| Buyer: Look for Future…
Visiting an open house |
Seller: Tips for kitchen reno
Get the best bang for your buck |
Look to the Future when home buying
With today’s interest rates at near record lows, many people are recognizing that a mortgage payment on a house can actually be comparable to what they would spend on renting an apartment or home. Perhaps you’re one of them and are ready to take a step up the property ladder.
For most people, buying a home is the most significant financial investment they’ll ever make, and there’s a lot of planning that goes into a successful transition. With that in mind, here are a few tips to help buyers navigate the home buying process:
Consider future needs. Look ahead and anticipate what your family may look like just a few years from now. If you’re a single buyer, you may someday add a ‘significant other’ to your household. If you’re a young couple, you may be planning on children. Or you may already have children whose needs will change within just the next few years. As they get older, perhaps your children will need a bedroom of their own, or some private play space. Though additional space may not be needed immediately, it’s important to consider potential future plans for a home. Keep in mind that there is no such thing as the “perfect” house. Instead, determine what’s essential for the near future – number of bedrooms, approximate square footage, community, etc. But be cautious. Look to future needs but don’t overextend yourself buying space you may not ever need.
Remember resale. Purchasing a home is a great long-term investment. However, there are many reasons home buyers may need to move again, such as relocating for a job or a major lifestyle change. Think about the length of time that the home may be owned and during your search, also consider the potential resale value of prospective properties you are viewing. Your local Coldwell Banker professional can help by sharing such valuable information as the average price of resale homes in the area, how long each property has been on the market and what features increase – or detract – from a home’s value and appeal.
Plan for maintenance and repair costs. Owning a home is a rewarding experience. However, along with a set of house keys come certain responsibilities for upkeep. A leaky faucet and unkempt lawn won’t take care of themselves, so be sure to include future repairs and maintenance in your household budget. Keep in mind that certain properties such as condominiums and town homes require less exterior maintenance and might be a good option for those who find the idea of maintaining a yard a bit daunting.
Want to know more about the home buying and selling process? Contact your local Coldwell Banker sales representative for the inside scoop on your market.
Real estate consumers want an Ultimate Service® experience
In today’s marketplace, Canadian consumers are constantly being inundated with advertising claims from a number of real estate brands, many of which sound very similar from one company to the next. The consumer is left wondering whether there really is a difference between real estate companies.
That was a key reason why Coldwell Banker developed Ultimate Service®. While other brands or real estate professionals may talk about quantity – how many homes they’ve sold, or other such numbers — Coldwell Banker focuses on quality. The quality of service that Coldwell Banker professionals deliver to home buyers and sellers across Canada through a unique program called Ultimate Service.
It all starts with listening. Every customer and every transaction is different. Only by listening to the customer and truly understanding their individual needs, can you deliver a value proposition that will meet those needs.
There are three distinct steps to the Ultimate Service marketing process:
– First, we listen to the customer
– Second, — together with the customer — we develop a customized service plan to meet their needs…and then commit to that service plan, in writing. We offer a signed pledge to customer satisfaction in the form of our Buyer and Seller service guarantees
– And finally, we give our customers an opportunity to evaluate our service in the form of customer satisfaction surveys.
The satisfaction surveys benefit the consumer in two ways. First of all, it helps us to continually evaluate and refine their service. Only by constantly improving can you ensure that your service stays ahead of your customers’ expectations.
But there’s another way that our survey benefits the consumer – it offers them a proven track record of our performance. In fact, Coldwell Banker Canada has just earned a 98% overall satisfaction rating from Canadian Home Buyers and Sellers. And what’s more, we’ve now done it for 13 years in a row!
Our Ultimate Service claim is unique in the real estate industry. Why? Because it’s based on what real, live customers had to say about the service experience delivered by their Coldwell Banker agent.
Our 98% satisfaction rating – which was tabulated by an independent third party company – was based on the responses of over 50,000 Canadian home buyers and sellers. No other company in real estate can make that claim.
When you choose Coldwell Banker, you don’t have to take our word for it that we provide outstanding service – just ask our customers!
Real Estate Matters
Tips for Visiting an Open House
There’s a lot of information out there for sellers staging an Open House, but surprisingly few guidelines for the people who come to view them. For some, an Open House viewing may simply be an impulse activity to satisfy their curiosity about a neighbor’s home. However, for serious buyers, especially First Time Buyers who have limited experience in seeing different home styles and layouts, visiting Open Houses can be a very worthwhile exercise.
To plan an effective Open House tour, you should start with a map. Plot out the addresses of where the Open Houses are located, and the times of showings to ensure that you make the most productive use of your time. Better still, plan your Open House tour on www.coldwellbanker.ca, and we’ll make up the list of all Open Houses in your target area, including times and do the mapping for you!
If you don’t already know the neighbourhood, then that’s the first place to start. Look at your map, and see where major transportation links are located, as well as parks, schools, shopping and amenities. If everything you see on the map looks good, then start out with a driving tour of the neighbourhood itself, before you devote some time to viewing individual houses.
If you plan on visiting an Open House, and you’re already working with a real estate salesperson, be sure to notify them in advance. Your sales representative can be a very valuable source of information about the neighborhood, and may possibly even be familiar with the individual property. Also, depending on the rules of your local real estate board, visiting an Open House without your agent present may result in conferring certain rights on the salesperson who is showing the property. If you discuss this with your salesperson before your visit, you’re ensured of having the right person to look after your interests when it’s time to make an offer. Of course, if you aren’t yet working with a sales representative, Open Houses can provide a great opportunity to not only look for the right house, but the right salesperson. What better way to see them in action, and find out quickly if you communicate on the same wavelength.
As you tour an Open House, try to see past the furnishings, and any personal clutter, and focus on whether the space and layout works for your needs. Don’t assume that what you see is what you get! Many things you see at the viewing, such as window treatments, light fixtures, appliances and even that hot tub on the back deck may not be included in the list price. Check details on the feature sheet and verify what’s included with the agent hosting the Open House.
When touring an Open House, be direct and ask questions. Remember, this is no time to be diplomatic. The real estate professional showing the home realizes that it may not be right for everyone. By keeping your comments open and direct, you help the sales representative to better understand your needs, and offer solutions to meet them.
Real Estate Matters – Buyers article
What makes a good neighbourhood?
There’s an old saying that ‘the three most important things in real estate are location, location, location. But what makes one community more desirable than another? Often, it’s the visible aspects of the neighbourhood such as pride of ownership in well maintained houses and clean, tree-lined streets. Sometimes it’s the intangibles: a look or feeling you get while driving down a street. When you’re house hunting, it’s important to remember that when you buy a home you’re also buying the neighbourhood.
Your home is probably the single largest investment you’ll ever make. So, it’s wise to buy in an area that is stable and has a good reputation. A community’s reputation is based on many factors, including close proximity to a thriving economic centre. Look for good schools and easy access to public facilities such as libraries, parks and recreation centres. Also consider commute time: how long will it take you to get to work? Remember not to make that decision based on how long it takes to make the drive to view the house, but actually during rush hour. Are you the type of person who doesn’t mind an hour’s drive each way to work? Or do you prefer to take public transit?
Before you purchase a home, it’s a good idea to check with the planning and zoning departments at city hall for proposed developments in the area. If you’re looking for a quiet area away from the hustle and bustle, you’ll want to know if there’s a proposed shopping mall going in at the corner. Or could there be an office tower slated to back up against your backyard?
The resale potential of the neighbourhood is important too. Your Coldwell Banker sales representative can create a report for you, showing the properties listed and sold in the area, and discuss the potential for appreciation in property values.
Try to get a sense of the community before you move in. Make several trips to the area you’re considering. Visit on different days of the week at different times of the day and night. Do you like what you see? Do you feel comfortable? Talk to residents—they are a wealth of knowledge about the area amenities and the community spirit. Read a few issues of the local newspaper to get up to date on current initiatives and developments. You might even want to visit the local library or community center to get an overview of what’s going on in the area.
You can rely on your Coldwell Banker sales representative to be a fountain of information too. Then, when it comes time to buy your first house, you’ll choose a community where you’ll feel right at home.
Real Estate Matters – Buyers article
The Value of a Home Inspection
Buying a home is probably the single largest investment you’ll ever make, and you want to ensure you get the best value for your hard-earned dollar. That’s why more and more buyers today are turning to professional Home Inspections. Prospective home buyers, especially first timers with less experience than a repeat buyer, may not always be able to anticipate potential problems down the line. Here’s where the Home Inspector can help.
A professional Home Inspector takes a close look beneath what’s on the surface, and then prepares a detailed written report for the prospective buyer on what repair and maintenance work is required now, or is likely to arise in the near future, as well as help you estimate how much this work might cost. The Inspector should look at such things as the condition of the foundation, electrical service, roof, insulation, and other structural factors. Your Coldwell Banker real estate professional can help you connect with an experienced Home Inspection service in your community.
Although costs will vary, you can probably expect to spend a few hundred dollars for an inspection of a single family home. And who pays for it? Well, since the benefit of a home inspection is almost entirely that of the buyer, it’s often the buyer who pays the full cost. However, there’s no set rule, and as with most things in real estate, the cost and who pays for it is negotiable. All things considered, it’s a small price to pay for the peace of mind it provides, and the negotiating power it can give you as an informed buyer — especially if the inspection indicates that there are major repairs required. Under such circumstances, you may still decide to proceed with your offer, but take the cost of the upcoming repairs into consideration when you decide on your offer price.
When it comes to making your offer to purchase, your Coldwell Banker professional can advise you how to allow for a satisfactory home inspection as a condition of your offer. Provided you can obtain the homeowner’s permission,
a home inspection can be arranged either before your offer is submitted, or after your conditional offer is accepted by the seller. If the conditional offer is accepted, the property owner is temporarily heldfrom accepting any other offers during a specified time period, so that you can get the inspection done and review the report before you’re locked in. More importantly, you have a legal escape route if the report turns up some major negative surprises, such as a bad roof or a crumbling foundation.
Your Coldwell Banker sales representative can counsel you further on the best approach to suit your market and your individual situation.
First Time Buyers site content
Tips for a Smooth Move
To paraphrase an old real estate saying – the three most important factors for a stress-free move are: planning, planning, and more planning. Plan your move at least one month in advance. Set up an expense log, and start lining up your suppliers – movers, storage companies, delivery of new appliances or furniture. Don’t forget painters, carpet installers and other services working on your new house prior to your move-in date.
Now is the time to minimize the number of items you have to move. Discard unwanted items, hold a garage sale, and collect boxes. Notify friends, relatives, the post office, and companies you do business with of your change of address. Don’t forget about those companies you might contact only once a year, such as life or car insurance companies.
Contact your real estate lawyer to confirm who will be handling the changeover of various utilities and services. Typically, utilities such as power, gas, water, etc. are handled by your lawyer as part of the final adjustments on the sale’s closing. Other services, particularly cable television, internet and telephone services, you’ll probably be instructed to handle on your own. Try to schedule utilities and service connections before you arrive at your new house – and book your appointments as far out in advance as possible, especially if you plan to move at month end, or you might find yourself on a waiting list.
Make a floor plan of the new house and plan where everything will go. Don’t guess – take measurements of room dimensions and major furniture items and then lay everything out. You don’t want pay movers an hourly rate to move Grandma’s piano four times because it just doesn’t fit! When you’re packing, label boxes clearly by contents and by room, and on moving day, provide movers with a copy of your floor plan so they’ll know exactly where to put the boxes for ‘Johnny’s bedroom’. Remember to provide plastic sheets to protect carpets.
Prepare a list of the items you wish to move personally such as jewelry and precious breakables. Pack your pillows, a set of sheets and blankets, along with your nightclothes, a towel and toiletries to take with you in your car. Then at the end of a long and tiring day, you can get ready for bed without having to sort through 50 boxes. You might also pack a lunch complete with utensils, napkins, condiments, (and perhaps a wine opener?) to enjoy your first meal in your home as a picnic on the living room floor. And if you like a cup of coffee in the morning, you’ll want to pack the coffee maker and all the fixings to take in your car as well.
These little things can add up to a pleasant adventure on moving day, rather than an exercise in frustration for you and your family. Ask your Coldwell Banker real estate representative for more advice about hassle-free moves. They’ve been through this with hundreds of customers, so they’re the experts!
Real Estate Matters – First Time Buyers
To Buy or Rent – that is the question!
For a lot of people, the number one reason they choose to rent versus buy their own home is their fear of signing their name to a long-term mortgage agreement. But let’s face it – very few of us can go through life without paying for our place of residence in one form or another. In that sense, you’ve already made a commitment to a fixed schedule of payments for housing — whether it’s in the form of a mortgage or a rental lease. In actual fact, one of the major advantagesof a mortgage agreement is that it usually covers a longer time period than a lease — which can work in your favor. Since no one can guarantee what your rental payments may be two or even five years down the road, your mortgage agreement actually protects you from the increases – compounding annually — you can often encounter when you rent.
Nevertheless, some people are still intimidated by the total debt that a mortgage agreement represents. Yet if you added up all the rental payments you could expect to pay over an extended period of time, you may find that going the mortgage route is actually the more affordable of the two options. With today’s relatively low mortgage rates, and creative financing options, the cost of carrying a home may be lower than what you might expect. Your Coldwell Banker real estate professional can show you how owning your own home may be more affordable than you ever imagined.
While making mortgage payments may actually be more affordable than paying rental costs, let’s not lose sight of the biggest financial benefit of buying a home.
The simple fact of the matter is, when you rent, you’re slowly but surely building someone else’s ownership equity in the property. On the other hand, when you buy a home, a portion of your mortgage payment is building personal equity for you. And if sometime in the future, you decide to sell, that equity is something you’ll take with you as you make your next move.
Lastly, let’s not forget the creative freedom and pride of ownership that comes with owning your own property. When you buy, you decide the extent of home improvements, and decor changes you want to make. You decide on color schemes and where you want to build that bookcase. Maybe best of all, you gain the equity that those improvements add to your home. Spending money to improve a rental property just puts value in someone else’s pocket.
If you’re tired of paying off someone else’s home for them, talk to your Coldwell Banker real estate professional for a no obligation consultation and find out how to make your dream of home ownership a reality.
Real Estate Matters – Buyer article
How Much Home Can You Afford?
Part One – Budgeting your Carrying Costs
Finding the right property at an affordable price can sometimes be a challenge. When it comes to deciding just how much home you can afford, there are two kinds of expenses you’ll need to consider – the ongoing or ‘carrying’ costs of the home, and your closing costs.
The first step in determining your carrying costs is to get pre-approved for a mortgage. By pre-qualifying for a mortgage, you can find out up front what your maximum mortgage payment might be, even before your home search begins. Your lender will look at your earnings, credit history and any outstanding debt, and help you determine what size loan you qualify for, at what rate, and what your regular mortgage payments would be. Being pre-qualified offers another advantage, since it puts you in a stronger negotiating position when you go into an offer with pre-approved financing.
Once you’re pre-approved, the next step is determining what you actually want to spend on your mortgage payments. Remember, your pre-approved mortgage establishes the maximum amount of loan you’d qualify for, but you may decide that you want to aim at a smaller loan, with a lower payment.
Be realistic and think about your lifestyle. Although it may seem feasible to handle a sizable mortgage payment at first, keeping it up may eventually require cutting back on other expenses, such as clothing, or entertainment. Make sure that if you plan to make any concessions in these areas, you’re prepared to live with your decision until there’s a change in your income. Owning a home can give you a tremendous amount of pleasure and personal satisfaction, as long as you plan for adequate resources to enjoy it with some peace of mind.
With your estimated mortgage payment in mind, the next step is to determine your total carrying costs. Add up all your estimated monthly costs, such as the mortgage payment, property taxes, insurance, heating costs and other utilities. Then add a figure to cover yearly maintenance and upkeep. Consider both the interior and exterior of the house, as well as the garage, driveway, landscaping and all other aspects of the property when you arrive at this figure.
When preparing your budget, be sure that you also make allowance for a “contingency fund” to cover unexpected expenses such as a major repair or the replacement of a large ticket item, such as an appliance. Life sometimes has a way of surprising us, and you don’t want to start out with a budget that’s so tight, there’s no room for the unexpected.
Real Estate Matters – Buyers article
How Much Home Can You Afford?
Part Two – Closing Costs and Moving Expenses
After you’ve estimated your mortgage payment and other ongoing costs for carrying your first home, you’ll also need to consider the one-time expenses associated with the purchase of a property. This includes your closing costs, as well as your moving expenses.
Be aware that there is no set rule for what’s included in closing costs, or how they’re calculated. Closing costs can vary significantly from property to property, but may include home inspection fees, appraisal fees, title search, survey costs, home insurance and lawyer’s fees. Some of these costs may be shared with the seller, while others are payable by the buyer only. Your Coldwell Banker salesperson can give you helpful advice about specifying a cost-sharing agreement for some of these related costs within your offer to purchase.
You will also be required to reimburse the seller for a proportionate share of specific housing expenses that have been pre-paid by the seller and continue after your closing date. These pre-paid expenses usually include property taxes and utilities, and the amount is typically equivalent to only a few months service. Your real estate lawyer will give you an exact accounting of these expenses upon closing, so be sure to discuss this with your lawyer in advance, so you will have sufficient funds available to cover these costs at that time. After these one-time adjustments are made, and the transfer of ownership is completed, you will pay for such expenses directly in future.
In addition, you’ll also have to budget for your relocation costs. This could include such costs as a moving company truck and labor, packing charges, boxes and wrapping materials, or rental of a vehicle or trailer if you’re doing all or part of the move on your own. There can be a wide variation of costs for these types of services, so you should start planning well in advance, and obtain comparative quotes from more than one mover. Get the quotes in writing and ensure that all the required equipment, staffing and materials are documented. Ask the provider to specify what charges may apply if your move does not proceed on schedule. Be sure to read all the fine print carefully, so you understand upfront what other charges, such as waiting time, or a late return charge you might incur that are not planned for in the initial quote.
Your Coldwell Banker salesperson can be a valuable resource here too. Not only can they help you estimate carrying and closing costs, they can also recommend experienced and trusted service providers to help you keep the cost of moving and home ownership affordable and keep your move hassle free.
Real Estate Matters – Buyer focused article
Do You Need a Property Survey?
As a prospective home buyer, you’ve probably got a lot of questions about the buying process, and you may be wondering whether you need an up-to-date property survey. For buyers, the answer is generally, yes. However, rather than simply relying on the short answer, you need a clear understanding of when and why you should have one done.
Property surveys are usually done for the benefit of the buyer. A property survey usually resembles a map, and includes dimensions and written details of the property and every permanent structure on it. The original survey is carried out with the construction of a house. Over time, improvements may be made to the property, such as fences, a deck, a pool, garden shed, and so on. Additions to the house itself, such as a porch, or even an extension may also have been built after the original construction.
In addition to structures, certain easements – that is, the right to access the property – may have been added to allow power, water or telephone companies access for service purposes. If such changes have occurred since the last survey was done and do not appear on the most recent document, then the survey is out of date and thus will have little value in the real estate transaction
If the survey shows certain deficiencies, such as a fence that’s located outside the property line, you as the buyer can then ask the seller to correct the problem before completing the purchase. Your Coldwell Banker real estate professional can prepare an offer to purchase that is conditional upon receiving an up-to-date survey that’s acceptable to you. Also, be aware that some lending institutions require the buyer to provide a current survey of the property being purchased before they will grant final approval of a mortgage loan. You can ask your lender about this when you arrange to be pre-qualified for a mortgage.
When a seller has a current survey for their listing, it’s a great plus, since this can help to ensure the correct information is properly disclosed, which in turn helps your transaction to move smoothly to completion. It should be noted that not every transaction requires that a new survey be completed at the time of sale. It depends on when the last survey was completed and whether any improvements or changes have taken place since then. A survey that was completed a few years ago may be completely valid if there have been no further changes.
If a survey is needed, and no up-to-date version is available, you may be wondering who pays the cost to have a new survey done. The time to raise this question is during the negotiations with the seller. The seller is under no obligation to provide any such documentation, or to participate in the cost of a new one, unless it’s spelled out in the offer. Ask your Coldwell Banker salesperson for their expert advice on this and any other real estate matter.
Seller: Tips for kitchen reno
Get the best bang for your buck
Smooth moves
Home energy savings
What’s worth renovating
Real Estate Matters
Phasing in a major renovation
Renovating a home can be a rewarding and exciting experience, but all too often it can also be costly, disruptive and stressful. Many homeowners feel that they have to make compromises in their ideal plan in order to accommodate their budget and their schedule. Granted, as with most things in life, compromise is usually a part of any successful renovation. However, rather than cutting corners on features or materials, one of the compromises that you can opt for is taking more time to complete the renovation you want, on your own terms. By spreading out the various stages of your renovation into specific groupings, such as excavation and foundation work; framing, plumbing and electrical; drywall and painting; or flooring, you can plan on some well-timed breaks in between. You can gradually move toward completion without putting as much strain on your bankroll as you would rushing to do the entire project in one year.
If you’re thinking of renovating by degrees, a good starting point is research and planning. First of all, what are your goals for this renovation, and what is your timeline? Are you planning on creating a dream kitchen where your family will spend the majority of its time for many years to come? Or are you just looking to freshen up the look, but plan to move within the next two or three years? Defining your objectives and time frame can really help you to decide what’s worth doing now, what can be done in degrees, or what’s worth doing at all. Your public library and city planning offices can be a wealth of information on the various stages and requirements for home renovations.
Your Coldwell Banker sales professional will be happy to discuss how the resale potential for your home might be affected by any renovations you may be planning. Your local financial institution can advise you on the most cost effective way to finance your renovation. Usually a line of credit secured against the equity you’ve already built up in your property is one of the most cost efficient options available to you.
Of course, your contractor is the most important person to include in the investigation and planning process. Make sure that your contractor understands your goals not only for the immediate stage of your project, but also for any future enhancements you may be planning. Your contractor is responsible for getting a building permit and ensuring that your long range plan conforms to the building code and regulations of your municipality. Don’t assume you can simply add on later when the time is right. Once you’re armed with the right information, you are better able to make an informed choice.
Real Estate Matters
Tips for cost effective kitchen renovation
If you’re thinking of selling your home in the near future, investing in a few well-conceived improvements could pay you bigdividends in terms of improving your resale value The big question is: where to spend your money? Whether you’re selling in the near future or at some later date, your first consideration should be the value you place on the improvements while you’re continuing to live in the home. After taking that into consideration, there are several guidelines that can help you achieve the best return on your investment. The kitchen is normally the focal point of any house. It’s the high point of virtually every potential buyer’s walkthrough – male and female alike. As such, improvements to this area are almost always a worthwhile investment.
As a general rule, the more visible an improvement is, the better your chances for a good return on your investment. For example, mentioning you have a new water heater or plumbing upgrade won’t have the powerful visual impact of a new kitchen counter top or tile backsplash — even though they may cost the same. Refacing your existing kitchen cabinets is a lower cost option than replacing all your cabinetry. If you’re thinking of a major kitchen renovation, focus your energy – and your budget – on creating new work surfaces and improving function or traffic flow, rather than simply focusing on adding more floor space.
For the more budget conscious, a fresh coat of paint is one of the least expensive improvements that can create a favourable first, and lasting impression on buyers. In fact, dollar for dollar, a fresh coat of paint often delivers one of the best returns on your investment. So, why stop with the walls? Painting your kitchen cabinets and simply replacing your handles with updated hardware can revitalize the entire look of your kitchen and strengthen its visual appeal.
Remember when choosing your colours that light colours can make a room appear larger, and neutral shades will be most appealing to the greatest number of potential buyers. Another optical effect that will help create the illusion of more space is to install new flooring or backsplash tiles on the diagonal to draw the eye up and away on the longest line possible.
A new tap, and possibly even a new kitchen sink are also very affordable options to give your kitchen a quick and affordable ‘facelift’.
Lighting is also a very affordable way to improve the look and the function of your kitchen space. For a very minimal investment, the new halogen light fixtures can illuminate your workspace while adding ambiance to your kitchen. Small under the cabinet halogen pot lights take up little space, and can add a modern flair.
If you’re not sure what’s worth doing or where to start, why not contact your local Coldwell Banker professional? Your Coldwell Banker sales representative is a great source of information and can tell you what improvements will show well to prospective buyers in the future.
Real Estate Matters
Get the best bang for your renovation buck
Now more than ever, Canadian homeowners are venturing into the domain of home renovating. Many Canadians look forward to enjoying the new, attractive or functional features that these renovations can bring to their everyday life. Yet more and more, market-savvy homeowners are spending thousands of dollars on home improvements, just to turn around in a short period and put the property up for sale. Renovations may not sound like a novel idea in terms of adding market value to your home. However, knowing how and where to use your money can help you achieve the best return on your investment by delivering an improved listing price when the time comes to sell.
The two most prominent areas of your home that will affect its selling appeal are the kitchen and bathrooms, so these are two prime areas to focus on if you’re looking for the biggest bang for your renovating bucks. For bathrooms, if you’re looking to improve resale value, then focus your efforts first on the main floor bath or powder room. Buyers decide on a home within the first few minutes, and it will be the only one they will have seen in that time. Besides, it’s usually the bathroom all your visitors use and it’s typically small – perhaps a half bathroom – so it’s a good place to splurge and achieve maximum impact for a relatively low expenditure. After the main floor, the master bath is most worthy of premium fixtures and upgrades, because that’s the one prospective buyers will visualize themselves using. For these two rooms, you don’t necessarily have to break the bank by replacing tubs and sinks. New products such as porcelain tub paint or even a full insert that mounts on top of your existing tub can give your bathroom a fresh as new look. Where it will pay off in the end to spend some money is with new, modern faucets and perhaps a new light fixture.
No other fixture in the home gets more use than the kitchen faucet – so don’t skimp here! A good idea is to choose one of the latest washer less styles that minimize internal seals and components that can wear out. Spend the extra couple of dollars on stylish, advanced faucets that will give years of leak-free service. While the plumbing for the faucets are out, you might decide to replace the kitchen sink – a good investment if yours is showing signs of obvious wear.
The countertops in the kitchen and bathrooms are another guaranteed-return home improvement. If the cost seems a little daunting, don’t be discouraged. New melamine paints can rejuvenate an outdated counter surface with today’s new cool neutral shades. If your counter is scratched and worn, there are new countertops available today, which are custom ordered pieces according to your specifications that are placed over top of your existing counter. The end result is a low cost, limited effort alternative that gives you the look of solid granite!
You can speak with your local Coldwell Banker sales professional today to give you further ideas on how to best improve your home in terms of market value.
Real Estate Matters
How to pay off your mortgage quickly
Many financial planners will tell you that one of the best investment strategies you can adopt is to pay off your mortgage in the shortest time frame possible. Here are a few tips to put your mortgage repayment schedule on the fast track, and with a minimum of hassle and stress.
- Select the most frequent payment option available. By choosing to make your mortgage payment on a bi-weekly, or better still, a weekly basis versus monthly payments, the result is making extra payments every year. Over the life of your mortgage loan, this approach can save you thousands of dollars in interest, and pay off your mortgage years earlier. Best of all, you’ll hardly notice the difference, since you’ll simply be making regular payments.
- Consider a closed mortgage. Getting the lowest rate mortgage available just seems like common sense, yet a great many homeowners choose open mortgages versus the lower rate closed versions. Unless you’re expecting a windfall and are planning to pay off your mortgage before the end of it’s term, closed mortgages may be your best choice. Although you can’t add extra money whenever you wish, most closed mortgages allow for an annual lump sum payment, perhaps ten percent of the loan. Talk to your lender to find out what provisions their closed mortgages offer for repayment. In most cases, you’ll find that the lower rate closed mortgage offers you the best alternative.
- Shop around for mortgages. Gone are the days of “one-stop financial shopping” when people routinely arranged for mortgages at the same place where they did their banking. Your mortgage represents one of the biggest financial commitments of your life, so it pays to do some research and a little comparison shopping. There may also be some financing options available to you that you haven’t even considered. Ask your Coldwell Banker real estate professional to tell you more.
- Lock in rates while they’re at their most affordable. A good way to protect yourself against a potential increase in interest rates is to get pre-qualified for a mortgage, and lock in your interest rate now with your lender. A difference of even a quarter percent in interest can add up to thousands of dollars over the life of a mortgage. Rates are very favorable right now, so why not protect yourself and lock in the current rates while you look for a home, and avoid the risk of paying a higher mortgage payment if rates go up before you close.
Real Estate Mattes
Tips for a Smooth Move
To paraphrase an old real estate saying – the three most important factors for a stress-free move are: planning, planning, and more planning. Plan your move at least one month in advance. Set up an expense log, and start lining up your suppliers – movers, storage companies, delivery of new appliances or furniture. Don’t forget painters, carpet installers and other services working on your new house prior to your move-in date.
Now is the time to minimize the number of items you have to move. Discard unwanted items, hold a garage sale, and collect boxes. Notify friends, relatives, the post office, and companies you do business with of your change of address. Don’t forget about those companies you might contact only once a year, such as life or car insurance companies.
Contact your real estate lawyer to confirm who will be handling the changeover of various utilities and services. Typically, utilities such as power, gas, water, etc. are handled by your lawyer as part of the final adjustments on the sale’s closing. Other services, particularly cable television, internet and telephone services, you’ll probably be instructed to handle on your own. Try to schedule utilities and service connections before you arrive at your new house – and book your appointments as far out in advance as possible, especially if you plan to move at month end, or you might find yourself on a waiting list.
Make a floor plan of the new house and plan where everything will go. Don’t guess – take measurements of room dimensions and major furniture items and then lay everything out. You don’t want pay movers an hourly rate to move Grandma’s piano four times because it just doesn’t fit! When you’re packing, label boxes clearly by contents and by room, and on moving day, provide movers with a copy of your floor plan so they’ll know exactly where to put the boxes for ‘Johnny’s bedroom’. Remember to provide plastic sheets to protect carpets.
Prepare a list of the items you wish to move personally such as jewelry and precious breakables. Pack your pillows, a set of sheets and blankets, along with your nightclothes, a towel and toiletries to take with you in your car. Then at the end of a long and tiring day, you can get ready for bed without having to sort through 50 boxes. You might also pack a lunch complete with utensils, napkins, condiments, (and perhaps a wine opener?) to enjoy your first meal in your home as a picnic on the living room floor. And if you like a cup of coffee in the morning, you’ll want to pack the coffee maker and all the fixings to take in your car as well.
These little things can add up to a pleasant adventure on moving day, rather than an exercise in frustration for you and your family. Ask your Coldwell Banker real estate representative for more advice about hassle-free moves. They’ve been through this with hundreds of customers, so they’re the experts!
Real Estate Matters
Home Energy Saving Ideas
Energy costs can take a big bite out of any homeowner’s budget, so you need to know how to be energy-wise. Here are a few quick and easy ways to cut your energy bills with a minimum of time and effort.
One of the biggest energy expenses is your home heating bill, so let’s start there. You can significantly reduce your energy costs by installing a thermostat with an automatic timer that allows you to set the temperature back by a few degrees at bedtime, and returns the temperature to a more comfortable level before you get up. After all, why heat the whole house, when an extra quilt will keep you toasty and warm for a lot less money? On the flip side, when the temperatures ramp up, pre-set timers can reduce air conditioning costs too.
Similarly, if you have a room that isn’t used every day, such as a guest room or workshop, consider shutting the air register, and closing the door until you plan to use the space. Your furnace or air conditioning system won’t have to work so hard and you’ll pocket the savings while the rest of your home environment stays in the comfort zone.
You can also reduce the effect of ambient solar heating in summer and heat loss in winter with lined draperies or installing window blinds. Adding weather-stripping to seal drafts around doors can also result in big energy savings.
Insulation is an energy saver that works hard for you all year long. A one-time investment keeps your home cooler in summer and warmer in winter and the cost of installation can be recaptured in energy savings. Many local utilities and government bodies offer special incentives or rebates to help offset the cost of energy-saving improvements, so be sure to investigate what options are available in your market. Your Coldwell Banker real estate professional may also be a helpful source of information about local programs.
Old appliances may also be draining more power than you might think. Did you know that a refrigerator is one the biggest energy users in the house? So, if you have an old appliance that needs repair, don’t just look at the cost of fixing it, also think about how much energy it uses. Today’s newer appliances are far more energy efficient than their predecessors, so buying used appliances or repairing an old unit may not be the bargain that you think it is!
Real Estate Matters
Smart Sellers offer current Surveys
Since having an up-to-date property survey is generally of benefit to the buyer, sellers who can offer a current survey for their property will find it an attractive plus when promoting their listing. Providing a current survey to the buyer helps ensure the correct information is properly disclosed, and that helps your sale to move smoothly to completion. Sellers should also be aware that not every transaction requires a brand new survey. It depends in part on when the last survey was completed, and what physical changes have taken place since then. If there have been no improvements to your property, your current survey may be sufficient for your needs.
If a survey is needed, and no up-to-date version is available, you may be wondering who pays to have a new survey done. The time to raise this question is during the negotiations between buyer and seller. The seller is under no obligation to provide any such documentation, or to participate in the cost of a new one, unless it’s spelled out in the offer. Ask your Coldwell Banker salesperson for their expert advice on this and any other real estate matter.
