How New Developments Change Property Values. Changes in property values seem scary to many homeowners, and with the volatility of the market always increasing it makes it hard to know if the value of your home is going to rise or wall. New developments as either new residential buildings or pieces of commercial real estate make many property owners sweat. Those things can have an effect on property taxes and how potential buyers see a home being put up for sale. Not to mention a few other things. Let's look at the following examples to see what would bring about the biggest changes to the market value property values in a short amount of time. New campus for a school. Good school districts tend to increase the desirability of a home. In the real estate market, proximity to good schools will up the price of each square foot of a house. However, when looking at an example like this there are a thousand factors to keep in mind. Nuance is important here: the value of a home can decrease during the construction of said school if the home is close to the construction site. It may be hard to justify a higher price on a sale when people in the open house have to speak louder because of construction noises. Conversely, a home further away from the construction but still within a walkable distance from the school can demand more money. The higher list price would be justified by the easy access to the school. Meanwhile, if your route home from work passes by a busy road because of the school it can become a hindrance toward buying a single-family home that is other amazing. If this is starting to feel like a tennis match it's on purpose. The simple fact of living close to a school says nothing about what that does to a property's value. Elated sellers pr des[pmdemt residents need to take into account a bunch of other factors to see if their mortgage is suddenly a steal or a racket. What can make a difference over years may not be felt right away. Easy access to public transportation to the school can increase property value but that may be offset by the property taxes residents have to pay. Additions to a neighbourhood need to be evaluated on a per case basis but sometimes just the fact that many people are selling or buying a home in one area can affect a buyer's perspective of the area. More buyers can create a seller's market but once the first sold properties are gone, the rest may find themselves in a buyer's market from the lack of demand. Whether the new development will be profitable or not for an owner or a buyer is often purely speculative, especially in the short term. A Fire Station. A property assessment is a lot easier to do when a home hasn't been ravaged by fire; when the exterior paint is still there and not charred black. Still, there are downsides to living near a fire station. Anyone who lived in Manhattan will know the pain of ceaseless traffic but a spare few all over North America have had a fire station across their yard. Everyone wants firefighters nearby in case of natural disasters but the noise pollution from the sirens at any and all hours is something nearby residents have no other option but to accept. Just like a school, a fire station will create both positives and negatives for a home. Its property value will be affected but the way in which it is affected depends on how far it is from the facility and to what extent it can affect the home. To determine whether a location will be affected by an increase or decrease in property values is a gamble in all but the simplest cases. Then where does worry come from? What often causes worry or people is an assessment notice, upcoming property tax reassessment, that lists their home as being worth a lot less than what they are paying in terms of their mortgage. It rightfully sets off alarm bells but one thing to keep in mind is that that notice does not automatically translate into the price the owner is expected to sell. While many buyers will be curious about property taxes, the housing market will be the key factor responsible for dictating the value of a sale. To be "under the water" for your mortgage means you owe more on your mortgage than your property is currently worth. This can be a difficult situation to be in, as it can be difficult or impossible to sell the property until you have paid off the difference. Many people find themselves in this situation during a housing market crash when prices drop significantly and they are unable to afford their current mortgage payments. This is the key fear when it comes to new developments that could drive the value of a home in a downward spiral. It's not something to be underestimated but it's not something that happens overnight - outside of a massive systemic crisis. Changes to the home itself. While people in town councils are able to effect changes at a municipal level by making their voices heard, there are still homes that end up by train tracks or right next to the local funeral home. There's no going around the fact that some things will cause the property value of some homes to plummet in the real estate market. Still, there are ways to counteract the negative effect that things beyond your control have on your home. Economic factors and interest rates are things we wish we could control but we simply cannot, not as individuals. What a homeowner can do is be aware of upcoming changes to a neighbourhood and act accordingly. Deferred maintenance, taking too long to address repairs that the home needs, is one of the biggest things that will drive the price of a home downward. It might seem strange to make an investment in a home that might have its value reduced by outside factors but making the home more attractive to buyers can make it easier to sell the house if you are planning on moving anyway. The price per square foot can go down because of changes in the house's location but some key renovations can more than shore up the cost for people that don't mind things like fire station sirens or busy roads because of schools. A location's value depends on the market but homeowners still have their own individual preferences and one homeowner's nightmare is a non-issue to another. At the end of the day, it's important to keep an eye out for developments in your neighbourhood so you can make an early decision with regard to your house. Should the new development affect your home, you can find ways to sell to either get a profit or prevent losses down the line. At the same time, it pays, literally, to be patient and understand how shifts in property value can eventually swing things in your favour in the long ru View All Homes For Sale in Greater Vancouver >>> About Search Home Listings SearchHomeListings.ca has simplified the home buying and selling process by giving you superior tools with up-to-the-minute information including active homes for sale, sold homes, market reports, and a home valuation tool! We have a team of success managers on standby to support you with setting up your saved home search and agents ready to take you out on a tour. Tap into our industry experts from inspectors, to contractors to interior designers to provide you with the best prices and service possible. Everyone attached to our website has been rigorously vetted and is made up of caring, knowledgeable professionals that work tirelessly to help you to make your home buying experience as stress-free as possible. 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What You Need To Know About Homeowners Associations. What is a homeowners association? A homeowners association is a non-profit organization that manages the property of an entire neighbourhood. Most HOAs are organized by subdivisions, housing developments, condominiums or planned unit developments where part of the costs of maintaining the common areas are paid through monthly fees called dues. What does a homeowners association do? A well-run HOA is responsible for a wide range of tasks, from maintaining common areas and enforcing rules and regulations to planning events and organizing social activities. HOAs also manage finances, often through a reserve fund that collects dues overtime to pay for large-scale repairs or improvements to the neighbourhood, such as new roofs or sidewalks. What are the responsibilities of being a member of a homeowners association? Certain financial and legal obligations come with being a member of an HOA. These include: Paying monthly dues to cover expenses related to shared areas This tends to apply more to HOAs of condominiums where unit owners live in close proximity and share immediate outdoor spaces. These expenses are things such as landscaping, snow removal, building maintenance and insurance premiums for shared spaces. Abiding by the rules and regulations set by the HOA These rules can include restrictions on exterior modifications, parking and pet ownership, among other things. Some people may feel like their HOA's rules gives them too much power over their own houses and that it infringes on their property rights. However, this is something you need to research in advance to see what kind of HOA you will have to deal with if you decided to move. Of course, some rules like where to leave trash or requiring HOA approval for modifications can be deal breakers for some and boons for others. Participating in HOA-sponsored events and activities These can foster a sense of community and help residents get to know one another. Events can help new homeowners feel like they are part of the community and let them know their neighbours quickly. Reviewing and approving proposed changes to the neighbourhood Being part of a planned community can have its fair share of restrictive covenants but if you like living with like-minded people, the basic rules of an HOA can help maintain property values, and help existing homeowners keep their neighbourhood looking and feeling a certain way. As long as rule enforcement does not infringe on state law, many people seek out an HOA that enforces rules to create a harmonious community. This is most common in living situations like a gated community. There's a nuanced spectrum however and HOA fees are not synonymous with losing control over your own property. The different types of HOAs. There are three main types of homeowners associations: mandatory, voluntary, and condominium. Mandatory HOAs These HOAs are those that all homeowners in a neighbourhood are required to join. This usually means that many HOAs that fall under this category feel like their own little local governments and HOA dues are like taxes. New rules will pop regularly and homeowners will have limited control when it comes to various aspects of their real estate property. In other words, however, HOA communities like these can be seen as an added benefit for those seeking to secure a piece of real estate that has property values almost certain to rise over time. The extra money from the resale makes but worth putting up with what seem to be unnecessary rules or the mandatory exterior maintenance. Voluntary HOAs A voluntary homeowners association is an organization of homeowners in a community who have come together to voluntarily pool resources to manage and maintain the community. This type of HOA usually does not have the same legal authority as a mandatory HOA, meaning homeowners are not required to join or abide by its rules. As such, the HOA rules only apply to those who have joined and these HOAs enforce their rules on the members. The same goes for the associated benefits. Condominium HOAs These are specific to condos, and homeowners in a condo building are automatically members of the condo HOA. The condo HOA is responsible for managing the shared common areas and amenities in the building, like paying for a new roof or managing the building's parking lot. All of the HOA's rules as well as how they plan on enforcing them should be explained in your lease. Since condos are specific types of developments, a condo HOA will have more authority than a voluntary or mandatory HOA when it comes to making and enforcing rules. As with any kind of homeowners association, it is important to know the rules and regulations before you decide to buy into a neighbourhood. This is especially true if you have pets or like to park your car on the street. Read over the documents carefully and ask the HOA board or management questions if there are things you don't understand. It's also important to know what the HOA fees are and how they are used. Why you should be interested in it? HOAs are often formed to increase the property value of homes in a neighbourhood. HOAs can help keep properties well maintained and looking nice, which in turn increases your chances of selling your home for top dollar. HOA members also have access to amenities that non-members don't have—like swimming pools or tennis courts. What are the benefits of being a member of a homeowners association? There are many benefits of being a member of a homeowners association. It depends on the type of HOA but you can rest assured that when you're part of an HOA, then it's likely that: -The rules are there to protect property values -You have an opportunity to get to know your neighbours and form social connections -You have access to resources and information about home maintenance and improvement -Neighbourhood events like volunteering opportunities help you get out of the house and do some good around your city. Is there anything I should watch out for? There are a few things to keep in mind before joining an HOA. Make sure you read the bylaws and understand what is expected of you as a member. If you have any questions, be sure to ask your HOA board or management company. It's also important to remember that HOAs are not regulated by the government, so it's important to do your research before joining one. If you're considering buying a home in a neighbourhood that has a homeowners association, be sure to ask about the rules and regulations governing the HOA. What should I do if I have a problem with my homeowners' association? If you have an HOA president that's gone out of control or feels uneasy about additions to the governing documents, it's important to speak up. You can start by reading up on the Fair Housing Act, as HOAs are subject to its regulations. The act prohibits discrimination based on race, colour, national origin, religion, sex, familial status and disability. You can also file a complaint with your local government - though some HOAs have some legal authority, they're low on the chain. How to find out if your area has an HOA or not? If you're not sure whether or not your neighbourhood has an HOA, there are a few ways to find out. One is to check the website of the provincial or territorial government where you live. Many provinces and territories have online databases of all the HOAs in their jurisdiction. Another way is to contact your local municipality. The city or town hall will be able to tell you if there is an HOA in your area and can provide you with contact information. If you're thinking of buying a home in an area that has an HOA, it's important to research the rules and regulations that govern the association. You can find this information on the website of the provincial or territorial government where you live, or by contacting your local municipality. It's also a good idea to talk to current and past members of the HOA to get their feedback on what it's like to live in an HOA. Who can join the board of directors, and what are their responsibilities? Board members are elected by homeowners in the HOA. They act as liaisons between the HOA and their community, overseeing its operations and making decisions that affect it. HOAs can have anywhere from three to 15 board members, depending on the size of the neighbourhood. Board members may serve a term of one to three years, depending on the bylaws of the HOA. What is the role of a management company? A homeowners association typically has a management company that oversees its day-to-day operations. This can include things like maintaining common areas, enforcing rules and regulations, and planning events and social activities. The management company also manages finances, often through a reserve fund that collects monthly dues from homeowners. What happens when someone doesn't pay their dues to the HOA? If someone falls behind on their dues, the first step is usually to send a warning letter. If they don't pay up, an HOA can take them to court and get a judgement against them. If the homeowner still doesn't pay their dues after getting a judgement, an HOA may try to garnish their wages. Other options include placing a lien on their home or seizing their assets. How to enforce rules when someone doesn't follow them? If someone fails to abide by the rules and regulations of an HOA, there are a few ways to enforce them. The first is mediation, where both parties meet with a neutral third party who tries to mediate an agreement between them. If that doesn't work, you can sue in court for damages or an injunction against the homeowner. An injunction is a legal order that requires someone to stop doing something. Finally, you can also levy fines against the homeowner. Living in a neighbourhood with a mandatory homeowners association has its perks—like being able to take part in community events and knowing that the common areas are always well-maintained. But there are downsides too, like having to follow strict rules and pay monthly fees. Who are the winners and losers in HOAs, and why? The answer to this question is not as simple as one might think. On the one hand, homeowners who live in HOAs may enjoy certain benefits, such as lower home insurance rates and a stronger sense of community. On the other hand, some homeowners complain that HOAs are too restrictive and can even lead to increased property taxes. In general, HOAs are likely to benefit homeowners who obey the rules and comply with the regulations. For example, if you keep your lawn well-manicured and your home in good condition, you are likely to receive compliments from your neighbours and may even enjoy a higher property value. In contrast, homeowners who do not maintain their homes and lawns may receive fines and eventually lose their homes to foreclosure if they fail to pay those fines. In addition, state property tax laws allow an HOA to request that the county reassess the value of every home in a subdivision as if each property was individually owned (this is called "reassessment"). Generally, an HOA will do this if it feels that the homes in the subdivision are undervalued and, as a result, the HOA is not receiving enough money from property taxes. If the county agrees with the HOA's assessment and increases the value of all of the homes in the subdivision, all homeowners in the subdivision will pay more in property taxes, whether they are members of the HOA or not. Looking at it from another perspective, homeowners who do not like to follow rules will be on the bad side of those in the HOA. For example, if an owner does not keep their property in good condition or does something that is against the regulations of the HOA, they may be fined and eventually lose their home to foreclosure if they cannot (or will not) pay those fines. In addition, HOAs may try to restrict certain things on a homeowner's property, such as the colour of the exterior paint, satellite dishes and even barbecues. Those homeowners who do not like such restrictions may feel as though they are being "restricted" by the HOA. Note: These statements are not legal advice and you should refer to your state laws to verify them. Conclusion Homeowners associations are a good way to keep your neighbourhood in order and up-to-date. When you have an HOA, the community is more likely to be a cohesive group of people who care about each other and want their property values to increase. This type of environment can help foster friendships that might not otherwise exist if everyone bought homes separately. If you're considering buying into a new development with homeowners association membership, it's important for you know what rights come along with being part of this organization before signing on the dotted line. View All Homes For Sale in Greater Vancouver >>> About Search Home Listings SearchHomeListings.ca has simplified the home buying and selling process by giving you superior tools with up-to-the-minute information including active homes for sale, sold homes, market reports, and a home valuation tool! We have a team of success managers on standby to support you with setting up your saved home search and agents ready to take you out on a tour. Tap into our industry experts from inspectors, to contractors to interior designers to provide you with the best prices and service possible. Everyone attached to our website has been rigorously vetted and is made up of caring, knowledgeable professionals that work tirelessly to help you to make your home buying experience as stress-free as possible. Contact us today to see how we can help!  Sites We Follow Google Facebook Twitter

How to Know if an Apartment is Right For You? Whether it's your first apartment or you're thinking of moving and don't want to repeat some mistakes, this was written for you. Here are the questions you need to ask yourself, the landlord, and your real estate agent. What neighbourhood is it in? This is a critical question because apartment buildings gain a lot of value based on where they are located and that value is something you can directly feel with how much rent you need to pay. Is the neighbourhood safe? First things first, is the neighbourhood safe? You don't want to be living in an area where you feel uncomfortable or unsafe. Spending some more money to feel safe is a good trade. You can make up for it with balancing other expenses. Asking the landlord or, more realistically, a real estate agent will help you determine whether it's worth going through the application process at all. Though apartments in 'rougher' neighbourhoods have lower rent, it may not be worth it. Not even as a first apartment. Of course, if it can't be helped, then make sure the apartment building itself is safe with buzzers and locked doors. What is public transportation like? If you rely on public transportation, make sure you know how good the system is in the neighbourhood. You don't want to be walking a kilometre in the cold to catch your bus. This is something you can check online using Google maps but it's best to be there in person to see where the stops are and how much walking distance you're willing to put up with. Does the neighbourhood fit your lifestyle? Some people love small apartments with bustling outdoor revelry, a rising noise level and sirens are their rallying calls. Others may prefer quieter spaces where a good distance from the street-level noise and tranquil streets are must-haves. Take a stroll through the neighbourhood at different times with friends to find out if the apartment would suit you. Are there enough shops that fit in your budget? If you're a foodie who loves to cook but hates going grocery shopping, make sure the neighbourhood has a grocery store or at least some convenience stores nearby. The same thing goes for other essentials that you may need like pharmacies, dry-cleaning, etc. It's not just a question about the variety of stores, although that's important too, it's about whether the shops can allow you to live both your lifestyle and make enough to pay your monthly rent. How close is it to your workplace? Depending on how long your commute is, you may want to make sure the apartment is close to your workplace. Remember, it's not just distance, it's the time it takes for you to get there. Are the subways, trams, or busses crowded often? Can you walk to work on a nice day? If you're working a nine-to-five job, then waking up an extra hour early just to spend more time travelling isn't ideal. However, if you find somewhere to spend the time in the city before heading to work, a quick commute early in the morning might be worth going to sleep early. How can you tell what the neighbourhood is like before living there? If you're not sure if the neighbourhood is right for you, there are a few ways to check it out before even applying for the apartment. The first way is to go on Google Street View and look around. If you're looking at an area that's close to your workplace, for example, you can see what the commute looks like. The second way is to go on websites like Walk Score. This website rates how walkable a neighbourhood is by giving it a score out of 100. The higher the score, the more walkable the neighbourhood is. The third way is to look on social media for people who live in the area. See if they have any pictures or posts about their neighbourhood. You can also ask them questions about the area. The fourth way is to go on apartment listing websites and look for neighbourhoods that interest you. Once you find a neighbourhood, scroll down to the reviews to get an idea of what people think about the area. The fifth way is to go to the neighbourhood itself and take a walk. Talk to people who live there and get their opinion on the area. The sixth way is to go to the local police station and ask for crime stats. This will give you an idea of how safe the neighbourhood is. Ultimately, it's up to you to decide what's important and what you value most when it comes to the neighbourhood you want to live in. How nice is the apartment? Let's now look at the apartment itself. Before you start to pay rent, it's a good idea to think about what the perfect apartment would be and what compromises you're willing to make and what is on your must-have list. Does the apartment have enough space for you? Some people are content with living in a small space, while others want more square footage. It's important to remember that the further away you are from the city centre, the bigger the apartment will be. Are the ceilings high? This is something that not everyone cares about, but some people do. A high ceiling makes the whole space feel bigger, and it could also help with some storage space. And you don't mind a step-ladder from time to time. Is there enough storage space? This is especially important if you have a lot of clothes, shoes, or other belongings that need to be stored. If you're lucky, the apartment may even have a separate closet for coats and shoes. Can you store groceries somewhere convenient? It will take just a few months to feel like you're paying rent, a good portion of your monthly income, just to cramp yourself between makeshift containers and piles of stuff. Do you have enough natural light? Some people prefer to have a lot of natural light in their apartment, while others don't mind living in a dark space. If you're someone who likes to wake up with the sun and spend time outside during the day, then you'll want an apartment that has a lot of windows. Keep in mind, even if you like more subdued lighting that sunlight has a lot of health benefits. It's better to rent an apartment where you have the choice to open or close your curtains. How thick are the walls? This is important if you're someone who prefers quiet. Introverted people sometimes want to block out noise, especially in apartment buildings where there are a lot of tenants living close together. If the walls are thin, then it could be difficult for you to get a good night's sleep. Appliances and Amenities Are there any appliances included? Some apartments come with appliances, while others don't. If you're someone who doesn't have a lot of money to spend on appliances, then you'll want to make sure the apartment comes with them. This is definitely a question to ask when you're apartment hunting, first time renters can be shy but don't let that be you. You need to be prepared for the cost before you sign a lease. Are the kitchen and bathroom outdated? It's worth thinking about. If you're someone who likes to have the latest appliances, then moving into an apartment with older kitchen and bath fixtures might not be for you. The building manager or the landlord should be able to tell you when fixtures were added or renovated. What are the neighbours like? This is something that you'll want to take into account before signing a lease. Some neighbourhoods are louder than others, and some can be very friendly. But, as with everything, it's up to preference. If you like having a community around then it's worth asking the landlord about what the other tenants are like. If they will be looking at your credit report, they owe you that much. When was the last time the apartment's appliances were refurbished? Even if you found a gorgeous two-bedroom apartment that is within your budget, it's important to know about the last time the appliances were refurbished. In a new building with a new apartment that's less of a problem but before putting down security deposits you should take a look at how soon a piece of equipment would need to be replaced. What would happen if my appliances broke? If you've never rented an apartment before then this is definitely something to ask about. You don't want any surprises after signing a lease so make sure that you're aware of what would happen if your appliances break. Knowing beforehand the rules about appliance care is essential for all renters, especially first-time renters who want an apartment to love and not one where people are always coming and going to fix things. Is there a washer and dryer inside the unit? Some people like in-unit washers and dryers while others don't mind going out to use a laundry machine in the basement or outside of the building. This is an important question for younger renters with limited budgets, as it might be cheaper and more convenient to use your own washer and dryer inside your apartment than pay for a laundromat. HVAC systems What does HVAC stand for? HVAC stands for Heating, Ventilation and Air Conditioning. Some buildings have them individually, while others have a central unit that services the entire building. If you don't know what HVAC means then it's time to google, but all renters should keep this into consideration when looking at apartments for rent. Some HVAC systems are noisy. Others can be expensive to operate. Who controls the heat? Are you able to decide how warm or cool you want your apartment to be? Or is it solely in control of the property manager? Though you can buy things like a space heater or add a small air conditioner to a window, it's best to know how these will add up to your housing costs in the short and long run. Remember that hot air goes up. When you rent an apartment, it's good to know that the lower you are in the building, the colder it will tend to be. Renting a basement apartment for example is something people discourage because these tend to be colder because of the way heat moves up through a building. It would be a shame to pay rent and more just to freeze in the winter. Conversely, if you live high up in a skyscraper, you can rest assured that you will be getting sufficient heat. What about water damage? It's generally expected that, if the building you are residing in has had water damage or flooding at any point, then your landlord will have it repaired. That being said, you should definitely do research on this before deciding on a new apartment. Also think about what would happen if there were an appliance leak. You may want to also ask about the building's insurance policy and what kind of damage it would cover. Is it a good deal? Now it's time to talk about money. When you're applying, you need to show your potential landlord quite a few documents like a bank statement, a background check, and more in addition to a security deposit and sometimes first and last month's rent in advance. That's a lot. But it's to help the landlord understand your personal situation. If you will sign the lease with roommates, then it's also important to specify the share of a month's rent, and budget according to everyone's money situation. Compared to other similarly priced apartments, is it as big? Think about your living arrangements in the past and what you're trying to get out of this new apartment. A place in the city must have the features you need while at the same time not cost an arm and a leg in rent payment. Are the amenities included? Speaking of features, is the hydro included? Is there an internet provider for the building that you can use? Your monthly rent can cover more than just the cost of being in the building, it's important that you and the landlord agree about all the details before you go ahead and move in. You want to uncover hidden costs because how much money you spend on rent payments needs to fit into your short and long-term goals. What are some benefits not featured on the listing? Does one room have a little balcony? Are there rooms in the basement that tenants can use? If your building is attached to a grocery store, are you eligible for discounts? Just as the landlord will be peppering you with questions and looking at things like your credit score, you can ask them questions too. After all, a security deposit and each month's rent are no small amount of money, it's best to know it's being spent well. Look into renter's insurance. Your landlord's insurance policy will not cover your personal belongings in the event of a fire or theft. Renters insurance is very affordable and can help you recover should something happen to your worldly possessions in an unfortunate event. Never sign a lease without reading it thoroughly! These are some important questions that all renters should ask before signing any lease agreement. By being informed, you can avoid any nasty surprises down the road. And remember, if you don't understand something in your lease, don't be afraid to ask your landlord for clarification. Ther are especially important things like rent increases, when first month's rent is due after you move in, the cost of other amenities that you need to consider before moving forward with a rental agreement. View All Homes For Sale in Greater Vancouver >>> About Search Home Listings SearchHomeListings.ca has simplified the home buying and selling process by giving you superior tools with up-to-the-minute information including active homes for sale, sold homes, market reports, and a home valuation tool! We have a team of success managers on standby to support you with setting up your saved home search and agents ready to take you out on a tour. Tap into our industry experts from inspectors, to contractors to interior designers to provide you with the best prices and service possible. Everyone attached to our website has been rigorously vetted and is made up of caring, knowledgeable professionals that work tirelessly to help you to make your home buying experience as stress-free as possible. Contact us today to see how we can help!  Sites We Follow Google Facebook Twitter