In part 1 we discussed some basic necessities you'll need when selling your home or condo. In part 2 we're going to take a closer look at some very ...
In part 1 we discussed some basic necessities you’ll need when selling your home or condo. In part 2 we’re going to take a closer look at some very common reasons and problems that sellers face when selling a property.
Your homes accessibility is a major consideration. If your house is easy to find and get to, it will typically move quicker than homes that are difficult to get to. Remember that your potential buyers and their realtors are busy. They will skip seeing your home if it is a hassle to view. Make sure to always use a lockbox so other agents may access your house while you are away. This way the buyer and their agent’s life easier. If security is an issue, use an electronic lock box (they record who accessed your home).
Location has a huge impact on how quickly your home will sell. If you are in a central location or an area with a good reputation then you can likely count on a smooth sale. If you are in an area that is not well known or further away it is going to be up to your Realtor to market the benefits of living in your area. How close you are to basic amenities like grocery stores, gas stations, and family basics like schools, parks (etc.) will have an impact on the sale of your home as well. Make sure to highlight features like: “well developed area”, “quiet and restful”
Your home should shine! A clean home is far more likely to sell in a respectable amount of time then a less clean or dirty one. Any minor repairs must be done, as well as certain cosmetic aspects of your home. Cosmetics include: painting the walls, steam cleaning carpets, washing base boards, washing and possibly painting cupboards, scrubbing tiles and grout to a sparkly finish. If you are low on time and cannot have the wall painted in time, then hire someone to do it. If money is a concern then wash your walls well. A simple rule of thumb is the cleaner and the more it sparkles the better it is and easier/faster it will sell.
Next time in this article series we will be discussing the finer aspects of dealing with buyers, their demands and how to maximize the value of your home.
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If you are hoping to invest, Canadian real estate is a topic which may interest you greatly. You may be surprised to learn that some key differences have come about in the recent past and that will occur in the near future that may radically change your ability to purchase properties. These include mortgage changes and taxation differences. Keeping on top of them can help you prevent costly mistakes that can set you back months or even years.
Some of these changes have been brought about by the CMHC. The CMHC is the ruling body that basically sets lending practices for mortgages in Canada. They provide mortgage insurance and set housing related policies. Because they provide mortgage insurance for lending institutions, if they determine that lending practices have changed, many banks will go along with the decision. There are times that this has benefited people who want to invest in homes and commercial buildings as well.
When you purchase any building, you are required to pay a down payment in order to secure a mortgage. For people who have already built up equity or who have money saved, this is not an issue. However, many first time residence buyers who did not have a down payment were able to secure a mortgage using a no down payment mortgage. This was excellent news for many people and caused a surge in sales. On the surface, it seemed as though these lending decisions were a benefit to the economy.
It led to a real estate boom in Canada. There were similar opportunities in the USA and this led to a huge increase in property sales there as well. Unfortunately, in the States, other factors such as credit history were ignored and many unsuitable individuals were allowed to purchase properties. Many of these ended up going through foreclosure and losing their properties. This is one factor that upset the economy. Therefore, to prevent the same problems from happening here, the CMHC canceled the no down payment program, something which many buyers may still be unaware of.
The ability to amortize your mortgage over a longer time period has also ended. Typically, buyers will choose to finance their properties over a twenty or twenty five year period. For a time, it was possible to amortize your purchase over a forty year period but this is no longer an option. The CMHC canceled this program at the same time as it canceled zero down payment mortgages. This may end up causing problems for people who are trying to buy into markets where purchase prices are much higher. Cities such as Vancouver and Victoria on the West Coast have very high land prices. Many people cannot afford to purchase there with a standard twenty five or thirty year mortgage.
The first two changes occurred on a national basis but there is a major change that will affect Ontario residents. In July, 2010, Ontario will be adopting a harmonized tax that combines two current separate taxes. This means that buying a home will suddenly cost eight percent more.
As you can see, there have been some fairly significant changes to property investment in general. There will continue to be changes and so it is important to look into buying property well in advance of deciding whether or not to invest.
From information see the website for more on real estate news, great listings and buying and selling advice from Edmonton’s top Realtor.
