In part 1 we discussed some basic necessities you'll need when selling your home or condo. In part 2 we're going to take a closer look at some very ...
In part 1 we discussed some basic necessities you’ll need when selling your home or condo. In part 2 we’re going to take a closer look at some very common reasons and problems that sellers face when selling a property.
Your homes accessibility is a major consideration. If your house is easy to find and get to, it will typically move quicker than homes that are difficult to get to. Remember that your potential buyers and their realtors are busy. They will skip seeing your home if it is a hassle to view. Make sure to always use a lockbox so other agents may access your house while you are away. This way the buyer and their agent’s life easier. If security is an issue, use an electronic lock box (they record who accessed your home).
Location has a huge impact on how quickly your home will sell. If you are in a central location or an area with a good reputation then you can likely count on a smooth sale. If you are in an area that is not well known or further away it is going to be up to your Realtor to market the benefits of living in your area. How close you are to basic amenities like grocery stores, gas stations, and family basics like schools, parks (etc.) will have an impact on the sale of your home as well. Make sure to highlight features like: “well developed area”, “quiet and restful”
Repair any minor problem! Get your Realtor to give you a list of any simple cosmetic changes that you may perform before you sell that will greatly improve the value of your home. Don’t underestimate this step, the condition of a property is one of the biggest factors in determining the value, and even little things can make a dramatic change. Simply paint to make a huge and visible difference that will brighten your walls. If you cannot paint or simply do not have the time, then either get someone in to wash the walls or do it yourself. It is as simple as saying: anything that can be cleaned should be cleaned, including: carpets, tile, tile grout anything and everything. If you have pets it may be a good idea to have someone take care of them for the duration of the sale.
In the next installment of our miniseries, we will be taking a closer look at how to manage and deal with buyers and ways to overcome some buyer seller road blocks.
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If you are considering Canadian real estate, the decision of whether you want to make a purchase or sale is likely something that you have put a great deal of thought into. You may have heard that there have been several changes to lending practices and taxation. You need to be aware of what these differences are so that you can continue to find the properties and terms that suit you best.
Anyone who is interested in Canada’s property markets needs to be aware of the role that the CMHC plays in financing homes. It has a number of different programs aimed at helping people get into homes. It also provides mortgage insurance and can determine lending policies that are felt across the country.
One of the programs that was very popular was the no down payment mortgage. This allowed first time property buyers to avoid finding the five percent of a property’s purchase price that was originally required. In fact, it was this lack of a down payment that allowed many people to afford their first property. Because of this, many people jumped on the purchasing band wagon and managed to finance their first property.
The mortgages were similar in many ways to mortgages in the United States. When many of these homes were foreclosed on due to questionable lending practices, this threw the practice into question. Unfortunately for many home buyers, the ability to purchase a house with no down payment was canceled by the CMHC in October of 2008. It is worth mentioning still, since many people are unaware that it is no longer available as an option. Buyers must now generally put down five percent of the cost of the structure as a down payment. There are individual banks which may offer different terms but these may be hard to find.
You also cannot amortize your property for as long as you were able to previously. Now, the forty year mortgage is a thing of the past. It was also canceled by the CMHC in October of 2008. Longer lending periods meant lower monthly payments and this was something that allowed buyers in more expensive markets to afford properties. Now, that is a thing of the past.
The first two changes occurred on a national basis but there is a major change that will affect Ontario residents. In July, 2010, Ontario will be adopting a harmonized tax that combines two current separate taxes. This means that buying a home will suddenly cost eight percent more.
As you can see, there have been some fairly significant changes to property investment in general. There will continue to be changes and so it is important to look into buying property well in advance of deciding whether or not to invest.
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