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When to Compromise on your “Must-Have” List

When you’re shopping for a new home, you’ll likely have a list of "must-haves" that are essential to your ideal living space. However, there are circumstances in which it may be worth compromising on your list of non-negotiables.

Location

While having four bedrooms or a large backyard may be high on your priority list, a desirable location with easy access to schools, work, and amenities could outweigh those specific features. Keep an open mind and consider adjusting your must-haves if it means securing a home in an ideal neighbourhood.

Budget

Sometimes, your dream home may exceed your price range. In such cases, it can be beneficial to explore properties that may lack a few desired features but offer the potential for customization or renovation in the future. This way, you can gradually transform the house into your dream home while staying within your financial means.

Feeling

What if you walk into a home and it just feels right, even though it’s lacking a feature on your must-have list? It might be worth going with that feeling. Keep in mind that what a property is lacking today may be remedied over time with improvements and renovations.

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Emphasize the “Outdoor Living” Potential of your Home

Outdoor living spaces have become the new heartbeat of homes — even in the winter. They now serve as an extension of the indoors, a place where homeowners can dine, entertain, and relax. So, it’s smart to emphasize the outdoor living potential of your home when you list.

Your garden is the first outdoor element potential buyers see. Well-maintained, colourful plants can make a fantastic first impression, so keep the garden lush and appealing. Include a variety of perennial and annual plants that bloom at different times in the season. Consider planting in containers or raised beds for easy maintenance, and use garden ornaments sparingly to keep the focus on the natural beauty of the space.

Next, your patio or deck can act as an outdoor living room. Consider staging it to make it look that way. Highlight any attractive, weather-resistant furniture you have. String lights or solar lanterns add a touch of warmth and make the space usable even after the sun sets.

And don’t forget about your barbecue or outdoor kitchen. A well-equipped, clean, and functional outdoor cooking area can be a big draw. Ensure grills, burners, and other cooking appliances are in good condition.

Finally, remember that not all outdoor spaces need to be elaborate. Sometimes, simple lawn chairs or a modest patio set can add to the appeal. The key is to make the outdoor space inviting, no matter how small it is.

One last tip: If you plan to list during winter, ensure you have pictures of your outdoor space during good weather, ideally in summer. Those will be a helpful addition to the listing materials.

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Should You Consider a Home Listed Above its Market Value?

Imagine you see a home advertised for sale in a desirable neighbourhood. However, you find out the property is listed well above comparable sales in the area. In other words, above its market value.

Is that listing still worth seeing?

There are many reasons why sellers might list their property for a price that seems way above the market. The home might have highly desirable features that make it worth a premium, such as a spacious backyard or a finished basement. Or, the seller might assume (often mistakenly) that listing high will result in higher-priced offers.

In either case, the home is likely worth a closer look, especially if it otherwise checks most or all of the boxes on your wish list.

If there are additional features that have driven up the price, you may find it’s worth that premium — particularly if those features are important to you.

What if the high price is artificial? Then, chances are, the home will ultimately sell at close to its actual market value anyway – regardless of the list price. So, if you make an offer that reflects the real value, you might win.

The bottom line? These listings are usually worth the time to investigate further. So, schedule that viewing appointment!

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5 Things that Lower your Home’s Perceived Value

Many seemingly small things can be a big turn-off to prospective buyers. So, it’s wise to identify and fix these issues when you list. Here are a few examples.

  1. OutdatedorNeglectedExterior:Chippingpaint,atired-looking façade, or uninspired landscaping will impact a buyer's all-important first impression. The solution? Fresh paint, power washing, landscape trimming, or even adding new plants.

  2. OldorDamagedAppliances:Outdatedorbrokenapplianceswillget noticed by prospective buyers. The solution? Repair and thoroughly clean them. It might also make sense to invest in new appliances. If you go that route, buy energy-efficient models that look great and they will become a selling point.

  3. UnpleasantOdours:Webecomesoacclimatedtosmellsinourhome that we often no longer notice them. But buyers will! Odours from pets, smoking, perfumes, and exotic cooking are especially detracting to buyers. The solution? Reduce odours by avoiding scent-producing activities (such as cooking) prior to viewing appointments.

  4. OverlyPersonalizedInterior:Buyerswanttoenvisionthemselves living in the home, not you. The solution: Eliminate as many personal items as possible. Make the style and décor attractive but neutral.

  5. OldorPoorlyMaintainedHVACEquipment:Buyersoftenaskforthe age of furnaces, water heaters, and air conditioning units. They’re concerned about potential maintenance issues. The solution? Get older equipment inspected by a professional. Then have that documentation available to buyers.

As you can see, investing in a few repairs and upgrades can make a big difference in how quickly your home sells – and for how much.

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Pros and Cons of Accepting a Conditional Offer

Imagine you’ve listed your home and get a fantastic offer. The price is VERY good. The buyers have attached a hefty deposit and a pre-approved mortgage certificate. The only drawback? There is a condition. The buyers want to sell their home before the offer to buy yours becomes firm.

Hmm. Should you accept that offer? Let’s take a look at the pros and cons.

PROS

  • A Bird in the Hand. While a conditional offer comes with a string

    attached, it still means a buyer is keenly interested in your property.

  • Room for Negotiation. You might be able to negotiate a compromise. For example, accept the condition but with a more favourable (to you) closing date.

  • Slower Market. What are the chances another buyer will offer you the same price? In a slower market, it might be worth accepting the conditional offer — particularly if the risk of the deal falling through is low.

CONS

  • Potential delays. There’s always at least some risk that the condition

    won’t be met, which means the sale won’t go through.

  • Missed opportunities: While waiting for a condition to be met, other potential buyers may move on.

    Deciding how to handle a conditional offer can be tricky. I can help you make the right decisions when you sell. Call me today!

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Home Appraisals: Who Owns The Report And Why You Might Not Get A Copy

Although prospective homeowners are typically responsible for the cost of their home appraisal, many are unaware that they usually won't receive a copy of the appraisal report. The reason behind this lies in the fact that the professional appraiser hired to assess a home's value doesn't actually work for the prospective homeowner.

In the world of mortgage lending, the saying "he or she who holds the gold, makes the rules" holds true. In other words, the party responsible for commissioning the substantial loan for mortgage financing has the authority to determine who pays for the appraisal.

This can be confusing for homeowners, especially when compared to other financial processes. For instance, financial institutions are obligated to provide clients with copies of their credit score assessments, even if a third party requests it. This transparency ensures that everyone involved understands a person's creditworthiness.

So, who owns the appraisal report? According to the Appraisal Institute of Canada (AIC), which represents most appraisers, the appraisal report belongs to the entity that commissioned it. In the context of financing, this means it belongs to the lender.

Keith Lancastle, interim CEO at the AIC, explains that even though homeowners foot the bill for the appraisal, they are not the appraiser's client. The appraiser's primary obligation is to their client, which is the entity that contracted them for the appraisal, typically the lender.

The Canadian National Association of Real Estate Appraisers (CNAREA) shares a similar stance on appraisal ownership. They follow the Uniform Standards of Professional Appraisal Practice (USPAP), where the report is considered the property of the client, which may not always be the party that pays for the appraisal. However, the client has the authority to share the report with other parties as long as confidential or l icensed data is not compromised.

These strict guidelines on appraisal report ownership are in place to ensure that lenders receive the specific information they require. Different lenders may have distinct lending criteria, so an appraisal tailored for one lender may not be suitable for another.

Christopher Bisson, founder of appraisal tech company Value Connect, notes that appraisers prefer to know who the report is intended for to align it with the criteria that specific lenders typically request. This avoids unexpected discrepancies when switching from one lender to another.

While it's possible for appraisers to release the results of an appraisal with their client's permission, this doesn't happen frequently. However, clients may access appraisal reports in their early stages. Some mortgage representatives receive draft copies and make them available to borrowers.

Bisson recommends this approach when it's unclear which lender will handle a mortgage application. By informing the appraiser about the likely lender type, the report can be prepared according to that lender's criteria, reducing surprises.

Lancastle suggests that lenders may be hesitant to release appraisal reports to maintain a competitive advantage. Thispractice of homeowners paying for the appraisal has become a standard in the mortgage industry, forming part of the business model established by the lending community.

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How to Make Storage Space Look More Spacious and Functional

Buyers will notice closets, storage rooms, and other storage spaces. So, it pays to make those areas look as spacious and functional as possible. Here are some tips on how to maximize your storage spaces and make them more appealing to buyers:

  1. Declutter and organize: A cluttered and disorganized storage space can give the impression that there isn't enough room. Start by decluttering and getting rid of items you no longer need. Then, organize what's left by using shelving, baskets, or containers to keep everything in its place.

  2. Paint or replace shelves: If your shelves are looking worn or outdated, consider painting or replacing them. Adding a fresh coat of paint can give the space a clean and updated look. Replace old, sagging shelves with sturdy and adjustable ones to make the space look more functional.

  1. Maximize vertical space: Don't overlook the space above your head. Use the full height of your closets by installing additional high shelves or hanging organizers from the ceiling. This will free up space on the floor and make the area feel more spacious.

  2. Add lighting: A well-lit storage space not only looks more inviting but also helps you find what you need. Consider adding lighting fixtures or even battery-operated LED lights to your closets and basement storage rooms.

  3. Create a designated storage area: If you have items that you don't use regularly, create a designated storage area in your basement or garage. This will keep them out of sight and make your living space feel less cluttered.

By implementing these tips, you can make your storage spaces look more spacious and functional, which can ultimately help you sell your home more quickly and at a higher price.

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5 Ways to Make your Next Home more Affordable

Are you thinking about finding your next home? It can be tricky balancing what you want with what you can practically afford. Here are some tips that can make buying your dream home more doable:

  1. Save for a larger down payment. A larger down payment can lower your monthly mortgage costs and possibly help you get a better interest rate.

  2. Look at neighbourhoods that are less “in demand.” Some areas have the reputation of being desirable or exclusive and – as a result – expensive. But, there may be neighbourhoods that are not as in-demand and yet ideal (and more affordable) for you. Explore that possibility.

  1. Consider a fixer-upper. A home that needs some work may be more affordable, and you can save money by doing some of the renovations yourself.

  2. Think about buying a smaller home. A smaller property can be more affordable and easier to maintain, especially if you’re downsizing.

  3. Research mortgage options. Shop around for the best mortgage rates and consider different types of mortgages. A better mortgage rate and terms may make an out-of-reach home affordable for you.

Any of these tips will help increase the probability that you’ll be able to buy your dream home at a price that works for you.

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Getting Ready for OPEN HOUSE Day

When you’re selling your property, hosting an Open House will provide an excellent opportunity to attract buyers. Ideally, people will see your property that day and decide to make an offer.

That would be exciting!
So, what can you do to prepare for the day? Here are a few suggestions:

  1. Make sure the entire house is clean and tidy. Think of making it “guest ready.”

  2. Plan to leave early and come back late. Recognize that people may not arrive nor leave precisely on time.

  3. If possible, remove pets. Take them to a friend’s house or pet daycare.

  4. If you’re concerned about valuables (such as jewelry), lock them somewhere safe. For example, you can hide them in the trunk of your car.

  5. Avoid cooking the morning of an Open House. The odours may linger.

  6. Provide ample space by the front entrance for shoes and boots.

  7. If possible, avoid having any deliveries that day.

  8. Make sure interior doors are unlocked, including the door to the garage.

Finally, resist the urge to “drop by” and see how things are going. Instead, take the time to do something enjoyable, such as an outing to the park or mall.

Want more ideas for selling your home quickly and for top dollar? Call today.

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Advantages of Buying a House that Needs Work

There’s no doubt about it. Buying a home that is “move in ready” is a real convenience. All you need to do is get your belongings in place, and you’re ready to enjoy living in your new home. You don’t even need to paint. That’s why move-in-ready homes tend to attract more buyers.

However, there are advantages to buying a property that needs work. And, if you’re currently shopping for a new home, a listing that requires some repairs, upgrades, or renovations might be worth considering.

Why?

Properties that need work tend to be priced lower than comparable move- in-ready listings. Depending on market demand, the price savings can range from modest (just a few thousand dollars) to substantial.

Also, homes that need work tend to attract fewer buyers and offers, so there’s less competition.

Another advantage is the opportunity to get into a desirable area you otherwise might not have afforded. It might be worth the extra work you’d need to put into the home to live in your dream neighbourhood.

But, while there are advantages, there are also important caveats.

The first caveat is you must know the scope of work that is required before making any decision to purchase. How will you get the work done? How much will you need to budget for the improvements? Are you prepared for the realities of living in a property during renovations?

The second caveat is you must anticipate any issues that can’t be seen during a typical viewing. The last thing you want is to pay for a major repair you weren’t expecting. That’s why getting a professional home inspection as a condition of your offer is often a good idea.

There’s a lot to think about when you’re buying a “needs work” property. But, I can help you make an informed decision. Call today.

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Environmentally-Friendly Ways to Dispose of Items

When you’re preparing your home for a sale, you should declutter as much as possible. That makes your property appear neater and more spacious to buyers.

However, that doesn’t mean you have to toss items in the trash or haul them to a landfill site. There are many other, more environmentally-friendly ways to dispose of unwanted items.

One popular technique is to sell them online. Even if you think an old chair isn’t worth much, as the saying goes, “One person’s junk is another’s treasure.” There are several websites for selling items quickly, including Facebook Marketplace. In fact, you can list items today and potentially sell them this week. Just be sure to set prices low, as people tend to look for deals on these sites.

You can also give away items. Post items you’re willing to part with for free on your community’s Facebook page. You can also pin a poster to an announcements board in your neighbourhood.

Donating items is also an option. There are many charities that accept items such as clothes, furnishings, tools, kitchenware, and sports equipment. Google “Where to donate items” and then add the name of your area.

Finally, an old-fashioned garage or yard sale can be effective. Place signs throughout your neighbourhood announcing the sale. Start your sale early. Many hardcore garage sale lovers will be there as soon as you open, even if that’s 7am!

Want more advice on how to prepare your home for sale? Call me.

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What Will your Neighbourhood be Like in Two or Three Years?

There are many reasons why a homeowner might want to move. Examples include upsizing, downsizing, work relocation, or simply desiring a change. However, another popular reason for pulling up stakes is noticing that the neighbourhood is changing in a way that no longer fits your lifestyle goals.

For example, say there’s a shopping mall in development nearby. It may not be impacting you now, but in a couple of years, the increase in traffic and noise could nudge above your tolerance level especially if you prefer quiet!

That’s why it’s important to occasionally take a peek into your crystal ball and see what changes to your neighbourhood you can anticipate over the next two to three years.

Of course, there’s no actual crystal ball. But there are ways to determine where your neighbourhood is headed. For example, information is available on:​​​​​​​​​​​

  • Proposed and planned construction projects, such as a new condo building or school.
  • Scheduled urban development, such as highway widening.
  • Changes in city services, such as a new transit route in the area or a new park.
  • Area demographics, such as an increase in young families or those who rent.

You might discover that some changes are positive — from your point of view — and that you will look forward to them. However, if you find that there are changes that will alter the neighbourhood in a way that decreases the enjoyment of your home, then moving is an option.

There are plenty of opportunities on the market right now for getting into a great home in a neighbourhood you’ll love.

I can help. Call today.

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