Paint the rooms in your house in neutral colors: This will appeal to the broader market. Imagine having 100 viewers in your house and your rooms are painted in bright vibrant colors. You may get 5 % who have the same taste in colors as you but what about the other 95%; they will be put off by the amount of work they have to do to change the color scheme. Painting your house in neutral color’s is one of the most effective ways of adding value to our house and one of the cheapest and easiest to achieve.
Depersonalize your home: If you have a lot of personal photographs on the wall and throughout your house take them down and box them for your new house. Prospective buyers want to imagine themselves living in a new house and find it harder to do this when you have the family photos all over the house. This is purely psychological but it does make a difference. Trust me!
Let the Sun Shine in! Open curtains and blinds to their maximum or in some cases take the curtains down altogether. This will let a lot more light in and make it feel more airy and spacious. Some buyers feel claustrophobic when they walk into some homes, don’t let that happen to you!
Kerb appeal: A home to me is like falling in love! If a home is attractive on the outside, I’d be curious in seeing the inside. Clean the front yard, add a few large pots & some greenery. Your garden can be a major selling factor, make sure it’s clean, tidy and presentable. First impressions are key in selling your home!
Monday, March 23, 2009
Wednesday, February 18, 2009
Is It A Buyer’s Or A Seller’s Market?
Is it a buyer’s or a seller’s market?
When there are lots of people looking for homes but not many for sale, this is called a ‘seller’s market’, because the seller has something everybody wants. When there are more homes for sale and not many people buying them, this is called a “buyer’s market” because buyers have more power of choice.
How quickly do you need to sell your home?
In a seller’s market, top price and a fast sale can go hand-in-hand. In a buyer’s market, more sellers are competing for your potential buyer. If you have to sell right now, you may wish to lower your asking price a bit to speed up the sale.
Do home sales get frostbite?
It’s true. Winter sales tend to be slower, and Spring sales are more brisk. Regardless, there are always people looking to buy, and seasonality is only one of many factors to consider. If you’re also buying a home. In this case, you don’t really have to worry about playing the market. If you sell your existing home for a ‘low’ price, you’re probably also buying at a low price. If you are upgrading to a larger home, this actually works to your advantage. Imagine when your bigger home is on the upswing. If you’re downsizing from a bigger home to a smaller home or a condo, you need to pay a bit more attention to the market.
Buy first or sell first?
The eternal question. Many people are able to time their sale and purchase so they happen on the same “closing date.” Buyers can make their offer “conditional’ on the sale of their existing home, to make sure they’re not left paying for the upkeep of two homes. When selling, you can try to extend the “closing period” to give yourself more time to find your next home. If you find your new dream home before you’ve even started to sell your old one. Talk to your existing mortgage lender. You may be able to arrange “Bridge Financing.” This is when your lender (the bank) is confident your existing home will sell quickly, and they agree to lend you the down payment for your new dream home.
When there are lots of people looking for homes but not many for sale, this is called a ‘seller’s market’, because the seller has something everybody wants. When there are more homes for sale and not many people buying them, this is called a “buyer’s market” because buyers have more power of choice.
How quickly do you need to sell your home?
In a seller’s market, top price and a fast sale can go hand-in-hand. In a buyer’s market, more sellers are competing for your potential buyer. If you have to sell right now, you may wish to lower your asking price a bit to speed up the sale.
Do home sales get frostbite?
It’s true. Winter sales tend to be slower, and Spring sales are more brisk. Regardless, there are always people looking to buy, and seasonality is only one of many factors to consider. If you’re also buying a home. In this case, you don’t really have to worry about playing the market. If you sell your existing home for a ‘low’ price, you’re probably also buying at a low price. If you are upgrading to a larger home, this actually works to your advantage. Imagine when your bigger home is on the upswing. If you’re downsizing from a bigger home to a smaller home or a condo, you need to pay a bit more attention to the market.
Buy first or sell first?
The eternal question. Many people are able to time their sale and purchase so they happen on the same “closing date.” Buyers can make their offer “conditional’ on the sale of their existing home, to make sure they’re not left paying for the upkeep of two homes. When selling, you can try to extend the “closing period” to give yourself more time to find your next home. If you find your new dream home before you’ve even started to sell your old one. Talk to your existing mortgage lender. You may be able to arrange “Bridge Financing.” This is when your lender (the bank) is confident your existing home will sell quickly, and they agree to lend you the down payment for your new dream home.
Should I Buy or Should I Rent?
Buy or Rent
With today’s low rates, mortgage payments are often less than monthly rent payments, making home ownership more attractive than ever. Instead of using your hard-earned cash to pay the landlord’s mortgage, you can use the rent money to buy a home of your own.
Buying a home makes sound financial sense, but the benefits extend much farther. Here are some facts to consider when you start wondering why buying is better than renting.
• If you are 35 now and just buying your first home, you’ll be mortgage free when you are 60 and sitting comfortably on a considerable asset. It could mean financial independence as a senior, and the opportunity to enjoy your golden years.
• It’s highly likely your investment will appreciate considerably in 25 years. Don’t buy now with the intention of making a quick fortune, though; think of home-buying as a sound, long-term investment.
• Buying a house is a very effective way of saving regularly for 25 years. Even if you never buy into another retirement savings or investment plan, you are effectively putting money away for the future when you buy a home.
• Owning a home of your own means you can set down roots, get to know your community and involve yourself in it. Kids can make friends in the neighborhood, many of whom will probably go to the same school and be involved in similar recreational groups.
• Discover the pride of home ownership. You can fix up the place to suit your particular needs. Knock out that cupboard under the stairs. Put a darkroom or woodworking room in your basement. Try those fancy paints or finishes. Put murals on the wall. Build a deck. Create the kitchen you’ve always dreamed of. You can enjoy the touches you put into your home for as long as you want, and then you can change them again.
• If you are planning to borrow money from a bank or other financial institution, owning your own home is a definite plus when it comes time to negotiate.
• If you pay $750 a month for a rental unit and never face a rent increase, after 25 years you will have paid a total of $225,000 - and have nothing to show for it. If, like most people, you face an annual rent increase of, say, five per cent, you will have paid out $430,000 to a landlord.
• You may not need as much money as you think to get into the home market. Qualified buyers can buy a house with as little as five per cent down these days through the Canada Mortgage and Housing Corporation (CMHC) mortgage insurance plan.
• With many kinds of investments, you have to pay a capital gains tax on money you make. You don’t have to pay that tax when the value of your house goes up. This means you can keep more of the money your investment earns.
With today’s low rates, mortgage payments are often less than monthly rent payments, making home ownership more attractive than ever. Instead of using your hard-earned cash to pay the landlord’s mortgage, you can use the rent money to buy a home of your own.
Buying a home makes sound financial sense, but the benefits extend much farther. Here are some facts to consider when you start wondering why buying is better than renting.
• If you are 35 now and just buying your first home, you’ll be mortgage free when you are 60 and sitting comfortably on a considerable asset. It could mean financial independence as a senior, and the opportunity to enjoy your golden years.
• It’s highly likely your investment will appreciate considerably in 25 years. Don’t buy now with the intention of making a quick fortune, though; think of home-buying as a sound, long-term investment.
• Buying a house is a very effective way of saving regularly for 25 years. Even if you never buy into another retirement savings or investment plan, you are effectively putting money away for the future when you buy a home.
• Owning a home of your own means you can set down roots, get to know your community and involve yourself in it. Kids can make friends in the neighborhood, many of whom will probably go to the same school and be involved in similar recreational groups.
• Discover the pride of home ownership. You can fix up the place to suit your particular needs. Knock out that cupboard under the stairs. Put a darkroom or woodworking room in your basement. Try those fancy paints or finishes. Put murals on the wall. Build a deck. Create the kitchen you’ve always dreamed of. You can enjoy the touches you put into your home for as long as you want, and then you can change them again.
• If you are planning to borrow money from a bank or other financial institution, owning your own home is a definite plus when it comes time to negotiate.
• If you pay $750 a month for a rental unit and never face a rent increase, after 25 years you will have paid a total of $225,000 - and have nothing to show for it. If, like most people, you face an annual rent increase of, say, five per cent, you will have paid out $430,000 to a landlord.
• You may not need as much money as you think to get into the home market. Qualified buyers can buy a house with as little as five per cent down these days through the Canada Mortgage and Housing Corporation (CMHC) mortgage insurance plan.
• With many kinds of investments, you have to pay a capital gains tax on money you make. You don’t have to pay that tax when the value of your house goes up. This means you can keep more of the money your investment earns.
Monday, February 16, 2009
Thinking of Buying a Home? Here are 5 things you should not do before buying a home
Five Things You Should Not Do Before Buying a Home
Here a few things that you should NOT do for at least 6-8 months before buying a house.
1. Do not make any Major Purchases
If you're buying a home, don't invest in any major purchases. Cars, weddings, jewelry, furniture and electronics. All that can wait until you're settled in your new home. When you make a major purchase, you’re limiting the amount of money available for your down payment.
2. Do Not Move Your Money Around
When a Broker reviews your loan package for approval, one of the things they are concerned about is the source of funds for your down payment and closing costs. Most likely, you will be asked to provide statements for the last 6 or 8 months on any of your liquid assets. This includes checking accounts, savings accounts, certificates of deposit, stock statements, mutual funds, and even your company pension or retirement accounts.
3. Do Not Make Large Investments
If you've come across a new stock in which you'd like to invest or if it's a great
time to buy, wait it out till you’ve finalized your home finances.
4.Do Not Change Your Bank
Changing banks is always a hectic ordeal, so don't do it before buying a home. You'll have to provide information about previous accounts that are now closed, and therefore inaccessible. If you're fed up with your bank and want to change, tough it out a little longer and switch after your mortgage is approved.
This will save you hours of headaches and frustration.
5. Do Not Change Job Unless Absolutely Necessary
Try not to change jobs. Your employment is a key factor in the mortgage approval process, and if you can't show steady employment, you might be denied. Of course, you can't help matters if you've just been laid off or an opportunity presents itself that you can't pass up. If you're going to change jobs before buying a home, wait another six months before going ahead with the real estate transaction. This gives you an opportunity to establish employment and to show a steady
income of pay checks from a single employer. This looks much better on a loan application than a long list of recent employers.
Here a few things that you should NOT do for at least 6-8 months before buying a house.
1. Do not make any Major Purchases
If you're buying a home, don't invest in any major purchases. Cars, weddings, jewelry, furniture and electronics. All that can wait until you're settled in your new home. When you make a major purchase, you’re limiting the amount of money available for your down payment.
2. Do Not Move Your Money Around
When a Broker reviews your loan package for approval, one of the things they are concerned about is the source of funds for your down payment and closing costs. Most likely, you will be asked to provide statements for the last 6 or 8 months on any of your liquid assets. This includes checking accounts, savings accounts, certificates of deposit, stock statements, mutual funds, and even your company pension or retirement accounts.
3. Do Not Make Large Investments
If you've come across a new stock in which you'd like to invest or if it's a great
time to buy, wait it out till you’ve finalized your home finances.
4.Do Not Change Your Bank
Changing banks is always a hectic ordeal, so don't do it before buying a home. You'll have to provide information about previous accounts that are now closed, and therefore inaccessible. If you're fed up with your bank and want to change, tough it out a little longer and switch after your mortgage is approved.
This will save you hours of headaches and frustration.
5. Do Not Change Job Unless Absolutely Necessary
Try not to change jobs. Your employment is a key factor in the mortgage approval process, and if you can't show steady employment, you might be denied. Of course, you can't help matters if you've just been laid off or an opportunity presents itself that you can't pass up. If you're going to change jobs before buying a home, wait another six months before going ahead with the real estate transaction. This gives you an opportunity to establish employment and to show a steady
income of pay checks from a single employer. This looks much better on a loan application than a long list of recent employers.
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