As 2010 comes to an end, I'd like to take some time to look back on it, and share some of my experiences.
It certainly hasn't been a boring year! January and February I more or less waited for the phone to ring... which, in a market like the Valley, doesn't work for a new agent! Now that I tried that, I know better for this years winter months.
In March I made the big move to Royal LePage Atlantic, and what can I say - I couldn't be happier! Being a member of the largest Valley Real Estate Office is amazing! Everyone here is so helpful and willing to talk about what has help them succeed. Did I mention I even have my own office, with four walls and a door?! It's the perfect place to realize my potential, and there's even a training program to help accelerate that.
The Spring and Summer months were an exciting time, I had listings and sales lining up often, and I was fortunate enough to carry that into the Fall!
December was a very busy month for me in the office. Each year we sponsor a family for Christmas through the Salvation Army. We supply their food for a Christmas dinner, a breakfast, and everyone is invited to donate money and items for their gifts. This year I took on the responsibility of doing the shopping for their gifts. It was so fun! And I'm a pretty good shopper, so we really got as much stuff as we could for the amount of money we had. Christmas morning in my own home, I couldn't help but imagine how exciting of a time it must have been in their house, and it felt great to know that I was able to help bring them that joy.
One of my most favorite experiences this past year was working with someone who bought a house as a surprise for his partner. Initially, she knew about the entire thing, but the first deal didn't come together, so when she thought that they were going to take a break, and let it sink in for the Sellers, he was meeting with me to draw up a new deal. The only bad part was that when the sold sign went up, he was out of town, so I got a tearful call from her, who thought she had lost the house to someone else. But, SURPRISE! He bought it! What an amazing thing to do, I don't think I'll ever forget that!
I found I worked with a lot of first time home buyers this year, and just as a friend who had been in the business a long time said, FTHB's are the most rewarding people to work with. Though there's a lot of questions to answer and worries, once closing day comes, there's no better feeling handing them the keys, knowing that you did your job well, and they're going to spend a good part of their lives making memories there.
I wish you all a very Happy New Year, and thank you for 2010!
Thursday, December 30, 2010
Family fun during winter months
When pent-up kids need a diversion, cut out bread into stars with a cookie cutter and toast it. Let the kids mix up tuna salad out of mayo, dill, and mustard and spread it onto every point.
If the kids are still bouncing off the walls, mix up some fake Play-Doh: 3 cups of flour, 1.5 cups of salt, 6 teaspoons of cream of tartar, and 3 cups of water. Mix the dough until it balls up and can be handled. Then set the "energy bunnies" to sculpting animals and little cars. If you are the brave type, add food coloring.
Stay tuned as I will continue to add to this list!
Friday, November 26, 2010
Preparing Your Family for Winter Weather
You've remembered to winterize your house and your car, but is your family ready? Be sure to prepare your kids and your kitchen for snowy days and long winter nights.
Ice, snow, and, perhaps worse, lots of "snow days" with the kids in the house. Are you and your family "winterized"?
Preparing for unexpected campouts in your living room is not exactly akin to preparing for a terrorist attack, but some of the same precautions apply. Ice can put weight on electrical lines and cut off power, so have the following on hand:
-Flashlights and batteries; candles are not a wise choice, because in bad weather you can have a fire and no one can reach you.
-Plenty of blankets.
-A safety kit for your car, consisting of shovel, sand or cat litter for traction, tire chains, booster cables, a cell phone, extra warm clothing or boots, an ice scraper, small tools, winter sleeping bag or blankets, snack food, water, flashlight with good batteries, matches and newspapers, games and toys, zip-top bags (for elimination if stranded), and a 12-volt adapter coil heater that can plug into the lighter to heat water.
-Salt or sand for treacherous sidewalks.
-Safe, radiant space heater (no open coils).
-Fan for fireplace that blows heat into the room and does not suck it up the chimney.
-Supplies of medication to last a few days at least.
-The phone numbers of older or disabled neighbors, just in case.
Making Your Kitchen Ready for Winter
Food to stock up on:
-Steel cut oats, for oatmeal
-Frozen berries. Great in that oatmeal for any meal of the day
-Peanut butter
-Tuna
-Garbanzo beans
-Canned juices
-Crackers/bread
-Long-keeping milk (shelf-stable)
-Vitamins
-Baby food. And don't forget diapers, towelettes, bottles, ointment, and the rest.
-Pet food
-Carrots, squash, and apples. Keep apples in the fridge, they last a month that way.
-Raisins and nuts
-A slow cooker
Next post will activities your family can do when the power is out, or it is a snow day. Stay tuned!
Wednesday, November 17, 2010
Winterizing Checklist
Don't get caught off guard. Be prepared for winter with this quick check list
Service Weather-Specific Equipment
•Drain gas from lawnmowers.
•Service or tune-up snow blowers.
•Replace worn rakes and snow shovels.
•Clean, dry and store summer gardening equipment.
•Sharpen ice choppers and buy bags of ice-melt / sand.
Service Weather-Specific Equipment
•Drain gas from lawnmowers.
•Service or tune-up snow blowers.
•Replace worn rakes and snow shovels.
•Clean, dry and store summer gardening equipment.
•Sharpen ice choppers and buy bags of ice-melt / sand.
Tuesday, November 16, 2010
Time to Winterize Your Home
Yes, hard to believe the snow could start falling any day now. Don't be caught off guard, with these few tips you can easily get your home ready for winterm and while you're at it, be more energy efficient! Talk about a win-win situation!
Even homes with adequate insulation material and water pipe heat tape can be further fortified for winter months. Regardless if winter is already well under way, it still isn’t too late to winterize your home. The following steps can save you time, money, and help you avoid inconvenient cold-weather emergencies.
Even homes with adequate insulation material and water pipe heat tape can be further fortified for winter months. Regardless if winter is already well under way, it still isn’t too late to winterize your home. The following steps can save you time, money, and help you avoid inconvenient cold-weather emergencies.
•Check insulation: be sure your attic, basement, and exterior walls are properly insulated and up to code. Depending upon insulation product used, replace or add to batt insulation (also known as blanket insulation) or other insulation material. If you have blown in insulation, a building contractor can determine whether or not more is required.
•Check for cold air entry ports: give your house the once-over; look for areas where cold air can seep in, and inside heat escape – adding to fuel costs. Check external wall electrical outlets, switch-plates, and gaps around windows and doors. Foam insulation made for outlet and switch placement is inexpensive, a breeze to install, and effective. Door weather stripping and window weather stripping made from metal, vinyl, sponge, felt, or foam can also help considerably. Caulk draft areas where weather stripping is not appropriate.
•Check furnace: this may not fit under the winterize your home category, but replacing the furnace filter every 4 to 6 weeks will help your furnace run more efficiently and cut down on heating costs. If you suspect your furnace isn’t running at top performance, have a heating repair contractor inspect it.
Monday, November 15, 2010
New Listing - Lot 43 Andrew Point Road, Waterloo Lake
Dotted with islands, Waterloo Lake is part of a chain of lakes which make it one of the best canoe routes in Nova Scotia. Trout have been stocked in the lake for many years. Lying on Hwy 10, in the heart of southern NS, Waterloo Lake Retreats has phone & electric service already in place. The lake has several homes & cottages - however, it remains a quiet place to enjoy; and there are protective covenants in place to protect your investment. With 350 sq ft of water frontage, this 2.201 acre lot is awaiting the new owner to build a home/cottage. Make it yours; call today.
Priced at $49,900
MLS® # 05277264
Priced at $49,900
MLS® # 05277264
Monday, October 25, 2010
How to Hire an Agent When Listing Your Home
Interview several agents - this in and of itself won’t help you if you don’t research what to ask or what you want. Different properties will have different marketing and service requirements. Generally the more money you want or the more difficult the property is to sell the more marketing and service you require. Ask the agents you interview:
-How exactly will they advertise your home? What will they do in addition to placing your home on the MLS® system? When a buyer clicks for more info on http://www.realtor.ca/ do they go to the agents home page or a web site specifically for your home?
-Ask for references and touch base with the people given as references.
-Ask to see samples of current listings and the marketing materials.
-Check out their listings on line. How are the pictures? Are they putting in lots of content or just doing the minimum
-Can you find their website easily? Think like a buyer, how would they find your home? Try it yourself.
-Ask for a list of services that will be provided and ask them to incorporate them into the written service agreement. If your agent doesn’t provide the services you are looking for then at least you’ll know, and you can decide whether or not you want to use them.
-Ask friends and family for referrals, and ask why they liked the agent.
-Ask for the listings to sales ratio... just because an agent has a lot of listings doesn't mean they all sell.
-Ask who you will be dealing with during the listing - will the agent answer questions and negotiate on your behalf or will someone else step in?
-What kind of reporting do they provide? Ask to see an example of an update they sent to a client.
-Make a list of your expectations, and ask if the agent will provide all the services you expect.
-Ask if they offer a service guarantee. What if you are unhappy - will they cancel the agreement and if so, do they charge a fee for cancellations?
As with any agreement you want to enter it with your eyes wide open, instead of just assuming things will turn out the way you expect.
-How exactly will they advertise your home? What will they do in addition to placing your home on the MLS® system? When a buyer clicks for more info on http://www.realtor.ca/ do they go to the agents home page or a web site specifically for your home?
-Ask for references and touch base with the people given as references.
-Ask to see samples of current listings and the marketing materials.
-Check out their listings on line. How are the pictures? Are they putting in lots of content or just doing the minimum
-Can you find their website easily? Think like a buyer, how would they find your home? Try it yourself.
-Ask for a list of services that will be provided and ask them to incorporate them into the written service agreement. If your agent doesn’t provide the services you are looking for then at least you’ll know, and you can decide whether or not you want to use them.
-Ask friends and family for referrals, and ask why they liked the agent.
-Ask for the listings to sales ratio... just because an agent has a lot of listings doesn't mean they all sell.
-Ask who you will be dealing with during the listing - will the agent answer questions and negotiate on your behalf or will someone else step in?
-What kind of reporting do they provide? Ask to see an example of an update they sent to a client.
-Make a list of your expectations, and ask if the agent will provide all the services you expect.
-Ask if they offer a service guarantee. What if you are unhappy - will they cancel the agreement and if so, do they charge a fee for cancellations?
As with any agreement you want to enter it with your eyes wide open, instead of just assuming things will turn out the way you expect.
Thursday, October 14, 2010
New Listing - 8 Locust Avenue, Wolfville
Convenience, space & character are words that best describe this home. Nestled on a quiet street, but just steps to downtown, sits this 5 bdrm, 2.5 sty home. Features include: stainless steel fridge & stove, all new windows (less than 5 years old), and best of all, NO CARPETS! The flooring is mostly original hardwood, that has been restored to its original beauty. Can`t beat the view of the Minas Basin from the third floor, come check it out for yourself!
Priced at $245,000
MLS® # 55275010
Priced at $245,000
MLS® # 55275010
Tuesday, October 5, 2010
Real Estate Glossary
For your convenience, the post below is a real estate glossary, that will turn all of you into real estate terms pros!
- A -
Abstract: A written history of the title to a parcel of real estate as recorded in a land registry office.
Acceptance: A legal term referring to the acceptance of an offer. A buyer offers to buy and the seller accepts the offer.
Agency: The relationship between an individual and agent which arises out of a contract (written or oral) in which the agent is employed and authorized by the individual to represent him or her in business transactions with a third party.
Ad Valorem :"According to value." A method of imposing a tax on the ownership of real property.
Agreement for Sale: An agreement for the purchase of real estate property in which the purchase price is paid in installments and the title is not conveyed to the purchaser until the purchase price is paid in full.
Agreement for Purchase and Sale: A contract by which one party agrees to sell and another agrees to purchase.
Amortization: The number of years it takes to repay the entire amount of a mortgage.
Appraisal: An estimate of a property's market value, used by lenders in determining the amount of the mortgage.
Appreciation: The increase in a property's value over time.
Assessed Value: A valuation placed on the property as a basis for municipal taxation.
Assumption of a mortgage: The taking of title to property by an individual where he or she assumes liability for an existing mortgage against the property and they become personally liable for the payment of such mortgage debt.
- B -
Balance due on completion: The amount of money the purchaser will be required to pay to the seller to complete the purchase , after all adjustments have been made. Blended mortgage payments Equal or regular mortgage payments, consisting of both a principal and an interest component.
Balloon Payment: Where the final installment payment on a note is greater than the preceding installment payments and it pays the note in full, such final installment is termed a balloon payment.
Broker: A real estate professional licensed by Ontario to facilitate the sale, lease or exchange of a property.
Buy-down: When the seller reduces the interest rate on a mortgage by paying the difference between the reduced rate and market rate directly to the lender (or the purchaser) in one lump sum or monthly installments.
- C -
Caveat Emptor: A Latin expression meaning "Let the buyer beware". Because the onus of examining the goods or property being purchased is on the buyer, the buyer is therefore at risk.
Chattel: Personal property which is tangible and moveable.
Closing: The real estate transaction's completion, when the parties involved agree that all legal and financial obligations have been met and the deed to the property is transferred from the seller to the buyer.
Closing Costs: Expenses in addition to the purchase price for buying and selling a property.
Commission: Monies paid to an agent upon the sale or lease of property, usually as a percentage of the amount involved.
Common elements: The portions of a condominium development owned in common (shared) by the unit owners.
Contract: A contract is a legally binding agreement between two or more cable persons. The agreement says that in return for a lawful and genuinely intended act a certain value will be placed. The contract must be in writing.
Conventional mortgage: A first mortgage issued for up to 75% of the property's appraised value or purchase price, whichever is lower.
Counteroffer: One party's written response to the other party's offer during the negotiation of a real estate purchase between buyer and seller.
Covenant: An agreement contained in a deed and creating an obligation. It may be positive, stipulating the performance of some act, or it may be negative and restrictive, forbidding other acts.
Creditor: A person to whom a debt is owed by another person usually called a debtor.
- D -
Date of Completion: The date specified in the agreement of purchase and sale, when the purchaser is to deliver the balance of money due and the seller delivers a duly executed deed and vacant possession of the property.
Debt service ratio: The percentage of a borrower's gross income that can be used for housing costs, including mortgage payment and taxes (and condominium fees, where applicable).
Deed: A legal document in writing, duly executed and deliver, that conveys (transfers) ownership of a property to the buyer.
Deposit: The payment of money or other valuable consideration as pledge for fulfillment of the contract.
- E -
Easement: A legal right to use or cross (right-of-way) another person's land for limited purposes. A common example is a utility company's right to run wires or lay pipe across a property.
Encroachment: An intrusion onto an adjoining property. A neighbor's fence, storage shed or overhanging roof line that partially (or even fully) intrudes onto your property are examples of encroachments.
Equity: The difference between the price for which a property can be sold and the mortgage(s) on the property. Equity is the owner's "stake" in a property.
Exclusive Listing: A document giving the sole right to offer a described piece of property for sale, according to the terms of the agency agreement.
- F -
Foreclosure: Court actions taken by a mortgagee, when default occurs on a mortgage, causing forfeiture of the property.
- I -
Intestate: A person who dies without a will or leaves one which is defective in form.
- L -
Land Transfer Tax: Payment to the provincial government for transferring property from the seller to the buyer.
Lease: A contract between landlord and tenant for the occupation or use of the landlord's property by the tenant for a specified time and for a specified consideration.
Lien: Any legal claim against a property, filed to ensure payment of a debt.
Listing: An oral or written agreement between a property owner and a broker authorizing the broker to offer the owner's real property for sale or lease.
- M -
Mortgage: The conveyance of property to a creditor as security for payment of a debt; i.e., the lender or creditor.
Mortgagee: The one to whom property is conveyed as security for the payment of a debt; i.e., the lender or creditor.
Mortgagor: The one who makes the mortgage, i.e., the borrower or debtor.
Multiple Listing: An arrangement between brokers, usually real estate board members, whereby each broker presents his listings to the other members, who may negotiate the transaction.
Multiple Listing Service: A system for relaying information to realtors about properties for sale.
- O -
Open mortgage: A mortgage that can be prepaid or renegotiated at any time and in any amount, without penalty.
- P -
Power of Attorney: Delegated written authority to a person allowing that person to act on the behalf of another person.
Principal: The employer of an agent or broker who gives the agent or broker the authority to do some act for him or her. In real estate, usually the owner of a property.
- R -
Real Estate: Real Estate includes real property, leasehold and business whether with or without premises, fixtures, stock-in-trade, goods or chattels in connection with the operations of the business (Real Estate Business and Brokers Act).
Real Estate Broker: A person who represents a principal or owner in a real estate trade.
Realtor: A registered word which may only be used by an active member of a real estate board affiliated with the Canadian Real Estate Association.
- S -
Salesperson: An employee of a broker authorized to trade in real estate (as defined within the Ontario Real Estate Business Brokers Act). Also can be referred to as a Sales Representative.
- T -
Title: The legal evidence of ownership in a property.
Title search: A detailed examination of the ownership documents to ensure there are no liens or other encumbrances on the property and no questions regarding the seller's ownership claim.
- V -
Variable-rate mortgage: A mortgage for which payments are fixed, but whose interest rate changes in relationship to fluctuating market interest rates. If market rates go up, a larger portion of the payment goes to interest. If rates go down, a larger portion of the payment is applied to the principal.
Vendor-take-back mortgage: When sellers use their equity in a property to provide some or all of the mortgage financing in order to sell the property.
- Z -
Zoning regulations: Strict guidelines, set and enforced by municipal governments, regulating how a property may or may not be used.
- A -
Abstract: A written history of the title to a parcel of real estate as recorded in a land registry office.
Acceptance: A legal term referring to the acceptance of an offer. A buyer offers to buy and the seller accepts the offer.
Agency: The relationship between an individual and agent which arises out of a contract (written or oral) in which the agent is employed and authorized by the individual to represent him or her in business transactions with a third party.
Ad Valorem :"According to value." A method of imposing a tax on the ownership of real property.
Agreement for Sale: An agreement for the purchase of real estate property in which the purchase price is paid in installments and the title is not conveyed to the purchaser until the purchase price is paid in full.
Agreement for Purchase and Sale: A contract by which one party agrees to sell and another agrees to purchase.
Amortization: The number of years it takes to repay the entire amount of a mortgage.
Appraisal: An estimate of a property's market value, used by lenders in determining the amount of the mortgage.
Appreciation: The increase in a property's value over time.
Assessed Value: A valuation placed on the property as a basis for municipal taxation.
Assumption of a mortgage: The taking of title to property by an individual where he or she assumes liability for an existing mortgage against the property and they become personally liable for the payment of such mortgage debt.
- B -
Balance due on completion: The amount of money the purchaser will be required to pay to the seller to complete the purchase , after all adjustments have been made. Blended mortgage payments Equal or regular mortgage payments, consisting of both a principal and an interest component.
Balloon Payment: Where the final installment payment on a note is greater than the preceding installment payments and it pays the note in full, such final installment is termed a balloon payment.
Broker: A real estate professional licensed by Ontario to facilitate the sale, lease or exchange of a property.
Buy-down: When the seller reduces the interest rate on a mortgage by paying the difference between the reduced rate and market rate directly to the lender (or the purchaser) in one lump sum or monthly installments.
- C -
Caveat Emptor: A Latin expression meaning "Let the buyer beware". Because the onus of examining the goods or property being purchased is on the buyer, the buyer is therefore at risk.
Chattel: Personal property which is tangible and moveable.
Closing: The real estate transaction's completion, when the parties involved agree that all legal and financial obligations have been met and the deed to the property is transferred from the seller to the buyer.
Closing Costs: Expenses in addition to the purchase price for buying and selling a property.
Commission: Monies paid to an agent upon the sale or lease of property, usually as a percentage of the amount involved.
Common elements: The portions of a condominium development owned in common (shared) by the unit owners.
Contract: A contract is a legally binding agreement between two or more cable persons. The agreement says that in return for a lawful and genuinely intended act a certain value will be placed. The contract must be in writing.
Conventional mortgage: A first mortgage issued for up to 75% of the property's appraised value or purchase price, whichever is lower.
Counteroffer: One party's written response to the other party's offer during the negotiation of a real estate purchase between buyer and seller.
Covenant: An agreement contained in a deed and creating an obligation. It may be positive, stipulating the performance of some act, or it may be negative and restrictive, forbidding other acts.
Creditor: A person to whom a debt is owed by another person usually called a debtor.
- D -
Date of Completion: The date specified in the agreement of purchase and sale, when the purchaser is to deliver the balance of money due and the seller delivers a duly executed deed and vacant possession of the property.
Debt service ratio: The percentage of a borrower's gross income that can be used for housing costs, including mortgage payment and taxes (and condominium fees, where applicable).
Deed: A legal document in writing, duly executed and deliver, that conveys (transfers) ownership of a property to the buyer.
Deposit: The payment of money or other valuable consideration as pledge for fulfillment of the contract.
- E -
Easement: A legal right to use or cross (right-of-way) another person's land for limited purposes. A common example is a utility company's right to run wires or lay pipe across a property.
Encroachment: An intrusion onto an adjoining property. A neighbor's fence, storage shed or overhanging roof line that partially (or even fully) intrudes onto your property are examples of encroachments.
Equity: The difference between the price for which a property can be sold and the mortgage(s) on the property. Equity is the owner's "stake" in a property.
Exclusive Listing: A document giving the sole right to offer a described piece of property for sale, according to the terms of the agency agreement.
- F -
Foreclosure: Court actions taken by a mortgagee, when default occurs on a mortgage, causing forfeiture of the property.
- I -
Intestate: A person who dies without a will or leaves one which is defective in form.
- L -
Land Transfer Tax: Payment to the provincial government for transferring property from the seller to the buyer.
Lease: A contract between landlord and tenant for the occupation or use of the landlord's property by the tenant for a specified time and for a specified consideration.
Lien: Any legal claim against a property, filed to ensure payment of a debt.
Listing: An oral or written agreement between a property owner and a broker authorizing the broker to offer the owner's real property for sale or lease.
- M -
Mortgage: The conveyance of property to a creditor as security for payment of a debt; i.e., the lender or creditor.
Mortgagee: The one to whom property is conveyed as security for the payment of a debt; i.e., the lender or creditor.
Mortgagor: The one who makes the mortgage, i.e., the borrower or debtor.
Multiple Listing: An arrangement between brokers, usually real estate board members, whereby each broker presents his listings to the other members, who may negotiate the transaction.
Multiple Listing Service: A system for relaying information to realtors about properties for sale.
- O -
Open mortgage: A mortgage that can be prepaid or renegotiated at any time and in any amount, without penalty.
- P -
Power of Attorney: Delegated written authority to a person allowing that person to act on the behalf of another person.
Principal: The employer of an agent or broker who gives the agent or broker the authority to do some act for him or her. In real estate, usually the owner of a property.
- R -
Real Estate: Real Estate includes real property, leasehold and business whether with or without premises, fixtures, stock-in-trade, goods or chattels in connection with the operations of the business (Real Estate Business and Brokers Act).
Real Estate Broker: A person who represents a principal or owner in a real estate trade.
Realtor: A registered word which may only be used by an active member of a real estate board affiliated with the Canadian Real Estate Association.
- S -
Salesperson: An employee of a broker authorized to trade in real estate (as defined within the Ontario Real Estate Business Brokers Act). Also can be referred to as a Sales Representative.
- T -
Title: The legal evidence of ownership in a property.
Title search: A detailed examination of the ownership documents to ensure there are no liens or other encumbrances on the property and no questions regarding the seller's ownership claim.
- V -
Variable-rate mortgage: A mortgage for which payments are fixed, but whose interest rate changes in relationship to fluctuating market interest rates. If market rates go up, a larger portion of the payment goes to interest. If rates go down, a larger portion of the payment is applied to the principal.
Vendor-take-back mortgage: When sellers use their equity in a property to provide some or all of the mortgage financing in order to sell the property.
- Z -
Zoning regulations: Strict guidelines, set and enforced by municipal governments, regulating how a property may or may not be used.
Monday, October 4, 2010
New Listing - 1109 Starrs Point Road, Port Williams
Here it is! The starter home you`ve been searching for! Located in the heart of Port Williams, this 3 bdrm home has a low maintenance yard that is a treat for gardeners. Both front & back yards offer new garden boxes. Many upgrades in recent years include new oil furnace (3 yrs) some new windows and new side deck. Upstairs you will find a master suite which offers ample built-in storage space. The ensuite half-bath has ceramic flooring while the master offers luxurious bamboo hardwood.
Priced at $149,900
MLS® # 55037022
Friday, October 1, 2010
Space Heater Safety Tips
During the fall and winter months, space heaters are an effective way to provide temporary or supplemental warmth in a home or garage. Space heaters, however, by their very design and portability present shock, fire and burn hazards when used incorrectly and special precautions must be taken whenever they are used.
The following tips for the safe use of space heaters issued by the Canadian Standards Association (CSA) are applicable to all homeowners:
Selection: When purchasing a new heater, ensure that it has been tested and certified to the applicable standards by an accredited certification organization.
Instructions: Always follow the manufacturer's installation and operating instructions and all warnings before using a space heater. If you do not have or understand the instructions, contact the manufacturer directly.
Temporary use: Electric portable fan space heaters are designed to provide temporary warmth only. They should never be permanently installed or mounted and should not be operated continuously over extended periods of time. Portable heaters should never be suspended from ceilings or rafters or in any other manner.
Never hard-wiring: Never removing the plug and direct wire a portable heater to a power supply or modify or tamper with the construction of the unit.
Ventilation: In order to avoid overheating, electric fan space heaters must have proper ventilation across the elements. Never position the heater in an area that will limit the airflow to or from the fan.
Connection: Before turning the heater on, make sure the power supply cord's plug cap is fully inserted into the outlet. To avoid overheating and a potential fire hazard, do not use an extension cord with the heater.
Electric supply: Use of an electrical outlet with a Ground Fault Circuit Interrupter (GFCI) or a ground fault protected circuit is recommended. Only use a properly rated fused circuit or a breaker-protected circuit for powering the unit as indicated by the manufacturer's instructions.
Combustibles: To avoid the risk of fire, do not use heating equipment near combustible surfaces. Heaters should only be installed on a noncombustible surface that extends sufficiently beyond the front of the heater. Never operate a heater near flammable materials or in proximity to any volatile or flammable chemicals or vapors.
Air supply: Never block a heater's air flow. Obstruction of a heater's air intake or exhaust could lead to overheating and a potential fire hazard. Do not insert or allow foreign objects to enter any air vent as this may cause a potential for electric shock, fire or damage to the equipment and never use the heater to dry clothes.
Maintenance and storage: Always ensure heaters have had sufficient time to cool down after use before moving or storing and be sure to store heaters in a dry location. Check regularly if there are rust marks or degradation signs on the heating element and follow the manufacturer's instruction for proper maintenance and replacement. Do not use the heater if it has been exposed to any mechanical damage. Periodically clean the heater of any dust or particle accumulation. If you suspect the heater has been damaged or does not seem to work properly, discontinue use and refer to the manufacturer's instructions.
Extra caution: Use extra caution when operating portable heaters. Do not leave a heater running while unattended or use a heater in a position where it can be easily overturned or fall.
In addtion to hazards associated with improper use, space heaters are one of the most commonly recalled appliances due to manufacturing defects. A list of many of the recalled units can be found at the Consumer Product Safety Commission’s. In Canada, also visit the CSA website for additional information on space heaters.
The following tips for the safe use of space heaters issued by the Canadian Standards Association (CSA) are applicable to all homeowners:
Selection: When purchasing a new heater, ensure that it has been tested and certified to the applicable standards by an accredited certification organization.
Instructions: Always follow the manufacturer's installation and operating instructions and all warnings before using a space heater. If you do not have or understand the instructions, contact the manufacturer directly.
Temporary use: Electric portable fan space heaters are designed to provide temporary warmth only. They should never be permanently installed or mounted and should not be operated continuously over extended periods of time. Portable heaters should never be suspended from ceilings or rafters or in any other manner.
Never hard-wiring: Never removing the plug and direct wire a portable heater to a power supply or modify or tamper with the construction of the unit.
Ventilation: In order to avoid overheating, electric fan space heaters must have proper ventilation across the elements. Never position the heater in an area that will limit the airflow to or from the fan.
Connection: Before turning the heater on, make sure the power supply cord's plug cap is fully inserted into the outlet. To avoid overheating and a potential fire hazard, do not use an extension cord with the heater.
Electric supply: Use of an electrical outlet with a Ground Fault Circuit Interrupter (GFCI) or a ground fault protected circuit is recommended. Only use a properly rated fused circuit or a breaker-protected circuit for powering the unit as indicated by the manufacturer's instructions.
Combustibles: To avoid the risk of fire, do not use heating equipment near combustible surfaces. Heaters should only be installed on a noncombustible surface that extends sufficiently beyond the front of the heater. Never operate a heater near flammable materials or in proximity to any volatile or flammable chemicals or vapors.
Air supply: Never block a heater's air flow. Obstruction of a heater's air intake or exhaust could lead to overheating and a potential fire hazard. Do not insert or allow foreign objects to enter any air vent as this may cause a potential for electric shock, fire or damage to the equipment and never use the heater to dry clothes.
Maintenance and storage: Always ensure heaters have had sufficient time to cool down after use before moving or storing and be sure to store heaters in a dry location. Check regularly if there are rust marks or degradation signs on the heating element and follow the manufacturer's instruction for proper maintenance and replacement. Do not use the heater if it has been exposed to any mechanical damage. Periodically clean the heater of any dust or particle accumulation. If you suspect the heater has been damaged or does not seem to work properly, discontinue use and refer to the manufacturer's instructions.
Extra caution: Use extra caution when operating portable heaters. Do not leave a heater running while unattended or use a heater in a position where it can be easily overturned or fall.
In addtion to hazards associated with improper use, space heaters are one of the most commonly recalled appliances due to manufacturing defects. A list of many of the recalled units can be found at the Consumer Product Safety Commission’s. In Canada, also visit the CSA website for additional information on space heaters.
Wednesday, September 22, 2010
Easily become energy efficient!
Reducing home energy usage can add comfort and provide long-term financial gains for consumers. Energy conservation means taking steps and adopting habits that decrease the amount of energy used to operate one's home. Energy efficiency means using improved technology to decrease energy demand. Both of these areas offer homeowners ways to reduce their energy bills - and actions range from very simple efforts like closing windows and turning off lights, to installing new, high-efficiency heating and cooling equipment.
The average Canadian household spends $1,200 to $1,800 each year on utility bills. Of this total, energy usage breaks down in the following way:
- Heating and cooling (1/2)
- Appliances and lighting (1/3)
- Water heating (1/8)
Below are some simple conservation and efficiency improvements that most homeowners can undertake this season:
Set your thermostat to a lower temperature in the Fall. Or, install a programmable thermostat ($40 - $100) that you can program to match the heating and cooling of your home to your own personal schedule. These units typically offer savings of 10 to 15 percent without compromising comfort.
Check and change air filters regularly. Dirty filters can reduce heating, ventilation, and air conditioning (HVAC) system efficiency.
Replace high-use lights with compact fluorescent lamps. Light fixtures used more than two hours per day on average are good candidates for replacement with compact fluorescent lamps. The energy bill savings will more than pay for the extra cost of the lamps over their lifetime, and you will have to replace fewer lamps because fluorescent lamps last ten times longer than ordinary light bulbs. Installing motion sensors or timers on outdoor lights, instead of leaving the lights on during nighttime hours, can also help to reduce the electricity bill.
Look for sources of air leakage in your house. Outdoor air leakage comprises up to 30 per cent of the overall heating and cooling load, so cutting down on air leakage offers significant savings for a job that requires little in the way of costs. Common products like weather stripping can be used to plug leaks from cracks and holes at locations like door frames, windows, and attic access hatches.
Check insulation levels and possibly add additional insulation in attics and crawlspaces. Local utilities or Home Builder Associations can help you determine the recommended insulation levels for your area. This conservation effort decreases heating and cooling costs and increases comfort.
For homes with forced-air heating/cooling systems, seal duct joints with mastic or high-quality, UL-listed foil-backed duct tape and insulate ducts in unconditioned spaces like attics and crawlspaces.
Set the temperature on your water heater to 115 to 120º F. Higher settings are unnecessary and more costly.
Consider alternatives to help keep your home cool. Fans and dehumidifiers use less energy than air conditioners and can help to make the home comfortable during the warm months.
When buying or replacing appliances, choose energy efficient models.
Weatherize your windows, and consider replacing single-pane windows. Double-pane windows that are gas-filled with high performance glass (e.g. "low-e" glass) perform much better than their single-pane counterparts.
Use less hot water. The less hot water you use, the less your water heater has to work. To accomplish this, consider replacing your shower head with a low-flow shower fixture, use your dishwasher's "energy saver" and/or "water saver" setting, and consider switching your washing machine's temperature setting from hot to warm or cold.
Practice conservation habits to save energy. Turn off lights that aren't being used, take shorter showers, and run the dishwasher only for full loads. All of these small steps can have a big impact on utility bills.
Keep your utility bills low, and the money in your wallet - sounds like a win-win to me!
The average Canadian household spends $1,200 to $1,800 each year on utility bills. Of this total, energy usage breaks down in the following way:
- Heating and cooling (1/2)
- Appliances and lighting (1/3)
- Water heating (1/8)
Below are some simple conservation and efficiency improvements that most homeowners can undertake this season:
Set your thermostat to a lower temperature in the Fall. Or, install a programmable thermostat ($40 - $100) that you can program to match the heating and cooling of your home to your own personal schedule. These units typically offer savings of 10 to 15 percent without compromising comfort.
Check and change air filters regularly. Dirty filters can reduce heating, ventilation, and air conditioning (HVAC) system efficiency.
Replace high-use lights with compact fluorescent lamps. Light fixtures used more than two hours per day on average are good candidates for replacement with compact fluorescent lamps. The energy bill savings will more than pay for the extra cost of the lamps over their lifetime, and you will have to replace fewer lamps because fluorescent lamps last ten times longer than ordinary light bulbs. Installing motion sensors or timers on outdoor lights, instead of leaving the lights on during nighttime hours, can also help to reduce the electricity bill.
Look for sources of air leakage in your house. Outdoor air leakage comprises up to 30 per cent of the overall heating and cooling load, so cutting down on air leakage offers significant savings for a job that requires little in the way of costs. Common products like weather stripping can be used to plug leaks from cracks and holes at locations like door frames, windows, and attic access hatches.
Check insulation levels and possibly add additional insulation in attics and crawlspaces. Local utilities or Home Builder Associations can help you determine the recommended insulation levels for your area. This conservation effort decreases heating and cooling costs and increases comfort.
For homes with forced-air heating/cooling systems, seal duct joints with mastic or high-quality, UL-listed foil-backed duct tape and insulate ducts in unconditioned spaces like attics and crawlspaces.
Set the temperature on your water heater to 115 to 120º F. Higher settings are unnecessary and more costly.
Consider alternatives to help keep your home cool. Fans and dehumidifiers use less energy than air conditioners and can help to make the home comfortable during the warm months.
When buying or replacing appliances, choose energy efficient models.
Weatherize your windows, and consider replacing single-pane windows. Double-pane windows that are gas-filled with high performance glass (e.g. "low-e" glass) perform much better than their single-pane counterparts.
Use less hot water. The less hot water you use, the less your water heater has to work. To accomplish this, consider replacing your shower head with a low-flow shower fixture, use your dishwasher's "energy saver" and/or "water saver" setting, and consider switching your washing machine's temperature setting from hot to warm or cold.
Practice conservation habits to save energy. Turn off lights that aren't being used, take shorter showers, and run the dishwasher only for full loads. All of these small steps can have a big impact on utility bills.
Keep your utility bills low, and the money in your wallet - sounds like a win-win to me!
Monday, September 13, 2010
More Fall Maintenance Tips
Better safe than sorry, here's some more maintance tips for this fall:
- Check all window and door locks for proper operation
- Inspect your home for water leaks
- Review your fire escape plan with your family
- Make sure there are working nightlights at the top and bottom of all stairs
- Protect your home from frozen pipes
- Replace your furnace filter
- Run all gas-powered lawn equipment until the fuel is gone
- Test your emergency generator (if applicable)
- Have a certified chimney sweep inspect and clean the flues and check your fireplace damper
- Remove bird nests from chimney flues and outdoor electrical fixtures
- Inspect and clean dust from the covers of your smoke and carbon monoxide alarms
- Make sure the caulking around doors and windows is adequate to reduce heat/cooling loss
- Make sure that the caulking around your bathroom fixtures is adequate to prevent water from seeping into the
sub-flooring
- Check all window and door locks for proper operation
- Inspect your home for water leaks
- Review your fire escape plan with your family
- Make sure there are working nightlights at the top and bottom of all stairs
- Protect your home from frozen pipes
- Replace your furnace filter
- Run all gas-powered lawn equipment until the fuel is gone
- Test your emergency generator (if applicable)
- Have a certified chimney sweep inspect and clean the flues and check your fireplace damper
- Remove bird nests from chimney flues and outdoor electrical fixtures
- Inspect and clean dust from the covers of your smoke and carbon monoxide alarms
- Make sure the caulking around doors and windows is adequate to reduce heat/cooling loss
- Make sure that the caulking around your bathroom fixtures is adequate to prevent water from seeping into the
sub-flooring
Wednesday, September 8, 2010
Fall Home Maintenance
Well it's that time of year again, summer has ended, the kids have gone back to school and the days have started to get shorter, it's time to think about getting your house ready for a cooler season.
For your convenience, I have put together a list of home maintenance tips for fall.
– Have your furnace and heating system serviced by a qualified technician.
– Check venting systems of all of your equipment to ensure there are no obstructions. For example, check your chimney for things such as bird, squirrel and raccoon nests. If the chimney is blocked, the combustion gases are not going to leave the house. The flue needs to be open. Direct vents should be checked so that there are no bees or wasp nests.
– Clean leaves from eaves troughs and downspouts to ensure proper drainage from the roof.
– If you have a heat recovery ventilator, clean the intake grill outside and the filters inside the unit. Pour water down the condensation drain to test it.
– Ensure that the ground around your house slopes away from the foundation wall to prevent water from draining into your basement.
– Check exhaust ducts from dryers, bathroom fans and kitchen ranges that lead to the outside to make sure there are no obstructions. Check under the flaps to make sure nothing is nesting inside and clean it out.
– Vacuum electric baseboard heaters to remove dust and remove the grilles on forced air systems, and vacuum inside the ducts.
– Ensure all windows and doors shut tightly, including the door between the house and garage; if you have one. It may be time to do some weather stripping.
– Run the dehumidifier in the basement throughout the fall. It should be run from spring to fall. It helps to remove a lot of moisture.
– If you have interior screens on windows and doors, remove them and store the screens for winter. It promotes better air circulation to warm the glass and it may help to prevent condensation on windows.
For homes in rural areas - don't store firewood inside because it brings in a lot of moisture!
- have your well water tested for quality
- check the sump pump and line to ensure they work properly
- if you have a septic tank, measure the sludge and scum to
determine if it needs to be emptied before spring
For your convenience, I have put together a list of home maintenance tips for fall.
– Have your furnace and heating system serviced by a qualified technician.
– Check venting systems of all of your equipment to ensure there are no obstructions. For example, check your chimney for things such as bird, squirrel and raccoon nests. If the chimney is blocked, the combustion gases are not going to leave the house. The flue needs to be open. Direct vents should be checked so that there are no bees or wasp nests.
– Clean leaves from eaves troughs and downspouts to ensure proper drainage from the roof.
– If you have a heat recovery ventilator, clean the intake grill outside and the filters inside the unit. Pour water down the condensation drain to test it.
– Ensure that the ground around your house slopes away from the foundation wall to prevent water from draining into your basement.
– Check exhaust ducts from dryers, bathroom fans and kitchen ranges that lead to the outside to make sure there are no obstructions. Check under the flaps to make sure nothing is nesting inside and clean it out.
– Vacuum electric baseboard heaters to remove dust and remove the grilles on forced air systems, and vacuum inside the ducts.
– Ensure all windows and doors shut tightly, including the door between the house and garage; if you have one. It may be time to do some weather stripping.
– Run the dehumidifier in the basement throughout the fall. It should be run from spring to fall. It helps to remove a lot of moisture.
– If you have interior screens on windows and doors, remove them and store the screens for winter. It promotes better air circulation to warm the glass and it may help to prevent condensation on windows.
For homes in rural areas - don't store firewood inside because it brings in a lot of moisture!
- have your well water tested for quality
- check the sump pump and line to ensure they work properly
- if you have a septic tank, measure the sludge and scum to
determine if it needs to be emptied before spring
Monday, August 16, 2010
How To Increase The Price Of Any Income Property
The main value indicator of commercial real estate is based on how much net income it produces. The key word in this statement is ‘net income.’ An investor is not looking for revenue of $25,000 in rent each month only to find that the expenses amount to $30,000 – this is just a money-losing property. A buyer is looking for a property with a solid income and a good rate of return. Increasing the net income of a commercial property can be achieved in two main ways.
Increase Rent
The most obvious way to increase the value of a commercial property is to increase the base rent of each unit. Of course, this does not make a landlord a well-liked individual; however, one does not need to add sharp increases to add significant value to the property.
Take for example a 10 unit apartment building with rent set at $800 per unit per month. With a total rent of approximately $8,000 per month or $96,000 per year and expenses at $65,000 per year, the net income would be approximately $31,000 per year. Based on a 9% expected return on investment (ROI) this property would be worth $344,444 to a buyer. If the rent on each unit can be raised by only 2.5% ($20) the net income would rise to $33,400 and the building would now be worth $371,111. That’s a $26,666 increase in value for only $20 per month!
While the rents are the easiest place to add both cash flow and value to a building, this is not always the best option. By raising rents a landlord will run the risk of having people leave the building, thus creating vacancies in the process – a key consideration in any rental market.
Decrease Expenses
Another great way to increase property value, and does not directly affect the tenants, is to decrease monthly expenses. This is an often-overlooked item because it is much harder to accomplish than simply writing a rent adjustment letter and distributing it throughout the building. Decreasing costs should be an ongoing duty of the property manager and building owner.
To begin this option, utilize the help of a Certified Professional Accountant. A professional accountant can usually uncover additional ways to successful cut costs, taxes and fees in your operation. They will also help you look at all outgoing expenses and determine which could be reduced or eliminated.
Reduced Expenses: these may include utility invoices (reduce water and electrical consumption in public areas), cleaning (outsource to the lowest qualified bidder) and advertising costs (ask for referrals from good tenants)
Eliminated Expenses: gas or heating costs (write these as owner responsibility), yard maintenance (remove grass and add decorative stone) and energy (eliminate free electrical outlets for parking)
The wealth that can be generated by commercial real estate is almost limitless. Over time, having the ability to increase the net income from a property will result in a much higher value and sale price when the time comes. By using different techniques to either increase revenue generated from the property or reduce expenses, these small changes will lead to much larger sale prices.
Increase Rent
The most obvious way to increase the value of a commercial property is to increase the base rent of each unit. Of course, this does not make a landlord a well-liked individual; however, one does not need to add sharp increases to add significant value to the property.
Take for example a 10 unit apartment building with rent set at $800 per unit per month. With a total rent of approximately $8,000 per month or $96,000 per year and expenses at $65,000 per year, the net income would be approximately $31,000 per year. Based on a 9% expected return on investment (ROI) this property would be worth $344,444 to a buyer. If the rent on each unit can be raised by only 2.5% ($20) the net income would rise to $33,400 and the building would now be worth $371,111. That’s a $26,666 increase in value for only $20 per month!
While the rents are the easiest place to add both cash flow and value to a building, this is not always the best option. By raising rents a landlord will run the risk of having people leave the building, thus creating vacancies in the process – a key consideration in any rental market.
Decrease Expenses
Another great way to increase property value, and does not directly affect the tenants, is to decrease monthly expenses. This is an often-overlooked item because it is much harder to accomplish than simply writing a rent adjustment letter and distributing it throughout the building. Decreasing costs should be an ongoing duty of the property manager and building owner.
To begin this option, utilize the help of a Certified Professional Accountant. A professional accountant can usually uncover additional ways to successful cut costs, taxes and fees in your operation. They will also help you look at all outgoing expenses and determine which could be reduced or eliminated.
Reduced Expenses: these may include utility invoices (reduce water and electrical consumption in public areas), cleaning (outsource to the lowest qualified bidder) and advertising costs (ask for referrals from good tenants)
Eliminated Expenses: gas or heating costs (write these as owner responsibility), yard maintenance (remove grass and add decorative stone) and energy (eliminate free electrical outlets for parking)
The wealth that can be generated by commercial real estate is almost limitless. Over time, having the ability to increase the net income from a property will result in a much higher value and sale price when the time comes. By using different techniques to either increase revenue generated from the property or reduce expenses, these small changes will lead to much larger sale prices.
Friday, August 13, 2010
5 Tips for House Hunting
Here are five tips for success with first-time home buying:
House Hunting Tip #1 - Bring a Friend Along
Do you have a friend or family member with strong opinions on everything? You know the one. Well, bring them along during your house hunting trips!
When you think about it, it makes perfect sense. The house hunting process stirs up a lot of different emotions -- excitement, anxiety, joy, fear, frustration, exhilaration. And while these emotions are perfectly normal, they can cloud your judgment. That's not something you want when making a big financial decision.
You can balance this out by bringing a friend or family member along on your house hunting trips. This gives you an objective ally who can help you identify the pros and cons of each house. Chances are, they'll also be able to spot aspects of a house you might have missed otherwise.
House Hunting Tip #2 - Take Pictures of Each Home
Do you have a digital camera, or do you know somebody who does? If so, you have the ideal tool to help with the house hunting process. Take pictures of every house you visit, and then categorize them in folders by house address. This will help you recall the details of each house later on (when the details tend to blur together).
The photos will also give you an opportunity to see each home more objectively, after your initial excitement has faded. Then you can more easily decide which houses you'd like to follow-up on.
Tip #3 - Compare the House to Your Budget
Have you heard the expression "house poor"? House poor is what happens when people spend too much money and take on more of a mortgage loan than they can comfortably afford.
Think of it this way. If you have to work longer hours and scrape by each month just to afford a house ... is it really worth it? Keep your finances in mind, no matter how beautiful a house may be.
House Hunting Tip #4 - Consider the Commute
So you've found a home you like, and it's well within your price range. The next thing to consider is the location. How far is the home from work? Does it have easy access to the major roadways you need? How long is your daily commute going to be?
It's easy to be so enamored with a home that you forget about the drive time. But if you commute every day, drive time is a quality-of-life issue you can't afford to dismiss. Try driving to or from the house during rush hour. That will give you a good idea of what you'll face every day.
Tip #5 - Avoid Snap Decisions
Buying a home will probably be the biggest financial decision of your life. So it deserves careful consideration each step of the way. Even in a hot market where homes sell quickly, you have to make wise decisions based on research.
Remember, there will always be another house to come along. So even if you miss one due to your cautious approach, another home will be right around the corner. Keep these tips in mind while house hunting and you will have a much better experience.
House Hunting Tip #1 - Bring a Friend Along
Do you have a friend or family member with strong opinions on everything? You know the one. Well, bring them along during your house hunting trips!
When you think about it, it makes perfect sense. The house hunting process stirs up a lot of different emotions -- excitement, anxiety, joy, fear, frustration, exhilaration. And while these emotions are perfectly normal, they can cloud your judgment. That's not something you want when making a big financial decision.
You can balance this out by bringing a friend or family member along on your house hunting trips. This gives you an objective ally who can help you identify the pros and cons of each house. Chances are, they'll also be able to spot aspects of a house you might have missed otherwise.
House Hunting Tip #2 - Take Pictures of Each Home
Do you have a digital camera, or do you know somebody who does? If so, you have the ideal tool to help with the house hunting process. Take pictures of every house you visit, and then categorize them in folders by house address. This will help you recall the details of each house later on (when the details tend to blur together).
The photos will also give you an opportunity to see each home more objectively, after your initial excitement has faded. Then you can more easily decide which houses you'd like to follow-up on.
Tip #3 - Compare the House to Your Budget
Have you heard the expression "house poor"? House poor is what happens when people spend too much money and take on more of a mortgage loan than they can comfortably afford.
Think of it this way. If you have to work longer hours and scrape by each month just to afford a house ... is it really worth it? Keep your finances in mind, no matter how beautiful a house may be.
House Hunting Tip #4 - Consider the Commute
So you've found a home you like, and it's well within your price range. The next thing to consider is the location. How far is the home from work? Does it have easy access to the major roadways you need? How long is your daily commute going to be?
It's easy to be so enamored with a home that you forget about the drive time. But if you commute every day, drive time is a quality-of-life issue you can't afford to dismiss. Try driving to or from the house during rush hour. That will give you a good idea of what you'll face every day.
Tip #5 - Avoid Snap Decisions
Buying a home will probably be the biggest financial decision of your life. So it deserves careful consideration each step of the way. Even in a hot market where homes sell quickly, you have to make wise decisions based on research.
Remember, there will always be another house to come along. So even if you miss one due to your cautious approach, another home will be right around the corner. Keep these tips in mind while house hunting and you will have a much better experience.
Thursday, August 12, 2010
Negotiation Strategies For Buying Property
The Real Estate negotiation process can be a fun and exciting experience; especially when you are prepared and have a good negotiation strategy in mind. Here are some basic rules for handling property or any other negotiation in your business. By implementing these steps into your process you can hold your ground, get a fair deal and obtain property at the price you want.
Determine Your Target Price
If you have a target price in mind prior to the negotiation process you can effectively design your offer and counter-offer strategy to reach this goal. Make sure your price is reasonable; balancing your desire to own the property with market price and value fundamentals.
Offer Less Than You Expect to Get
Even if you have never heard of negotiation strategy, you probably already know to start your offer low to see what response you get. If you do nothing else, this strategy should reduce the asking price by 1 or 2 percent.
Bracket the Offer Effectively
Untrained negotiators usually expect to transact at a price halfway between their starting point and your initial offer. “Bracketing” means that you have taken this knowledge into consideration and have made adjustments within your offer to reflect it. The opening position should be low enough that if the seller splits the difference, the resulting price is lower than your target. For example, if the asking price is $110,000 and your target price is $105,000, you may bracket this negotiation with an offer of $98,500 (rather than $100,000). This would create a range of $11,500 and a higher chance of you obtaining the property at or below your target price.
Never Offer to Split the Difference
Splitting the difference in a negotiation means that you offer a number that is half way between both sides. The problem with this method is that if you are the one that makes this offer, the seller can now negotiate with your new price as a low point. You effectively re-bracket yourself with the estimated final price above your target.
For example, if your offer is $180,000 and their asking price is $220,000, an effective negotiation should result with an approximate $200,000 final price. If you offer to split the difference too quickly, the new bracket positions will be $200,000 and $220,000. In this case, the probable outcome will be closer to $210,000 and you will have left $10,000 on the table.
Look for Gains Beyond Price
Once the price is close to final, see if you are able to get anything more out of the deal. There are literally hundreds of ways to do this so try something unique. The sellers are not usually willing to counter-offer - removing the request – and risk losing the deal.
Final Thoughts
Using a negotiation strategy will ensure that you have created a final deal that satisfies both parties. You will have ethically presented yourself and your offers with proactive purpose, rather than reactive response and you will obtain the best outcome possible for your negotiation. These rules will help you understand the process and successfully obtain the properties you want to buy.
Determine Your Target Price
If you have a target price in mind prior to the negotiation process you can effectively design your offer and counter-offer strategy to reach this goal. Make sure your price is reasonable; balancing your desire to own the property with market price and value fundamentals.
Offer Less Than You Expect to Get
Even if you have never heard of negotiation strategy, you probably already know to start your offer low to see what response you get. If you do nothing else, this strategy should reduce the asking price by 1 or 2 percent.
Bracket the Offer Effectively
Untrained negotiators usually expect to transact at a price halfway between their starting point and your initial offer. “Bracketing” means that you have taken this knowledge into consideration and have made adjustments within your offer to reflect it. The opening position should be low enough that if the seller splits the difference, the resulting price is lower than your target. For example, if the asking price is $110,000 and your target price is $105,000, you may bracket this negotiation with an offer of $98,500 (rather than $100,000). This would create a range of $11,500 and a higher chance of you obtaining the property at or below your target price.
Never Offer to Split the Difference
Splitting the difference in a negotiation means that you offer a number that is half way between both sides. The problem with this method is that if you are the one that makes this offer, the seller can now negotiate with your new price as a low point. You effectively re-bracket yourself with the estimated final price above your target.
For example, if your offer is $180,000 and their asking price is $220,000, an effective negotiation should result with an approximate $200,000 final price. If you offer to split the difference too quickly, the new bracket positions will be $200,000 and $220,000. In this case, the probable outcome will be closer to $210,000 and you will have left $10,000 on the table.
Look for Gains Beyond Price
Once the price is close to final, see if you are able to get anything more out of the deal. There are literally hundreds of ways to do this so try something unique. The sellers are not usually willing to counter-offer - removing the request – and risk losing the deal.
Final Thoughts
Using a negotiation strategy will ensure that you have created a final deal that satisfies both parties. You will have ethically presented yourself and your offers with proactive purpose, rather than reactive response and you will obtain the best outcome possible for your negotiation. These rules will help you understand the process and successfully obtain the properties you want to buy.
Friday, August 6, 2010
The Importance of Home Inspections When Buying A Home
A home inspection prior to purchasing a home or condominium can bring peace of mind when you sign the sales contract. Knowing what to expect both inside and out will help you make an informed decision about the value of the home and the future upkeep.
A home inspection accomplishes two important goals. First, it gives you a chance to determine the condition of the house, its structural soundness, and the condition of its mechanical systems. Second, it brings any problems to the seller’s attention at a time when they can be resolved before closing a sale.
A comprehensive inspection includes a visual examination of the structure from top to bottom, including the heating, air conditioning systems, the interior plumbing and electrical systems, the roof and visible insulation, walls, ceilings, floors, windows and doors, the foundation, basement and visible structure.
Following the examination, the inspector will provide a report that not only points out possible defects or areas of concerns, but also the positive aspects of the structure as well as the type of maintenance that will be necessary to keep the home in good shape.
Even the most experienced homeowners lack the knowledge and expertise of a professional inspection firm. For example, watermarks in the basement may indicate a chronic seepage problem, or simply may be a result of a single incident.
A professional assessment will provide complete information about the condition of the property you are considering and will help avoid any unpleasant surprises after the sale. In addition, a home inspector can remain totally objective, while you as a prospective homebuyer may be emotionally involved.
The inspection fee for a typical single-family house can vary depending upon the geographic area. The particular features of the home such as size, age and special structures will be taken into consideration. A decision to have a home inspected is a good investment. You might save many times the cost of inspection by being aware of defects, maintenance requirements, and upgrading requirements.
Good decorating should not sell you on a house. Remember, you’re also buying structural and mechanical systems. Walk through a house twice before you hire an inspector. The first time, look at the rooms, the floor plan, and envision your own decorating ideas for the house. The second time, go back and look at the condition of the walls, doors, appliance, and plumbing. If the home still looks good after two visits and you’re getting serious about the purchase, hire an inspector.
When interviewing a potential home inspection firm, carefully inquire about the specifics of their work and company. Ask how long they have been in business, ask for references from previous customers. Find out what type of insurance they carry and do they guarantee inspections? Ask if they go on the roof?
A home inspection usually lasts about three hours. Professional inspection companies will be happy to answer all your questions. Avoid firms that issue only a verbal report. The report should be in narrative form, not just a checklist of items inspected. The home inspector should also issue a written report with accurate cost estimates for any major defects discovered during the inspection. You may find it valuable to accompany the inspector as he goes through the house.
A home inspection accomplishes two important goals. First, it gives you a chance to determine the condition of the house, its structural soundness, and the condition of its mechanical systems. Second, it brings any problems to the seller’s attention at a time when they can be resolved before closing a sale.
A comprehensive inspection includes a visual examination of the structure from top to bottom, including the heating, air conditioning systems, the interior plumbing and electrical systems, the roof and visible insulation, walls, ceilings, floors, windows and doors, the foundation, basement and visible structure.
Following the examination, the inspector will provide a report that not only points out possible defects or areas of concerns, but also the positive aspects of the structure as well as the type of maintenance that will be necessary to keep the home in good shape.
Even the most experienced homeowners lack the knowledge and expertise of a professional inspection firm. For example, watermarks in the basement may indicate a chronic seepage problem, or simply may be a result of a single incident.
A professional assessment will provide complete information about the condition of the property you are considering and will help avoid any unpleasant surprises after the sale. In addition, a home inspector can remain totally objective, while you as a prospective homebuyer may be emotionally involved.
The inspection fee for a typical single-family house can vary depending upon the geographic area. The particular features of the home such as size, age and special structures will be taken into consideration. A decision to have a home inspected is a good investment. You might save many times the cost of inspection by being aware of defects, maintenance requirements, and upgrading requirements.
Good decorating should not sell you on a house. Remember, you’re also buying structural and mechanical systems. Walk through a house twice before you hire an inspector. The first time, look at the rooms, the floor plan, and envision your own decorating ideas for the house. The second time, go back and look at the condition of the walls, doors, appliance, and plumbing. If the home still looks good after two visits and you’re getting serious about the purchase, hire an inspector.
When interviewing a potential home inspection firm, carefully inquire about the specifics of their work and company. Ask how long they have been in business, ask for references from previous customers. Find out what type of insurance they carry and do they guarantee inspections? Ask if they go on the roof?
A home inspection usually lasts about three hours. Professional inspection companies will be happy to answer all your questions. Avoid firms that issue only a verbal report. The report should be in narrative form, not just a checklist of items inspected. The home inspector should also issue a written report with accurate cost estimates for any major defects discovered during the inspection. You may find it valuable to accompany the inspector as he goes through the house.
Thursday, August 5, 2010
First Time Home Buyers Information
What can I expect for Closing costs?
It is recommended that you have an additional 3% for your closing costs. This is in addition to your down payment. Some of the closing costs you can expect to incur, are, Lawyers fees, Deed Transfer Tax (up to 1.5% of the cost of the home), Property Tax Adjustments, Home Inspection Costs, etc. On a $200,000 home purchase, your typical closing costs would be approximately $4-5000. If the home is heated with oil, you will need to pay for a full tank of oil, an additional $7-900 (the owner is required to have the oil tank filled the day before closing). In recent years, many lawyers are recommending Title Insurance. I strongly recommend adding Title Insurance for every purchase or when you re-negotiate your mortgage. Title Insurance costs approx $250.
What is Title Insurance?
Title insurance is unlike any other kind of insurance. It is not house insurance which only protects the contents of your home or its structure and for which you have to pay a monthly or annual premium. Unlike house insurance, you only pay a one-time premium with no deductible.
Title insurance is distinctive in that it protects your ownership or title against losses incurred as a result of undetected or unknown title defects, for as long as you own your home. Even if you are the rightful owner of your home, there are instances such as real estate title fraud, when your title can come into question.
What is CMHC Mortgage Loan Insurance?
Mortgage loan insurance is typically required by lenders when homebuyers make a down payment of less than 20% of the purchase price. Mortgage loan insurance helps protects lenders against mortgage default, and enables consumers to purchase homes with as little as 5% down payment — with interest rates comparable to those with a 20% down payment.
To obtain mortgage loan insurance, lenders pay an insurance premium. Typically, your lender will pass this cost on to you. The premium payable is based on a percentage of the home’s purchase price that is financed by a mortgage. The premium can be paid in a single lump sum or it can be added to your mortgage and included in your monthly payments.
Mortgage loan insurance is not to be confused with mortgage life insurance which guarantees that your remaining mortgage at the time of your death will not be a burden to your estate. For more info, please click this link: http://cmhc.ca/en/co/moloin/index.cfm
What is the RRSP Home Buyers Plan?
The Home Buyers’ Plan (HBP) allows you to withdraw up to $20,000 from RRSPs to buy or build a qualifying home for yourself (as a first-time home buyer) or for a related disabled person. You may still be considered a first-time home buyer if you own a rental property or if you have not recently owned a home.
This is a temporary “loan” from your RRSP — you must pay back the amount you borrow from your RRSP for the Home Buyer’s Plan within 15 years or it will be added to your taxable income.
You can make withdrawals from more than one RRSP as long as you are the annuitant (plan owner). Typically, you will not be allowed to withdraw funds from a locked-in RRSP. For more info, please click on the following link: The Home Buyers’ Plan (HBP) allows you to withdraw up to $20,000 from RRSPs to buy or build a qualifying home for yourself (as a first-time home buyer) or for a related disabled person. You may still be considered a first-time home buyer if you own a rental property or if you have not recently owned a home.
This is a temporary “loan” from your RRSP — you must pay back the amount you borrow from your RRSP for the Home Buyer’s Plan within 15 years or it will be added to your taxable income.You can make withdrawals from more than one RRSP as long as you are the annuitant (plan owner). Typically, you will not be allowed to withdraw funds from a locked-in RRSP. For more info, please click on the following link: https://www.nscu.com/Investments/RRSPs/RRSPHomeBuyersPlan/
It is recommended that you have an additional 3% for your closing costs. This is in addition to your down payment. Some of the closing costs you can expect to incur, are, Lawyers fees, Deed Transfer Tax (up to 1.5% of the cost of the home), Property Tax Adjustments, Home Inspection Costs, etc. On a $200,000 home purchase, your typical closing costs would be approximately $4-5000. If the home is heated with oil, you will need to pay for a full tank of oil, an additional $7-900 (the owner is required to have the oil tank filled the day before closing). In recent years, many lawyers are recommending Title Insurance. I strongly recommend adding Title Insurance for every purchase or when you re-negotiate your mortgage. Title Insurance costs approx $250.
What is Title Insurance?
Title insurance is unlike any other kind of insurance. It is not house insurance which only protects the contents of your home or its structure and for which you have to pay a monthly or annual premium. Unlike house insurance, you only pay a one-time premium with no deductible.
Title insurance is distinctive in that it protects your ownership or title against losses incurred as a result of undetected or unknown title defects, for as long as you own your home. Even if you are the rightful owner of your home, there are instances such as real estate title fraud, when your title can come into question.
What is CMHC Mortgage Loan Insurance?
Mortgage loan insurance is typically required by lenders when homebuyers make a down payment of less than 20% of the purchase price. Mortgage loan insurance helps protects lenders against mortgage default, and enables consumers to purchase homes with as little as 5% down payment — with interest rates comparable to those with a 20% down payment.
To obtain mortgage loan insurance, lenders pay an insurance premium. Typically, your lender will pass this cost on to you. The premium payable is based on a percentage of the home’s purchase price that is financed by a mortgage. The premium can be paid in a single lump sum or it can be added to your mortgage and included in your monthly payments.
Mortgage loan insurance is not to be confused with mortgage life insurance which guarantees that your remaining mortgage at the time of your death will not be a burden to your estate. For more info, please click this link: http://cmhc.ca/en/co/moloin/index.cfm
What is the RRSP Home Buyers Plan?
The Home Buyers’ Plan (HBP) allows you to withdraw up to $20,000 from RRSPs to buy or build a qualifying home for yourself (as a first-time home buyer) or for a related disabled person. You may still be considered a first-time home buyer if you own a rental property or if you have not recently owned a home.
This is a temporary “loan” from your RRSP — you must pay back the amount you borrow from your RRSP for the Home Buyer’s Plan within 15 years or it will be added to your taxable income.
You can make withdrawals from more than one RRSP as long as you are the annuitant (plan owner). Typically, you will not be allowed to withdraw funds from a locked-in RRSP. For more info, please click on the following link: The Home Buyers’ Plan (HBP) allows you to withdraw up to $20,000 from RRSPs to buy or build a qualifying home for yourself (as a first-time home buyer) or for a related disabled person. You may still be considered a first-time home buyer if you own a rental property or if you have not recently owned a home.
This is a temporary “loan” from your RRSP — you must pay back the amount you borrow from your RRSP for the Home Buyer’s Plan within 15 years or it will be added to your taxable income.You can make withdrawals from more than one RRSP as long as you are the annuitant (plan owner). Typically, you will not be allowed to withdraw funds from a locked-in RRSP. For more info, please click on the following link: https://www.nscu.com/Investments/RRSPs/RRSPHomeBuyersPlan/
Wednesday, August 4, 2010
11 Questions to Ask Your Agent
Following is a list of general questions you should always ask when considering making a real estate purchase. Keep in mind, however, you are unique.
You have particular dislikes and likes as well as factors in your life that are different than other people. The point I am trying to make is that you shouldn't stick to just these questions. You are making an important choice, so give some thought to your situation.
1. Don't rush into things. The first question to ask should be directed at yourself. What type of home do you want? How big should it be? What amenities do you want? Are you planning for a family in the next three to five years and will the home be able to accommodate a new bundle of joy? Make a definitive list and stick to it. If you stray from it, you could end up with a house that doesn't really fit you and suffer buyer's remorse.
2. The next question is what area do you want to live in? Pick a few. You may find the prices to be excessive or the selection not so hot, but make sure you exhaust those areas before moving on. Again, you want to avoid buyer's remorse.
3. Once you start looking at homes, a key question to ask is how long the house has been on the market. The amount of time will give you an idea of how flexible the owner is on price. If the house has been on the market for a month, the owner isn't going to be very flexible. If it has been on the market for six months, flexibility will definitely exist.
4. Has the house previously been under offer, but fell out? If so, find out why? Was it a problem with the buyer getting financing or did the buyer find out there was something wrong with the home?
5. What kind of condition is the house in and how old is it? Remember that a seller has typically done everything reasonably possible to spruce up the home. If you can see wear and tear on the house, it may be a red flag. In such a situation, you need to get a home inspection to make sure there aren't problems in areas you can't see such as mold, rust and water leaks.
6. If you have children or are planning on it, you must investigate the school district. Are the schools good? Is there a lot of crime in the area?
7. In addition to the home price, you should ask whether there are any additional fees such association fees, betterment charges, etc.
8. What are the property taxes and what will they be when you buy? Many people are shocked to find out how much they have to kick out in property taxes. Don't get surprised.
9. Zoning and easement issues are often overlooked when buying a home. If you are buying in a neighborhood with many homes, zoning is undoubtedly going to be for residential living. Easements, however, can be terrible surprises. Find out if there are any easements on the property. An easement gives a third party the right to use of part of the property. This can include giving the neighbor the right to do something or a utility company to place structures on your prospective property.
10. Noise is another big issue to consider. If you are serious about the property, make sure to drive buy on weekdays and weekends. If the property shares a wall with another residence, such as a duplex or condo, make sure you view it while the neighbors are home to get an idea of how loud it is.
11. In the euphoria of buying a property, practical issues can be missed. A big one is traffic. Specifically, what is the commute like between the house and your place of work? You don't want to buy the house only to find out it takes three hours to get to and from work each day.
Obviously, you should be asking many additional questions before making a purchase. These 11 questions, however, will help you get started.
You have particular dislikes and likes as well as factors in your life that are different than other people. The point I am trying to make is that you shouldn't stick to just these questions. You are making an important choice, so give some thought to your situation.
1. Don't rush into things. The first question to ask should be directed at yourself. What type of home do you want? How big should it be? What amenities do you want? Are you planning for a family in the next three to five years and will the home be able to accommodate a new bundle of joy? Make a definitive list and stick to it. If you stray from it, you could end up with a house that doesn't really fit you and suffer buyer's remorse.
2. The next question is what area do you want to live in? Pick a few. You may find the prices to be excessive or the selection not so hot, but make sure you exhaust those areas before moving on. Again, you want to avoid buyer's remorse.
3. Once you start looking at homes, a key question to ask is how long the house has been on the market. The amount of time will give you an idea of how flexible the owner is on price. If the house has been on the market for a month, the owner isn't going to be very flexible. If it has been on the market for six months, flexibility will definitely exist.
4. Has the house previously been under offer, but fell out? If so, find out why? Was it a problem with the buyer getting financing or did the buyer find out there was something wrong with the home?
5. What kind of condition is the house in and how old is it? Remember that a seller has typically done everything reasonably possible to spruce up the home. If you can see wear and tear on the house, it may be a red flag. In such a situation, you need to get a home inspection to make sure there aren't problems in areas you can't see such as mold, rust and water leaks.
6. If you have children or are planning on it, you must investigate the school district. Are the schools good? Is there a lot of crime in the area?
7. In addition to the home price, you should ask whether there are any additional fees such association fees, betterment charges, etc.
8. What are the property taxes and what will they be when you buy? Many people are shocked to find out how much they have to kick out in property taxes. Don't get surprised.
9. Zoning and easement issues are often overlooked when buying a home. If you are buying in a neighborhood with many homes, zoning is undoubtedly going to be for residential living. Easements, however, can be terrible surprises. Find out if there are any easements on the property. An easement gives a third party the right to use of part of the property. This can include giving the neighbor the right to do something or a utility company to place structures on your prospective property.
10. Noise is another big issue to consider. If you are serious about the property, make sure to drive buy on weekdays and weekends. If the property shares a wall with another residence, such as a duplex or condo, make sure you view it while the neighbors are home to get an idea of how loud it is.
11. In the euphoria of buying a property, practical issues can be missed. A big one is traffic. Specifically, what is the commute like between the house and your place of work? You don't want to buy the house only to find out it takes three hours to get to and from work each day.
Obviously, you should be asking many additional questions before making a purchase. These 11 questions, however, will help you get started.
Tuesday, August 3, 2010
First-time buyer Checklist
Being a first-time home buyer, knowing where to start is an important part of making the home buying process easy, stress-free, and simple.
1) Getting Ready
2) Get Set
3) Go
4) Congratulations
1) Getting Ready
- CONTACT A MORTGAGE SPECIALIST & GET PRE-APPROVED
- Review Purchasing Costs
- Deed Transfer Tax (Varies depending on wheere you are - check with your muinicpality)
- G.S.T / H.S.T (only on new property)
- Legal Fees (Notary Public / Lawyer)
- Home Inspection (if applicable)
- High Ratio Mortgage Premium (only if borrowing over 80% of the purchase price)
- Deposit (minimum 5% & forms part of the purchase price)
- Review First Time Buyer Savings
- R.R.S.P tax free withdraw (up to 25K per person)
- Property Transfer Tax Rebate (No P.T.T under $425K)
- Define your Search Criteria
- Needs Vs. Wants analysis
- Neighborhood analysis (likes & dislikes)
- Become an expert
- Determine what your budget will get you in your neighborhood of choice
- View property details from listings in your neighborhood of choice
- Tour open houses of qualified homes
- Through process of elimination determine what home(s) interest you the most
- Make an offer
- Draft Contract of Purchase & Sale
- Determine Price, Possession date & Completion Date
- Determine Subjects (usual subjects: Inspection, Financing & Strata Paperwork)
- Submit Offer (with Expiry time and date)
- Sellers Options (Accept, Counter or let expire)
- Once offer is accepted
- Work through & remove all Conditions
- Place deposit check into the Trust Account of your Realtors Brokerage (Bank Draft)
- Select Notary Public / Lawyer
- Prepare for the move
- This First Time Home Buying outline will be altered slightly depending on the product being purchased (House or Condo). However the basic outline that you see above is the foundation of the home search needed to get you “the buyer” into the home that works best for your needs.
Saturday, July 17, 2010
Stay cool and be green doing it!
Staying Cool the Green Way
It's cool to be green, and green can keep you cool - especially in hot weather. Here are ten tips for maintaining a comfortable home without relying on the air conditioner this summer.
1.Heat rises so make sure your roof is well-ventilated. Consider installing a temperature controlled attic fan that switches on when the mercury rises.
2.Ensure proper insulation in the walls and ceilings. In Canada, we tend to think of insulation as a must for winter, but proper insulation also guards against the heat of the day in summer.
3.Shade the west side of your home by planting large bushes or trees to mitigate the amount of direct sunlight your west-facing walls receive. Be sure any planting is done a safe distance from the foundation.
4.Ceiling fans can cool a room by several degrees. Install ceiling fans in larger rooms and set them to the forward position so the fan rotates counter clockwise. This will help create a wind-chill effect and make you "feel" cooler.
5.Venetian blinds or California shutters are both aesthetically appealing and effective at shutting out the sun's glare. Another option is to add heat reflecting film on windows. It will help keep things cool, while reducing ultraviolet rays that can damage furniture and floors.
6.Since most summer breezes blow from west to east, open the southwest and northeast windows to allow a refreshing cross-breeze. Open windows at night to allow the cooler air in, and close them in the morning.
7.Use a dehumidifier to absorb moisture in the air, as dry air feels cooler. A dehumidifier can also prevent mold, mildew, and musty odours, especially in the basement.
8.If you can, minimize use of your stove in really hot weather. Consider using an outdoor barbecue or a slow cooker which emits very little heat.
9.Invest in a fold-away gazebo for your deck or garden. It protects from sun, insects, and summer showers when you want to cool off outside.
10.Lighten up the exterior paint. Light coloured paint doesn't absorb as much solar energy as darker paint, and is a relatively low-cost solution that can reduce your energy bills.
When summer sizzles, think green, keep your cool - and enjoy!
New listing
26.2 Acres in Morristown, Kings County.
Zoned forestry, so plenty of opportunites possible
Features include 2000 feet of road frontage, 1500 feet of river frontage, and fabulous pond.
If you're looking for a peaceful, private place to have a hobby farm or build your dream house, you should definatley give this place a look!
Priced right at $70,000.
Zoned forestry, so plenty of opportunites possible
Features include 2000 feet of road frontage, 1500 feet of river frontage, and fabulous pond.
If you're looking for a peaceful, private place to have a hobby farm or build your dream house, you should definatley give this place a look!
Priced right at $70,000.
New listing
10226 Highway 221 in Habitant, Kings County
Once in a while a gem like this comes along. With nothing left to do but move-in, this home would be perfect for first time buyers or retirees. Conveniently situated just outside of Canning, and only minutes to Kingsport Beach. The porch could easily be used as a great den/office area, or even a 3rd bedroom. The kitchen/dining/living room are all very large, making entertaining a breeze! All of this in one package, and still only 10 minutes to Highway 101 access.
STATS
2 bedroom
1 bathroom
freshly painted throughout
some of the upgrades include, new windows, new oil tank
Priced at $119,950
Once in a while a gem like this comes along. With nothing left to do but move-in, this home would be perfect for first time buyers or retirees. Conveniently situated just outside of Canning, and only minutes to Kingsport Beach. The porch could easily be used as a great den/office area, or even a 3rd bedroom. The kitchen/dining/living room are all very large, making entertaining a breeze! All of this in one package, and still only 10 minutes to Highway 101 access.
2 bedroom
1 bathroom
freshly painted throughout
some of the upgrades include, new windows, new oil tank
Priced at $119,950
Thursday, July 15, 2010
A Fixer Upper vs. Move-In Ready Home
Buying a home can be tricky business. Some homes are move in ready, others need some TLC. When looking at homes, which one is going to be the best value? Is it better to just buy a home that is move in ready? Or is there still value in buying a fixer and doing a little work?
Deciding On A Fixer Upper Or Move In Ready Home
When deciding on a fixer upper, you need to know what needs fixing. Are the problems with the property structural? Bad wiring, bad foundation, plumbing, termites etc. Or are the problems more cosmetic such as outdated fixtures, paint, popcorn ceilings etc.
Knowing what needs fixing is half the battle. You should take a trusted contractor to the home before submitting an offer. If you are an experienced rehabber, you may not need a contractor, but I would still recommend an inspection.
Get a bid from the contractor and add about 10%. Most the time, projects go over budget, so be prepared for that. If you plan on doing the work yourself, be sure you know exactly what you’re doing. A rehab project gone wrong can seriously effect your pocket book.
How Much Are Repairs Going To Cost?
The other half of the battle is the money. How much is this rehab project going to cost? What value are you going to add? And how long are you planning on staying in the home? There are some great mortgage products out there. It's worth a chat with a mortgage broker.
Also, have you’re Realtor run some numbers. If you bought a comparable home that didn’t need the repairs, what would it be worth? What is the price of a move in ready home compared to the costs of the repairs plus the home that needs the repairs? Does it make financial sense to repair the home? A lot of times buying a home and fixing it up can add instant value. Just be sure you know all the numbers.
Check Out The Neighborhood
Buying a fixer upper and doing repairs may not matter if the neighborhood is in a decline. Is this home the only fixer on the street? Or is there a lot of problems with other homes in the neighborhood?
There is a lot more risk pouring money into a home if the neighborhood is in bad shape.
Your return will be less if the neighbors aren’t doing their part to maintain the neighborhood. As your agent about the history of the neighborhood. Watch out for neighborhoods with declining home values.
Cosmetic Repairs And Doing The Work Yourself
Almost every home you’re going to look at needs some sort of work in your eyes. As a buyer, you won’t
find everything you want in a home, and most buyers realize they will be doing some sort of cosmetic work after purchasing any home. Buying a home that needs cosmetic updating can be a great way to get what you want and bring a nice return on your investment.
If you’re okay with living in an “ugly” home for a couple years as you go from project to project, the cosmetic fixer upper is a great choice. Doing cosmetic projects yourself, such as updating the bathrooms and kitchen, can save you money over buying an updated move-in ready home. Ask your agent what type of updates will produce the best return, and decide if you’re capable of doing the work.
Buying a home, whether move in ready or a fixer upper, is all about what’s going to work for you. If you’re the type of person that can handle a DIY project, go for the fixer upper, you can save some money. If you’re not the fixer upper type, hiring contractors to do the work can end up more expensive then you planned. If you do your homework, you should be confident with your decision.
Annapolis Valley Real Estate
Sunday, July 11, 2010
Seasonal Home Maintenance Schedule - Summer
To ensure that the readers of this Annapolis Valley Real Estate Blog are getting all the information they need, I have decided to start a seasonal maintenance guide for homeowners. As it is now Summer, we'll start with that!
-Monitor basement humidity and avoid relative humidity levels above 60 per cent. Use a dehumidifier to maintain relative humidity below 60 per cent.
-Clean or replace air-conditioning filter, and clean or replace ventilation system filters if necessary.
-Check basement pipes for condensation or dripping and, if necessary, take corrective action; for example, reduce humidity and/or insulate cold water pipes.
-Check the basement floor drain to ensure the trap contains water; refill with water if necessary.
-If you have a plumbing fixture that is not used frequently, for example, a laundry tub or spare bathroom sink, tub or shower stall, run some water briefly to keep water in the trap.
-Deep clean carpets and rugs.
-Vacuum bathroom fan grille.
-Disconnect the duct connected to your clothes dryer, and vacuum lint from duct, the areas surrounding your dryer and your dryer’s vent hood outside.
-Check security of all guardrails and handrails.
-Check smooth functioning of all windows, and lubricate as required.
-Inspect window putty on outside of glass panes of older houses, and replace if needed.
-Sand and touch up paint on windows and doors.
-Lubricate door hinges, and tighten screws as needed.
-Check for and replace damaged caulking and weatherstripping around mechanical and electrical services, windows and doorways, including the doorway between the garage and the house.
-Lubricate garage door hardware, and ensure it is operating properly.
-Lubricate automatic garage door opener motor, chain and other moving parts, and ensure that the auto-reverse mechanism is properly adjusted.
-Inspect electrical service lines for secure attachment where they enter your house, and make sure there is no water leakage into the house along the electrical conduit. Check for overhanging tree branches that may need to be removed.
-Check exterior wood siding and trim for signs of deterioration; clean, replace or refinish as needed.
-Remove any plants that contact — and roots that penetrate — the siding or brick.
-From the ground, check the general condition of the roof and note any sagging that could indicate structural problems requiring further investigation from inside the attic. Note the condition of shingles for possible repair or replacement, and examine roof flashings, such as at chimney and roof joints, for any signs of cracking or leakage.
-Check the chimney cap and the caulking between the cap and the chimney.
-Repair driveway and walkways as needed.
-Repair any damaged steps.
Any one have any other suggestions? Feel free to comment!
-Monitor basement humidity and avoid relative humidity levels above 60 per cent. Use a dehumidifier to maintain relative humidity below 60 per cent.
-Clean or replace air-conditioning filter, and clean or replace ventilation system filters if necessary.
-Check basement pipes for condensation or dripping and, if necessary, take corrective action; for example, reduce humidity and/or insulate cold water pipes.
-Check the basement floor drain to ensure the trap contains water; refill with water if necessary.
-If you have a plumbing fixture that is not used frequently, for example, a laundry tub or spare bathroom sink, tub or shower stall, run some water briefly to keep water in the trap.
-Deep clean carpets and rugs.
-Vacuum bathroom fan grille.
-Disconnect the duct connected to your clothes dryer, and vacuum lint from duct, the areas surrounding your dryer and your dryer’s vent hood outside.
-Check security of all guardrails and handrails.
-Check smooth functioning of all windows, and lubricate as required.
-Inspect window putty on outside of glass panes of older houses, and replace if needed.
-Sand and touch up paint on windows and doors.
-Lubricate door hinges, and tighten screws as needed.
-Check for and replace damaged caulking and weatherstripping around mechanical and electrical services, windows and doorways, including the doorway between the garage and the house.
-Lubricate garage door hardware, and ensure it is operating properly.
-Lubricate automatic garage door opener motor, chain and other moving parts, and ensure that the auto-reverse mechanism is properly adjusted.
-Inspect electrical service lines for secure attachment where they enter your house, and make sure there is no water leakage into the house along the electrical conduit. Check for overhanging tree branches that may need to be removed.
-Check exterior wood siding and trim for signs of deterioration; clean, replace or refinish as needed.
-Remove any plants that contact — and roots that penetrate — the siding or brick.
-From the ground, check the general condition of the roof and note any sagging that could indicate structural problems requiring further investigation from inside the attic. Note the condition of shingles for possible repair or replacement, and examine roof flashings, such as at chimney and roof joints, for any signs of cracking or leakage.
-Check the chimney cap and the caulking between the cap and the chimney.
-Repair driveway and walkways as needed.
-Repair any damaged steps.
Any one have any other suggestions? Feel free to comment!
Monday, July 5, 2010
The Following was found on another Blog, I found it interesting, so I have posted it here for your enjoyment!
Local Realtor Owns Property Guys
What Do You Think?
A Guelph Onartio Real Estate Broker owns a private sale franchise in Mississauga, Ontario. How can someone work both niches (private-sale and real estate) and still claim to have honest motives when talking to the prospective client? I'm not saying Peter Manton is dishonest. What I am saying is how does one talk with conviction when asking someone to pay you to list on MLS® when you might say the total opposite should they be looking for assistance to sell privately. I would suggest that he should pick one or the other and run with it.
http://www.youtube.com/watch?v=bdKDuEhUenM
Here is the video that mentions his franchise. Remember that I am not against private sale companies, they have their place. Nor am I anti competition. I believe in my model and my skills, people will pay for that expertise which will often put more money in their pocket should they follow my advice, rather than sell privately. I just wish everyone would try it the logical way, which is to list with a realtor, then if that doesn’t work try privately…don't forget, listing on MLS® doesn’t cost a thing until it sells. Anyways, that’s another story.
So the reason I posted this video was really to attract more hits to this blog. PropertyGuys is a great website. I don’t have to bash them like they bash us. By the way, I can’t believe the things they say about us, it is sometimes worse than children on the playground. That “Joe Schmo” thing is bothersome and I wouldn’t be surprised if someone tries to sue one day. Despite their sometimes questionable marketing methods, selling privately is an option. Just make sure that your motivation is right. Are you selling because you truly feel that you will put more money in your pocket, or are you caught up in a prideful mindset that just doesn’t want to give anyone a large paycheque? Isn’t it worth a chat with a realtor, its free, only 30 minutes at tops, and can potentially save you thousands of dollars? You can also take the head in the sand approach too I suppose. What you don’t know doesn’t hurt right?
What are your thoughts, should a Real Estate Broker own a Brokerage and a Private Sale company?
Local Realtor Owns Property Guys
What Do You Think?
A Guelph Onartio Real Estate Broker owns a private sale franchise in Mississauga, Ontario. How can someone work both niches (private-sale and real estate) and still claim to have honest motives when talking to the prospective client? I'm not saying Peter Manton is dishonest. What I am saying is how does one talk with conviction when asking someone to pay you to list on MLS® when you might say the total opposite should they be looking for assistance to sell privately. I would suggest that he should pick one or the other and run with it.
http://www.youtube.com/watch?v=bdKDuEhUenM
Here is the video that mentions his franchise. Remember that I am not against private sale companies, they have their place. Nor am I anti competition. I believe in my model and my skills, people will pay for that expertise which will often put more money in their pocket should they follow my advice, rather than sell privately. I just wish everyone would try it the logical way, which is to list with a realtor, then if that doesn’t work try privately…don't forget, listing on MLS® doesn’t cost a thing until it sells. Anyways, that’s another story.
So the reason I posted this video was really to attract more hits to this blog. PropertyGuys is a great website. I don’t have to bash them like they bash us. By the way, I can’t believe the things they say about us, it is sometimes worse than children on the playground. That “Joe Schmo” thing is bothersome and I wouldn’t be surprised if someone tries to sue one day. Despite their sometimes questionable marketing methods, selling privately is an option. Just make sure that your motivation is right. Are you selling because you truly feel that you will put more money in your pocket, or are you caught up in a prideful mindset that just doesn’t want to give anyone a large paycheque? Isn’t it worth a chat with a realtor, its free, only 30 minutes at tops, and can potentially save you thousands of dollars? You can also take the head in the sand approach too I suppose. What you don’t know doesn’t hurt right?
What are your thoughts, should a Real Estate Broker own a Brokerage and a Private Sale company?
MAKE MOLD UNWELCOME IN YOUR HOME
Mold spores are present everywhere. Mold growth is most prolific in warm, damp weather, but high indoor moisture levels and poor ventilation can contribute to mold growth any time of year. To help reduce the potential for mold, provide adequate air circulation and reduce moisture levels in mold-prone areas, such as basements and storage areas.
Avoid storing items directly against walls in potentially damp areas, which restricts air circulation and trap moisture against surfaces. Also consider placing boxes and storage containers on blocks or pallets to allow for air flow.
If you’re going away for an extended period of time, remember that a closed-up house usually creates an environment where air changes occur very slowly. Any water vapor present can condense on the cooler surfaces and allow mold to grow as the temperature warms up.
Frequent air change will help control moisture levels and keep moisture and mold spores from building up. When outdoor weather is appropriate, promote air flow and air changes by using air circulating fans and/or opening the windows slightly. Dehumidifiers can help remove moisture from the air, but realize mold spores will remain. Problems may re-occur when moist conditions return.
Since prevention is always the best way to keep a home fit, the following tips can avoid the potential health and financial burdens associated with mold. For additional guidance on mold issues, visit the Canada Housing and Mortgage Corporation or the U.S. Environmental Protection Agency.
Quick Tips:
-Avoid resting long-term storage directly against walls.
-Place storage boxes on pallets.
-Keep basement windows slightly open during mild, dry weather.
-Maintain air circulation in all areas, particularly basements and storage areas.
-Filter fresh air changes to help keep spores from building up.
The above is an article from the Housemaster eNewsletter.
Avoid storing items directly against walls in potentially damp areas, which restricts air circulation and trap moisture against surfaces. Also consider placing boxes and storage containers on blocks or pallets to allow for air flow.
If you’re going away for an extended period of time, remember that a closed-up house usually creates an environment where air changes occur very slowly. Any water vapor present can condense on the cooler surfaces and allow mold to grow as the temperature warms up.
Frequent air change will help control moisture levels and keep moisture and mold spores from building up. When outdoor weather is appropriate, promote air flow and air changes by using air circulating fans and/or opening the windows slightly. Dehumidifiers can help remove moisture from the air, but realize mold spores will remain. Problems may re-occur when moist conditions return.
Since prevention is always the best way to keep a home fit, the following tips can avoid the potential health and financial burdens associated with mold. For additional guidance on mold issues, visit the Canada Housing and Mortgage Corporation or the U.S. Environmental Protection Agency.
Quick Tips:
-Avoid resting long-term storage directly against walls.
-Place storage boxes on pallets.
-Keep basement windows slightly open during mild, dry weather.
-Maintain air circulation in all areas, particularly basements and storage areas.
-Filter fresh air changes to help keep spores from building up.
The above is an article from the Housemaster eNewsletter.
Thursday, June 24, 2010
Renovations that help sell your property
Thinking of selling your home and not sure about what to make the most from your sale? Potential home buyers are often searching for properties that are in “move-in ready” condition so that they don’t have to incur any extra costs when they move into their new home.
If you already own a home suitable for you and your family, renovating with long-term sell-ability means that you will enjoy a better living atmosphere for a longer period of time and will get a handsome return for your investment. The prolonged usage you also get out of the renovation maximizes your investment gain.
We have selected three types of renovation that will give you the biggest return for your investment wile making dramatic improvements to your property:
Kitchen
The kitchen has always been the heart of a home, where everyone gathers and chats about what’s new in their lives. It is also the busiest room in the house as we prepare and eat at least two meals there. That’s why it’s the first room that potential buyers look at when they walk into a property listed for sale. As a result, the kitchen is considered to be a significant marketing tool.
Here, it is important for sellers to emphasis spaciousness, functionality, clutter-free, and effective storage in a kitchen space. Hiring a design professional to design the kitchen is ideal, as they often are able to come up with innovative design solutions as well as finding and specifying the proper materials to highlight the architecture of your house, making your kitchen look more appealing to the potential buyers. In most cases, a kitchen with granite countertops would be a fast seller because it creates richness, elegance, and emphasizes quality. Besides the marketing advantage, granite countertop is also ideal for daily personal use because of its resistance to scratches, natural look and ease of maintenance. You should never try to save money on design, appliances, or labour because these are the basis of a spectacular space. Remember, having the job done well is a value adder; doing it poorly may reduce the value of your home!
According to the Appraisal Institute of Canada, the average amount that you should spend prior to selling your house should be 10-15% of the house value. If you are planning on renovating the kitchen for personal use and not only for the purpose of investment, and if you are going to live in your house for more than five years, then you should spend 15 – 25% or more. In most cases, you will be able to recover the cost of the renovation by the time you sell your house – with a 44% higher return on investment than the average return on other popular renovations!
Bathroom
After the kitchen, bathrooms are the next rooms that buyers look at. To impress a potential buyer, your bathroom should not only feel new, but also look sharp. Usually a bathroom renovation involves the complete replacement of existing finish and fixtures – tubs/showers, toilets, faucets, sinks, tiles, flooring, lightings, cabinetry, and tile-work. Sometimes bathroom renovation also involves the re-location of fixtures and the removal of adjacent walls to create a better layout. A common renovation trend has been enlarging a master or en-suite bathroom into an adjacent closet or laundry room to create space for a large soaker tub and separate stand-up shower. Twin sinks and extensive cabinetry can also offer added conveniences.
A study from Canada’s leading real estate companies shows that a well-designed bathroom renovation will generate a 56% better return on investment than the average popular renovation. The study also shows that most home buyers are looking for spa-like bathrooms with a comfortable environment at first glance. Light colours, rich textures, luxuries such as water jets in the tub and a steam shower stall can emphasize the relaxed atmosphere in the bathroom.
Floor and Wall Finishes
Don’t undervalue the paint and flooring in your home! Walking into any room of a house, the walls and floors are the first surfaces that a person sees; therefore materiality is very important in order to make a strong first impression.
Walls should be smooth and painted in a colour that isn’t too much of a personal preference. A light and warm neutral colour usually works best to both enlarge the look of a space, but also create a warm and desirable ambiance. Simply repainting your walls will give you a 29% better return than other popular renovations.
Flooring should create a good flow between one room to the next and be able to tie in with other elements such as cabinetry, wall colours, and baseboards. Choosing the right floor finish is important as it ties all the individual element of your home together. Always consult a design professional before changing your floor unless you are certain of what you want, as flooring is often difficult and expensive to change.
Based on studies, flooring can generate a 22% better return on investment than the average renovations. If your home has carpet where the family room, dining room and living room are located, it is recommended to have all the carpets changed to hardwood and/or tiles. Not only will it make your home more elegant, but you will also enjoy the benefits of a healthier indoor environment, with less allergens.
Besides the above-mentioned, there are also other types of value-adding renovations that could help in selling you house. Before making any decisions, you should always consider the length of time that you will stay in your house before selling, and consult a design professional for the proper design solutions that suits your needs. Planning ahead in detail always saves you time and money.
This article was provided by BiglarKinyan Design Partnership. Kenneth Ho is partner at the design and construction firm BKDP. For more information about the work of BKDP, please visit their website at www.BKDP.ca.
If you already own a home suitable for you and your family, renovating with long-term sell-ability means that you will enjoy a better living atmosphere for a longer period of time and will get a handsome return for your investment. The prolonged usage you also get out of the renovation maximizes your investment gain.
We have selected three types of renovation that will give you the biggest return for your investment wile making dramatic improvements to your property:
Kitchen
The kitchen has always been the heart of a home, where everyone gathers and chats about what’s new in their lives. It is also the busiest room in the house as we prepare and eat at least two meals there. That’s why it’s the first room that potential buyers look at when they walk into a property listed for sale. As a result, the kitchen is considered to be a significant marketing tool.
Here, it is important for sellers to emphasis spaciousness, functionality, clutter-free, and effective storage in a kitchen space. Hiring a design professional to design the kitchen is ideal, as they often are able to come up with innovative design solutions as well as finding and specifying the proper materials to highlight the architecture of your house, making your kitchen look more appealing to the potential buyers. In most cases, a kitchen with granite countertops would be a fast seller because it creates richness, elegance, and emphasizes quality. Besides the marketing advantage, granite countertop is also ideal for daily personal use because of its resistance to scratches, natural look and ease of maintenance. You should never try to save money on design, appliances, or labour because these are the basis of a spectacular space. Remember, having the job done well is a value adder; doing it poorly may reduce the value of your home!
According to the Appraisal Institute of Canada, the average amount that you should spend prior to selling your house should be 10-15% of the house value. If you are planning on renovating the kitchen for personal use and not only for the purpose of investment, and if you are going to live in your house for more than five years, then you should spend 15 – 25% or more. In most cases, you will be able to recover the cost of the renovation by the time you sell your house – with a 44% higher return on investment than the average return on other popular renovations!
Bathroom
After the kitchen, bathrooms are the next rooms that buyers look at. To impress a potential buyer, your bathroom should not only feel new, but also look sharp. Usually a bathroom renovation involves the complete replacement of existing finish and fixtures – tubs/showers, toilets, faucets, sinks, tiles, flooring, lightings, cabinetry, and tile-work. Sometimes bathroom renovation also involves the re-location of fixtures and the removal of adjacent walls to create a better layout. A common renovation trend has been enlarging a master or en-suite bathroom into an adjacent closet or laundry room to create space for a large soaker tub and separate stand-up shower. Twin sinks and extensive cabinetry can also offer added conveniences.
A study from Canada’s leading real estate companies shows that a well-designed bathroom renovation will generate a 56% better return on investment than the average popular renovation. The study also shows that most home buyers are looking for spa-like bathrooms with a comfortable environment at first glance. Light colours, rich textures, luxuries such as water jets in the tub and a steam shower stall can emphasize the relaxed atmosphere in the bathroom.
Floor and Wall Finishes
Don’t undervalue the paint and flooring in your home! Walking into any room of a house, the walls and floors are the first surfaces that a person sees; therefore materiality is very important in order to make a strong first impression.
Walls should be smooth and painted in a colour that isn’t too much of a personal preference. A light and warm neutral colour usually works best to both enlarge the look of a space, but also create a warm and desirable ambiance. Simply repainting your walls will give you a 29% better return than other popular renovations.
Flooring should create a good flow between one room to the next and be able to tie in with other elements such as cabinetry, wall colours, and baseboards. Choosing the right floor finish is important as it ties all the individual element of your home together. Always consult a design professional before changing your floor unless you are certain of what you want, as flooring is often difficult and expensive to change.
Based on studies, flooring can generate a 22% better return on investment than the average renovations. If your home has carpet where the family room, dining room and living room are located, it is recommended to have all the carpets changed to hardwood and/or tiles. Not only will it make your home more elegant, but you will also enjoy the benefits of a healthier indoor environment, with less allergens.
Besides the above-mentioned, there are also other types of value-adding renovations that could help in selling you house. Before making any decisions, you should always consider the length of time that you will stay in your house before selling, and consult a design professional for the proper design solutions that suits your needs. Planning ahead in detail always saves you time and money.
This article was provided by BiglarKinyan Design Partnership. Kenneth Ho is partner at the design and construction firm BKDP. For more information about the work of BKDP, please visit their website at www.BKDP.ca.
Wednesday, June 23, 2010
10 Tips for Turning Your Home into an Income Property
If you’re looking for a way to increase your income, you may need to look no further than your own home. These days, more and more Canadians are turning their homes into income properties. An income property is a home that is bought or developed in order to generate income, typically by renting it out in part or in its entirety. Renting can be a financially rewarding experience, either to provide extra income, or to help pay off a mortgage. So if you’re thinking of going the income property route, here are 10 important steps you should take:
1.Contact your local or municipal government to first determine if you are legally permitted to turn your home into an income property. Work with them to ensure the unit adheres to all existing building and fire codes.
2.Get to know the landlord-tenant relationship regulations in your province. These laws will give you a better understanding of your role and responsibilities as a landlord.
3.Inform your insurance company about your plans for renting out space in your home and ask them if you require any additional coverage.
4.Get your home “renter-ready”. From a simple change such as a fresh coat of paint to a major renovation, try and make your home look and feel as spacious, bright, and comfortable as possible. Your home should look appealing inside and out in order to attract potential renters.
5.Price and market your unit competitively. Scan the classifieds and visit rental websites to find out how much similar units are being listed for.
6.Conduct a screening process for applicants. Consider running a criminal background check, as well as a credit check, on prospective tenants.
7.Draft a written tenancy agreement or lease. It may contain information such as: the date the tenant will move into the rental unit, the rent amount, the date rent is to be paid, what services are included in the rent (such as electricity or parking) and any separate charges, as well as the rules that you require the tenant to follow.
8.Consult a lawyer to look over the contract. Although not necessary, a lawyer can ensure there are no legal problems or issues with the contract before you present it to your tenant.
9.Request a minimum deposit of one month’s rent in advance that may be used against any property damage or unpaid bills related to the property.
10.Have the tenant sign the contract. Ensure the tenant receives a copy and keep the original for your own records. Happy renting!
1.Contact your local or municipal government to first determine if you are legally permitted to turn your home into an income property. Work with them to ensure the unit adheres to all existing building and fire codes.
2.Get to know the landlord-tenant relationship regulations in your province. These laws will give you a better understanding of your role and responsibilities as a landlord.
3.Inform your insurance company about your plans for renting out space in your home and ask them if you require any additional coverage.
4.Get your home “renter-ready”. From a simple change such as a fresh coat of paint to a major renovation, try and make your home look and feel as spacious, bright, and comfortable as possible. Your home should look appealing inside and out in order to attract potential renters.
5.Price and market your unit competitively. Scan the classifieds and visit rental websites to find out how much similar units are being listed for.
6.Conduct a screening process for applicants. Consider running a criminal background check, as well as a credit check, on prospective tenants.
7.Draft a written tenancy agreement or lease. It may contain information such as: the date the tenant will move into the rental unit, the rent amount, the date rent is to be paid, what services are included in the rent (such as electricity or parking) and any separate charges, as well as the rules that you require the tenant to follow.
8.Consult a lawyer to look over the contract. Although not necessary, a lawyer can ensure there are no legal problems or issues with the contract before you present it to your tenant.
9.Request a minimum deposit of one month’s rent in advance that may be used against any property damage or unpaid bills related to the property.
10.Have the tenant sign the contract. Ensure the tenant receives a copy and keep the original for your own records. Happy renting!
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