offers differently for a buyer's market than seller's market offers. Avoid offer rejection by employing sound negotiation techniques, putting up a reasonable earnest money deposit and using counter offers to your advantage.
Get a Home Inspection
Always get a home inspection, and remember to look in the attic. Follow up your home inspection with a final walkthrough before closing. Beware of hiring a bad home inspector. If you didn't ask for a home warranty in your offer, considering paying for a warranty yourself.
Obtain Home Disclosures
If you're buying a condo or townhome, get a copy of the homeowner association documents. Also, the seller should provide you with a variety of home disclosures and disclose material facts.
Buy Home and Title Insurance
You can save significant money by shopping for home insurance after signing an offer. It's smart to buy your own owner's title insurance policy, as you will also insure the lender separately. Title insurance will disclose covenants, conditions and restrictions.
Save for Purchases After Closing
After you have taken possession, you may then realize there are things to buy you have not considered. Consider them now.
Let's say one morning you wake up and realize that, yes, you should buy a home. You're tired of throwing away money on rent and figure that it's time to get into a home of your own. But you have reservations.
After all, if it's your first time, you've got questions. You might be a little nervous that you'll mess up, and it's normal to feel that way.
First, you need to gather information. Information is empowering. Lucky for you that you came to the right place. So let's get started buying your first home!
Learn From Other's Mistakes
Smart people learn from the mistakes of others. May all your home buying mistakes be new ones!
More important, homes to avoid are those with a bad layout or obvious (patent) defects. If you are considering a home with obvious defects, research ahead what will be involved to fix these defects, what it will cost and what amount of time will be involved.
Order a Free Credit Report
Your credit report will determine the rate and terms of your loan. You can order a free credit report online. If you have bad credit because of late payments or a recent bankruptcy, you can still buy a home; you'll just pay more in rate and terms.
Find a Real Estate Agent
There are millions of real estate agents in the business and plenty of reasons why you want to hire an agent to help you. The trick is to find a good real estate agent. Once you settle on an agent, expect to sign a buyer representation agreement or a customer service agtreement, There is a big difference between the two, make sure your representative explains this to you. You will need to sign an agreement for representation or service when you write an offer.
Interview Sales Representatives
After you find several agents, it's smart to interview those agents before selecting your representation. Learn the differences that each Realtor has to offer and choose what's best for you.
Understand How Agency Work
What you've heard about agents from friends and family might not be true. Review agent protocol and ethical rules before you get into hot water, and remember that agents face restrictions regarding their fiduciary responsibility to you. Agents face stringent ethical rules these days for the protection of the consumer. Consider carefully working with an agent who doesn't fully explain these to you.
Find a Lender You Trust
Your bank isn't the only place to get a mortgage these days. You have other options. But do recognize the signs of predatory lenders and stay away from them. Once you find a lender you like, interview your lender before making your final selection.
Apply for a Mortgage
Explore mortgage options. Figure out how much money you will need to put down, as there are many ways to find a down payment. Decide if you should lock your loan rate upon application. Then ask for a preapproval letter from that lender.
Look for a Home
Is there a good day to buy a home? Don't pass by overpriced homes and do take time to look at new homes. Builders offer amenities and hot trends that may payoff big when you sell. When buying in a down market or a slumping marketplace, it's important to act fast.
Make an Offer
You'll write purchase offers differently for a buyer's market than seller's market offers. Avoid offer rejection by employing sound negotiation techniques, putting up a reasonable earnest money deposit and using counter offers to your advantage.
Get a Home Inspection
Always get a home inspection, and remember to look in the attic. Follow up your home inspection with a final walkthrough before closing. Beware of hiring a bad home inspector. If you didn't ask for a home warranty in your offer, considering paying for a warranty yourself.
Obtain Home Disclosures
If you're buying a condo or townhome, get a copy of the homeowner association documents. Also, the seller should provide you with a variety of home disclosures and disclose material facts.
Buy Home and Title Insurance
You can save significant money by shopping for home insurance after signing an offer. It's smart to buy your own owner's title insurance policy, as you will also insure the lender separately. Title insurance will disclose covenants, conditions and restrictions.
Save for Purchases After Closing
After you have taken possession, you may then realize there are things to buy you have not considered. Consider them now.
Thursday, February 21, 2008
Helpful Hints for Home and Property Sellers
If you have decided to sell your home then here are a few tips that will make your property more attractive and appealing to potential purchasers.
Tidy and Clean Homes are Welcoming Homes
Once your property is listed for sale, and especially for inspections and open house days, ensure your house is clean, tidy and uncluttered. Remember first impressions do count and you want viewers to see your property at its best. Position furniture so that rooms have an 'open' feel and place fresh flowers and pictures on the wall to give the property extra vibrancy. Remove any clutter, and while family photos are great, limit them to no more than three. Be sure to have the kitchen and bathroom spotless and any used towels replaced with clean ones.
Maintenance - Indoors
Investing some money in any overdue maintenance items will make a big difference and let purchasers know the property is cared for. But be careful not to let maintenance turn into an extensive and expensive renovation only to find you have over-capitalized your property. Also be conscious of keeping any repairs and maintenance in the style and period of your property.
Some of the items which may benefit from some pre-sale maintenance include fixture and fittings items such as door handles, torn fly-screens, broken window latches, light switches, light shades, leaking taps, doors properly opening and closing and clean carpets.
Maintenance - Outdoors
Again, be wary not to over capitalize but, where required consider planting some colourful flowers and if necessary reseed your lawn a suitable time prior to the planned inspection date to let it establish. If you would rather not purchase new plants consider hiring or borrowing some, especially leading up to your front door. Make sure garden beds have been weeded and plants well watered in the days leading up to the inspection. On the day of the inspection give the water a light spray to give it a clean crisp look. And remember to clean the windows inside and out.
Time of Day
Schedule inspections for a time during the day when the rooms are bright and have the maximum sunlight shining in; obviously have the curtains open. If it is a dull day and you can't use the natural sunlight then make sure all the lights in the house are turned on.
Hot and Cold
If your property is being inspected during winter ensure the heating is on and the property is warm (not hot) and cozy. If during summer then have the air-conditioning on or doors open to let any breeze flow through.
Crowd Control
If you are having an open house, limit the number of people in the property at any one time. Too many viewers may make the property feel smaller than it actually is and potential purchasers may struggle to see all the property has to offer.
Pets and Music
Ensure pets are kept out of the property during any inspection and music (if any) is turned down low to avoid creating any distraction.
Valuables
Be sure to remove any easily 'pocketable' valuables from the house prior to any open house.
Tidy and Clean Homes are Welcoming Homes
Once your property is listed for sale, and especially for inspections and open house days, ensure your house is clean, tidy and uncluttered. Remember first impressions do count and you want viewers to see your property at its best. Position furniture so that rooms have an 'open' feel and place fresh flowers and pictures on the wall to give the property extra vibrancy. Remove any clutter, and while family photos are great, limit them to no more than three. Be sure to have the kitchen and bathroom spotless and any used towels replaced with clean ones.
Maintenance - Indoors
Investing some money in any overdue maintenance items will make a big difference and let purchasers know the property is cared for. But be careful not to let maintenance turn into an extensive and expensive renovation only to find you have over-capitalized your property. Also be conscious of keeping any repairs and maintenance in the style and period of your property.
Some of the items which may benefit from some pre-sale maintenance include fixture and fittings items such as door handles, torn fly-screens, broken window latches, light switches, light shades, leaking taps, doors properly opening and closing and clean carpets.
Maintenance - Outdoors
Again, be wary not to over capitalize but, where required consider planting some colourful flowers and if necessary reseed your lawn a suitable time prior to the planned inspection date to let it establish. If you would rather not purchase new plants consider hiring or borrowing some, especially leading up to your front door. Make sure garden beds have been weeded and plants well watered in the days leading up to the inspection. On the day of the inspection give the water a light spray to give it a clean crisp look. And remember to clean the windows inside and out.
Time of Day
Schedule inspections for a time during the day when the rooms are bright and have the maximum sunlight shining in; obviously have the curtains open. If it is a dull day and you can't use the natural sunlight then make sure all the lights in the house are turned on.
Hot and Cold
If your property is being inspected during winter ensure the heating is on and the property is warm (not hot) and cozy. If during summer then have the air-conditioning on or doors open to let any breeze flow through.
Crowd Control
If you are having an open house, limit the number of people in the property at any one time. Too many viewers may make the property feel smaller than it actually is and potential purchasers may struggle to see all the property has to offer.
Pets and Music
Ensure pets are kept out of the property during any inspection and music (if any) is turned down low to avoid creating any distraction.
Valuables
Be sure to remove any easily 'pocketable' valuables from the house prior to any open house.
Wednesday, February 20, 2008
Keeping a House's Original Look When Renovating
Keeping a house’s character and style in mind when renovating is important, but you shouldn’t be afraid to add your own touches.
When approaching any home improvement or renovation project, it’s important to take the style and period of your home into consideration. This can help you make decisions on the direction, cost and details of your project. For example, if you have a 1930’s Tudor style house, you may not want to add a sizeable addition clad in vinyl. It just doesn’t fit. A strict historical restoration advocate may think it a crime to add anything other than a Tudor style addition. Decisions like these can cause stress levels and costs to rise when renovating.
Consider taking the middle ground approach when it comes to historical accuracy in renovation. Duplicating a houses original look can and often be expensive when you’re dealing with older homes. Molding styles may have changed, windows and doors look different, brick colors don't match, siding, shingles, and so on and so on. The bottom line is that it’s going to be cheaper to walk into the home improvement store and buy something off the shelf. Unfortunately that is not always what will look best. Try spending money on the details that a buyer would see.
A little bit of planning and some sweat equity, can save you money and make things look fairly close to their original counterparts. It’s important when renovating to make renovated rooms and additions flow with the house. You don’t want someone to walk in and say, “This looks like it was added sometime in the ‘80’s”, when the house was built in the 1920’s. However, trying to match that plaster cast molding throughout the first floor will blow your budget quickly. Choosing elements to “historically restore” will define your renovation and pay off greatly in the end, aesthetically and financially.
Common Elements That Can Blend Old and New Renovations
Baseboards
Try to match the baseboards of a new room/addition with those of the rest of the house. If you can't match them exactly, install something similar in size.
Decorative Molding
If an entire floor has crown molding, you should probably consider adding it in a newly added or renovated room. Stay with a similar size and style.
Doors and Trim
Try not to mis-match doors on the same floor. If you need an old door, try the salvage yard, or go with something entirely different. Sometimes a french door is a good way to mix it up and allow light into a room. If you only have 3 doors on a floor you may want to consider replacing all of them so that they match.
Flooring
This is probably the biggest sign of renovated spaces. Transition new and old by swithing from wood to tile. Try to match hardwoods and stain colors. Consider re-finishing multiple rooms to match, or go over old floors with new flooring.
Windows and Casing
Always try to match the casing of your windows with that of existing windows. Match window styles as closely as possible, especially if you are installing a new window next to an old. Again, consider replacing multiple windows so that they will match, budget allowing.
When approaching any home improvement or renovation project, it’s important to take the style and period of your home into consideration. This can help you make decisions on the direction, cost and details of your project. For example, if you have a 1930’s Tudor style house, you may not want to add a sizeable addition clad in vinyl. It just doesn’t fit. A strict historical restoration advocate may think it a crime to add anything other than a Tudor style addition. Decisions like these can cause stress levels and costs to rise when renovating.
Consider taking the middle ground approach when it comes to historical accuracy in renovation. Duplicating a houses original look can and often be expensive when you’re dealing with older homes. Molding styles may have changed, windows and doors look different, brick colors don't match, siding, shingles, and so on and so on. The bottom line is that it’s going to be cheaper to walk into the home improvement store and buy something off the shelf. Unfortunately that is not always what will look best. Try spending money on the details that a buyer would see.
A little bit of planning and some sweat equity, can save you money and make things look fairly close to their original counterparts. It’s important when renovating to make renovated rooms and additions flow with the house. You don’t want someone to walk in and say, “This looks like it was added sometime in the ‘80’s”, when the house was built in the 1920’s. However, trying to match that plaster cast molding throughout the first floor will blow your budget quickly. Choosing elements to “historically restore” will define your renovation and pay off greatly in the end, aesthetically and financially.
Common Elements That Can Blend Old and New Renovations
Baseboards
Try to match the baseboards of a new room/addition with those of the rest of the house. If you can't match them exactly, install something similar in size.
Decorative Molding
If an entire floor has crown molding, you should probably consider adding it in a newly added or renovated room. Stay with a similar size and style.
Doors and Trim
Try not to mis-match doors on the same floor. If you need an old door, try the salvage yard, or go with something entirely different. Sometimes a french door is a good way to mix it up and allow light into a room. If you only have 3 doors on a floor you may want to consider replacing all of them so that they match.
Flooring
This is probably the biggest sign of renovated spaces. Transition new and old by swithing from wood to tile. Try to match hardwoods and stain colors. Consider re-finishing multiple rooms to match, or go over old floors with new flooring.
Windows and Casing
Always try to match the casing of your windows with that of existing windows. Match window styles as closely as possible, especially if you are installing a new window next to an old. Again, consider replacing multiple windows so that they will match, budget allowing.
Tuesday, February 19, 2008
10 Tips for Downsizing and Moving
Cut out the unnecessary before you move to a smaller home. Whether you're an empty nester moving from a house into a condo, or a renter trading in a two-bedroom for a studio, you'll have to say good-bye to some of your stuff. Don't let yourself get stressed out by the prospect.
1. Write a list of all the items you love and can't live without; it will help you bid adieu to things that didn't make the list. It's hard to persuade people they can't take everything with them, but by keeping what's on your wish list, you won't be upset about the things you can't keep.
2. Start thinning out your belongings at least three months before the move. Take some time each day, or one morning each week, to go through that jammed coat closet or overflowing filing cabinet. Paper is the real killer, so tackle it one box at a time. The same goes for photos, which require a lot of attention.
3. Get a feel for the size of your new rooms by comparing them to rooms of similar dimensions in your present home. For instance, your living-room-to-be might be roughly the same size as your current bedroom. You may think you can squeeze in two sofas, but this kind of reality check could help you realize that only one will fit comfortably.
4. Heavily edit areas with items that don't have as much sentimental value. Take the kitchen for example; most people don't need 10 mixing bowls and won't get teary-eyed over losing a second spatula. If you're downsizing from a house to a condo, target the garage. Snow shovels, the lawn mower, ladders - you won't need any of them.
5. Don't throw anything in the garbage. Recycle, reuse, sell and donate instead. As tempting and easy as it is to pitch wire hangers, musty clothes and shabby furnishings, be environmentally responsible and find a home for everything. A can of Comet with a few shakes of powder left could make someone else's sink sparkle if you don't want it; consider giving supplies to a shelter, neighbour or cleaning lady.
6. Label three bins To Keep, To Sell and Charity (bins should be manageable when full). For the average downsize, keep only one-third to one-half of your belongings.
7. Get an objective opinion. If you can't decide whether to keep or kiss that dusty '70s-era sewing machine goodbye, it's good to have someone who'll say, ‘Oh, please, you never use that!'" It might just be the kick you need.
8. When selling your goods, try an auction for high-end items. Then look for reputable antique and secondhand dealers. Often, they can buy all of your wares or put you in touch with booksellers and other specialty dealers.
9. Use floor plans to prearrange your furniture before the move. This is another useful reality check. To start, draw plans if you don't have any, and sketch in a furniture layout. Then look at the plans realistically; if you've crammed in side tables, armoires and chairs, you need to edit more. Don't wait until after you move to contend with furniture you'll just end up tripping over.
10. Once you get to the packing stage, use a colour-coded system to organize all of your boxes. Choose a colour for each room and mark the boxes destined for that room with a coordinating colour sticker. You can also do the same thing numerically; for example, if room No. 1 is the kitchen, then all boxes marked No. 1 will go there.
1. Write a list of all the items you love and can't live without; it will help you bid adieu to things that didn't make the list. It's hard to persuade people they can't take everything with them, but by keeping what's on your wish list, you won't be upset about the things you can't keep.
2. Start thinning out your belongings at least three months before the move. Take some time each day, or one morning each week, to go through that jammed coat closet or overflowing filing cabinet. Paper is the real killer, so tackle it one box at a time. The same goes for photos, which require a lot of attention.
3. Get a feel for the size of your new rooms by comparing them to rooms of similar dimensions in your present home. For instance, your living-room-to-be might be roughly the same size as your current bedroom. You may think you can squeeze in two sofas, but this kind of reality check could help you realize that only one will fit comfortably.
4. Heavily edit areas with items that don't have as much sentimental value. Take the kitchen for example; most people don't need 10 mixing bowls and won't get teary-eyed over losing a second spatula. If you're downsizing from a house to a condo, target the garage. Snow shovels, the lawn mower, ladders - you won't need any of them.
5. Don't throw anything in the garbage. Recycle, reuse, sell and donate instead. As tempting and easy as it is to pitch wire hangers, musty clothes and shabby furnishings, be environmentally responsible and find a home for everything. A can of Comet with a few shakes of powder left could make someone else's sink sparkle if you don't want it; consider giving supplies to a shelter, neighbour or cleaning lady.
6. Label three bins To Keep, To Sell and Charity (bins should be manageable when full). For the average downsize, keep only one-third to one-half of your belongings.
7. Get an objective opinion. If you can't decide whether to keep or kiss that dusty '70s-era sewing machine goodbye, it's good to have someone who'll say, ‘Oh, please, you never use that!'" It might just be the kick you need.
8. When selling your goods, try an auction for high-end items. Then look for reputable antique and secondhand dealers. Often, they can buy all of your wares or put you in touch with booksellers and other specialty dealers.
9. Use floor plans to prearrange your furniture before the move. This is another useful reality check. To start, draw plans if you don't have any, and sketch in a furniture layout. Then look at the plans realistically; if you've crammed in side tables, armoires and chairs, you need to edit more. Don't wait until after you move to contend with furniture you'll just end up tripping over.
10. Once you get to the packing stage, use a colour-coded system to organize all of your boxes. Choose a colour for each room and mark the boxes destined for that room with a coordinating colour sticker. You can also do the same thing numerically; for example, if room No. 1 is the kitchen, then all boxes marked No. 1 will go there.
Monday, February 18, 2008
Unique Ways To Use A Spare Room
You’ve recently gotten that big raise and you have moved into that new condo downtown. Or maybe your annoying roommate has finally paid his half of the utilities and has packed up and left for good.Whatever the reason, you have a spare room and you want to play interior designer. You want to do something more exciting than having an extra guest room. The only problem is where to begin?Before you pickup any furniture or start, the room needs to have a purpose and an identity. So, how do you fill that empty space inside your home? Why not try giving these ideas some thought.
Lounge or Bar Area
A lounge area or bar can really be functional for hosting events and dinner parties. Whether it’s a group of friends or business associates - you’ll have a room for sitting, schmoozing, and relaxing.The goal for this room is to create an environment that is conducive for engaging in these types of activities. For this reason, decorate the room with conversation-inspiring art pieces and deco art. Comfort is also important, so you can’t go wrong with little flourishes like throw pillows and candles.Try to maximize seating yet allow the room to have space and depth. A lounge room could easily be centered by a nice coffee table. Whatever you do, try to keep the television out. Nothing can kill the conversation more than a zombie box. Leave the television to the living room.
Gaming Room
This is every guy’s college dream. Gaming rooms can be fun if you have the space. However, nothing is worse than a wicked looking pool table that you can’t play because the walls are too close. If the room is too small for a pool table why not consider picking up an air hockey table or a foosball table? They are just as fun and come in a variety of styles and sizes.If you are more technically inclined, why not take a look around and pickup that arcade game from your youth that you still yearn to play. These can get expensive but your buddies will just drop their jaws.
Movie Room
This is every guy’s geek-fuelled dream. Not to be confused with a living room or the game room - a movie room is an all-leather, high-definition, surround-sound space devoted only to the best in digital excitement.This is a place to watch the big game, hook-up and play that PS3, and to prove that going out to the movies is for suckers. If you do decide to take your spare room in this direction - make sure the room has enough space to accommodate all your technology and the required seating.When choosing a leather couch look for one that is overflowing. An overflowing couch allows you to sink in and get comfortable.
Home Office or Study
What? You gave up bringing work home in grade school. Why would you want an office? In today’s high-paced society, the need for a workspace at the homestead is rapidly becoming a requirement.A home office is a great place to get taxes and bills done, your to-do lists organized, and is a great home for your desktop computer. The best aspect of a home office is that it allows you to have a distraction-free space designated to getting work done.
Library
Maybe you are the type of person who would prefer thumbing through the latest bestselling paperback over watching the tripe that comes out of Hollywood. If so, why not convert your spare room into a room dedicated to showcasing your collection of Romantic poems and Renaissance plays?A home library will definitely add an aura of sophistication and majesty to your home. If you are building a library remember to choose high quality shelving units and don’t forget to get a comfortable chair, a soft wool blanket, and a high quality ottoman to allow for maximum comfort when curling up with that new book.
Creative Studio
Are you an aspiring musician? Got artistic talent? Why not turn your spare room into a creative area to foster your natural talent? Whether you play an instrument, write, or paint – creating a designated studio for producing and practicing your skills can substantially foster your creative developments. Try putting up encouraging quotations to help you get in the creative mood.
Home Gym or Yoga
Everyone wants to look their best, but yet everyone makes excuses about the difficultly of getting out to the gym. If you have the space, why not get the equipment and workout at home?It might be expensive at first but you’ll eventually save on the costly monthly fees. You’ll never be able to use an excuse for not working out ever again!
Plan Ahead
The most important factor when deciding what to do with a spare room is assessing your needs and than giving the room a specific identity and then going from there. If you don’t, you’ll find your spare room will soon become just another storage area
Lounge or Bar Area
A lounge area or bar can really be functional for hosting events and dinner parties. Whether it’s a group of friends or business associates - you’ll have a room for sitting, schmoozing, and relaxing.The goal for this room is to create an environment that is conducive for engaging in these types of activities. For this reason, decorate the room with conversation-inspiring art pieces and deco art. Comfort is also important, so you can’t go wrong with little flourishes like throw pillows and candles.Try to maximize seating yet allow the room to have space and depth. A lounge room could easily be centered by a nice coffee table. Whatever you do, try to keep the television out. Nothing can kill the conversation more than a zombie box. Leave the television to the living room.
Gaming Room
This is every guy’s college dream. Gaming rooms can be fun if you have the space. However, nothing is worse than a wicked looking pool table that you can’t play because the walls are too close. If the room is too small for a pool table why not consider picking up an air hockey table or a foosball table? They are just as fun and come in a variety of styles and sizes.If you are more technically inclined, why not take a look around and pickup that arcade game from your youth that you still yearn to play. These can get expensive but your buddies will just drop their jaws.
Movie Room
This is every guy’s geek-fuelled dream. Not to be confused with a living room or the game room - a movie room is an all-leather, high-definition, surround-sound space devoted only to the best in digital excitement.This is a place to watch the big game, hook-up and play that PS3, and to prove that going out to the movies is for suckers. If you do decide to take your spare room in this direction - make sure the room has enough space to accommodate all your technology and the required seating.When choosing a leather couch look for one that is overflowing. An overflowing couch allows you to sink in and get comfortable.
Home Office or Study
What? You gave up bringing work home in grade school. Why would you want an office? In today’s high-paced society, the need for a workspace at the homestead is rapidly becoming a requirement.A home office is a great place to get taxes and bills done, your to-do lists organized, and is a great home for your desktop computer. The best aspect of a home office is that it allows you to have a distraction-free space designated to getting work done.
Library
Maybe you are the type of person who would prefer thumbing through the latest bestselling paperback over watching the tripe that comes out of Hollywood. If so, why not convert your spare room into a room dedicated to showcasing your collection of Romantic poems and Renaissance plays?A home library will definitely add an aura of sophistication and majesty to your home. If you are building a library remember to choose high quality shelving units and don’t forget to get a comfortable chair, a soft wool blanket, and a high quality ottoman to allow for maximum comfort when curling up with that new book.
Creative Studio
Are you an aspiring musician? Got artistic talent? Why not turn your spare room into a creative area to foster your natural talent? Whether you play an instrument, write, or paint – creating a designated studio for producing and practicing your skills can substantially foster your creative developments. Try putting up encouraging quotations to help you get in the creative mood.
Home Gym or Yoga
Everyone wants to look their best, but yet everyone makes excuses about the difficultly of getting out to the gym. If you have the space, why not get the equipment and workout at home?It might be expensive at first but you’ll eventually save on the costly monthly fees. You’ll never be able to use an excuse for not working out ever again!
Plan Ahead
The most important factor when deciding what to do with a spare room is assessing your needs and than giving the room a specific identity and then going from there. If you don’t, you’ll find your spare room will soon become just another storage area
Sunday, February 17, 2008
Some Typical Closing Costs and Other Surprises
On the day of closing, buyers should be prepared to have extra money on hand to cover closing costs:
LAND TRANSFER COSTS
This is a provincial tax levied when title to land is transferred. It is payable by the Purchaser upon the registration of every transfer of land. (i.e. on closing day) The calculation of this tax on a single family home is based on the purchase price and increases as follows:
City of Toronto purchases are subject to a provincial and municipal tax effectively doubling the amount to be paid. Some rebates are available on the municipal portion for first time home buyers.
Commercial rates vary from the above residential rates
Typically, resale homes are exempt from GST. A home that is classified as ‘Extensively Renovated’ may be subject to GST. GST is payable on the fees paid to real estate agents, mortgage brokers, appraisers, lawyers’ fees etc.A new home is not exempt from GST even if the home is in an individual’s name! The GST may be paid by either the builder or the buyer, depending on what is negotiated at the time of purchase.
HOME INSPECTION
A professional home inspector may be employed by either the seller-prior to marketing the home for sale, or the buyer-prior to 'firming up' the offer. An inspection is done to ensure that no major deficiencies exist at the time of selling or buying. It is also a wonderful education for the buyers to 'learn' about their new home and some of the maintenance they can expect to look after. A list of reputable home inspectors is available.
MISCELLANEOUS
Remember the costs incurred with:
LEGAL FEES
Paid by both Seller and Buyer: A lawyer will charge a fee for his/her service plus pass on to the client all costs that are incurred in the process. A partial list of these items is as follows:
ADJUSTMENTS
The funds required to complete the transaction will include adjustments for prepaid expenses.For example, if a vendor had paid the property taxes for the entire year, the new purchaser would owe the vendor that prepayment. Other such adjustments are as follows:
MOVING COSTS
If you are hiring a professional mover, be sure to obtain a couple of quotes well in advance. Whether hiring professionals or calling on favours from friends and family, remember:
LAND TRANSFER COSTS
This is a provincial tax levied when title to land is transferred. It is payable by the Purchaser upon the registration of every transfer of land. (i.e. on closing day) The calculation of this tax on a single family home is based on the purchase price and increases as follows:
- 0.5% is levied on the first $55,000.00 of purchase price
- 1.0% is levied on the amount between $55,001.00 and $250,000.00
- 1.5% is levied on the amount between $250,001.00 and $400,000.00
- 2.0% is levied on any remaining amount over $400,000.00
City of Toronto purchases are subject to a provincial and municipal tax effectively doubling the amount to be paid. Some rebates are available on the municipal portion for first time home buyers.
Commercial rates vary from the above residential rates
HOME INSURANCE
Lenders will require that the home is protected against perils such as fire before the mortgage loan is advanced. Home Insurance must be arranged and in place in order to close your home.
FEDERAL & PROVINCIAL TAXES
Typically, resale homes are exempt from GST. A home that is classified as ‘Extensively Renovated’ may be subject to GST. GST is payable on the fees paid to real estate agents, mortgage brokers, appraisers, lawyers’ fees etc.A new home is not exempt from GST even if the home is in an individual’s name! The GST may be paid by either the builder or the buyer, depending on what is negotiated at the time of purchase.
HOME INSPECTION
A professional home inspector may be employed by either the seller-prior to marketing the home for sale, or the buyer-prior to 'firming up' the offer. An inspection is done to ensure that no major deficiencies exist at the time of selling or buying. It is also a wonderful education for the buyers to 'learn' about their new home and some of the maintenance they can expect to look after. A list of reputable home inspectors is available.
MISCELLANEOUS
Remember the costs incurred with:
- Telephone
- Cable Companies
- Cable/Internet
- Tax Adjustments
- Incidentals
- Post Office(redirection of mail)
LEGAL FEES
Paid by both Seller and Buyer: A lawyer will charge a fee for his/her service plus pass on to the client all costs that are incurred in the process. A partial list of these items is as follows:
- Registering transfer & mortgage
- Obtain tax certificate
- Get utility arrears certificate
- Estoppels certificate. (Condo)
- Title Insurance
- Manage closing day
- Courier, photocopying etc.
- Title Insurance
ADJUSTMENTS
The funds required to complete the transaction will include adjustments for prepaid expenses.For example, if a vendor had paid the property taxes for the entire year, the new purchaser would owe the vendor that prepayment. Other such adjustments are as follows:
- Property taxes
- Utility bills
- Condominium fees
- Interest Adjustments
- Oil Furnaces are typically filled on closing and the buyer pays for the full oil tank as an adjustment on closing.
MOVING COSTS
If you are hiring a professional mover, be sure to obtain a couple of quotes well in advance. Whether hiring professionals or calling on favours from friends and family, remember:
- boxes, packing tape, packing foam, labels
- dolly and truck rental fees
- pizza
Saturday, February 16, 2008
More Young Homeowners in Rural Areas than Cities
Young adults in rural and small towns were more likely to become homeowners than their counterparts in Canada's three largest cities in 2006, says a report from Statistics Canada.
The report cites higher housing costs in Vancouver, Toronto and Montreal as the main reason for the gap. Another factor is the relative scarcity of rental housing in less populated areas.
In the study, Statistics Canada defined "young adult" as those between the ages of 25 to 39.
In Canada, six of every 10 people aged 25 to 39, who did not live with their parents, owned their own home in 2006.
The study, based on data from the 2006 General Social Survey (GSS), showed the proportion was highest (71 per cent) among people in the age group who lived in a rural area or small town.
In contrast, 54 per cent of people from the age group owned their own home in Vancouver. The amount dropped to 53 per cent in Toronto and 48 per cent in Montreal.
The study found that household income was one of the "biggest" factors on the likelihood of owning a home.
Only 22 per cent of young adults reporting a household income of less than $30,000 annually were homeowners in 2006. On the other hand, 68 per cent of those with a household income of $50,000 to $80,000 were homeowners, as were 82 per cent of those with an income of $100,000 or more.
Still, in rural areas 40 per cent of young adults who had household incomes of under $30,000 annually were homeowners. The rate was only 16 per cent among young people living in one of Canada's six largest metropolitan areas.
Additional Factors
Overall, three-quarters of those aged 25 to 39 who no longer lived with their parents said owning their own home was very important to them.
Aside from rising housing prices, many in the age group delayed buying a home because they decided to stay in school longer.
Young adults were most likely to own a home if they were married and had children.
In 2006, 79 per cent of married young adults who had children owned their own home. This proportion was only 40 per cent among individuals living alone and 33 per cent among single parents.
Almost two-thirds (64 per cent), of young adults born in Canada and no longer living with their parents were homeowners.
Meanwhile, less than half (48 per cent) of those who immigrated five to nine years prior to the survey were homeowners.
Homeownership rates also varied with age and employment.
Only 38 per cent of young people between the ages of 25 and 27 owned their own home in 2006. In contrast, 73 per cent of those aged 37 to 39 owned a home.
The report cites higher housing costs in Vancouver, Toronto and Montreal as the main reason for the gap. Another factor is the relative scarcity of rental housing in less populated areas.
In the study, Statistics Canada defined "young adult" as those between the ages of 25 to 39.
In Canada, six of every 10 people aged 25 to 39, who did not live with their parents, owned their own home in 2006.
The study, based on data from the 2006 General Social Survey (GSS), showed the proportion was highest (71 per cent) among people in the age group who lived in a rural area or small town.
In contrast, 54 per cent of people from the age group owned their own home in Vancouver. The amount dropped to 53 per cent in Toronto and 48 per cent in Montreal.
The study found that household income was one of the "biggest" factors on the likelihood of owning a home.
Only 22 per cent of young adults reporting a household income of less than $30,000 annually were homeowners in 2006. On the other hand, 68 per cent of those with a household income of $50,000 to $80,000 were homeowners, as were 82 per cent of those with an income of $100,000 or more.
Still, in rural areas 40 per cent of young adults who had household incomes of under $30,000 annually were homeowners. The rate was only 16 per cent among young people living in one of Canada's six largest metropolitan areas.
Additional Factors
Overall, three-quarters of those aged 25 to 39 who no longer lived with their parents said owning their own home was very important to them.
Aside from rising housing prices, many in the age group delayed buying a home because they decided to stay in school longer.
Young adults were most likely to own a home if they were married and had children.
In 2006, 79 per cent of married young adults who had children owned their own home. This proportion was only 40 per cent among individuals living alone and 33 per cent among single parents.
Almost two-thirds (64 per cent), of young adults born in Canada and no longer living with their parents were homeowners.
Meanwhile, less than half (48 per cent) of those who immigrated five to nine years prior to the survey were homeowners.
Homeownership rates also varied with age and employment.
Only 38 per cent of young people between the ages of 25 and 27 owned their own home in 2006. In contrast, 73 per cent of those aged 37 to 39 owned a home.
Subscribe to:
Posts (Atom)
