When you’re in the market looking for a resale home, you’re bound to come across listings that advertise “move-in-ready”. That simply means that there is little, if any, work that needs to be done after you’ve purchased the home. You should expect that it is freshly painted, there are no maintenance issues and everything works.
 
That can be a big advantage when buying a new home. You can move in and start enjoying the place right away! However, some listings may be priced a little higher because they are move-in ready. They also tend to show better and, therefore, attract more buyers – increasing the likelihood of multiple offers.
Is it worth paying a little more for a move-in-ready home? It depends. Consider the following:
 

1.What is the value in terms of convenience and time-savings of not having to do a lot of clean up, painting and other work when you move in?

2.What is the cost savings from not having to get repairs, renovations and other work done by a contractor or other professional?

When you factor those in, paying a bit more for a move-in- ready home may be a bargain!

Buying an older property definitely has its advantages. The neighbourhood will already be well-established, so you’ll be able to get a sense of the community. The trees will be grown. The area will have a defined character. This combination of an older home and established community may be something you like, or even love.
 
However, when you’re viewing an older home for sale, there are a few extra things you need to be sure to check. Here are the most important:
 
Needed replacements. Nothing lasts forever. In any home, there are items that will eventually need to be replaced. The most common include roofing shingles, furnace, water heater, air conditioner, windows, deck, and fencing. When viewing an older property, ask about the age of each of these items. You’ll get an idea of probable upcoming replacement expenses.
 
Building issues. Homes were built differently decades ago than they are today. So, there may be issues that need to be addressed by a new owner. Some can be serious, such as water leakage and structural problems. Others, less so, such as old electrical outlets that need to be updated. If there are issues like these, they’ll likely be identified during the professional home inspection.
 
Drafts. Drafts are common in older homes. Of course, that doesn’t mean they shouldn’t be fixed. Even modest infiltration of air through an old window or door with worn weather- stripping could add hundreds of wasted dollars to your energy bill each year. Look for signs of drafts when viewing a home.
 
The good news is, the overwhelming majority of these issues can be fixed easily. Don’t let them dissuade you from buying an older home you otherwise like.

When you have buyers coming to view your house, you want it to look its best. Lighting plays a key role in making a good first impression. Just think of the last time you walked into an unfamiliar space with lighting that was too dim, too bright, or just too harsh.

Experts say the best lighting illuminates the space adequately without being too intense. There’s a simple calculation to determine the wattage you need. It’s the area of the room in square feet (length x width) multiplied by 1.5. So, a 10x12 room would require three 60 watt bulbs.

However, the type of room also makes a difference. You may want more light in the kitchen and bathrooms, because these tend to be very active spaces. On the other hand, you may want your living room to be dimmer to create a more relaxed setting and atmosphere.

Windows also make a difference. On bright days, a room with a fair-sized window may only need a third of the wattage. Experiment with lighting in each room to achieve the desired effect.

Also, make sure your home is well lit during evening viewings. It doesn’t need to be so bright that it’s blinding! You’re looking for pleasant lighting throughout the home, including in traditionally darker spaces such as closets. Professional stagers say turning the light on above the stove is a good idea too.

Also, make sure the curtains are open, especially if there’s an appealing evening view. Open curtains add to the sense of spaciousness.

People tend to equate evenings with relaxation. Put on soft background music during a viewing and avoid anything loud or energetic, such as the television.

Finally, buyers are particularly sensitive to seeing clutter when viewing a home after dusk. As much as possible, try to make your home “guest ready”.

If you have a home that is overdue for a renovation, you might be worried that it will be difficult to sell as a “fixer-upper”. In fact, you might delay listing your property for that reason.

The good news is, you don’t need to fix up everything in your home to prepare it for sale. You can be selective and choose only those projects that are most likely to help your home show well and sell quickly.

Here are some projects to consider:

Repairs. Few things stand out more during a viewing than something in obvious need of repair. That includes minor issues, like a dripping bathroom faucet, as well as major concerns, such as the central air conditioning unit not working. Get these repairs done.

Painting. Painting is one of the easiest and most affordable DIY projects you can do. Yet the impact it can have on your home is stunning. Some rooms are completely transformed by a fresh coat of paint.

Kitchens & Bathrooms. Buyers love to see great looking kitchens and bathrooms. In fact, there are even magazines devoted just to those rooms! You don’t necessarily need to do a major renovation of these spaces, but a makeover can be a good idea. Consider replacing sinks, countertops, and/or cabinet hardware.

Floors. If the floors in any of your rooms have become worn and unsightly, look at options for refreshing them. Consider replacing carpeting, refinishing hardwood, and/or getting tiles professionally cleaned and polished.

Outdoors. Sometimes you can compensate (a little) for a less-than-ideal interior by sprucing up the outdoor space. Explore ways to improve your deck or patio, walkways, and landscaping.

Even if your home is older, you can make it more attractive to buyers with any one of these projects.

Want more ideas for finding eager buyers for your home? Call today.

If it’s been a while since you last moved, you might be wondering how much you'll need to spend on your next home. That's an important question to answer, even if you're just at the "thinking about it" stage and haven't decided whether or not you'll look for a new property.

After all, knowing your budget might influence your decision. How should you determine your budget?

The first step is to calculate the maximum you can spend. This involves adding the money you'll get from the sale of your current property after repaying your outstanding mortgage, to any other funds you have available to invest plus the maximum amount of mortgage you qualify to receive.

Of course, just because you may qualify for a large mortgage doesn't mean you want those bigger payments. So, the second step is to think about your needs. What features are a must in your next home? For example, you might want four bedrooms and anything less would be a deal-breaker.

Make a "must-have list". That list can by used to find a baseline of properties on the market — and then find their average asking price. This will give you an idea of what it would cost to find a home that meets your must-have list.

The third step is to go beyond needs and consider the features you want. These might not be deal-breakers, but you'd sure love to have them in your next home. They could be a large deck, a location in a desirable neighbourhood, a big country kitchen, etc.

Ask yourself how much you would be willing to pay for those desirable features. $20,000? $50,000?
Once you've gone through these steps, you'll have the information you need to match your needs and wants to what's available on the market — and you’ll know how much you might expect to pay for your next home.

Thinking about moving? Wondering how much you should budget for your next home? Give me a call, I’d love to help you prepare for your next move!

If you’re thinking of selling your home, you may be wondering about the current market demand for homes like yours. Will there be a lot of qualified buyers eager to see it? Will your home compete with so many similar listings that it may take a few weeks to sell?

In basic economics, demand is defined as the number of buyers versus the amount of inventory. There’s a fancy scientific formula that calculates demand, but in real estate terms it’s simple:

• High demand: More buyers looking than there are homes like yours available. (Example: 15 active buyers but only 10 homes like yours on the market.)

• Low demand: Fewer buyers looking than there are homes like yours available. (Example: 10 active buyers on the market and 15 homes like yours listed.)

The demand impacts not only how long it may take to sell your property, but also the asking price and marketing.

Fortunately, you can sell your home even in a low demand cycle. You just need to stage it well, price it right, and market it effectively.  

Thinking of selling?  Give me a call, I’d love to help you get the selling price your home deserves!

When you sell, you’ll probably want to get the best possible price for your property. Who wouldn’t? Unfortunately, there are many ways to inadvertently leave money on the table – sometimes thousands of dollars.

How do you avoid that possibility? Just remember the 4 Ps: 

• Prep. Do everything you can to prepare your home so that it looks great to buyers. Clean, declutter, fix, make improvements. Home staging can also help. In fact, effectively staged homes have been shown to sell for up to 5% more than comparable unstaged properties.

• Price. Set the right asking price. That’s crucial. If it's too low, you'll attract only deal-hunters — and you might end up getting less than you should. If the asking price is too high, however, you'll discourage those buyers who might otherwise be interested and willing to make a good offer. Be careful with pricing!

• Promotion. There may be qualified buyers out there who would be eager to see your property. But, they need to find out about your listing and the great features of your home first! Reaching these buyers requires more than merely profiling the listing on the MLS. Homes that sell for top dollar often have strong marketing — directed to the right buyers.

• Proposal. Once an offer comes in, there may be an opportunity to negotiate with the buyer to maximize the final price you get. This requires deep knowledge of the local market as well as street-smart negotiation skills. If done effectively, these negotiations can help put more money in your pocket. 

These four Ps are easy to remember, but sometimes not so easy to implement! That's why working with a great real estate agent is so important. Contact me to get the conversation started. 

As you probably know, it's easy to lower the costs of a renovation. Just hire an inexpensive, fly-by-night contractor — and hope for the best!

Chances are, you won't want to take that risk. So how do you ensure you get quality work while keeping your budget in check?

Here are some tips:

Get estimates from at least three contractors. Often prices can vary widely, even amongst contractors with similar reputations and experience.

Narrow the project focus. If you're getting a bathroom renovated, for example, decide whether you need the contractor to do the demolition and paint the new walls. Can you do that yourself?

Shop around for the building materials. Yes, contractors often have access to wholesale prices. Still, you might be able to find a bathtub and vanity at a lower cost.

Negotiate. Sometimes a contractor is willing to lower the price for concessions, such as quick payments or more time to complete the job.

Schedule the renovation during a low-demand season. For example, deck contractors might charge more in the spring than the fall. It's supply and demand. More people want their decks done in the spring.

Keep in mind that spending a little more for a skilled and reputable contractor can save you money in the long run. The renovation will have fewer, if any, "issues" (that may require an expensive fix) and will last longer. 

Depending on your decor and furnishings, some rooms in your home may appear to be smaller than their physical size. Since buyers are typically looking for as much space as possible, it’s important to make all your rooms seem, well, roomy!

Here are some tips that will help:

• Consider removing any unnecessary pieces of furniture.
• Experiment with rearranging the furniture. Determine which set-up makes the room look its best.
• Position tall furniture, such as armoires, on the longer walls.
• Lighten up on knick-knacks and similar items on tables and surfaces.
• Use mirrors to help create the illusion of more space.
• If possible, remove double or queen size beds from small
bedrooms and replace with twin beds. (Beds can be rented for home staging purposes.)
• In smaller bathrooms, keep shower curtains open.
• During viewings, open the window coverings. This leverages the most spacious room in the world – the outdoors!
• Make sure each room has ample lighting.

Your goal is to make each room in your home seem inviting, spacious and comfortable.

Imagine your coffee maker switching on by itself, staying on for hours, overheating and becoming a fire hazard. That's not science fiction. As more and more appliances incorporate WIFI, the opportunities for hackers to play havoc with your home gadgets increase.

How do you prevent that from happening? Here are some safety tips: 

• If your gadget uses a password to access the settings, change that password frequently. Ideally, change it once every 3 months.

• Some gadgets, such as alarm systems, come with their own connection to the internet. Learn how to turn that connection off if it becomes necessary to do so.

• Don't leave an internet-connected appliance or other gadget on constantly unless it’s necessary. For example, you don't need your home speaker system connected to your digital music providers all the time.

• Baby monitors with video are a common target for hackers. Use a password unique to that device and change it often. Never leave the monitor on when not in use.

• Never share passwords with anyone unless it is absolutely necessary. Most home WIFI systems have a "guest" feature with a separate password and limited access. Use it.

In this age of internet connectivity — from coffee makers to stereos and even washing machines — it's smart to play it safe. Know what's connected and protect yourself. 

Do you have only a few weeks to search for your next dream home? Don't panic. There are things you can do to find the perfect (or, at least, almost perfect) property — without getting too stressed out! Consider these tips:

• Pre-arrange your mortgage. You want to be able to make a good offer on a home right away, without worrying about financing. So, talk to your mortgage advisor or lender about getting a mortgage pre- approval. Sellers will take your offer more seriously if you have financing in hand.

• Decide what you want. What type of home are you looking for? What type of neighbourhood do you want to live in? The narrower your focus, the less time you’ll waste looking at properties that don’t fit your needs.

• Be open to possibilities. There are probably terrific homes on the market — right now — that are close to what you're looking for. So be prepared to consider properties that are less-than-perfect. Remember, what a home lacks today may be remedied with a renovation later on.

• Be flexible with your schedule. When you see a home you like, schedule a viewing immediately, even if it's at an inconvenient day/time, such as a weekday after work. Finding a great home, quickly, is worth some inconvenience.

• Get alerted to new listings. As they say, the early-bird gets the worm. So arrange to be alerted to new listings the moment they come on the market. That way, you can see these properties right away.

Want more tips on finding a home, quickly? Give me a call.