How To Save, Earn, and Spend More With Your Property Owning real estate is incredibly advantageous but most people don't optimize their properties. To reach your financial goals quicker, check out some of these tips to find out what you can do once you've got the keys to your new house or condo. How to earn money with your home. Rent out a room or a basement. If you have a spare room or, better yet, an unused but spacious basement, you can earn some rental income by renting it out. Before you allow just anyone to move in for some extra money, make sure that you do a quick background check on the potential renter. Get in touch with a real estate agent to find good renters and will do the necessary work like figuring out their credit score, employment history, and potentially even a reference from prior landlords. Before you just go ahead and put up a listing though, make sure you look at your local laws and tax rules to see if it's worth the trouble. More money doesn't always mean a profit, in terms of money or time, you need to look at the possible costs. Fair housing laws exist for a good reason and you have to be ready to abide by them for as long as the lease agreement states. Also, remember that a security deposit is meant to go back to the renter after the lease is over unless there are repairs needed that exceed reasonable wear and tear costs. The repayment period is outlined in the lease but the normal period is 30 days after the renter moved out. Airbnb your place when you're not using it. If you're set to leave your home for a while (a vacation, an extended road trip), why not rent out your living space so that you can make some extra cash that goes toward paying your monthly payments. Though you will not be there to monitor everything, you can hire someone (or get a good friend or neighbour willing to help) to check on the house while you're gone. It might seem scary to have someone in your own home while you're not there but you can rent out a safe deposit box at most banks to store valuables to be safe. The rental cost will pay for itself with a quick Airbnb stay. Unlike a normal renter, most of the vetting is done by yourself and Airbnb. Renters have profiles with their history and even reviews by former hosts. You can check those out to see if you feel comfortable with them staying out. Payment is also done through the platform itself. This bit of income can be a great way to cover things like the interest rate on your mortgage, the cost of your trip, or even just a way to cushion your emergency fund in the long run. Get a roommate or housemate. Instead of renting out parts of your home, you could also just get a housemate. If you're certain of their level of responsibility, it could even be a friend - in that situation you have the bonus of having a good friend living with you. Renting out to a friend while you're living in your own house adds a layer of flexibility and safety that can be worth more than the money they are paying for the rent. Since we already looked at renters before, let's look at what home-ownership looks like when you rent out to a friend. The first thing to do is still to have a lease. It protects both of you should things go wrong and if nothing goes wrong then all it will have cost is a little bit of ink. If this is the first time either of you is living with a housemate, then it's important to set some rules up because no one wants their good friend to turn into their junior year college roommate who never does the dishes and doesn't leave the common areas ever. How to save money with your home. Negotiate a lower mortgage rate. If you look at your current mortgage balance and feel like it's unfair, here's the good news: you can refinance. It takes time - don't expect to refinance a couple of months after moving in - and money but in the long run it can help you save a huge amount of money. You can change from a variable interest rate mortgage to a fixed interest rate mortgage or adjust some of the conditions of the mortgage. What you're basically doing is swapping your old mortgage with a new one with new conditions and terms. You can do this for debt consolidation purposes or changes in interest rates. Get a HELOC (Home Equity Line of Credit) A HELOC, or Home Equity Line of Credit, is a secured loan that lets homeowners borrow against the equity they have in their home. This type of loan is typically used to finance large expenses such as home repairs, education, or debt consolidation. The amount you can borrow with a HELOC is based on the amount of equity you have in your home, which is the difference between the current appraised value of your home and the amount you still owe on your mortgage. You can use a HELOC to borrow up to 85% of your home's equity, minus the amount you still owe on your mortgage. For example, if your home is worth $200,000 and you still owe $100,000 on your mortgage, you could borrow up to $85,000 using a HELOC. A HELOC typically has a lower interest rate than other types of loans since it's a line of credit secured by the equity you have in your home - but that does mean that your house is used as collateral. You can repay the HELOC in full at any time. Instead of going into credit card debt to pay for a renovation for your home, you can use a HELOC. A home equity line of credit is a revolving credit line, meaning that you can borrow money, pay it back, borrow again, and so on. Make extra mortgage payments. Although you can make the minimum payments towards your mortgage, it might be a good idea to see if you can make extra payments instead. Look through the terms of your mortgage and see if you can make some extra payments. This is a good idea because, by paying more earlier, you reduce the amount you will pay in the long run in interest. This also allows you to increase the available equity in your home. That way money grows in your HELOC faster, which makes it easier to look at other investments possibilities. If it seems counterintuitive to spend money to save in the future then it's definitely time to get up to date on your financial planning skills. Make the most of your home. Renovations are not just going to benefit you while you live in your first home, they will also allow you to sell the home for more later - letting you recover the closing costs. Turning some private space into shared space, by getting a housemate or a tenant for your basement might mean you get less privacy or square footage all to yourself but the income will speed up how quickly you can get to that next milestone toward a financial goal. The great thing about owning property instead of renting is equity and eventually freeing yourself from hefty monthly payments. The quicker it happens, the better. So call your tax advisor, loan officer, or real estate agent to get started on that journey.   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

The Potential Pitfalls of Buying a Condo. Condos are a great middle-ground between apartment living and a single-family home. A condo unit in the heart of a city can be a smart move to build equity while still getting to enjoy city life but that doesn't mean that it's free of risk. When considering a condo versus another type of housing, not just single-family homes, it's important to consider everything that goes with condo living. One of the biggest dangers of buying a condo is getting stuck with a bad neighbour. It's no secret that condos share common areas within the same building. Whether you will like the condo experience or not can be greatly influenced by your neighbours. Though condos are a long-term investment, one of the drawbacks of condos is that it's a long-term investment for other people around you too. People in apartments are much more mobile but condo life means getting to know your neighbours for years. A toxic condo community or even just one bad apple right next door seemingly banging on the walls can make you regret the downpayment, legal fees, and closing costs you put down. Most condos have conflict resolution practices as a last resort but there's no telling if these will work in the long run. Getting in touch with the condo's board and the property management company to see how they handle complaints can help you figure out if the condo fits your needs. If you're not careful, you could wind up paying more in condo fees than you expected. In a single-family home, it's the homeowners responsibility to shovel snow, take care of landscaping, and more. All of these costs are taken on by the owner. They can hire people to take care of some of those things but at the end of the day, they need to micromanage those things. Though condos tend to offer less space overall compared to homes, there is a distinct advantage in the fact that the owner is not expected to conduct maintenance themselves. Collectively, the owners hire people to take care of maintenance throughout the building. However, if the other owners come together and decide to employ someone new or go with a different company than the one you would have liked for specific maintenance jobs, this could mean a bump in how much you pay monthly. It's important to know how your money is being spent throughout the building and what hikes in the fees are expected. Inspecting common elements of the condo like the hallways and the yard can give you an idea of how close the building is to a major repair and how that might change your fees. The closest equivalent in real estate is the fees imposed by homeowners associations. There are differences between a condominium association and a homeowners association but the terms are often used interchangeably. In both cases, the group of people who own the property in common (in a condo it's the residents) come together to manage it and make decisions about how it should be run. The average HOA fee covers things like approving new paint colours for the exterior, what kind of plants to put in the front yard, or whether to replace the roof. A condo owner is still responsible for the mortgage and their portion of the condo fees even if they're not living in the unit. This means that, if you go on vacation or take an extended work trip, your home will still need to be maintained. It's important to factor this into your decision-making process when thinking about money in the long run. Differences between a condo association and an HOA for single-family homes. Single-family homes can sometimes be part of a homeowners association that requires HOA fees and can even require that some external renovations go through review by an HOA board. However, for many homes, HOAs (and HOA fees) are completely optional or even unavailable. For condos, monthly maintenance fees are unavoidable. Aside from property taxes, once a single-family home is paid off, it has no recurring costs paid out to third parties if there is no HOA. When buying a condo, you need to account for enough money leaving your pocket every month for as long as you own the condo. Property taxes are a fee charged by the government on property that is used to fund various public services. The amount of the tax is based on the value of the property, and it is usually paid annually. They tend to be more expensive for houses but not necessarily so. HOA dues are also usually calculated based on the value of the home. An HOA community will be less tightly knit together than typical condo associations. Make sure the condo association is well-managed and has a good track record. Condo owners don't have to deal with things like snow removal or general landscaping, as these are paid for by monthly dues and taken care of by the condominium association. However, an individual condo owner needs to be aware of what their monthly fees are going toward. Common property areas, ideally, should be maintained regularly to allow everyone to enjoy the building. Many condos have great governing documents as well as a good system of written communication to relay important information. Still, some do not. It can make things like unexpected repairs a pain to deal with because the other owners may not be willing to use the reserve fund to deal with the issues. In a well-run association, things run smoothly so that the community operates without a hitch. You also need to think about the resale values of the units in the long run. Association dues could be financing projects that drive the price of the condo down instead of, for example, renovating the building's fitness centre. Adding solar panels are a great idea but some owners may not want to change the exterior look of the building. Still, you need to understand that beyond your individual unit, the common areas are always subject to the group's approval. When buying a condo, you have to look at how much you like the building but also take some time to see if the board members are making sensible decisions. Always have an inspector check out the property before you buy it. You might love the other condo owners you met and have a good feeling about the state of the building but having an inspector check out the property independently is a good idea nevertheless. It's important to have it inspected by a professional to make sure there are no underlying problems with the property. Issues that may not be visible to the naked eye could cause costly repairs down the road, so it's important to know about any potential problems before you finalize your purchase. If you can walk around common areas with them as well, it would help you understand what your future monthly fees could be going toward. Getting into the right atmosphere. Some community associations have deep roots in certain condominium buildings with several volunteers or like-minded people doing things in a recurrent convivial setting. It's important to understand how well you would fit into the community. If you're someone that wants to have a very sociable relationship with your neighbours then it would be a shame to move into a condo that houses mostly introverted people. Vice-versa. Finding the right place means that you can find people to tag along with you to the dog park or, on the other end of the spectrum, come to a quick agreement to say nothing but a couple of words when you bump into each other in the laundry room. All in all, it's important to ask all the questions you can before taking the plunge.   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

Is Moving Into a Condo When You Have a House Crazy? What is a condo? People often think they know what something means but then go on without actually understanding what it actually means, so to prevent that, let's go over what a condominium is. A condo is a type of living situation where the residents own their individual residential unit in a large building but share ownership of common areas with the other residents. Condos are different from apartments because condominiums are bought, either through a mortgage or outright. Apartments are rented by a landlord to a tenant, there is no ownership involved for someone who is renting a space. The difference resides purely in the way ownership works. Many buildings feature either condominiums or apartments but rarely both because of conflicts with regard to the common spaces. Living in an apartment does not necessarily mean dealing with a smaller space. Both apartments and condos can have access to things like swimming pools or tennis courts. Differences between homeowners and condo owners. First-time homebuyers often come across the option of buying a condo but back off for a variety of reasons. Single-family homes are often treated as the holy grail, the pinnacle of homeownership while condos are seen as stepping stones but is that true for everyone? Let's look at some fees. For a single-family house, the owners may need to become part of a homeowner's association that dictates many things about the exterior maintenance of a home. This is not so different from the condo board but, unlike HOA rules, can even affect the interior of the condo unit. For homes, HOA fees are completely optional while condo fees are not. Monthly condo fees are used by condo associations for building upkeep and condo residents get to vote on how these maintenance costs are distributed - to a certain extent. On the other hand, home maintenance for homeowners is something that is left completely to their whim. Condo complexes tend to foster a supportive community and promote activities that help people socialize. A single-family home will not nudge people to socialize in any capacity. To buy a house is to buy a private space and that includes distance from your neighbours. Many condos create a planned community where like-minded people gather, condo life is one where owners trade some privacy and share walls in the interest of creating a more communal way of living. Homeowners enjoy more freedom when it comes to doing what they want with their property but miss out on the quirks, benefits, and cons of condo living. Why would someone move from a house to a condo? Condo communities may seem strange and condo ownership is not as valuable when it comes to climbing the rungs of the property ladder but there are many ways in which living in a condo can be the right thing to do. Lessened personal responsibility for maintenance. The freedom that comes with owning one's own home also comes with all the responsibility. If something breaks or needs to be changed, the owner needs to deal with all of the maintenance fees as well as spend the time looking for the right person to do the job. This applies to things like lawn care, a leaky roof, a creaking front door, and so on. A condo owner, however, can rely on the condo corporation to take care of maintenance issues. Different condo buildings have different ways of resolving maintenance issues but less maintenance burden falls upon a single person. Location is more important for the owner. A detached house in the core of Vancouver would be absurdly expensive and, while still expensive, deciding to buy a condo is much more realistic. Condos tend to be a great option for those able to get out of renting but who still love being in the centre of a city. Since a condo allows people to build equity as well, it makes them the perfect middle ground in real estate between renting an apartment and owning a house. Nightlife, proximity to work, easy access to public transportation in a dense city centre can make the value of a condo appreciate a good deal for the right buyer. Special circumstances. World travellers that would not spend much time in a house see condos as a way to make their life easier in the long run. Since the condo association deals with the upkeep of common areas, it makes it easier to return to a well-kept living area. A house requires the homeowner to either hire someone to take care of the house or trust a family member to do so. An apartment is simply a drain on resources while it is unoccupied. Meanwhile, paying down a mortgage for a condo will build equity even if left empty. Things to consider before moving into a condo. If you have a house already. The first thing you need to think of is what you're going to do with your existing house. Maybe moving further out of the city was a mistake you're trying to correct or maybe your commute has turned to hell after some unexpected changes. Either way, the first question is what you will need to do in order to not ruin your financial health. If you are willing to rent out your house, you can use the monthly income to pay for the mortgage payment needed to buy the condo. This would also allow you to keep building equity in your home while you get to live the life you want in your condo. You could also sell your house to afford a bigger down payment for a luxury condo. This all-in approach can be risky, so make sure you do the research into the condo owners and the property management company. If you do intend to move into a condo, think of what you're going to do with your furniture. Storage facilities have a monthly cost and it's risky to think that all your furniture can fit into a condo. If you're deciding between a condo and a house. The truth is that many people feel drawn to the single-family home because of what it represents. It's stability and a sign of maturity to some people's eyes but does that apply to you? There are many things that can make a condo more appealing to an individual than a house. No shovelling snow, quicker access to the city for the same price, easier access to amenities like a pool or a gym. Think about how much space you really need and whether a condo would be more than enough for your current plans. Is moving into a condo crazy when you already have a home? No. It's a valid decision but one that needs to be thought through. The real estate market is complicated and opaque but just because you made the decision to live in a house before does not mean that buying a condo is a downgrade. The best thing to do is to talk to a real estate agent to figure out the best course of action. Life is too short to pay for a mortgage you regret. 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 Avoid Buying a Bad Investment Property. Be realistic about your budget. Real estate investments are very attractive but being a real estate investor requires a lot of upfront money. You'll need quite a lot of financial flexibility and a sound investment strategy figured out before you start investing a significant amount of money. The passive income from renting out a property will not magically refill your coffers overnight. Property prices don't reflect the full amount that you will need to invest in if you're planning to rent it out in the future or sell for more money later on. You may need repairs or have to hire people to work in the building should you wish to turn it into a rental property. In the real estate market, buying rental properties is not something that improves your cash flow in the short term. Experienced real estate investors know that long-term wealth comes with thinking about not just your next move, but also figuring out whether a particular property investment will be worthwhile in the long run. A good investment may not pay off right away but a bad one is a lesson learned at a great cost to your personal finance. So how do you decide if an addition to your real estate portfolio is a good investment or a money pit? Can you preserve or increase the property's value? Real estate investing tends to be a good idea because a house is something that has concrete, intrinsic value to everyone. Buying property is more than just four walls and a roof, it means having a roof over one's head. For rental properties: Before you buy a property to rent out, you first need to find out if you have enough money not just to buy it but also to maintain the house or apartment complex. Rental income will only come after you have attracted the right people. No one wants a bad tenant, but no one wants a bad landlord either. Rental rates are complicated to determine but in the long run, you need to be able to pay the contractors or workers that will make your property desirable. This includes cleaning staff for common areas, doormen for security and convenience, supers for the tenants and the building's needs. You also need to be able to take care of legal fees and as well as create an easy system for the payment of rent. Property management is a lot more hands-on in this line of real estate investing, at least if it's the first property you are investing in. In short, just keeping the cash flow going is going to require quite a bit of work upfront. Now, if you want to increase the property's value that will mean rent increases and dealing with how to handle current tenant's expectations. Increasing the value of an apartment building is more complex than increasing the price you ask for on Airbnb with its shorter-term rental periods. For 'flipped' properties: A type of real estate investment if buying up a property, or multiple properties if you have the funds, and increasing their values to resell. Whether it's a single-family home or a townhouse, the goal is to put down enough money to secure the property and either keep its value steady on the housing market over the years or, better yet, make adjustments that will increase its value. The home buying process is usually very competitive and the best houses often have to field offers from multiple buyers, driving the price up. Risky investments in this regard are properties in less desirable areas that would require a lot of money and time to turn into something people are willing to pay for. In that case, other investments or other types of investment might be a better idea for you. However, the right location means that making the home even more attractive to buyers will pay off exponentially. When you decide to sell and find a buyer that secured a mortgage or better yet can pay cash, your returns could be massive if you managed to preserve or increase the value of the property. However, there are some things beyond your control. Open houses and negotiating with a buyer that wants to lower their mortgage payments are one thing but you also need to look beyond the property itself. Check out the neighbourhood, parks, and local schools before buying. Not all schools, parks, or neighbourhoods are made equal. The value of a home is often influenced by the views, the condition of surrounding buildings, and the services around the home. Before signing a purchase contract, take a good look at the neighbouring locales. Just because there is a park nearby does not mean that it's great advice to buy the property - some parks are unsafe, not well maintained, or otherwise more of a negative than a positive. While being close to a school is a good idea in general, some schools are not well rated. In other words, just because a property is close to something people look forward to in general does not mean that that proximity is always a good thing. Beyond that, you also want to take a peek in the next few years to get an idea of what a neighbourhood might look like. A good neighbourhood now may be ruined because of a new development that makes home property values drop. The question of what is a bad investment property is a complicated one because of things beyond your immediate control like having the property close to a newly proposed facility when you had no idea that that could happen. This is why financial flexibility is important and why people that get into real estate investing do so with business partners to alleviate the burden on a single person. Your cash flow will improve drastically if at one point you do look at the market and the lessons learned by other real estate investors. Get a thorough inspection of the house, including pest control and wiring checks. Though you are not worried about living on the property, a careful inspection is still of paramount importance. Your investment income will be balanced heavily by the cost you incur at the beginning and that's why you need to make sure that the house itself is in a good enough condition that will not require extensive repairs. However, if your budget is limited and you're willing to put the time and money toward renovating a fixer-upper into a dashing multi-family home, then an inspection that reveals problems can be used to raise your bargaining power. While you might be tempted to save money by doing some of the renovations yourself, professional services will give you the best bang for your buck. A real estate transaction is a huge investment but what can turn good investments into bad investments is the mismanagement of a house. In the eventual sale of an investment property, you want to have done your due diligence because the buyers will be doing a thorough inspection themselves before the purchase. When it comes to real estate investments for the purpose of renting them out, this is also incredibly important. Tenants won't want to move into houses or apartments with big risks associated with them. Becoming a slumlord is not a good investment strategy. A good investment is not done on a whim. If you're trying to figure out how to become a real estate investor, you should look into getting in touch with an equity analyst. Unless you have the capital to buy a house outright, you will have to deal with mortgage payments that will impair your cash flow for a long time. Being able to predict the future value of a home after renovations and changes in the surrounding area will help you multiply your future income. Figuring out all of these things takes time but that can save you hundreds of thousands and just as many headaches. 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

Is Buying a Waterfront Property Worth It? Waterfront property is a house or land that has direct access to a body of water, such as a river, lake, or ocean. These properties can be extremely desirable due to their location and views. However, they can also be more expensive than other properties. The waterfront location of a home can affect the value and cost. For example, if a house is near the water but behind a few street blocks then it will not be as expensive because it doesn't have a direct line view. If a house has an unobstructed waterfront view, then the price could go up significantly due to its attraction for buyers. What to look for when buying a waterfront property? Beachfront property. Make sure there is an actual beach. Some real estate agents may try to embellish what is just a small strip of sand. Look at the distance between your potential home and the sea itself. When talking to a real estate agent, it's a good idea to do your due diligence and ask about things like local laws and how the salt air affects people in the long term. Buying waterfront property also comes with risks and flood insurance may not be optional. Take a look at the shoreline's history because the effects of climate change and rising sea levels can lead to additional costs shortly. You don't want crashing waves at your literal doorstep. Lakefront property. A lake home is very attractive as a primary residence but also has huge investment potential if you rent it out. Access to a lake, possibly with jet skis, can fetch a good price on platforms like Airbnb. A lake house, like any waterfront home, will require water-based inspections that are additional expenses to home maintenance. The limited supply of lakefront properties creates a high demand for the right location. Not everyone will be able to afford the additional resources needed to make a good investment. Lake homes feature some hidden costs like water quality tests and if you find a lakefront home away from established waterfront communities, you may have to pay for the installation of a septic tank or well if the house is not connected to established local water sources. With a smaller body of water, purchasing lake property often means getting to know your neighbours more when compared to beachfront homes. What are the benefits of having a waterfront property? Beautiful views of the water from your home. The aesthetic appeal of waterfront homes is hard to miss. The views and sounds of waves and water, in general, bring a sense of peace that few other homes can provide. For many people, living by the sea is an idyllic dream. The ability to walk out your door and take a dip when you feel like it can be too appealing to pass up. Beachfront property lets you enjoy the sun, sand and sea without having to travel too far. Relax on the beach or go swimming, fishing, boating, etc. in the water. There are a lot of activities that waterfront property owners can enjoy without having to deal with a long drive or parking spaces. As it is a piece of personal property there are no time limits to things like fishing trips or how early someone can go out to swim. It can be a great investment opportunity. Given the value and demand in the upscale housing market for either a vacation home or a residence, beachfront and lakefront homes are a great idea as an investment property. Waterfront properties are likely to remain popular over time in real estate but in the long term, you have to worry about more than just water damage and properly permitted additions like piers. Rising water levels and water pollution can greatly lower the value of a waterfront house. The drawbacks of owning a waterfront property. If you're planning to buy one, this cannot be repeated enough: inspect carefully. Too many properties are not taken care of enough and with a waterfront home, that can lead to hidden costs. Water greatly accelerates wear and tear, turning a dream house into a nightmare very quickly. A waterfront house by the beach also has to deal with the effects of salty air, meaning that the construction materials used for the house need to be adapted to the climate. Good deals on coastal homes may hide the fact that purchasing the home comes at the cost of higher maintenance. For a lakefront home, the ambient humidity can do a number on wood that isn't treated properly. Bad insulation or gaps in the construction can create pockets of water and humid air that can gnaw at the home. When doing renovations, it's especially important to use such information to double down on good waterproofing as the remodelling can affect the home negatively if the increased humidity around a lake or ocean is not taken into account. Keep in mind that in Canada, bodies of water, in general, cannot be privately owned. This means that people are allowed to use the water to swim, sail, and more. How to determine if a waterfront property is right for you? For beachfront properties: One factor to consider when deciding if a waterfront property by the beach is right for you is how much use you think you will get out of it. If you or someone in your family is someone who loves spending time at the beach, then a house by the ocean may be a good fit. There are a lot of things you can do at the beach like swimming, participating in water sports, sunbathing, playing beach volleyball, and more. If these activities suit you and your family then it's a good sign. Still, be wary of the condition of the home. Insurance can cover a lot but if the home is not carefully inspected, you may find yourself in a messy situation. For lakefront properties: As a piece of real estate, a lake house is a piece of luxury. Privacy is one of the biggest things that people value when it comes to lake property, so while you cannot control whether or not someone is using the lake, you can choose to buy a house in a more secluded area for added privacy. However, if you don't mind having other people around and enjoy being part of a community, then a lake home can make it easier to socialize with your neighbours. Lake properties come in all shapes and all sorts of areas so what you get can vary vastly based on your budget. If you're looking for privacy then maybe an inland home might be a better option but if the allure of the waterfront is too strong to resist then you have to place yourself on a sliding scale between privacy and affordability. 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

Home Renovation and Market Value. The link between home renovations and the real estate value of a home is a rather simple one but one that people don't tend to explore. The end result deals with the resale value of the home to potential buyers but before we get to that point, we need to return to the beginning and see why homeowners make changes, what kind of projects they get into, and whether the ROI is good or not. Why do people do home renovations? Some people think of renovations are something that will make their house feel new or will increase their comfort, and not as something to add value to the home. It can do both. The return on investment for a kitchen remodel. A kitchen remodel isn't just about having more room on the counters or new cabinetry. A rustic kitchen has its charms but an energy-efficient kitchen with upgrades to its core systems will provide a return on investment on several fronts. Remodelling a kitchen is one of the most common renovations. A replacement for the fridge or oven affects something crucially important for a home: food. According to one too many blog posts, the kitchen is the heart of the home and there's a reason people repeat that. It is both a personal and convivial space, it is a core living area where families spend time together. A high-end kitchen, or at least a current one, helps with cooking better food, saving time preparing meals, and enhancing precious memories. Not only does a kitchen remodel benefit you, but potential buyers are also willing to pay a premium for something that they don't have to change themselves. The price tag then doesn't just include your monetary investment but the time spent and the headache of dealing with the renovations. The benefits of a bathroom renovation project. A bathroom doesn't have to be falling apart for it to be a candidate for renovation. It's a room used by the whole family every single day. Upgrades there ripple out throughout the home. Home renovations that deal with a bathroom can be rather heavy-duty. Beyond design changes, a project like that can a toll on you and your family. While you can get takeout or cook something simple during a kitchen renovation, a bathroom fulfills some critical functions. The cost, remember, isn't just monetary. This is why better water pressure, nicer finishing touches, and new tubs are not the only changes people make. Decorating, electrical work, and plumbing can all completely transform a bathroom. That transformation is what can add value to a home for potential buyers. Unless you are trying to attract people looking for a fixer-upper, a beautiful new bathroom can increase the resale value of your property - even turning it into high-end real estate if you make the right choices. What should renovations focus on? Not all renovation projects are equal. When you're dealing with an investment like remodelling, you're going to want the price to be worth it in the end. On average, a home's value can only increase from the right renovation but the return on all the costs can be optimized if you prioritize the following two things: Energy: being energy efficient will benefit you, the next owner, and literally everyone else. Sustainability is not about deprivation but rather about making the best use of our current tools to use fewer resources than we have to to accomplish a task. Space: if you remodel your ground floor but need to tiptoe to get to your kitchen and then need to squeeze past a door, then the home's layout has made it less livable. Value for a home comes from comfort and efficiency, a new floor plan that promotes clutter and narrow passageways will cost you in the long term. When are home renovations not a good idea? If you intend to move within a year or a few months, then it's not the best time to take on new projects. While some remodelling can fetch a premium, you don't want your home's sale to be delayed by a project that took too long. You won't be able to enjoy the benefits, will have to deal with all the costs, and unless you can sell fast and for more than the project cost, you will not have that money to invest in your new home. Crucial moments in your family's life might also complicate things. A newborn coming to the house, a pregnancy, the end of high school, and more are very valid reasons to wait before going into a new project. Should you renovate your home? There is no one-size-fits-all answer to this question, as the decision of whether or not to renovate your home depends on a variety of factors specific to your individual situation. Some factors you may want to consider include the age and condition of your home, your budget, and your plans for the future. If you are unsure about whether or not to renovate, it may be helpful to consult with a contractor or real estate agent who can help you assess your needs and give you advice on the best course of action. Renovated homes sell way faster than outdated ones but a master suite with wood flooring will increase the value of your home than something that buyers tend not to like. Every investment is a risk but some are safer than others. If you do decide to renovate, consider carefully who should manage the project and if you need to hire any outside experts like an architect or a contractor. If you plan on managing it yourself, think about how much time and money you want to invest in the renovation process and whether or not this is feasible for your lifestyle given your other commitments and obligations. If you do choose to hire a contractor or renovation manager, make sure they have the necessary experience and ask to see examples of previous work. Also, be sure to set out your needs clearly and draw up a contract before starting the project. If you plan to sell your home after renovations are complete, think about how this could affect your neighbourhood and the property value of your home. For some renovations, you might need a permit for big changes like structural changes to the home or adding garages. It's best to get the required permits in writing and keep copies - it's not like the little fine print at the end of an article stating All Rights Reserved, not respecting these permits can incur hefty fines or legal troubles. When you've thought about all these things, you'll be better equipped to make an informed decision about whether or not to renovate your current home. The link between home renovations and the real estate value of a house is rather clear but it's important to consider that even if you do want to ensure that you get your money back when selling, renovations should be done for more than just an ROI. Satisfaction, pride, and living in a comfortable home are also great reasons to get started on renovations. Whatever your motivation is, doing renovations without the help of unbiased experts can be dangerous. You'll have to deal with permits, unexpected expenses, and workers who might not do exactly what you want. 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

Can You Afford a Second Home? Some homeowners are lucky enough to wonder "Can I afford a second home?" Whether you are just curious or are in the early stages of considering buying a vacation home, let's go over how someone can afford a second home. What will you use the second home for? There are three major ways to use a second property. Depending on your intentions this can greatly change the financial picture you're painting with that purchase. There are many purposes for a second home. Some people use it as a vacation home, while others use it as a place to live when they're not in their primary residence. It can also be used as an investment property, generating rental income or capital gains when it is sold. In addition, it's a good place to park your cash as real estate prices continue to rise. Living in the second home The most common reason for people to buy a home is to live in it. If your job or family situation demands that you be bi-coastal then buying a second home instead of relying on hotels or rentals can be worth it in the long run. The costs of keeping the house for personal use are going to be high between property taxes, an additional mortgage, and the home's maintenance. With this use, you keep complete control over the home itself as a living space. It's the luxury of flexibility. Renting the house out to others If you are taking on a second mortgage then turning the home into a rental property can help you pay off the home costs while building home equity. After an existing mortgage is paid off then the vacation rental property, or just a rental property, is almost purely extra income. Though it may take some time to advertise the vacation property and set up systems to ensure a good stay, buying a second home is a great idea in the long term. There are some risks, tenants not paying, damage to the property, and so on but they are minimal if you take the right precautions Using the second property as an investment While this only applies to the 1% of the 1%, some people buy second properties or third or sixth properties as ways to store cash. Given that real estate rises in value over time and makes for a relatively safe investment, the purchase price of a home is the price of purchasing an asset. New York City's billionaire row is an example of using real estate as an investment property to its literal absolute height. These homes are not lived in or turned into rental properties - some may never have set foot in them. They are financial assets meant to be traded for large sums of money. On a smaller scale, some people purchase a new property to turn liquid cash into less liquid, more secure assets; real estate. The home costs and second mortgages are things that they can cover without having to resort to renting the home. What does buying a second home take? Whether you want to buy a second residence or wish to get a headstart on your financial goals, one thing is inevitable and that's the cost. Second mortgages and Home Equity Lines of Credit. These are some dense personal finance topics and before making a decision or getting in touch with a realtor, it's important to understand just how much money you can afford to put down. First, what is a home equity line of credit? A home equity line of credit, or HELOC, is a type of loan that allows you to borrow against the equity in your home. This type of loan can be used for a variety of purposes, including remodelling your home, paying for college, or making a major purchase. In our case, it will be used to finance a second mortgage. If you're considering using a HELOC to buy a second home, it's important to understand how this type of loan works. Here are a few things you should know: ·          Your HELOC is attached to your primary mortgage. This means that if you fail to pay off your line of credit, it will affect your credit score and hurt your ability to take out loans in the future like a traditional mortgage or another home equity loan. ·          You can only borrow up to 80% of the value of your home, but the amount you can borrow depends on the appraised value of your home. This means that you need to have built some home equity in your existing home, you do that by paying the mortgage payments of your primary residence on time. Paying your mortgage is essentially buying the value of your home back from the lender. You can then use that value as the line of credit. ·          Your HELOC has a draw period and a repayment period. During this time, you can withdraw money from your line of credit. At the end of the draw period, you have to pay back all of the money that you borrowed plus interest. Depending on the lender, this period could last anywhere from ten years to as long as 30 years. A second home mortgage will generally have a higher interest rate than the first mortgage used to buy the primary home. In this scenario, your monthly income will take a significant hit if you go through with the home purchase. This second mortgage can be used for things other than home buying, like college tuition. Given the higher cost of the new mortgage, its requirements will also be different. To qualify for a second mortgage, you will generally need a higher credit score and a lower debt-to-income ratio to prove that you can shoulder the costs. If you are self-employed, as a freelance writer, for example, proving your financial stability can be tricky. Another thing to note is that the down payment for a second home that uses a second mortgage for financing will likely be higher. This is because the mortgage for principal residence needs to be paid off first in the event of a default. The increased risk means a larger down payment for the second home. Another way to purchase second homes Yes, you can buy a second home without taking out a second mortgage. Using cash is the simplest way to buy a second home, but it's also the most expensive. If you have enough cash saved up, you can purchase a property outright. However, this option is only feasible for people who have a lot of money saved up. Not only is using cash a great way to reduce your monthly costs, if you rent out the property you can bolster your monthly income and have enough equity in the home to take out a line of credit. If you do not have an ongoing mortgage and own your home outright, then getting a new mortgage will be relatively easier than getting a second mortgage or your very first mortgage. As your principal residence can be used as collateral, the risk for a lender is lower making the overall cost of the mortgage lower as well. Is owning a second home worth it? Unless you buy a beachside property about to get swallowed by the rising sea levels or a property full of expensive defects, buying a home is almost always worth it. Whether you're using the home to make the best of city life while having a place to relax in the countryside, renting the space for weekend getaways, or building a portfolio of investment properties - if you can afford it, having a second property is a good thing. Given the amount of money involved, getting in touch with a realtor is a good idea. They can give you a rundown of what financing that vacation home or investment property looks like for your specific situation. Though it may sound easy at first, when you're calculating your debt-to-income ratio and figuring out whether the time is right for a mortgage based on things like the current interest rate and how much equity you have in your current home, you'll be glad to have a professional on your side. 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

When Do You Know That It's Time To Buy a Home and Stop Renting? Evaluate your current situation. Before you make a major decision like a home purchase, there's a lot of thinking that needs to be done. First, you need to look at your own current situation. How much are you paying monthly for rent? Your current monthly costs can actually be a lot lower than that of someone that has a home. Renting in a decent part of town can be significantly cheaper and make more sense than buying a house when you take into account all the costs. On the other hand, if you know your monthly rent is not a good deal and that your monthly housing costs would be lower when dealing with a mortgage payment then it's almost certain that it's time to start house hunting. Are you living where you want to live? Think of where you are currently living. Rent payments may not make sense based on your apartment but the neighbourhood could be worth staying in. If Keep in mind that moving costs are coming out of your own pocket and that the mental toll of committing will affect you the most. If your area is nice and close to the things that you love, will moving to a different area based on the home you want to purchase be worth it in the end? Housing costs vary vastly from place to place. At what point in your career are you? If you're in college and unsure of what your future career will be, renting a place can make more sense. It's better to get started making money and enjoying life before the responsibility of homeownership sets in. When you get settled into a career that sticks then it may be time for you to take the next step into the grown-up territory. Conversely, if you're already established in a career and have been for a while then you may be ready to commit to a housing situation. The idea of homeownership is something that can be very appealing to young professionals but if you foresee a career shift coming or a big shakeup in your industry, then it may be better to wait and see once you find yourself on more stable ground. Buying a home is a long-term investment and doing it from a position of stability is the best course of action for your financial health. Consider your long-term goals. When thinking of a home, buying is not only a matter of overall cost but it's also a matter of goals. To have your own home is to have the staging ground for the rest of your life. If that sounds daunting and scarier than any renting pros you've thought up, then it's time to do some more thinking. Are you going to get married or have children? The housing market is not exclusive to couples or families with children but first-time buyers tend to be newlywed couples or those building their own families. If you are waiting on either one of these events, then it can be a good idea to buy a house to get a headstart. However, many people do not opt to have children or get married for a myriad of reasons. Like we mentioned earlier: for a home, ownership means responsibility. Some of the other costs involved for prospective buyers are not simply material, they can be emotional too. Though it can make financial sense, you need to know if homeownership is right for you in an emotional sense as well. Do you want to get on the property ladder? If you're not too bothered about the emotional investment and you are looking at home prices and mortgage rates purely as parts of a series of financial decisions, then your worries about timing are quite different. If you're on the hunt for a primary residence for now that you can sell to turn a profit later, then what you need to consider is the state of the economy and that of interest rates. Before you start to crunch numbers, which we'll get to soon, you need to be sure that you don't lose money by being too eager. If you are going to be paying mortgage payments you have to remember that this is an investment you need to live in. You can start building equity early by taking a risk but rash financial decisions can do very much the opposite of saving money. Another thing you may think about in the 'rent or buy' equation is what you can use the property for. If you're ready to take on the challenge, you can rent out the home you bought for a specific rental period while you keep living in your apartment. The additional work could be significant but if you can afford it then the home would be a good investment to build wealth until you decide to sell the home. Crunch the numbers to see if buying a home is financially feasible Mortgage costs Unless you bring about a cash offer to the homeowner, then you will have to deal with a mortgage to afford a house. A mortgage is a type of loan that a borrower takes out to purchase real estate. The lender basically agrees to pay for 80% of the house while the buyer, you, pays a downpayment of 20% of the house's price. Depending on the terms of the mortgage, you will then have to make a monthly mortgage payment every month for the duration of your mortgage. That sounds a lot like rent. There are key differences though: rent has no end but once you finish your mortgage payments you do not have to pay the lender anymore. Rent does not have interest (though it can feel that way when the landlord decides on rent increases), but mortgage interest is part of your monthly payments. Depending on the mortgage you secured, your monthly payment is affected greatly by the interest rate at the time you secured your mortgage. Going from monthly rent to monthly payments to keep your house doesn't feel like much has changed in the beginning but the difference is that you own the property. As you pay back your mortgage, you build equity in the home. This is the market value of your home after deducting the remaining mortgage balance. You can borrow against this equity or use it in other ways to attain your financial goals. Before you get there though, you need to prove to the lender that you can be relied on for your monthly payment and come up with the down payment for the home. This gruelling process looks at your credit history, your debt-to-income ratio, and more to determine if you will be approved. Before making the decision to stop renting and looking for a house, the first thing you need to check is whether or not it will possible for you to get a good mortgage. The same home purchased with two different kinds of mortgages can mean vastly different sums of money. The key factors in determining a mortgage are also the key factors that can determine what side of the rent or buy line you currently stand on. Addtional costs Let's say your finances and personal circumstances allow you to secure a mortgage according to an online calculator, you need to think of how your disposable income will be affected by the monthly costs associated with owning a home. At first, you need to think of moving costs, legal fees, and all associated real estate fees. Renter's insurance and regular bills would become a distant memory as you need to take care of maintenance costs, property taxes, and other bills. If you buy a home that makes you part of a homeowners' association then that may also mean dues. The more your home was appraised for, the more property taxes you will have to pay as well. If you join a cohort of prospective buyers, let this be one of the key takeaways: buying a home is not always cheaper than renting. Each situation is different. Time-sensitive opportunities. The housing market is one that fluctuates a lot. It may be tempting to build equity as soon as possible but mortgage interest and maintenance costs could be prohibitive - but what if you come to a point where the stars align and rent is no longer your only option? The first thing you should do, always but especially if you feel like jumping a trend, is to talk to a real estate agent. No matter the way trends are looking, buying a home is a large purchase and not something you will forget about in a few years. Try and find out if there are tax deductions that could make your purchase easier on your bank account or allow you to shoulder the costs of home maintenance. Don't just jump in because of low interest rates. It's very tempting to get out of paying rent quickly when you can afford a down payment but if your goal is to save money in the long term then patience is the key.   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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Should I Add a Home Studio To My House? Is a home studio right for me and my family's lifestyle? Whether you're planning on making music or recording voiceovers, a studio makes a huge difference in the quality of your sound. Before you start shopping though, think of how your day-to-day will be affected by adding a home studio. Will it mean moving things that your family routinely uses or being distracted all the time by people around you? Before making the investment, because it is one, think of what the ability to record and create at home means. Just because you can, doesn't mean that it's the right thing. Maybe doing the beginning at home and then going to a project studio to finalize the work could be better. On the other end, if you want better control over your projects then having your own studio is the right move. What will you use the studio for? Whether you end up going for a full-blown music studio or a simple isolation booth depends on the kind of work you want done. Beyond just thinking about your lifestyle, think of the needs of the project itself. Generally, more space is better even when it comes to acoustics. Smaller rooms have more potential for sound to bounce off surfaces and you won't be able to add thick noise absorption materials either. The small booths you see in some home studios are completely filled with materials designed to lessen the noise coming from outside and change how sound behaves around the microphone. On the other hand, if you need to record a whole band, you will need a live room. The space you have available can vary wildly, so what space works for what? What to do based on the rooms you have available. Basement A basement is ideal for a few different reasons. Though you may miss windows, not having them will mean one less thing to sound-proof. Given that they are generally big, the advantage of a basement is that there is a lot of space to customize and draw out different spaces. By adding walls, creating an isolation booth, a live room and a room to master the recordings, you will have a full studio with a lot of potential. One of the biggest issues would be to pad the ceiling appropriately and buy enough noise cancelling material to cover enough surfaces. Large room A large room is the next best thing. The point of a home studio is that it should contain all the sound within and prevent a noisy exterior from interfering with the sound picked up by the microphone. All studios require lots of noise-cancelling materials to line the walls and ceiling but if this room is in the middle of a residence, or near the property line then it will need better noise-cancelling material, increasing your costs. If you use your space well, you could also add a booth. Like in a basement, you will then have to add ventilation systems without introducing an air gap. Many prebuilt booths also come with windows so that artists can see other people and not feel boxed in. Small room A small room is not the best. Even if you have room for acoustic instruments like a guitar, you will need to spend a lot of money on noise cancellation. Not only are the walls more likely to create issues with the overall sound quality but the noise from beyond the room can affect the recording in the way audio software cannot fix. What if I live in an apartment? The first thing you need to check is your rental agreement and maybe negotiate some additional terms with your landlord. Before you purchase the equipment needed, it's a good idea to listen first. If the other tenants are hardly loud and you can't hear the details of their phone calls, then you could get away with lower-cost materials. On the other hand, it's also your responsibility to check the noise ordinance of your city. Usually, that means making sure the night is relatively quiet. For musicians with day jobs that can be difficult and if you're a budding voice actor, recording from your bedroom closet is not going to work out for long. The last thing you want is a court order created problem for your landlord - rent increases won't be fun. There is a chance that your apartment building has music rooms on site but these are not meant to record music or voiceovers professionally. They work more as practice spaces. Advice for your recording studio Put rugs everywhere That also means the room above the studio. Microphones might be elevated up but sound travels everywhere. If you neglect your flooring, then there's not much a computer can do to fix the issue. This is especially important if you live in an apartment building, though you may not notice it usually, sound can travel up to your apartment, or down to your neighbours very easily. Rugs help everyone be less of a nuisance. Look at the floor before you start recording and your music recording process will be that much smoother if you take some time to create fewer opportunities for issues. Soundproof your doorframe Many people forget about the door when it comes to soundproofing on their own. Houses do not have soundproof doors. When you create your home studio, it's a good idea to pay for the cost to go the distance. Don't ignore the control room If you're lucky enough to have a control room with an audio interface panel and a big window to look at the artists as they're recording, it should also be soundproofed. Some people ignore this step because it doesn't interfere that much with the recording but creating an extra layer of insulation pays off both when you're listening and trying to record something as clean as possible. What not to do when setting up equipment in your new home studio Shelves It should be obvious but don't decorate a recording room with shelves. At least in the area where people will record, make sure that anything on the walls is helping reduce the amount of interference. Adding shelves will impair the microphone's ability to record the music or voice with accuracy. When dealing with noise, it's important to remember that noise can come from within the room itself due to sound bouncing off of things it isn't meant to. The way sounds land on a microphone creates issues that make it complicated to master a piece of music or voice recording. Recording space exists for one reason: recording. If you have a live room, don't add sofas in the live room itself. Anything you bring in will affect the way sound works. You can use that to your advantage with a piece of clothing used to muffle sound in a creative way, but the last thing you want are big bulky sofas that soak in sound in all the wrong ways. Storage for equipment Having built-in storage close to your recording room in your home studio can help keep things organized throughout the house. After all, since the building you're recording in is still part of your home, it's a good idea to have a dedicated area to store instruments to reduce how often people have to lug their gear around. How the studio fits into your family life On your property, you will have two things: a home studio and a home. Proper noise handling will mean that you and the musicians in your life can, for example, go all-in on the drums without interfering with your family watching a movie in another room. If you have small children it would also be a good idea to add locks to prevent them from going into the control room or playing with the noise-cancelling material on the walls. Boundaries are always important and for a home studio, that barrier can be invisible and ignore distance if you don't spend enough money trying to get the best audio environment. Before you get into the business of voice acting or build a big enough home studio for all your bandmates, the first step is understanding all the challenges that come with recording at home. 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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Different Homes For Different Stages of Life. The Apartment Let's face it, most of us have been there. That first tiny apartment you share with your college roommates. The one-bedroom you're "settling" for because it's all you can afford and is close to the subway line that takes you to work. The dealbreaker: You can't imagine living in that tiny space with someone else for the next 30 years. Just as you're getting your footing in this world—getting enough money together to treat yourself and maybe even a significant other; buying that first piece of furniture that's not from Ikea; learning how to cook more than ramen noodles and spaghetti sauce—real estate developers come along and snatch up all those starter homes and build a new development of townhouses and condos. Starter homes shrink while many young people's debt to income ratio rises. Housing costs when you're just starting out in the world can be rough. And so, instead of buying a house, many people in college or young professionals stick themselves in tiny apartments. Apartments are great when you're younger and are still very mobile in your career and geographically. There is enough space for you to live while making it easy to clean. It's not a forever home, but when you're saving up to enter the housing market properly, it's a rite of passage. Given the state of the economy and the real estate market though, many young adults forego house hunting to live in their parental home if its in a convenient location. Between homeowners insurance, principal and interest payments, and closing fees, it is more common for people to stay at their parents' homes to save enough for a larger down payment down the road. The Starter home What do we mean by starter home? A "starter" home is a house or apartment that a young family can afford while they save to purchase a larger, more expensive home. Though it's a step above an apartment, a starter home is not a forever home as the name implies. While an exciting part of someone's life, this is the kind of home that does not require a large mortgage payment. Home prices for starter homes can vary massively depending on the career prospects of the homeowners. For some, what is a starter home is actually the best that they will be able to afford. There is a reason why real estate agents tend to ask about not only what you look for when you want to buy a house now but also in the future. With changes in the economy and interest rates, the home buying process can end up being more affordable in the future depending on the moves that the homeowners make. People in their late twenties or early thirties, who are thinking about having children will often use starter homes to get more privacy and get a step higher on the property ladder. The main difference between starter homes and apartments are the size. With starter homes, there is more bedroom area usually with a master bedroom having its own bathroom. Starter homes most often have garages too unless they are in an urban setting where parking on the street is allowed. What is a new house now can be sold after the mortgage is paid in order to move into a bigger home. The Family Home Many buyers eventually move on to a family home, one where a growing family has enough space to spread out. When it comes to the family home, the ideal location and how much house you're getting for your monthly mortgage payment becomes significantly more important. Though people move with their children every day if they continue in their home search and find a better deal somewhere else, home buyers in the market for a family home want to invest in what will be the house their children will grow up in. The requirements from mortgage lenders, the amount of down payment, and mortgage rates all take on a whole new dimension. This time your real estate agent will go over the mortgage basics one more time and find out a purchase price that suits your goals. After all, a family home can look different from person to person and so does the home's purchase price. The drain the family home tends to place on someone's bank account is due to its proximity to education, middle and high school, typically, and the demand driving real estate prices up. The most popular type of property for a growing family is a single-family home, with no shared walls with neighbours and usually a yard. These features obviously affect the monthly payment amount but for people in the stage of their life where their lifestyle considerations shifted towards the needs of their children, they won't think about what a mortgage lender demands. This is also the point where many will start talking about this potential piece of real estate as their dream home. For that home, ownership becomes something more permanent. Many buyers will look for reasonable monthly mortgage payments while also refinancing if there are significant changes in the interest rate. Most conventional loans place a lot of stress on the family. Between insurance premiums and other fees associated with a mortgage broker, many homeowners look to refinance their mortgage to get new loans that have a more reasonable interest rate. The Vacation Home This section is not about vacation rentals, but rather we're looking at people lucky enough to afford a second or even third home. At this point in someone's life, whether or not they have a family, if they are able to afford a vacation home then their debt to income ratio needs to be very low. In that scenario, there is little to no stress associated with proving bank statements, or with dealing with closing costs. A vacation home is a luxury, one that very few can afford. With the credit crisis of 2008 and now the pandemic, many people let go of extraneous real estate. Of course, on the other hand, if the lending services provided a generous deal and all of the mortgage payments are paid then the vacation home becomes an extra source of income. People can either hold onto it if they like it enough or sell it to shore up their bank account. The Investment Property If you have the cards and play them right, you can eventually get into the real estate market not as a homeowner but as someone investing in pieces of real estate. After all, everyone needs somewhere to live. Now that the tables have turned and you're looking at home prices in terms of how much you're set to receive then working closely with a real estate agent to find the best buyers can help you climb even faster up the property ladder. The Real Estate Market is Complicated Life, also, is complicated and through hardships or strokes of luck you may find yourself moving from house to house depending on your changing circumstances. At different points in life, and in your finances, you may pay more attention to what whether or not a house has a homeowners association, a finished basement, or even if it is close enough to the subway. Whether you're thinking of children or wondering what you'll do with the empty rooms once they leave for college, there is space for you to find the perfect place to live. If you conquer the intricacies of your homeowners' insurance, the interest rate, and stay on the house hunt then there is a good chance that you can get out of your starter home or the family home you settled for and move into your forever home, your dream home. Keep in touch with your real estate agent, they can keep an eye on the housing market for you and contact you when the perfect place goes on sale. 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

Real Estate Deal Breakers & Red Flags Lack of a yard or outside space. When you're dealing with an apartment in the heart of Vancouver, this might not be a huge deal, but if you're somewhere less crowded, some form of outside space is essential. Whether you use it to get some fresh air or sunlight, a little bit of outside space can do wonders for your mental health. Disconnecting from your screens and your phone allows your brain to reset. Going for a walk has the same effect but being able to spontaneously just step outside to clear your head briefly then back in can be priceless. Lack of storage space. You might not notice it until you need to store your Christmas decorations for example, but lack of storage space can impact the livability of an apartment. Storage doesn't just mean that you will have to buy things in smaller quantities, it also means much more frequent cleaning up and much more clutter to deal with. Whether you're moving spice jars to find the peanut butter or struggling to close the closet door after fitting the vacuum in it, little storage space is a time-waster. Outdated or extremely busy kitchen. Speaking of spices and peanut butter, when you're looking at the selling price of a home, you also should factor in things like whether or not there will be repairs when it comes to the kitchen. Kitchen repairs can be expensive and have a marked impact on the market value of a home. It's in your best interests to find out if that deal you think you're getting is coming with some serious problems down the line. Too many stairs to the basement, bedrooms, etc. Some places have unique layouts, but this can be a pain when you're dealing with stairs. A house that's laid out just for your convenience will feel like home more quickly than an awkward layout that forces you to go through the living room every time you want to use the deck. If the stairs lead directly into areas without a landing it can become annoying for people using an area. Think of it this way: if you want to go to your basement or kitchen but need to go through the living room where there may be people visiting or watching a movie then you would be disturbing them. When buying a house, think of what it will be like to live in it. Not being set up for kids or pets. When you're looking at a potential new home opening your doors to kids or pets can either be a bonus or a curse depending on the space available. Some homes might have beautiful hardwood floors, but if there isn't enough space for a playroom it's not going to work. If you have a dog, think about its size and how it might fit into the layout of the house. If you have kids, remember that they grow up fast, so having a home with enough space to comfortably accommodate both children and adults is vital. Make sure that there's room for everybody including all their friends. Tight dining room or living space. When you're thinking about buying a home think of what you'd like to do in the dining room and living room areas. Would you like to host big dinners or movie nights? Or do you prefer smaller groups? Thinking this through might help you find the perfect-sized home. Remember that the dining room and living room are part of a shared space between you and your housemates or family. Make sure that there's enough seating for everybody to enjoy those dinners together as well as enough space for those who might need some alone time from the rest of the group. No laundry in the unit. If your laundry facilities are in the building that will mean a quick trip in the elevator but hauling everything from the basement back to your apartment once or twice a week can become time-consuming - not to mention setting up alarms to go check on your clothes. Worse though is if there is no laundry in the building at all. Remember what doing laundry will be like in the winter, you will have to lug around your clothes and walk through the snow to get to a laundromat at least once a week. In the cold, this process becomes tiresome quickly. Bigger problems exist, sure, but think about what you're saving on at the end of the day. Lack of garage parking for more than one car. If you're single and planning to stay that way, then garage space isn't too much of a problem - unless you need a different vehicle for outdoorsy activities. The home buying process is about finding the right house for you. So, if you're living with a partner or plan to have children then a single-car garage can add a layer of headaches. It can lead to arguments as to which car gets to be in the garage, issues with parking the other vehicle, and so on. A house that is too close to an airport. It might be quiet when you visit with your real estate agent but when buying a house, it's important to know what you're getting into during different hours of the day. It's not the job of a home inspector to find out how often planes fly over the home and so you need to know if you can withstand the noise. Houses close to an airport may come with some soundproofing but the repeated noise from planes is one of the major issues that make it hard to sell the house for many homeowners. Think ahead to that moment too. No room for a garden. If you're someone who loves plants and know you won't be satisfied with only house plants, you need to make sure that you're not locking yourself into a deal where you're unable to enjoy something that brings you a lot of joy. This is why an open house is essential, so you can feel out the space for yourself - it will also let you see how the space works with many people inside and outside the house's four walls. A property that's not up-to-date on insurance requirements. Though this might seem like an easy fix, it's the last thing you want to deal with when moving into your new home. More than likely, all of your utilities will be set up and ready to go within a few days. But, insurance on your property is something that can vary from province to province and so things could go wrong if you're not careful. It may be a problem that only surfaces after move-in and so it's best to be proactive about knowing exactly what your insurance needs are before putting down the deposit on the new place. This is something you should talk to with real estate agents, both as you're selling your old home and buying your new home. Something about the neighbourhood you don't like, such as trouble with crime, noise from nearby highways, etc... This is a biggie. It's one thing if you're not a fan of the exterior or interior design, but a neighbourhood that doesn't feel safe will be much harder to give up on. Before making an offer you should visit the home at night and during the day as well as speak with neighbours about their experiences in the area. And don't just rely on the way it looks; be sure to talk with community leaders and law enforcement about crime in the area. Unsightly neighbourhood amenities, such as a rundown recreation center or outdated playgrounds in an otherwise good neighbourhood are a giveaway that something isn't quite right. When you're buying you need to feel confident in your purchase. A house that has a history of energy inefficiency. It's always a good idea to ask about utility bills and look at them yourself if they're willing to show you. If a home is inefficient then it's going to cost you more money whether it's during winter or summer. Upfront costs may be a little lower, but your energy bills will quickly make up for what you saved on the price of the house. An older home can often have issues with that, so take special care throughout the real estate transaction. If the seller has only owned the property for a short time and seems in a hurry to sell quickly. This is a big one, especially if you're looking to land yourself a great deal. If the owner has only owned their home for a few months or less you need to ask why. It could be that they inherited the place or it's an investment property and so on... but even if there are legitimate reasons for wanting to quickly offload the place, it could signal something's not right. When you view a house as an investment and plan to hold onto it for several years or more, make sure you don't fall into traps like this one. This is why you should be proactive about finding out what your home inspector does ahead of time and asking them questions. Sellers who don't disclose information about the home, such as problems with a leaky roof, structural issues or pests. The home inspection process is critical, be sure to look over the inspection report carefully. Even if you're legally protected, no one wants to hire licensed contractors and spend more money on a new roof because the sellers were dishonest. If such a thing happens, talk to your real estate agent about what you can do during your due diligence period and beyond. This is a definite red flag. Any location that is far from your place of employment. Canada is a big country and that means that commutes can get long. You don't want to spend hours in an office only to spend a long time in traffic before going back to the people you love. Time your travel from the home to your office and think through whether or not it's worth it. Remember, commuting would be a daily occurrence. When sellers make excuses why they can't keep their home in good condition. People sometimes fall into bad situations, it happens. However, that doesn't mean you should be dragged down too by dealing with someone unwilling to negotiate. Buying a house is an important decision, and you need to know your bargaining power and the strength of your dollar when looking at a house that might need work. Keep in mind what it means to take on a fixer-upper; bringing a house up to building codes is something that takes time. If the seller isn't able to keep the home in good condition it may have to do with the house itself and not their situation. A seller who doesn't seem willing to negotiate on the price. Negotiation is part of the deal for real estate. A buyer walks out on a home for a variety of reasons and the seller's unwillingness to bargain can be one of them. It can signal that they are trying to get the house sold for more than its worth or that they are too attached to go through with the transaction. Inexperienced home buyers may believe that they don't have a choice but real estate agents know that the market changes over time and depends on the area. Having to go through an in-person interview with the seller, without being able to have someone else present. This is a massive red flag. It's easy for a manipulative seller to sway potential buyers by talking about things that are affecting the seller and the sale of the house in an unethical way. Your agent isn't just there to get you a good deal, they're there to protect you legally as well. A good deal does not come with secrecy and missing shingles on the roof. If you're being pressured into making an immediate decision. This one can come from unscrupulous real estate agents too. If you're pressured about buying a house or having homes shown to you that don't fit your specifications then it means that your agent is not paying enough attention to your needs. Most buyers trust their agents blindly but it's a deal-breaker when you need to correct your agent over and over about your needs. Though it's a process that can be quick, home buying requires home inspections, document review, and sufficient time to think through things before going through with a sale. A real estate agent gets their pay from commissions and the worst ones only care about that and not whether or not the home fits you. A home that has poor lighting. Light has a big effect on your physical and mental health. You need it for specific vitamins and it can even help with some skin conditions. Good natural light also helps your home feel more spacious and alive. Though you may love The Addams Family, it's better to have the option to turn the lights up when it's not Halloween. A home that's been divided into several units to accommodate more tenants. You want to choose a house that will give you space and independence, not one that's going to make you feel cramped all the time. A house divided will have an uneven distribution of amenities in terms of quality - not to mention inferior noise suppression and thinner walls than most apartments. Bad essential systems. Poor ventilation, an ageing water heater, wonky air conditioning, archaic septic system - these are the things home inspectors warn buyers about. These are the most obvious deal breakers and red flags and that's why they are at the end of the list. Still, these are worth mentioning at the end of the day. Whether you're visiting million-dollar homes or your first apartment, it's a good idea to keep this list handy. 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

Adding a pool? Find out what it means for your home's value. What does adding a pool entail for your home? An inground pool adds a level of luxury typically associated with larger homes. They’re a great way to keep the family entertained, but one thing they come with is added maintenance and upkeep costs. The average pool is used three or four times per week but requires daily monitoring to ensure it’s kept safe and clean. However, pools are great for property value - the added value doesn't just come from the pool itself and its use in warmer climates but it also adds to the value of your home because buyers won't need to deal with the construction period and the initial cost. The resale value of a real estate property with a pool is generally higher than comparable homes that don't have one. It's a huge selling point eventually but before you start to think of a buyer, there are quite a few other factors you want to keep in mind before you decide to take the plunge and invest in a swimming pool. Costs of adding a pool. The average cost of pool construction can range from $30,000 to over $100,000 depending on the size. Add onto that the added costs of heaters and pumps for maintaining a heated pool during cooler months, fence posts for security around unattended pools, running water lines to ensure proper filtration that will remove bacteria before it gets to the pool area, and it can add up quickly. Adding inground pools means digging out the entire yard in some cases. The timing also matters: the setup time of a concrete pool starts at around 3 months up to and over 6 months, depending on the pool's size. Pools require year-round maintenance for things like chemicals and electricity to keep the water clean and safe to swim in. A well-maintained pool will add to your household's utility costs but to pay extra is an investment for your home's value in the long term. Expect tens of thousands over the years in terms of maintenance costs, but that could be worth it in the end when you sell. How much value you get exactly will depend on finding the right buyer and how long your swimming season lasts throughout the year. It's hard in Canada to find somewhere where you can use a pool year-round - unless you plan on building an indoor pool. Before getting a pool, you need to be sure that it makes financial sense. Annual maintenance costs should not deter buyers, so don't over-invest in home improvements if the real estate market doesn't value your neighbourhood much. If you plan to sell the house eventually with a pool, add up the cost of the maintenance over the years to find out if the total cost is worth it in the end. Safety considerations when installing the pool. You'll also need to make sure that the pool water is constantly tested and filtered before it reaches the pool. It’s important that there are no bacteria within or surrounding the pool, as it can cause illness in people swimming. The best way to do this would be to install a heater/filtration system outside of your home's plumbing system that will help to ensure cleanliness each time someone uses the facility. This also helps you avoid future legal battles if someone were to become ill while using your pool, so it's best to invest in this cleaning system. Pay attention to things like the accessibility of the pool and the tiles surrounding it. For example, sturdy pool ladders and non-slippery tiles around the pool increase the overall safety of swimming pool parties. For a pool to add value to your home, it can't be the source of safety issues. During the home buying process, a future potential homeowner will pepper their real estate agent about the safety of the pool and whether they will need to spend money to make changes. Maintenance and upkeep of the pool, including chemicals and cleaning. As mentioned, you'll need to clean and test the water on a regular basis. This means inspecting it for debris that can damage pumps or pipes, as well as testing for chemicals to ensure there's enough chlorine in the water so no bacteria will infect swimmers. There's also maintaining the pH levels and making sure that acidic and basic chemicals are balanced out. You'll need to make sure the tiles and water ladders and slides (and fences) surrounding the pool aren't mildewed or mouldy, as that can cause health problems for swimmers. Finally, you'll need to inspect electrical components like pumps and filters to ensure they aren't corroding due to age or too much use. One of the biggest issues with owning an inground pool is that if something goes wrong, you'll need to spend money on it immediately. For instance, there's no waiting for a warm day in winter to fix your heater in the backyard. You must be diligent with daily maintenance, which is pricey if you don't have a lot of space around the pool. Your backyard landscape size and shape will play a role in determining how much space your inground pool occupies. Some shapes are more efficient than others, but it all depends on what purpose you want your pool to serve – whether that's for exercise, recreation or relaxation. Also, determine if you want the pool to be part of your landscape design or very separate from it. If you do choose to surround it with flowers and plants that require water or pesticides, they can damage the pool's cleanliness in some cases. Another important issue is whether there are any trees around the pool. If so, the roots can eat away at the pool's liner over time, which will affect its structural integrity and safety rating. To maintain your pool means to maintain the area around it; leaves falling into the water can find their way to the filters and impair your enjoyment of the pool because of unexpected issues they create. Landscaping also ends up being pool care. The benefits of having a swimming pool at home. If you live in an area with a warmer climate, a pool will give you something to do all year long. It's a great way to get some exercise, socialize and enjoy the outdoors. Swimming is an exercise that involves the whole body and that alone can be enough for many buyers, something that means more to them than an extra square foot or two in a kitchen. In addition to using your muscles, you will also spend more time in the sun which has its own set of benefits. A pool fits in a healthy lifestyle easily. Sometimes, how much value you get out of something is how much fun you and your family are having. Turning a house into a home is something a pool can do with parties, days spent splashing around in the sun or teaching little ones how to swim. "Home value" often doesn't focus enough on the first word but homeowners are often families first and not concerned with the ins and outs of the real estate market. Relaxing in your pool is also something that adds value to your home, you don't need to do laps or have over twenty people in the pool at one time, sometimes it's a good idea to just slow down and enjoy your time in the sun. When is adding a pool a bad idea? By nature pools require space so if your home doesn't have it, a pool can force you to be constantly cramped. You will also need room to store the equipment for its upkeep, an additional cost in certain cases. Pools take up a lot of space and for those with small backyards or homes on crowded streets, the enjoyment is not likely worth the hassle. A pool can also lower your home value if it isn't highly desired in your neighbourhood. It's not likely to be a huge hit for a new owner if nearby houses don't have them or they aren't highly sought after in that area. Pools often need daily or weekly care and it needs to be performed at certain times of the year, something that can become quite costly depending on who is doing the work for you. You will also need to consider that pool care can be tough if you don't have the time or energy to perform it. Along with the costs, a pool can increase your homeowners' insurance premiums. This is something you'll want to keep in mind when considering whether it's worth all the work and effort. A swimming pool should be seen as an addition to your home, not a requirement. If you love the idea of relaxing by the water in your own backyard, it can be well worth the extra effort and work when done right. Just remember that pool care is something that takes time and patience along with maintenance for optimal results. All in all... If you're thinking about getting one, there are things you need to consider that go beyond the issues of size and space. You should check out how it's cared for and if it's a model that can be well taken care of over the years, and who needs to be responsible for its upkeep. The last thing you want is to make your home harder to maintain. It is also important to find out whether any parents have ever had trouble with children in or around pools and figure out if there were any tragedies as a result. All of this is to better ensure that you're doing what's best for your family as well as ensuring your new home will build up value over time instead of having it decline because of neglect or misuse. 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

Is Buying a Fixer-Upper Worth It? Buying a fixer-upper can be a great investment because you'll have the potential to make more money off of it. Most fixer-upper homes are lower-priced houses because of the financial difficulty faced by the previous owner. These repairs and renovations can be costly, which is why the price of a fixer-upper is usually lower than the market price of a comparable home that does not need repairs. You may be wondering if fixer-upper homes are a good investment, and that depends on a variety of factors. Whether you're house-flipping or want to save money at first but increase its value in the housing market in the long run, there are a few things you need to consider before taking on such a project. What is the financial bottom line? A fixer-upper home has a low market value but with the right structural and cosmetic renovations, you can make a profit after factoring in the renovation costs. A home inspection is the first thing you'll want to do. A fixer-upper project means that you need to have enough money to buy the house, and either make it livable or have somewhere else to live. Most fixer-uppers are not move-in ready. After you get a renovation estimate and an estimated cost of things like the estimated repair costs, closing costs, and maintenance costs, you need to figure out if it's a good real estate investment. Major repairs take a lot of money. Don't waste money paying for floor refinishing, electrical system overhauls, and extensive roof remodelling if you risk losing money. You need to think of a fixer-upper home like an investment property in the real estate market. Besides renovation costs, deciding whether to buy a fixer-upper means evaluating the responsibility and financial burden of taking on such a huge project. To get a great deal, you must do a great deal of thinking. Fixer-uppers also offer the opportunity for creativity, since you can choose how to renovate and design them. Beyond looking at just the repair value or what your gross monthly income will look like as you renovate, fixer-upper homes give you the opportunity to make the house your own. You can get creative and mould the home to your preference. An open concept floor plan with a family room might well be worth the cost of renovations combined with a home's sale price. Since you own the home, think of fun things to do that will also make your home's market value rise. Though you may not think of your home as an investment property, down the line you may start thinking about potential home buyers when you decide to move. One important thing to remember is that the potential increase in value of a fixer-upper home may not be realized until you sell it. So, if you're not prepared to keep the property for an extended period of time, it might not be the best investment. Some people might think that a fixer-upper is just a money pit. The reality is that renovations can take time, so if you want to fix up a home for personal use or long-term investment properties, you must be prepared to be patient and dedicated. It's not for everyone, but if you're looking for an opportunity to be creative and make your home your own, a fixer-upper might be perfect for you. But they do come with their own set of challenges as well, such as expensive renovations and unexpected problems that may arise during the process. If you want to live in a fixer-upper instead of looking at move-in-ready homes, do not delay pressing repairs. Foundation upgrades are not on the same level as finding different lighting fixtures. The renovation process looks different depending on how far removed the fixer-upper is from a typical finished home. It's going to be a long process, and you may even want a contractor on board after the first major renovations. The renovation process for a fixer-upper home will depend on how "fixer" it is. Asking around to find out what others have done in the past can provide some insight. Using local contractors who are familiar with the area can also give you a better idea of what to expect. If you're living in the home while renovating, it's important to have realistic expectations about how long the renovation will take, and be patient. Don't start any big projects until you've finished the smaller ones. Planning and budgeting are essential when trying to make money with a fixer-upper. Fixer-uppers are not the only option for people who want to get into real estate investing, however. There are a variety of other properties available, and some may be more affordable than a home that needs major renovations that can be extremely expensive. If you only need mostly cosmetic improvements, instead of things like drywall repairs then you found a great deal, not necessarily a fixer-upper. The purchase price is important when considering a fixer-upper, but it's not the only thing you need to think about. The cost of the repairs might also seem unreasonably high, but expert advice should help you negotiate costs with your contractor to prevent overcharging. Property investors usually purchase fixer-upper homes with the intent to resell them after doing some repairs. If you're not interested in flipping the property, you may still be able to find a tenant who's willing to put up with a little inconvenience in order to save on rent. To sum it up, a fixer-upper is a great investment if you're willing to put in the hard work, time, and money. Should you talk to a real estate agent? You definitely should, even if you think the house has 'great bones', a real estate agent knows the market and whether you will have difficulty selling down the line. Once you've figured out whether or not to buy a fixer-upper, it's time to start looking for one. Although Internet sites are beneficial when looking at homes listed online, be sure to also use resources that allow you to search within certain areas by type of property. Whether you're browsing in your local market or somewhere else, fixer-uppers require motivation and a good understanding of things like property taxes, the neighbouring homes' values and the loan options available to you. Be sure to ask specific questions when visiting a house with your real estate agent. The condition of the roof, foundation, heating system and other important features will determine whether or not you should buy it. If you're looking in the area to live in while renovating, your real estate agent can help you find accommodation and help you get in touch with local contractors. Ask around to get recommendations, or hire someone who comes highly recommended by other property owners. It's important to work with a contractor you trust when undertaking renovations on your fixer-upper home. If the contractor does not listen to you and does things the way you want them done, it can derail your renovation plans. This is again another time where talking to a real estate agent is important, they have connections to reputable and reliable contractors. Yes, hiring a real estate agent can feel like another one of your additional expenses but the eventual profit you'll get from their expertise can make your fixer-upper home worth more than what you could do on your own. Is flipping houses safe? It depends on how well you pick your home and predict the home's projected market and how potential buyers see the home. At the end of the day, you don't want to be house-poor for years without a promise of a payoff at the end. A real estate agent can alleviate a lot of the risks you take on as a real estate investor. With the right amount of knowledge and money, fixer-upper homes can pay off well but you have to treat the house as an investment property. In the end, you need to make sure that you're careful that you don't put down a mortgage payment on a money sink, but if you do it right, buying a fixer-upper can pay off in the long run. 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 Can You Do With Your Spare Room? So you find yourself with an empty room in your house. Instead of letting that space go to waste, how about turning it into something that could fit your family's needs? There's a variety of uses for an extra room. The first thing you need to consider is where the room is in your house. A room on one end of the house might not be the best sauna but could be a great mudroom. Room ideas can be overwhelming and an extra bedroom might seem like the easiest solution at first glance but if you dig a little deeper, there may be options that might work better for you. It's easy to just create a guest bedroom but unless you have people over often, then that extra bedroom would go to waste most of the time. Putting the time into creating a room that's fit for a purpose and not just a place to hang clothes like an extra closet can add a lot of value to your home. So take the old chairs of the glorified storage and get ready to turn this space into the hidden gem of your home. Turning the spare room into a home office. The early 2020s made a solid case for working from home. A home office is one of the first things many people think of. Sure, it's not a fun option but being able to have a dedicated space for work and focus can help separate office and home life. Far more important in this day and age than a guest room, an office that allows you to focus without invading the rest of the house with your work can be an addition that benefits everyone. Not to mention that if you're going to sell soon that a home office is something that a lot of homeowners wish they could list as a perk for their houses. What would you need for a home office? On top of the usual desk, and enough space to sit you may want to think about how thick the walls are. If they tend to be thin, additional padding in the form of foam padding or adding a rug to the floor can help dampen noise. Depending on the nature of your work, having a dedicated storage area will also help with the accumulation of clutter in the room. Of course, it's important to remember that decorating is not something that should be foregone. It might be a home office but it's still in your home. How about an Arts and Crafts room? Unless you're lucky and your job involves arts and crafts, then that spare room can be a fun addition to your house. Now, if you're the creative type you probably thought of this before thinking up a second living room but it doesn't have to be a kids room. If you have an online business selling custom stickers, buttons, or other plushies it could be the space that pushes your small business forward. Remember, it can be more than 'just' a sewing room or a craft room. On the other hand, if your children are of an age where they're not quite ready to leave crayons and markers laying around the house, having a dedicated space for them to work in is a viable solution. Another benefit of this option is that you'll have the opportunity to teach your kids how to clean up after themselves. What would you need for an Arts and Crafts room? Aside from the items critical for its purpose, this room could use things that help optimize its use. Think of an open cabinet full of supplies, or making use of wall space that makes it easy to organize bits and bobs. Traditional drawers can get in the way. And so on and so forth. Having all that extra space makes more room for things like a sewing machine or a soldering station. A game room for the whole family Often, people think of a musky den or altars to sports icons, but a dedicated game room can be so much more. Best placed in a basement, so that the noise doesn't interact with the bedrooms on higher floors, a playroom with a big screen tv can be an amazing place to create memories with friends and family. Depending on your family's interests, you could have a pool table, video game consoles, or a surround sound system for movie nights - or all three. These things are not just for those with kids either. You could even go ahead and add a little bar area to entertain your friends. What would you need for a game room? Besides the essentials, like a comfortable couch or chairs and a big-screen TV, you might want to consider some of the less obvious things. Things like a mini-fridge for keeping drinks cold or a dedicated area for gaming consoles and controllers. Having an interesting layout could also make the room more inviting. What about a room for your plants? A spare room is a perfect place to put your plants. Not only does it give them some extra light, but it can also help regulate the humidity in your house. Indoor plants have been shown to improve air quality and can even help reduce stress levels. If you don’t have a spare room, you can always convert a closet or even a corner of your living room into a plant paradise. Just be sure to choose plants that are right for your climate and the amount of light available in the space. Plants that need lots of sunlight may not do well in a dark corner, and plants that prefer cooler temperatures may not thrive in a hot, sunny spot. If you’re not sure which plants are right for your space, ask your local nursery for advice. They can help you find plants that are both beautiful and healthy for your home. You could also switch it up and turn that room into a small herb garden if you're a foodie. Nothing beats fresh-cut herbs, they will be as fresh as possible. Indoor plants help reduce stress levels. If you have a spare room, use it to put your plants in to get the most out of them! What do you need to do to make a room for plants? Just like with any other type of room, there are a few things you need to consider when making space for your plants. The most important thing is to make sure the plants have access to plenty of fresh air and sunlight. If you can’t provide direct sunlight, try using a grow light instead. You also need to think about the type of plants you want to grow. Some plants need lots of water, while others prefer to dry out between waterings. Make sure to read the care instructions for each plant before you buy it. Another thing to consider is the type of potting soil you use. Good potting soil will help your plants grow healthy and strong. It’s also a good idea to fertilize your plants a few times a year. All of that translates to making sure that this room is somewhere where you can clean up soil and water spillage easily. Bonus points if it's close to your garden so you can keep all your tools in one place. Your family library What if you could turn that empty room into a little library and reading area? Not only would it be a great place to store your books, but you can also turn it into a quiet place to escape the noise of the world and read. A family library is a perfect place for kids to read without being disturbed, and it can also be a good spot for parents to relax with a good book. If you have enough space, you could even add a small desk and chair so that you can work on projects in peace. What do you need for your little family library? There are a few things you need to consider if you want to turn a room into a library. The first is the type of shelving you’ll need. You’ll want something that can hold a lot of books, and it’s a good idea to choose shelves that are adjustable so that you can change the layout of the room. It's important to choose the right lighting as well so that reading is comfortable, soft cozy lights are the best. Adjustable and flexible lamps off will also make it much easier to get in a comfortable reading position. Because readers are a strange bunch, a good rug will be a worthwhile investment as it can fill the space with style and provide another place to lay down and lose yourself in a book. Just, don't add a bed. Either a book will bore you to sleep or will make you want to crawl under the sheets to keep reading. After brains, brawn - with a home gym. Not only will you have a space to work out, but you'll also be able to avoid the crowds at the gym and save money on membership fees. You can choose whatever type of equipment you like, or go for a minimalist approach and just use some basic weights and mats. The next step is to figure out the best spot for it within your home, and then you can get started with training! What do you need for your gym? One thing to keep in mind when setting up your home gym is that you want to have enough space for your equipment, but also be able to access the area easily. Think about how many different machines you have and where you'd put them within your house. If you'll be dealing with a lot of weights, protecting your floor is critically important. You want the right surfaces that can support the machines and floors that can allow you to do body-weight exercises. Good flooring is also important so that there's no risk of hurting your feet and joints on surfaces that are not forgiving. There are a few things that should go into every home gym. A good pair of dumbbells will allow you to work out almost any area of your body, and a set of resistance bands can give you a full-body workout. You'll also need a weight bench and an adjustable rack to hold your weights. If you're serious about getting fit, then you might also want to invest in some cardio machines like a treadmill or elliptical trainer. To make the space fit your needs, don’t forget to add some lighting. The proper light makes it possible for you to train in comfort at any time of the day. Ventilation is also critical, you need to be able to breathe and so does the room. It might be best to reserve this room for the basement of the home, although you may want to add a shower if possible so that you don't invite the torture of walking upstairs on leg day. A home studio What if you had the means and the space for a home studio? You could record your songs or podcast with the equipment of your choice, and even let anyone in the house make music with you. It's also a great place to experiment with new ideas and work on projects that require some quiet. What do you need for your home studio? One of the first things you'll need is a good space. You want to be able to set up your equipment and not feel cramped, so a spare room is ideal. You'll also need some acoustic treatment to help reduce the amount of sound bouncing in the room. This will help you keep your recordings sounding good, and it's also great for preventing any noise complaints from neighbours! You'll need some good-quality microphones, a mixer, and an audio interface. A laptop is also essential so that you can edit your recordings on the go. If you're into producing music, you'll need a good set of studio monitors as well. And finally, don't forget about storage! You'll want somewhere to keep all your cables and cords tidy. An interstitial space Think of a room that serves as a buffer between two areas, like a mudroom or a room dedicated to improving your swimming pool experience. A small room that acts as a changing area with a simple shower won't replace your bathroom but it will make it easier to transition from an outside space like the swimming pool to something like the living room. No more cleaning up wet footprints that decorate the stairs. If you live in an area where mud is a bigger concern then a dedicated mudroom can be a great place to keep all of your clothing related to inclement weather. Instead of a little tray where shoes go to pile up, dedicated built-ins can add significant value to houses in areas where heavy rainfall is the norm. If your house is big enough and there is some space between the dining area and the kitchen, then you could invest in a small staging area where you can either have some snacks ready or spend some time staging food before it goes out to the dining room. What would you need for these spaces? It entirely depends on the kind of interstitial space you're thinking of. A room between the swimming pool and house will need some form of closet space, a mudroom will need walls that are easy to clean and would need to be close to the garage. A small staging area between your dining room and kitchen will require a cabinet for storing glasses and plates as well as, if possible, a small sink to give some items a quick rinse. To conclude... These are only some options but at least they're not the easy go-to of making a spare bedroom. So whether you're going to build a tiny garden with fresh herbs, a library, or a craft room, just make sure you're aware of the little details that can make the rooms shine. 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

Signs That You Shouldn't Sell Your Home Right Now The housing market is on the rise, but that doesn’t mean you should automatically sell your home if there are any signs of a decline. Here are five tell-tale signs you shouldn’t sell your home right now. 1. The Market Is About To Decline The primary reason not to sell is that it wouldn’t be a good idea to sell right now. The housing market is on the rise, but this doesn’t mean it will stay that way forever. Canada's Real Estate market is notoriously in flux and has been unpredictable. There are many indicators that show homeowners should wait before selling because they may end up losing money instead of gaining it, still, the person best suited to know when the best time would be to sell is a real estate agent. One of their main responsibilities is keeping their fingers on the market's pulse to understand how to best maximize the value of a property. Maybe you're not exactly itching for the absolute maximum return on your investment when selling your home but the fluctuations can lead to massive gains or losses. Rushing into things draws more on luck than anything else, and when it comes to the sums involved in buying and selling houses; luck shouldn't be the main deciding factor. If you hear the phrase "a buyer's market," it's time to rethink things. Today's market for your home might not be what you want. This is something your agent should know and tell you about. You might think that you want a balanced market or a more balanced market but ideally, what you're waiting for - if you can wait - is a seller's market. Home sales in a seller's market benefit the seller because there are more potential buyers than available homes. Most buyers will try to shop around open houses to find something within their listing price but you may come across someone that is willing to put down more money for your home than it would usually attract. In a buyer's market, however, the same transaction works in the buyer's favour. There are more homes for sale and the sales price plummets. 2. You’re Moving To A Different Neighborhood If you are thinking about selling because you plan on moving somewhere else, why take the risk? There is always a chance that your home will not fetch as much money as you hope, so it’s likely for this to happen if you don’t know the neighbourhood very well. Before putting a downpayment on a new house in a new area, take a step back and think about what's really in the purchase price. The way your house looks and where it is in relation to everything else matters in real estate, and if you’re moving into an area that doesn’t look like a good investment for potential buyers, they may think it will be too much work when they try to resell the home. Essentially, you want to think two steps ahead. Not just about selling your current house and moving to a new neighbourhood but what the situation will look like if or when you decide to sell the new house. Even if you're comfortable with a loss on your current property for the sake of the new house, you need to take into account what moving on from the new property will mean financially. Additionally, purchasing property means being tied up in a legally binding contract with a few different entities like a mortgage lender and your bank. As we've noted before, the market is unpredictable for most people, even more so in the long run, which means that you need to make very conscientious plans. If you think that that, ultimately, the risk won't be worth the reward, moving to a new neighbourhood can wait. 3. Maintaining Your Home Is Taking Up Too Much Time There is nothing more stressful than trying to keep up with the demands of home maintenance. If you are constantly stressed out by this, it’s time to step back and consider whether or not staying in your home would be the right decision for you at this point in time. After all, current mortgage rates moving may result in dealing with a monthly mortgage payment that doesn't let you hire someone to help you around the house. Remember that moving somewhere new means creating a new maintenance routine, finding and fixing a whole slew of issues, as well as getting used to the new house. Of course, moving to a smaller or more manageable house that may make things easier in the long term sounds like a good idea but you need to keep in mind what the short-term stresses could mean for you and your family. After all, with the market being the way it is, waiting to sell could mean the ability to move into a home that requires much less maintenance. 4. You Don’t Have Time To Properly Show Your Home Many homeowners choose to take their homes off the market because they are unable to provide potential buyers with enough information. Home prices fall and an existing or rising mortgage becomes an even heavier anchor pulling you toward financial distress. Both a buyer and that buyer's agent will look for something essential: the feel of the house. And the best way to get an idea of what a house might feel like is an open house. The issue, however, is that planning an open house is a complex process and you need to factor that so you understand what your net proceeds will look like. Done well, an open house can have ripple effects through word of mouth and attract buyers. On the other hand, not allowing people to see your house and walk through it at their leisure will drive buyers away, or will give those still interested good reason to give lower offers. The last thing you want is to sell your home for less than it's worth. Beware of pushy dual agency agents. If your real estate agent is also the agent of a potential buyer, you need to be aware of that from the start. All agents want to move fast to satisfy their clients, but when one is the sole agent overlooking a transaction you need to make sure that both you and the buyer are getting the best deal - and not the agent. Agents need to disclose their dual agency relationship, and though many perfectly reasonable agents do practice dual agency, make sure it's something you and the buyer agree to before selling your home. If you don't feel comfortable, speak up. It's better to do so sooner than later. You may prefer it if you and a prospective buyer have separate real estate agents - if that's the case, you should mention this to your real estate professional as soon as possible. 5. Your Property Is Not Ideal To Invest In Right Now Many people make the mistake of assuming that just because something is affordable, it will sell. The truth is more complicated. Someone may be able to afford the mortgage payments, the property taxes, and the asking price out of the gate but a real estate agent may advise against the purchase of your home. Why? There may be some things that make it a bad investment, think of the marijuana grow operation next door or the construction happening across the street. Despite your reassurances, real estate professionals are legally obligated to look out for their clients. Some buyers are waiting for the right time to invest in a new house. Take a look at your neighbourhood right now and what it might look like in the future. Developments around your area can make it more valuable in the future whereas construction would do the opposite. Material latent defects Buyers and their real estate agents may be worried about material latent defects (damage to the home that cannot be detected by a reasonable inspection) as a result of construction or weather events that have happened around your home. They factor in the cost and think about their home equity down the line and suddenly your house is not only a bad deal but potentially dangerous. An owner has a legal obligation to disclose material latent defects but it doesn't mean that some don't and then the new owner discovers problems. It might be tempting to jump the gun and go for a quick sale, but a little bit of patience might save you a lot of trouble. Put yourself in the shoes of the buyer's lawyer then take a step back. Take a good look around your home and hire someone who can help you sniff out if there is a material latent defect if you have a suspicion. The most important thing is to act honestly and make it so you don't have to shop around for legal advice. 6. Would Buying A New House Truly Be An Upgrade? If you are willing and able to sell, did you think about the next step? Think about the previous points: having your documents prepared, coming up with the down payment, dealing with all the finer details of two real estate transactions, acclimating to a new house, changing neighbourhoods, figuring whether the market is on your side or not, moving costs and stress. Take stock of your property and everything around it. If you need help, contact a listing agent so you have a better idea of what you can expect from the home sale. Do you picture your living situation improving to the point where all the stresses and costs of moving are worthwhile? What about the next step? The sell-buy cycle is one that can be slow and is influenced by a slew of factors. So, what you really should think about is not whether you should or shouldn't sell; the entire context of your situation is what you need to take into account. Are you living in a hidden gem? The average homeowner checks their local real estate board from time to time, wondering if their existing mortgage is worth the trouble while sitting inside a home that just needs some love and care. Before you take real steps to become a home seller like looking up real estate agents or figuring out what to write in a listing agreement, think of what you can do to improve your house first. Before you rope in a real estate professional, think about the ways in which your home can be upgraded. Rearranging furniture rather than tinkering with the details of transfer documents can save you the stress of the move and the real estate transaction. What does it all mean in the end? The key takeaway is that the question of whether or not to "sell your home" is only a fraction of the equation. You need to think about what your living conditions will be like during the transition period when moving to your new house. While that's temporary, you also have to think about whether or not you have gone through a thorough checklist to find out if your new home will not lead you to regret selling your old one. Most of all, however, you cannot leave life-changing sums of money on the table, getting the best deals possible will help you in the long run when your plans evolve. 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

25 Questions to Ask Your Real Estate Agent The last thing anyone wants is to buy a property that turns out to be structurally unsound or one that doesn't fit long-term expectations. With closing costs, the stress of the process for potential buyers and homeowners, the time that a home inspection takes - you want a real estate professional with a solid track record that can guide you along the process all the way from discussing listing prices to closing a sale. What people forget when they go house hunting is that the home isn't just four walls and roofing—it's an investment, and all investments carry risk. Real estate agents spend their days dealing with trends in the market, perusing the local real estate board, and keeping up to date about the latest changes to the requirements for a mortgage loan. Agents work to make sure that your real estate transaction is one that you can be satisfied with. Not asking enough questions about the house could mean your investment is at risk of decay or even collapse. And you don't want the investment you live in to decay or collapse. Before you sign on the dotted line, do some digging. There are some things that are far from obvious that can evolve into massive problems. When that happens, you also need to know who will be responsible for any repair work that might need doing in future. With a little bit of research, you can avoid a few nasty surprises down the line—and save yourself more than a handful of dollars while you're at it. So, to make sure you're properly informed about one of the most important purchases one can make, take a look below at the key questions to ask your real estate agent. 1. "What maintenance agreements are in place for the roof, floors and drains?" It's not exactly a fun topic to talk about, but they are necessary if the residents of the house have neglected their responsibilities for any reason. A buyer's agent would normally ask questions like these but speaking up yourself is a good idea to show that you did some research when it comes to the pursuit of your dream home. 2. "Who will be responsible for inspecting these, and how often?" These are critical elements, no one wants to wake up in the middle of the night because literal rain is falling on their face because of a leaky roof. Timely repairs and preventative inspections will give you peace of mind. 3. "How much is this going to cost me per year?" This is critical for your budget. Even if you've made headroom in your finances, hidden costs can add up quickly and throw a wrench in your future plans. 4. "Are there any drainage issues that have been noted?" Even if they have not been critical in the past, it's important to know what areas might cause problems or have caused problems in the past. A closer look might reveal something important. 5. "What will happen if those issues are not resolved?" This might seem like an obvious follow-through but you'd be surprised how often don't go ahead with the 'obvious follow-through'. Water damage can involve expensive, drawn-out repairs that will drain not only your funds but stress you out. 6. "How long have the present owners been living there for?" If they say less than five years, be suspicious. It might be more than just the owners changing their minds and you need to get to the bottom of the real reason. Sometimes, this means there is a lease on the property that has another three or four years to run—and you'll be responsible for paying that, even if you're not living there. 7. "Can I get hold of the lease to prove this?" Remember, these are questions you need to ask your agent. It's best to leave all the negotiating in their hands, navigating complicated situations is their bread and butter. A real estate agent's commission is their payment for pouring over things like a listing contract, the lease, and explaining things like title fees and why a certain percentage varies in your mortgage. If you're unsure of what you're reading, ask them to expand. Real estate is a complicated field that isn't just moving a lamp or two for open houses. 8. "What's the best way to contact the former tenants?" If they say the original owner doesn't want any future contact, be suspicious. This often means said ex-owner has foreclosed on the property and doesn't want any current information to get out. Furthermore, ask them if they have previous clients that have gone forward with a purchase like that in the past and how it went for them. 9. "What's the history of this property?" If they're not sure, ask them what their source is for that information. If it's hearsay or gossip, you might be better keeping your money in the bank until you have something more reliable. If the asking price is suspiciously low, do some digging. Homes sell all the time with bad surprises waiting to emerge. Make sure that the selling price truly reflects the value of the home. Factor in the closing costs to be certain you're not leaving money on the table. 10."Who do you recommend I use as a surveyor?" Your real estate agent should have reputable connections with local professionals they can refer you to if you need any future work done on your house. If they don't, this is one of the few times when shopping around is actually acceptable! 11. "When, exactly, will the property be available?" If they can't give you a specific date, this might mean there's another interested party who has expressed their interest in buying it. You'll need to make sure you get your offer approved before theirs does! The closing process is nerve-wracking, you need to make sure that during the sale, no matter how many clients your real estate agent has, they can give you the same time as their other clients. If you want a good idea of what their history is like is to ask about their past clients and how satisfied they were. 12. "What are the terms of purchase?" Your agent should be able to give you a detailed breakdown of what your monthly mortgage payments will look like, and how long it will take you to pay off the whole amount. Open houses are nice but they don't tell you about all the details that you will need to navigate to a successful sale. You need to be aware of these details so that you and your financial institution can work out how the pay off all the costs. 13. "What did this place cost originally?" If they can't tell you that specific figure, ask them why. If they're not sure, and cannot estimate then that means something unusual is going on with the property. Your agent should always be honest with you and have your best interests at heart - if they don't then it's time to look for another agent. 14. "What sort of repairs need doing?" There's no point paying rent on a place that will be falling apart around your ears sooner rather than later. If the agent can't tell you right away after looking at the building, this is another red flag. 15."Will I have to change anything before I move in?" A good agent will be able to tell you whether there are any major, structural changes that will need doing before you take up tenancy. If they're not sure, it might mean they haven't had a chance to look at the property yet— don't make any decisions until they get around to doing that. 16."What's the worst that could happen?" You might be surprised by the answer. For example, if you buy a property with a faulty drainage system—and neglect to fix it—you could end up paying for an outside company to do the job for you at great cost. Those are things your agent should have told you about before signing on the dotted line. 17. "What's the best thing that could happen?" Buying a new home can be expensive, but it doesn't have to break the bank. If you are able to get your home at a very low price, expect to take out a larger mortgage—which means more monthly repayments—but also greater equity in the long term. You could end up with a successful, money-making investment that will pay for itself and your original purchase over and over again. 18. "Are there any hidden costs?" This is probably the most important question of all! You don't want to buy a property then find out later that there are hidden costs—such as a huge amount of damage needing fixing, or a large sum of money to be paid back immediately. A home sale is a big endeavour, sometimes things fall through the cracks. You don't want the horror stories of having to pay attorney fees on top of the offer price if there's a nasty surprise waiting for you. It's a good idea to dig a bit deeper to make sure that you're not buying one of the many homes sold in bad faith by previous owners. Ask about home inspections and the like early on the process. 19. "What's involved in buying the property?" If they don't have a detailed list for you, look elsewhere! No property is going to be a perfect purchase. There will always be small problems that crop up—and you need to know what they are before signing on the dotted line. 20. "What are my rights as the homeowner?" Having this information could save you money in the long term, so make sure your agent is able to give it to you straight away. If they can't, do some research yourself! Knowing whether or not there is a homeowner association if there are restrictions on what you can do or not around the property, or other unexpected things are critical to your eventual decision. 21. "How experienced are you?" It might be an awkward question to ask your real estate agent up front but it's important that you have an idea of their recent sales and if they have satisfied clients that could be willing to speak to you. Some agents are part of a national association along with other real estate professionals, ask them about their relationship with other real estate agents and that should give you an idea of what their network looks like. Real estate professionals need to take exams and renew their licenses regularly. If you're dealing with a big piece of real estate in a difficult market, you're going to want someone who has experience being a listing agent, a seller's agent, and a buyer's agent - and maybe more! - in the past to make sure they know how to view that deal from all angles. It's not just about the final selling price compared to the asking price, there's a lot that your agent can do for you. More than just thinking about the net proceeds. 22. "What kind of market are we in?" You should get a good idea of what a seller's market and a buyer's market is, this is something your agent can explain to you in detail and will influence the selling price of a house. It's also something that determines that the right asking price is for a property. Basically, the type of market you're in determines who has the upper hand in the selling process. The best agents will tell you when it's the best for selling homes or when it's the perfect time to make an offer on your dream home. It's a question of supply and demand, if that makes sense, if there are more houses than buyers, then an interested buyer has the upper hand whereas if the opposite is true then a seller's agent can advise them to ask for more money. The best price depends on which side of the table you're on and exactly what you're looking for - it's not something you can directly control but well worth asking about. You don't need in-depth knowledge about the market and how many sellers there are in an area, but real estate professionals should be able to give you an idea. This is why a good agent will bring a buyer to an open house in a different area to see if the market there is more suitable for your needs. 23. "Is there anything that the agency hasn't told me?" If they say no, ask them anyway. There might be something like an unstable foundation that's very expensive to fix, or a clause in the lease that you can't do certain things in your home without breaching it. You don't want to discover this after you sign on the dotted line! 24. "What other real estate services do you provide?" Where you're a buyer or a seller, there's a good chance that the agent you're working with does more than just one type of representation. Should you want to sell your house in the future, you can get in contact with them and ask about additional services they can offer. When selling a house, for example, they may have support staff that can provide things like a marketing plan, or take care of staging a home for an open house. If you recently sold your home, and want to get into the real estate market, your real estate agent is the first person you should contact. On top of fielding potential buyers and finding out the perfect listing price, they can provide you with a wealth of information. Real estate services often go far beyond what you expect. 25. "What does X mean?" During the interview process or at any other time, you should feel comfortable asking questions about terms like the difference between the buyer's agent and the listing agent. It's okay not to know things at first, that same transaction you're all looking forward to - the buyer, seller, and agents - is one that needs to have everyone on the same page. 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

A Quick Look At The Mechanics Of The Real Estate Market What is the housing market? The housing market is a market where people can buy, sell, or rent houses and other types of dwellings. It is made up of buyers, sellers, landlords, and tenants. The housing market is also known as the real estate market. The housing market is a very important part of the economy. It helps to create jobs and stimulate economic growth. The housing market also helps to increase the amount of money that people have to spend. There are two main types of housing markets: the rental market and the sales market. The rental market is when people rent houses or apartments from landlords. The sales market is when people buy houses or apartments from sellers. The housing market can be divided into four different parts: the primary market, the secondary market, the tertiary market, and the quaternary market. The primary market is when people first buy or rent houses. The secondary market is when people sell their houses and move away. The tertiary market is when people rent or buy rooms from other people in order to live somewhere cheaper, such as students renting a room from someone who lives nearby. The quaternary market is when groups of people buy houses together. What are the different types of housing? There are three main types of housing: owner-occupied housing, rental housing, and social housing. Owner-occupied Housing Owner-occupied housing is when the house or apartment is owned by the person who lives in it. Rental housing is when the house or apartment is rented out by a landlord to someone else. Social housing is when the government provides affordable housing for people who can't afford to buy or rent a house or apartment. Rental Housing If you need a house to live in, but don't want to buy one, then you might rent one. There are different kinds of rental housing, and each has its own benefits and drawbacks. The first kind of rental housing is an apartment. An apartment is a small house that usually has one or two bedrooms and a kitchenette. Apartments are usually in multi-unit buildings, which means that there are other apartments in the same building. This can be good or bad, depending on what you are looking for. It can be good because it means that there is always someone around to help you if you need it. It can be bad because it means that there is always someone around to hear your arguments! The second kind of rental housing is a townhouse. A townhouse is a house that is divided into two or more parts. Each part is called a "unit." Townhouses are usually in multi-unit buildings, which means that there are other townhouses in the same building. This can be good or bad, depending on what you are looking for. It can be good because it means that there is always someone around to help you if you need it. It can be bad because it means that there is always someone around to hear your arguments! Social Housing In Canada, social housing refers to the provision of assistance to individuals with less money. People who can't afford a place to live are given aid in the form of subsidized housing. There are numerous initiatives in place to assist these individuals to help them get back on their feet. These places typically use Rent Geared to Income where their rent and other fees are based on the income of the tenant. People need to fulfill certain criteria to be able to live in this type of housing. What are the different types of dwellings? The different types of dwellings in the housing market include houses, apartments, townhouses, condos, and mobile homes. Houses are stand-alone structures that are used for living purposes. Apartments are multi-unit structures where each unit is rented out to a separate family or individual. Townhouses contain two floors and can be attached side by side to similarly-sized townhomes on either side of the street, but they do not share any common walls with one another. Condos are multi-unit structures that share walls and property ownership with all other condo owners in a building, but condos can also be detached single-family homes as well. Mobile homes are typically manufactured to be transported from place to place. How does demand affect the housing market? Demand is defined as the number of buyers in a market who are actively looking for and considering purchasing property. The greater the demand, the more pressure there is on supply. When supply and demand are equal, prices remain steady. But when demand increases and supply does not, prices go up until they meet again at an equilibrium point. Lower demand, as you can imagine can lead to a lower price for new listings. The demand side of the market also affects prices in two other ways: Price expectations. Re-sale buyers (those buying a home to live in or retire in) tend to comparison shop and base their purchase on price and features. The larger the pool of buyers who are looking for a property similar to one being sold, the higher the expected price. Time on market. The longer a home spends on the market, the lower its sale price will be. As time goes on and a property remains unsold, it becomes less desirable to buyers. The longer a home is on the market, the more likely it is that the seller will have to lower its price. The bottom line: Demand affects prices in both the short and long run. When demand outpaces supply, prices go up; when demand decreases, prices may drop. Now that we know how demand affects prices in the market, let's take a look at what is driving this demand. There are three main factors: population growth, job growth, and low interest rates. Population Growth Population growth is the result of both natural population increase (more births than deaths) and immigration. As the population grows, so does demand for housing. Job Growth The number of jobs available and the wages they pay also influence the demand for housing. As more people spend their days at work instead of home, there is a greater likelihood that they will be moving into larger homes in order to accommodate themselves and their families. Additionally, higher-paying jobs can support more people and, thus, increase demand. Low Interest Rates Interest rates affect homebuyers in two ways: firstly the number of buyers and secondly the amount they can afford to borrow. While they have dropped recently, so too has homeownership among young first-time buyers. This may be due to the fact that lenders restricted credit following the housing crisis and, as a result, many people are unable to afford a home given real estate prices. The decrease may have made it possible for some to buy a home, but it is still more difficult than it used to be. So what does all this mean for interested buyers and sellers? Increased demand can have a significant impact on property prices, but using this demand to predict future prices is much more complicated. Rising prices are often followed by slowing home sales as potential buyers become discouraged or find themselves unable to afford a home. This leads to lower prices setting off another cycle of increased demand and eventually higher prices. The market is constantly in flux and it is difficult to say exactly what will happen in the future. However, it is important to understand how demand affects prices in order to make the most informed decisions possible. The impact of supply and inventory on the housing market. Supply and inventory are two of the most important factors that affect housing markets. When there is an oversupply of homes, prices tend to drop, while low inventories tend to drive prices up. Understanding how these two factors work together can help you make more informed decisions when it comes to buying or selling a home. Supply and inventory in the housing market is determined by three main factors: Cost of building: the more expensive it is to build a new home, the less likely developers are to construct new ones if the profit margins are too slim. The supply of developable land within city limits is limited by geography or topography. The supply of land just outside cities is higher, but prices are also generally lower there. Availability of financing, lenders have tightened credit in the wake of the housing crisis, making it more difficult to get a mortgage for some types of homes. The bottom line: Supply and inventory affect the housing market by increasing or decreasing the number of homes available for purchase. When demand outpaces supply, prices go up; when demand decreases, prices may drop. The two main kinds of real estate markets and what they mean. What is a seller's market? A seller's market is a market condition in which the seller has more negotiating power in a transaction than the buyer. Sellers, since there are fewer listings, are typically able to demand more from buyers, and they may also have an easier time selling their product. For buyers, this means a slower pace for their home search. What is a buyer's market? A buyer's market is one in which the opposite of the above happens -the buyers have more power than the sellers and less competition. This might be due to excess housing inventory where more properties are available, or prices may simply be more attractive for buyers for other properties. An experienced agent can tell you whether it's time to act fast or wait for there to be even less demand, but waiting too long could also cost you your dream home. Is it as simple as it seems? The terms are used regarding real estate because it can create different types of conditions for the market. For example, when there is a lot of housing inventory, it's typically a buyer's market because there are more choices for the buyers and they can afford to be more selective. Conversely, in a seller's market, it may be harder to find a home that meets your needs since there are more people looking to buy, and sellers can typically demand more money. It's important to note that the terms are relative, and what might be a seller's market in one part of the country may not be in another. It's also important to consider how these conditions might change over time. For example, if there is an increase in housing inventory, that could shift the balance in a market from a seller's market to a buyer's market, or vice versa. It all depends on what type of condition the real estate market is in when you're buying or selling. If there are fewer homes for sale and there are more buyers, it may be easier to find a home that meets your needs if it's a seller's market. However, you may need to pay more for that home since the seller has more power in the transaction. Conversely, if there are more homes for sale and fewer buyers, it might be a better time to buy, since you'll have more choices and may be able to get a better deal on a home. However you define a "seller's market" or a "buyer's market", it all comes down to a real estate agent knowing the market conditions in their area, understanding what type of transaction they're working on and being able to advise clients accordingly. In any given market, there are both buyers' markets and sellers' markets occurring at the same time. In a buyers' market, there is a low demand for buying a house resulting in a surplus of homes on the market. Sellers have less power and may need to reduce their asking price from its list price to attract buyers. In contrast, in a sellers' market, there is high demand for houses resulting in a shortage of homes. This means that there are more buyers competing for the available houses in, thus increasing the demand for buying a home which increases prices. Sellers can increase their asking prices due to the high competition amongst buyers. Many people decide to purchase or sell a home when they see apparent signs of either a buyer's or sellers' market. It is important to consult with a real estate agent in order to understand what is happening in the local real estate market and how it will affect your buying or selling decisions. What is a balanced market? A balanced market is one in which the demand for buying and selling a home is equal. There are no apparent signs of a buyers' or sellers' market. This occurs when there is a healthy mix of buyers and sellers in the market, resulting in neither party has an advantage over the other. It's important to remember that real estate is local, and what might be a balanced market in one area may not be in another. It's also important to note that this isn't usually a long-term prospect as demand and supply change. When considering purchasing or selling a home, it is important to consult with a local real estate agent who will be able to advise you on what you need to take into account. They have access to market trend reports and housing market predictions that can tip the scales in your favor in a bidding war and maybe get you a reducing in the asking price. What are some other factors that influence Canada's housing prices and values? Many other factors influence Canada's housing prices and values such as location, size, quality of construction, amenities in the area, weather conditions and even a home's proximity to major thoroughfares. It is important to take all these factors into consideration when you are considering buying or selling a house since they have an effect on its value. Why should we care about what influences Canada's home prices and values? There are many benefits we get from living in a country with so much real estate diversity. It means that people can find the perfect house to suit their needs and financial situation, and it also has an effect on our economy since there is a wide range of housing available for different income levels. 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  

Investing in Properties: The Smart Way Most people are familiar with the concept of renting properties- it's an easy way for the landlord to start earning an income on their own, while not having to manage any employees or operations. However, did you know that other kinds of real estate investments can be just as simple? Different types of real estate investments exist, each with their own pros and cons. Understanding these differences can help you decide which one might work best for you. Property Investments In General Before looking into what different types of property investments there are, let's first talk about what real estate investing in general means. When someone "invests" in properties, they typically use their own cash to buy an asset, in the hopes that they can sell it for more than what they spent on it (and perhaps even make some profit). There are many different ways to invest in properties- whether you're looking into further developing an existing property, or you want to start buying one of your own. When you want to invest in properties, it's important to have a specific type of property in mind. Your investment strategy will be entirely dependent on what you want your property to be. You will have to look at things like the potential income, prices of similar properties in the area, and what your cash flow would look like. If you're using your own money, it's important to have a specific budget in mind as well. Different Types Of Investments Wholesale Building Materials So what are different types of real estate investments? To start with the most common, let's talk about wholesale building materials. This might not sound like a property investment at first but it's related. When you invest in wholesale building materials, what you're doing is purchasing large quantities (10+ pallets) of material like bricks, wood studs and cement to sell on your own. Generally speaking, this type of investment involves a lot less work than other types of investments require. You don't really have to worry about how the building materials are going to be assembled, as that's handled by contractors paid by clients who later purchase those items from you. This makes it a good first step for those who want to start earning from properties. Buying and Flipping Houses Another type of property investment is buying and flipping houses. This is more in line with what most people think of when talking about investing in real estate. When you buy a house from the initial property owners, you'll generally need to make some renovations (painting, flooring, new bathrooms), pay the mortgages on it as well as some other bills (property taxes etc.), and then put it up for sale. If you're lucky, you can sell it within a year or two for much more than what you paid for it- the classic example of this is buying a house that's worth $800,000 and selling it after 10 months for $900,000. While there are some risks involved in flipping houses (for example unskilled contractors causing further damage to the home, or not being able to sell it at all), this is a popular way of earning money on properties. It's far from as instant as selling and buying on the stock market, but a flipping income is something you have more control over. Some properties can appreciate in value over time and one of your investment strategies may be to wait maybe more than a year to generate cash in a seller's market. As long as you don't run into cash flow problems that can lead to financial distress, holding onto the property can help you earn money that substantially outweighs all the expenses. House flipping may not yield as much in the long run but the boost in cash can help you get enough money lined up to delve into a long term investment that can evolve into rental income. Make sure to consider potential tax implications, check out the CRA website for more information. Buying and Renting Out The third type of property investment is buying and renting out residential properties. If you invest in apartments, you might purchase a block of flats (multiple units) or just one apartment. This type of investment involves more work than the others- you'll need to hire and train employees, handle maintenance issues etc. A property manager may be able to help you retain a day job while still generating passive income from your rental property. However, there is more profit potential as well: if rent for a flat goes up over time, your property value will rise with it. Not to mention that modern tools like AirBnb can facilitate your ease of finding the right tenants, or create specific experiences for short-term guests. Of course, there are risks like going long periods of time without finding quality tenants. Depending on your level of involvement, this can be considered active income that results in steady monthly income. Remember though, not all rental property is equal; owning rental property doesn't automatically translate into high earnings. To summarize: Property investments can take many different forms- some of them are more straightforward than others. Dealing with wholesale building materials is a good place to start as it involves less work than flipping houses, but still has potential for further profits. Investing in rental properties requires more work but also promises bigger returns. Reading Your Clients' Minds Now that you have a better understanding of the different property investments out there, what other factors should you consider when deciding which one (or ones) to pursue? One of the most important factors you should think about is what kind of clientele can be found in that area. For example, if you're thinking about investing in wholesale building materials, this might not be a good idea if you live in an area where there's no market for such services (or the market won't allow you to make a profit). On the other hand, if you choose to invest in rentals or flipping houses, it's important to consider what your clients want. For example, when you're looking at investing in apartments, this would be easier if there is an increasing population in that neighbourhood- otherwise, there might not be enough people to rent all the properties out. Choosing Which Properties To Invest In The next step is to decide on what kind of money you want to invest, and how much risk you're willing to take. If your total budget is $100,000 and you want a guaranteed return within a year, buying and renting out apartments might not be the best choice- while it does have the potential for high returns in time (especially if rent goes up), this may take too long for you to see any kind of return. This method also requires more upkeep and involvement than the other two. On the other hand, buying wholesale building materials might be a better idea if your budget is more limited and you want to generate a return on your investment sooner. There is less room for profit, compared to renting out properties, but you can use what you earn to reinvest in further property investments in less than a year. As with all investment decisions, adding up the pros and cons is important. Your initial investment depends on what you can afford but the right decisions can help you create a sizable stream of ongoing income. You need to weigh your current financial situation, the amount of time you can invest in both the short and long term, and the return you eventually want out of your investment. 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

Want to rent out a property? Read this first. Determine what type of property you want to rent out The next step is to determine what type of property you want to rent out. This will be based on your budget, needs and goals. For example, if you're looking for a short-term rental property that can generate a high return on investment (ROI), then a vacation rental may be the best option for you. However, if you're looking for a long-term rental property that will provide you with steady monthly income, then a single-family home or condo may be a better choice. Consider your location preferences Another important factor to consider when renting out a property is your location preferences. Do you want to rent out a property in your hometown, or do you want a property in another city? It depends on what kind of business you're thinking about. The closer you get to your city centre, the higher the rental rates and property values will be. These areas are typically popular with young professionals and retirees who want to live in close proximity to work and entertainment spots. If you live near big cities like Burnaby, Surrey, or Victoria in British Columbia, you can take advantage of properties that are located in cities that have robust economies and high rental rates. Research important details about a prospective rental property. You'll need to do your research carefully when looking for rental properties in order to determine the rent you will charge. Here are a few factors you may want to consider: Does the property come with appliances? If so, what type of appliances does it have (dishwasher, air conditioning units, etc.)? Is there enough space in the kitchen for more appliances if needed? Is the property pet-friendly? If you're planning to rent out a property and allow animals then you need to make sure that this does not break any other prior agreements with current tenants. Some landlords are more lenient towards certain types of pets. For example, some landlords allow small dogs in their properties but not large breeds like Golden Retrievers. Some landlords don't charge pet fees, but others may charge an extra monthly rent to cover the cost of damages that may occur. What is the parking situation like for the property? A building in a busy city that has private parking will be much more expensive to acquire but will also come with a perk that can allow you to charge much higher rent prices. What is the current state of the property? You should always take a thorough look at a potential rental property. Take stock of what minor and major renovations need to take place to create a worthwhile experience for the tenants. More amenities, more polish, more care will mean a higher premium. Take note of the condition of the floors, walls, ceiling and windows in different areas of the building. Also, check if there are any cracks in the foundation or signs of infestation from pests. What may look like a wonderful deal upfront can turn into a money sink very quickly. Is it worth renting out a property? Here are the cons associated with renting to other people: Initially, the biggest hurdle to overcome is finding the capital to acquire a rental property. When buying your first property as an investment, know that there will be extra costs including real estate fees, lawyer fees, land transfer taxes, and more. The money required to maintain a rental property is also not just a drop in the bucket. You'll need to budget for repairs and maintenance costs, as well as for monthly bills like electricity, water, and heating. If you cannot or do not want to do needed repairs yourself, you will need to hire contractors or even a superintendent. You will need to advertise your rental property. You'll need to create a listing online and offline, and you may also need to employ a property manager to help find the right kind of tenant. The cost of evicting a tenant: if a tenant doesn't pay rent or breaches their lease, you may need to go through the process of eviction. This can be costly and time-consuming, so it's important to screen a potential tenant carefully before renting to them. Before you list a rental unit, you need to calculate the expected monthly rent and the expenses that will be required for the rented-out property. You can do this by adding up all your payments such as taxes, mortgage, insurance, utilities, maintenance, property management, provision for repairs/upgrades, and other potential costs. You should also be aware of the vacancy rate, which shows you what percentage of rentals are not occupied at any given time. You can find this information by contacting your local real estate office or property management agency. Here are the benefits associated with being a landlord: The income you can expect will be steady and substantive if you keep your tenants happy. Remember that your renters are, in way, your customers and the building is your business. Rents are only part of your contractual relationship. You also have a part to play to attract responsible renters. There will be tax benefits associated with owning a property that you can rent out. If your rental income is greater than the expenses you incur (including interest and principal payments on your mortgage), then you can claim this investment as a source of income. If you're able to realize a positive cash flow with your rental properties, then it is well worth the time and effort in the long term. If you manage the property well enough, you could even generate enough income to acquire more rental properties in the long run. Decide how much to charge for rent? Be sure that your rental rate still allows you to make a profit after adding up related expenses. You might also want to give yourself some leeway by including built-in rent increases as part of the agreement or by choosing a suitable length for your lease. It's also important to be realistic about your rental property. Don't expect to charge as much as you would for a mortgage payment each month just because the property is yours. Remember that you're not only paying for the roof over someone's head, you're also covering other costs associated with being a landlord. When considering whether or not to become a landlord, there are a few things you should keep in mind. First and foremost, being a landlord can be time-consuming and it can require a lot of extra work unless, as mentioned before, you can hire a super. The super's compensation, or yours if you're the one doing the work, also needs to be something you need to account for. Take a look at the other properties in the area, estimate what the average pay is like, and deduct whether you are planning to charge a reasonable amount. You can use a real estate website to find out what the rent around an area is like, compare what you offer to the other buildings, and come out with an almost complete picture of what people expect to pay. Finding a renter? Once you've decided how much rent to charge, it's time to start advertising. You can list your rental unit in newspapers, online, or by word of mouth. If you're renting a vacation property, AirBnb is a great choice too but don't let it be your only way of getting the word out, they take a chunk of what the renter pays. It's important to remember that being a landlord can be a time-consuming and often frustrating task. Before taking on the responsibility, make sure you're prepared for the extra work involved. But remember that you're not left to fend for yourself, you can get in touch with real estate professionals that can funnel responsible tenants to you. As a landlord, you'll have the opportunity to meet new people and build a customer base of renters. There are also tax advantages associated with being a landlord, which can help offset the costs of owning rental property. Being a landlord is not for everyone. If you're uncomfortable with having strangers in your home or unable to deal with a certain level of chaos involved with tenants, you might want to think about hiring someone else to manage the place. That being said, if you have the patience and a plan in place for the inevitable issues that will arise, it can be a lucrative and rewarding business decision. Rental income is nothing to scoff at. What is involved in signing a lease? When signing a lease, both parties should sign, detailing the time period of the lease agreement. The tenant also needs to pay any requested fees and deposits. A copy of the signed contract with all parties' signatures should be made and given to each party. Lease agreements typically include provisions for the following: The duration of the rental agreement, the amount for the security deposit, whether pets are allowed on the property, necessary repairs, late payment fees, cancellation policies, amenities included in the rent price, utilities that are the responsibility of the tenant, location of the building, name and contact information of the landlord, inspection policies, renter's insurance. Once you have decided who your tenants will be, it is time to draw up a lease agreement. This document will outline the expectations and responsibilities of both parties, protecting you as the landlord in case something goes wrong. It's important to have a lease agreement in place before anyone moves into your property, as it can help avoid confusion and conflict down the road. If you're not sure where to start, you can find a basic model online or hire an attorney to help you. Make sure that everything important is in writing, with rules clearly outlined, making proper notice of all participants' expectations including the due date of payments. This new tenancy agreement should follow local laws in the interest of both the landlord, you, and your tenant. How to collect rent every month from tenants? The best way to collect rent from your tenants is by setting up an automatic payment system. It's easy for both you and the renter, and there are several options available including PayPal which will seamlessly integrate into your website, keeping records of each transaction. Some landlords also accept INTERAC e-Transfers, but to be safe, it's best to ask a real estate professional what the best method would be. Another option is to offer two choices when accepting fees: online or in person. This can be helpful for those who don't have a PayPal account or live far away and wouldn't be able to make it to your place in person. It's also a helpful way of tracking payments, as you'll know exactly who has paid and when. Landlords should always be aware of the late payment fees they are entitled to. Once a unit is rented, these rules start applying and you need to establish a regular date for payment. As part of your rules, you should also provide receipts. If the rent is not paid by the end of the month, you should start sending reminder emails and/or calling the tenants to ask when you can expect payment. This usually does the trick and most people will respond within a few days. Of course, understanding if something is impeding your tenant's ability to pay is important and can help you alleviate some of their burden with a temporary rent reduction to ensure that they can stabilize their financial situation and pay you back later. Make sure that you note in agreement in writing to protect yourself. No one really wants to sift through another round full of tax return documents, applications, or go straight into a potentially messy dispute resolution situation. What about problems that may arise during the rental period? It's important to communicate with your tenants regularly. Not only does this help build a great relationship, but it also ensures that all rules are understood and followed by everyone involved. If you notice anything suspicious or out of the ordinary, you should let them know. For example, if at any time someone other than the tenant is living in the property, by law the tenant is required to let you know in advance. If this happens without your knowledge, it could lead to non-renewal of tenancy or eviction. Regardless, always keep track of any changes that affect the tenancy agreement in writing. To conclude... It's important to have a good understanding of the basics of being a landlord, especially on the financial side, before taking on any tenants. By following these simple tips and using a well-drafted lease agreement, you can protect yourself from any possible legal issues and ensure that your tenant is happy and comfortable in their new home. The difference between a good landlord and a bad one has to do with much more than simply cashing checks in every month. 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. 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