Impact Of Current Events On The Housing Market Government regulations and policies Government regulations and policies can have a significant impact on the housing market. For example, government regulations and policies may affect the availability of affordable housing, the cost of housing, or the type of housing that is available. Local governments enact ordinances that affect zoning, housing and building codes, and other related laws. Policies that subsidize people that are engaging in continuing education for example mean increasing the number of potential buyers. This can in turn change an area close to a university from a buyer's market to a seller's market. This strong demand can raise the asking price while maintaining the same level of home sales. In our current times, things like social distancing can influence people to move out of highly populated areas since they can work from home. Open houses will also have to adapt until the pandemic recedes. Housing markets are greatly affected not just by policies touching upon the Bank of Canada, what our American friends know as the Federal Reserve, but also policies that change the way people live. With the country having more than one industry severely impacted by COVID, the housing inventory can also increase as people are unable to pay their mortgages. Local markets will react differently and even residential real estate will behave differently from commercial real estate - office buildings, shops, etc. The state of the economy Speaking of changes in economic activity, the overall state of the economy will affect the real estate industry significantly. If interest rates rise, so too will house prices since most prospective buyers will need to pay higher mortgage rates. If interest rates remain high for a long time then it can create pent-up demand as people wait for lower interest rates to purchase a home. Real estate markets can greatly differ, some people may be looking for a primary residence while others are browsing new listings for investment opportunities. Over time, real estate prices tend to rise if other factors remain stable which means that if you can secure a home at a lower cost now then future increases in the home's price can mean a great return on investment in the future. Unemployment rates and foreclosure activity Real estate trends also tie to unemployment rates and foreclosure activity closely. Whether someone is not able to keep paying rent or if they need to foreclose on their homes can mean that the once high price growth slows down. Properties affected by unemployment rates vary greatly in terms of price, so even single-family homes can become available for lower prices. With remote work becoming more and more common as well, a property close to a city centre nay bit commands the same price as before. The evolution of business after the pandemic can mean that selling homes in in-demand areas become more common, flattening the price curve based on location. Foreclosure activity can have a significant impact on the real estate market. It can take some time for the real estate market to recover after a period of high foreclosure activity. If you can retain your home when the local market starts looking up then you can benefit from rising prices when you are selling. Then again, many people do not get to make that decision given their income and whether or not they have other assets to sell or borrow against. Homeownership rates and demographic shifts Millennials do not live the same way as baby boomers. While real estate research is still trying to pin down the key questions that each demographic asks themselves when looking at home buying, you can observe that there is a disconnect between what each group values. While many young people pursue continuing education to stay competitive in the job market or simply want to live a different kind of life, one where children are delayed or do not happen, this changes how they behave as a buyer. Between economic inflation making it hard to acquire a house and the limited supply of housing in large cities, millennials move into their own homes much later in life. Migration patterns Canada's population growth is strongly affected by immigrants and that means that new buyers come into the market regularly. The increased or decreased flow of immigrants can change the level of demand in the market and if there are not enough buyers, then sellers will eventually have to lower their prices to remain competitive. There are also internal migration patterns where people move across Canada for a variety of reasons: their industry offers more opportunity in one province, there is less risk of drastic climate events in another, and so on. The differences in mortgage rates between provinces and territories can cause buyers to flock to different housing markets. Given what people value and their income, moving to different parts of a province or even across province lines can be beneficial. Construction costs and availability of materials for building new homes The cost of materials and the availability of workers can affect how much homes cost to build. If the construction industry is booming and there is a lot of demand for workers, then the workers will be able to demand higher wages. This will be reflected in the prices of new homes. The cost of materials will also go up if there is a lot of demand. This can cause the price of an existing home to go up if the homeowner decides to sell since there is a limited supply of houses. Home construction is a long and very involved process that not every buyer wants to go through. Talking to a real estate agent before deciding on building or buying can have lasting effects on the property you end up going with. Finding the land, paying for it, and buying the materials and labour is a big endeavour and before making a decision, it's a good idea to contact some real estate agents to get an idea of what the status of home sales are like in your area. Changes in the local climate Climate change is something we are all dealing with and in the real estate market is means that some homes are not valued as much as before since their purchase comes with new risks. Prices for beach-front properties, if they are close to a zone being eroded or eaten up by rising sea levels. More violent storms or harsher winters also have potential buyers and real estate agents second-guessing the viability of a home. The risk involved for the buyer to find themselves with a home that is dangerous to live in increases and as such real estate markets that incur a high risk will mean a cost reduction. Local housing policies and politics The housing market in Canadian cities is a hot-button issue. While major centres like Toronto and Vancouver come with their share of newsworthy issues around shortages, homelessness and affordability for locals, the same problems are present elsewhere in these big cities. Since housing costs are based on what people can afford to pay in an area, problems with low-income housing, poverty reduction and homelessness have repercussions for real estate markets. People unable to pay rent or purchase homes will reduce demand for properties, putting downward pressure on prices. Related to the policies we looked at earlier, housing policies can help people get back on their feet and become actors in the real estate market instead of needing to live in the streets. More affordable housing, or rent-geared-to-income housing, can create more movement in the real estate market, allowing people to move into their first homes and allowing sellers to move on to better opportunities as well. Crime rates Even if mortgage rates are low, the sale of properties in high crime rate areas can be a difficult task. Sellers in those areas will often have to sell at a loss when crime rates have risen since they initially bought the home. While the home itself may have appreciated, either through renovations or something else, the location being undesirable can mean a new sale price that is lower than expected. Real estate is a location game, maybe more than anything it is the factor that can change the price of a single square foot. 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

What Is Mortgage Refinancing And When Should I Do It? The process of refinancing your mortgage allows you to get a new loan for the same property, but with lower monthly payments, better terms or both. It can also be done to take cash out of your home's equity. That is if you have sufficient equity in your home. First, let's outline some terms. Mortgage Your mortgage is the amount of money that you borrow from a bank or financial institution to purchase real estate. Your mortgage provides the security for your loan in case you default on your payments. Your monthly payment (or PITI) consists of three parts: Principle - This is the part of your payment that goes towards reducing your overall loan balance. If you make a $100 payment and it has a $10 principle component, you will have reduced your loan by $10. Interest - This is the interest charged to you by your lender for borrowing their money. It can be expressed as an annual percentage rate or APR. Property Taxes - If applicable, these taxes are paid on behalf of the property your home sits on, typically to your local municipality. Insurance - If applicable, these are monthly premiums you'll pay to protect your lender against a loss if you default on your loan. This can be very important because should you default on your mortgage, it can cost a lot of money for a bank or other financial institution to take possession and resell the property. You probably know these terms well but it's a good thing to have a refresher before we dive into refinancing. Here are the different types of mortgage: Fixed-Rate Mortgage - This mortgage has a fixed interest rate and payment throughout the entire term of its repayment. Adjustable-Rate Mortgage- These mortgages, also known as variable-rate mortgages, have an initial fixed rate for a while, at which point they become adjustable or variable. The payment can go up or down depending on how high or low market rates are at the time. Balloon Payment Mortgage - This mortgage requires a large payment at the end of its term. The balloon payment is usually significantly higher than the monthly payments on the loan. Interest Only Mortgage - Each month, you only pay interest on your loan and no principle towards your home's actual value. You will have to make a lump sum payment at the end of the term to pay off your home's entire value. How do interest rates affect your mortgage? Mortgage rates can affect your monthly payments in two ways: The amount of money you borrow. A 2% rise or fall in interest rates will cause a $20,000 mortgage to go up or down by $400 per month. If you get a fixed-rate mortgage when interest rates are high, then you will be paying more in interest as part of your PITI, in a way raising the loan amount you have to pay. Paying more or less interest will also affect how long you take to pay back the loan. If interest rates are high when you start repaying your loan, then it can take longer for you to pay off your whole PITI. Refinancing makes sense if you can lower your monthly payment and get out of your mortgage faster than planned. What is home equity? Home equity is the current market value of your home minus the mortgage amount left to pay. You might be wondering why it's important to know this. Well, refinancing your mortgage can allow you to take money out of home equity for many reasons. You can also borrow money from your home equity through a home equity loan but that's a different topic. What are some of the advantages of refinancing your mortgage? The biggest advantage is that you will pay less interest over time on your new loan so you'll have a lower monthly mortgage payment. This can be extremely helpful if you are looking to consolidate debts or take out cash from your home's equity - also known as a cash-out refinance. If you currently have an adjustable-rate mortgage (ARM), you can refinance your mortgage to a fixed-rate that can lock in your current interest rates for the rest of your loan term. You can also start paying lower mortgage interest rates by switching to an ARM from a fixed-rate loan that had very high-interest rates. Your credit score will improve when you start making on-time payments each month, which makes it easier to qualify for future loans. You might also be able to lower your monthly mortgage payment because some lenders will give you a lower interest rate if you agree to take out more money than your original loan (a cash-out refinancing). What are some of the disadvantages of refinancing? You might not be able to get as much money as you might expect because many lenders only allow customers to borrow up to 85% of the current market value of their home. Should your financial situation worsen, you might not qualify for a loan because lenders will be looking at your debt-to-income ratio (how much money you make compared to how much debt you have) instead of simply reviewing your credit score. With higher interest rates, then the cost of this new loan might end up being higher than your current mortgage. As your mortgage payments go up because of the new mortgage refinance taken at the wrong time, it can be hard to generate more home equity as there could be a higher loan to value ratio. You'll have to pay closing costs, which are fees that the lender charges you to process and finalize your loan. Refinancing a mortgage is also something that can cost money, adding costs that you need to recuperate. If your mortgage term is almost over, you could save money by not refinancing and just finishing up your monthly payments. You can refinance once you have equity in your home, but should you? That means that you have not missed payments on your existing mortgage. To build equity, you have to make sure your monthly budget accommodates your mortgage payments and that you are keeping track of your payments - something that will help your credit report in the future as well. When you can start to refinance your existing loan depends on your specific situation. Usually, it takes about two months to complete the refinancing process. Still, mortgage refinancing is not something you want to take lightly. A lower monthly payment sounds like a good idea but you also need to take into account the specifics of your loan terms, your remaining principal balance, and more. Given how a single percentage point can drastically affect how much you will pay over the years, deciding to refinance is one of the biggest financial decisions you can make. However, many homeowners take advantage of a lower interest rate to make some beneficial changes to the credit product they need for their house. Monthly savings from paying interest that is more closely aligned to the current market situation can be life-changing. Whether you are unsatisfied with your original mortgage or see interest rates drop enough to make a difference, you should get in touch with your mortgage lenders to see how much good you could get out of your home loans. 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

Hobbies at Home - For When You're Quarantining! Your house, even more so for the last couple of years, is where you spend a lot of time. When you can't go out to your favourite haunts, it might be time to pick up a new hobby. Unfortunately, if you spent a lot of time outside, then your home might not be suited for certain hobbies. Read on here to find out what you can do to level your home as a nest for your new interests. If you're feeling bored and feel like it's taking a toll on your mental health, it's time to look at your house and create a space for fun things to do in your spare time. Cooking We all have to eat. But the road from microwaving Uncle Ben's Rice packets to preparing a beef wellington is a long one. Cooking is a form of self-care, one that allows you to work on your future self by teaching yourself how to do things like meal prep, creating healthier sweet treats, or finding that perfect new recipe for something absurdly over-indulgent to get you through a bad day. But before you dream of starting your own cooking show, look at your current kitchen. If you don't have a kitchen ready for your new hobby here are some things you want to take a look at. Is your oven getting old? If you bought your house and didn't change the appliances, is the oven capable of handling your new baking and roasting ambitions? If your oven is more than 10 years old, it might be time for a new one. Newer ovens are more energy-efficient and have features like timers and temperature probes that can help you cook your food perfectly. It's also important to make sure it's clean before starting to cook. But if you clean it well and still spot rust and grime, then it's time to look at new ovens. You do not need to buy a new oven; an appliance repair expert can check your current oven and provide you with a quote for replacing old parts or simply repairing it. If you hear strange noises when it's operating then it's safer to just turn it offer and get pizza until you can get someone to take a look at it. This applies to more than just the oven in your home, all of your appliances should be inspected from time to time. Since you're stuck inside, you might as well put that on your to-do list before resuming your binge-watch session. Is there enough space? If you're like most people, the amount of counter space in your kitchen is relatively low compared to how much stuff (condiments, spices, small appliances) you have. This doesn't mean that cooking is impossible, but your available counter space might be used up easily depending on how much of a cook you are. If your cupboards are already bursting then look at some creative solutions like an island or kitchen cart. In a pinch, rearranging things like your kitchen table to become a makeshift kitchen island can do the trick. Space is important for cooking because it will make everything less frustrating. Picking up a new passion means removing all possible frustrations. You can't bake cookies if you don't have the space to lay down the tray. Lighting There's a reason real estate agents keep going on about lighting. You want to have the right type of light in your kitchen, it's not about filling photo albums or creating a tavern-like atmosphere for your possible YouTube channel down the line, it's about making sure you can see what you're doing. Even lighting throughout the kitchen will make sure that you can quickly see things like discoloured ingredients or pastes. This may mean changing your light bulbs to those that offer brighter white lights rather than softer light bulbs. When you're picking up a new skill like cooking, you won't get everything right instantly. Being able to quickly visually assess that something is off can help you avoid a nasty surprise. You don't want the whole family to bite into a meal where you used baking soda instead of salt because you couldn't see. Internet access You might think that you could have the recipes on your phone but switching back and forth between your favourite song, a new podcast, and the recipe can be a lot. Using a tablet that's in range of your wifi is almost a must. While you may find some things in old magazines that could satisfy your taste buds, you can't recruit a family member to just turn the pages when your hands are caked with flour and egg. Installing a proper stand or even making one after a trip to your local craft store can help you hold the tablet up while you read the recipe or quickly look up what blanching something means. YouTube tutorials to supplement some of your knowledge, especially this early in your new life as a culinarian, will be invaluable. Reading nook This one works well even if you don't have much space. Your friend will a pile of books taller than them might be able to read in the middle of a thunderstorm outside but for people who put books away for a while, reading for fun can be a challenge in the beginning. Reading is the perfect self-isolation hobby, but people are sadly put off books because of school. Thankfully, there are a whole bunch of ways to enjoy books today. From comic books to audiobooks, you have a lot of options. Bonus, there's no need to go and decrypt the meaning of the blue curtain in a dreadfully pensive book about the french revolution - unless you're into that for fun, no judgement here. In 2022 it's easy to keep your mind busy what with smartphones offering a million ways to drip-feed dopamine but if you want to read, then the ceaseless distraction becomes a problem. A reading nook built for purpose is a great way to make sure that you can get away from the relentless pace of the outside world as your dive into a fictional one. The most important thing in a reading nook is lighting. Whether you're reading a paper book or from your phone, it's important to have plenty of light. It's better with natural light or with softer lights so that there's less pressure on your eyes. Before you start reading, it's a good idea to have something that can hold your e-reader or paper book at the same height as your eyes. This means that you don't have to crane your head if you don't want to and can read without straining at all. The perfect seat is a great place to get into the scene of your book. Some people like beanbags while others like armchairs, whatever you prefer for reading is important. You could even start a book club with your friends and family. Even if you spend time doing something alone doesn't mean that it has to be lonely; book clubs are a fun way to create regular meetings with friends you used to meet in real life. This quiet area can also be great if you want to do a crossword puzzle or listen to a new song from your favourite artist in peace. You could take a bubble bath and read from there but if the book is good enough you'll shrivel in cold water - and that can't be good. Playing games online (not just video games) If you find yourself sprawled on the living room floor having given up on the quest to learn a new language or bored to tears of walking around your local park for the fifth time this week, then it might be a great idea to get into board games or a video game or board game with your friends. When you're stuck inside but still want to see your friends without a long walk taking up much of your free time, then you can create a game room from the unused vestiges of your guest room. Before you start buying costly new gear to play games, think about your goal or the ultimate list of things you would like to do when it comes to games. Not everyone wants to stick themselves in front of a chair, order online for food, and have streaming services running in the background as they play a game. There are more creative things you could do like making a board game work online by simply grabbing a webcam and scheduling some time with your friends or family members. Just like for reading, you'll need a lot of light to ease the strain on your eyes but a room in your house with large windows can be useful too. It's recommended that you change the distance of what you're looking at every ten or so minutes so that your eyes can relax. Distance doesn't have to mean being alone, a game night also doesn't just have to mean video games either though you could include them. You could have fun making up a new Dungeons and Dragons campaign by using events of the past year in the campaign. If you are all fans of the same sport, a sports game can be a great way to relieve the loneliness of self-isolating without the need for a bike ride and an outdoor space fit for purpose. What you need for a good online board game room: If you decided that playing board games online with a webcam and a microphone is a good idea, there are a few things you need to consider. You will want to orient yourself, the table you will be playing on in such a way that your face is illuminated enough without blinding you so that your friends can see you. What you need for a good lone video game room: Whether you are playing with a console or a computer, it's important to be comfortable and keep the glare on your screen to a minimum. Choose a room with overhead lights and windows that don't let the light shine on your screen. You don't want to lose sight of your character at a critical moment because someone pulled a curtain open - although you can use that as an excuse if you lose. Other things you can do from home! You don't need to venture into the great outdoors for some fun activities. Online game nights might not be for you but the mental health benefits of being able to entertain yourself are priceless. Unlike buying a bunch of new clothes for a temporary boost of dopamine. If clothing is your thing though, you could get yourself a sewing machine to customize your clothes and pick up a skill you can cross off your bucket list. If you always wanted to spend some time with a family member that loves astronomy then buying a telescope to explore the night sky can be a great investment. If you want to feel useful then you could always volunteer virtually, there are many online resources dedicated to helping people help others. Organizations like Catchafire or DoSomething have projects that you can help with from the comfort of your own home. Of course, we gave you some easily manageable things to do in your own house but you can dream big and do things like a DIY renovation, or redoing your home's landscaping from scratch. Doing more fun things at home can help you feel less burdened down by current affairs and improve your state of mind. You bought your home thinking of it as more than just walls and a roof, time to bring out its potential for you and your family. View All Homes For Sale in Greater Vancouver >>> About Search Home Listings SearchHomeListings.ca has simplified the home buying and selling process by giving you superior tools with up-to-the-minute information including active homes for sale, sold homes, market reports, and a home valuation tool! We have a team of success managers on standby to support you with setting up your saved home search and agents ready to take you out on a tour. Tap into our industry experts from inspectors, to contractors to interior designers to provide you with the best prices and service possible. Everyone attached to our website has been rigorously vetted and is made up of caring, knowledgeable professionals that work tirelessly to help you to make your home buying experience as stress-free as possible. Contact us today to see how we can help!  Sites We Follow Google Facebook Twitter

How To Know You’re Getting A Good Deal on a Home When you are buying a home, how do you know if a price is too good to be true? Are you falling for a trap or did you get lucky? Here are some tips to help you get the best price: Know what the market value of the home is. This can be done by looking at similar homes in the area that have been sold recently. First-time buyers can be confused when it comes to finding out what comparable homes are, just because two houses are on the same street doesn't mean that they are part of the same housing market. Real estate agents constantly perform comparative market analysis research to find out the 'true' price of a home. You might think that they are only interested in their commission but few real estate agents would risk a good relationship with their clients for a quick payday. Some people may think that to avoid overpaying you should not use a real estate agent but without extensive experience about how to evaluate a house's value, you won't know if the listing price is a fair one. Multiple factors decide the price of a house. From schools to parks and hidden amenities, a good deal might not be obvious from the get-go. Don't try to lowball the seller. If you offer too little, they may not be willing to negotiate with you at all. A seller's agent may advise them not to consider a low offer seriously, especially if they find themselves in a seller's market - where sellers have the upper hand in negotiations. In that type of market, a seller probably has multiple offers that may trigger a bidding war. A low offer can signal that you're not a serious buyer. This is why the previous point, about knowing the amounts involved in comparable sales, makes sense. This does not mean matching the asking price immediately but at least making the impression that you can compete in the bubbling bidding wars rather than someone who can barely afford the property. Have a realistic idea of what you can afford. Don't overspend just because you're buying a home. Look at the terms of a possible mortgage loan: will you be able to live comfortably or have to resort to ramen and not much else for the next five years? A realtor will often have contacts with mortgage brokers to help you better understand the types of homes you should be going for. Keep in mind that the same house in a different area can be significantly cheaper. The home buying process is a series of compromises, not a fairy tale. If the monthly payment required in an area in high demand cripples your other financial endeavours then it may not be the best thing for you in the long term. Real estate moves fast though and today's market might change more quickly than you can imagine. That's why it's best to be prepared. Get pre-approved for a mortgage. Speaking of preparation, this will show the seller that you are serious about buying the home and that you can do so. A buyer's market is not something you can rely on but being pre-approved will let the seller know that the property can change hands fast. Keep in mind that sellers are often buyers too, and they use the money from the sale to be able to afford the down payment on their own new home. Look at the neighbourhood. If you see many for sale signs on a street this could be a red flag. Even if the property is going for the lowest price you've seen for a similar property, it's a good idea to talk to a real estate agent to understand why people are moving out of the neighbourhood. Sale prices may plummet in the coming years which means that you will be selling for less down the line. Be open with other potential sellers. If you're looking at multiple homes, let all interested parties know this so that there aren't any surprises when an offer is accepted on one of them. In a buyer's market, where they are more homes for sale than potential buyers, it can drive the price of a property down. Motivated sellers may even be willing to sell the house for much less than the list price. Think about the eventual sale. If you're looking to purchase a property as an investment there are many things to consider. The interest rate, whether you will eventually be able to ask for a higher price, and how the neighbourhood will evolve are all things to keep into account. Though pricy now, the house may be worth a lot more money for future buyers. Don't accept a counteroffer if it doesn't work for you. Your first offer is a starting point, not the end result. your real estate agent can advise you when it comes to counteroffers, many buyers see this as a time to turn and run but knowing how to negotiate means knowing how to navigate egos and finding common ground. A counteroffer may actually be a good sign. It's a chance for you to work the purchase price down to a fair price that's closer to the true market value of the home. Both your agent, as the buyer's agent, and the seller's agent are trying to get the best deal for their client without letting the deal break down. That said, you still need to be wary of other buyers because a seller may be considering multiple bids. A counteroffer means you're still in the race, but in the end, the highest price will win the house. Ask for a home inspection. If you're on the fence about the home, price and other things under consideration. Getting the home inspected can help you make a decision. The inspection report can give you an idea of what it would be like to live in the house and what repairs and updates are needed. This is especially useful if the price seems too good to be true. You don't want the price to belay the fact that the property is a money pit. If you find the asking price to be far lower than comparable homes, this is a surefire sign to get an inspection done. Are you buying the right house at the right stage of your life? In real estate, the list price will take into account things like the school district, the proximity to parks, and other similar factors. Do these things matter to you now as a buyer? While it may be a fair price for the seller, is it worth it for you to buy the house given the stage you are at in your life? If the only thing missing from the house is a spouse and a burgeoning family, then it may be worth buying it before the market changes back to a seller's market. However, there is always a chance that your future spouse would want to sell the home for something that works for both of you. Talk to other home buyers. Find out who in your circle of friends and acquaintances has recently bought a house. They can give you insight into the market from a more neutral point of view. This is especially useful if they dealt with comparable properties. 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 Get Your Home Ready For a New Baby! Create a nursery. The obvious first step. The first step would be to figure out which room would be the best for the nursery. If you already have a toddler or an older child, then you have to think of whether or not you want to move them to a new and upgraded room while turning their old room into a nursery. The other option is to turn another room into a nursery. Paint the walls. When you have a new baby, the first thing they are going to be looking at is your face, so keeping those walls as bright and colourful as possible is key! If those fun colours give you a headache then consider using wallpaper. Check the number of outlets and their placement. If you're remodelling a room into a nursery, it's important to have access to electrical outlets in key places. You don't want to have long electrical cords hanging anywhere in the home and, obviously, in the baby's nursery. Parents should have easy access to the sockets while making it hard for the baby - when they begin to crawl - to reach them. Outlet covers are essential, but judicious placement can help a lot too. Fix dressers and other heavy furniture to the walls. New furniture or existing furniture has to be adapted for use in a baby's room. Beyond the usual corner guards for sharp corners, it is a good idea to lock furniture in place by screwing the to a wall. It will make it impossible for your newborn baby to destabilize or topple it and will give you some peace of mind when leaving the room. Restrict access to pets If you have pets, you will have to let them socialize and get used to the baby but it's important to set boundaries - especially in the early days of the baby's arrival. Restricting access can mean adding baby gates but will also require a lot of training. Pets tend to be incredibly gentle when a baby arrives and as the baby grows but it's best to create strict boundaries to prevent any accident. Get a crib, changing table, and other necessary furniture. There are many ways in which parents get things like a baby's crib - from building it to using one given by the new grandparents. Regardless of the method of acquisition, it's important that it's both safe and fits neatly in the nursery. When we mentioned affixing furniture to walls, it will also make changing time a lot easier for both parents and babies. A stable surface and easy access to the cleaning products made specifically for the baby's skin will make diaper changes quick and efficient. If this is not your first baby, and kept the furniture, then you will probably have all the things that you need stored somewhere but before you start to use the old furniture triple-check it to make sure that it's still perfectly safe. Baby-proofing the home. To baby-proof a home means more than just protecting outlets and making sharp objects hard to reach. Babies are little hazard machines. Older kids know how to keep themselves alive - except when it comes to how much ice cream is reasonable - but a curious baby will need an array of precautions. Here's some practical advice on how to keep even the most curious babies safe in your home. Small objects: move Small objects, anything that a baby can put in their mouth, should be kept out of reach. If your baby is sitting by a countertop, make sure that they can't reach anything with their tiny little hands. Choking hazards, like watch batteries and pieces of solid food, can obstruct a baby's airways. Legos, if you have other children, should be stored properly and far from the ground once the baby starts crawling. Storage spaces: lock When your baby crawls around and starts grabbing everything within reach they might try to open things like kitchen cabinets. Your top priority, even before they start to move on their own, is to keep what's in the cabinet out of the baby's reach. Magnetic safety locks can prevent them from getting into storage spaces with things like laundry pods whereas drawer locks can keep utensil drawers closed securely. If you are using magnetic locks, keep the keys in hard-to-reach areas, babies and small children learn very fast. Cleaning supplies, cookware, and plastic bags are all things that you will feel better about once you place locks on their storage areas. Child-proof locks come in many different types to keep kids away from a potential chemical or strangulation hazard. A child unattended for a few seconds can do a lot but with a locket cabinet in the way, the most they could do is develop their tiny biceps from all the pulling. Sharp furniture: blunt You can add blunt corners to things like a coffee table or chair to prevent bumbling kids from injuring themselves. Sharp edges are some of the things you don't notice until you start reading babyproofing tips. Even then, new parents should buy more edge and corner guards than what they think they'll need. Electrical outlets: covered You should have child-proof plugs on all your electrical outlets since they're one of the most common ways for something to go wrong. Dolls, stuffed animals, though they look cute now, need to be kept away from electrical outlets as well because if they're left unattended then you could have a small fire on your hands fast. Some people put up covers for their outlets but it's also possible to get plastic outlet guards too. They will keep your outlets clear of any debris like toy parts, dust, or food. Other things to keep safe: vents Kids tend to crawl into small spaces that their parents never would've imagined them to go into; cover your air conditioner and heating vents with grates if you don't want your toddler crawling in there. Kids will use anything they can get their little hands on to climb, stand up, or get around. Hinges are also dangerous; make sure any potential hazard is secured with a childproof lock so that your baby doesn't fall down the stairs. Make sure there's plenty of space for the baby to play in your home. Though it's great to have a baby-proof kitchen, it's important to have certain rooms dedicated to playtime. Babies have more energy than you think and might make you go for a nap instead. To tire them out, ensure they have a lot of space to crawl, bumble, and stubble around. A safe play area should have a lot of space for them to roll around which is why so many parents opt to keep the playpen as a must-have item in the baby's room as well as their living space. Babies grow so fast that you will want to have flat spaces for your little ones instead of having them crawl up and down the stairs constantly. An obstacle-free area will lead to a calmer baby too, just make sure that it's from their play area and near you so that you can always see them. Put down some soft mats in the areas delineated by the baby gates. Though you will be living in your own home, absolutely nothing will be yours for a while, even the floors. Family life with the new arrival will mean constant small changes as they grow. Thinking forward. Whether it's the start of your family or a new chapter, taking the time to babyproof your house is something that will pay off a thousand-fold. Raising children is stressful, so having some peace of mind when it comes to the edges of the dining room table or the cabinet with the cleaning products will be a welcome reprieve. Soon enough the only locked cabinet will be the liquor cabinet and they'll be able to step right over a baby gate. All the worry you dealt with when thinking about a potential choking hazard or if the shelving units in their rooms were safe enough will be worth it. Take your time planning out where to place smoke detectors, reading more and more baby-proofing tips, and figuring out how to install the safety gates because doing all of that will pay off when they eventually ask you to help with their kids in their future family. 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

Advantages And Disadvantages Of An Open House! Advantages of an Open House. An open house accelerates the speed at which you can find a potential buyer. Both real estate professionals and interested buyers go to every open house event they can and it's a key part of the home buying process for any serious buyer. If there's more than one buyer interested (which is common at open houses), this allows for a bidding war to begin, which can significantly improve your chances of a sale at a higher price as a direct result of the interest in the house. You also get a great opportunity for feedback from prospective buyers. This is an invaluable source of information if you're trying to find out what's working and not working in your home. Often, this feedback will be honest and forthcoming because people tend to forget that they're talking with the seller. Visitor feedback is essential even in a well-executed event because it can help you during the negotiation phase. Hosting an open house is built-in marketing for your home. The power of an open house should not be underestimated, as it's an excellent way to show off the great features and highlights of your property. In today's fast-paced world, many buyers aren't willing to invest their time to make multiple appointments with different real estate agents representing different homes. Open houses are widely advertised by real estate agents and help generate buyer traffic so that everyone knows when yours is taking place. Disadvantages of an Open House. You lose your privacy. The one drawback that most people think of is that, during the open house, you have strangers walking through your home. This can be unnerving, but you have to think of it in perspective. You are selling your house, which means that no matter what, you probably won't live there again. With the sale of your house comes change and this is certainly one type of change you will experience when selling a home. Anyone can walk in. An open house can attract nosy neighbours and unqualified buyers curious enough to just walk in. It can be a disappointment to go through the real hassle of setting up an open house only to find out that the many people were not potential buyers at all. As the home seller, you will also need to hide or store all personal items to prevent prospective buyers from feeling like they're walking through someone else's house rather than their future house. Keeping open houses clean is also a nightmare. Strangers will be walking throughout your house and touching everything they can get their hands on. To attract interested buyers you need to show a clean home but potential clients that visit open houses are also those that can do things like boil an egg on the stove to check the state of the stovetop or check under lampshades for the kind of lightbulbs used. How to host your open house. Make sure your property is in tip-top condition. Ensure that the house is clean, neat and well presented. Lights should be on to give it a warm look, but not so bright that it hurts the buyer's eyes. The exterior of the house should also have ample lighting to showcase all its positive qualities to visitors. Put some refreshments on hand to offer your guests. Make sure that you're not overstocked on food and drink, but also don't run out for the next few hours. More effort means more results. Though open houses should be very laid-back events for the buyer community, for you and your agent, an open house is your chance to gain maximum exposure for your house. If you have pets, it's important to keep them out of sight. This is a very unfortunate situation for pet owners, but it's a better choice to leave your pets out of the sale altogether since they don't always show themselves in the best light. If you have any furniture or accessories that are uncomfortable for guests, remove them from the scene as well. You can use a real estate agent or you can do it yourself. For those who want to go the DIY route, several things will aid in your open house. First of all, advertise the event through word-of-mouth, social media, and local newspaper ads. As the property owner, holding an open house can feel overwhelming but it's the best marketing tool for your home. Of course, to put all the chances on your side, getting in touch with a listing agent who can purchase internet ads, create a virtual tour, and has experience with online listings will multiply your efforts. You can increase your chances of having financially vetted buyers coming if you work with an agent that can tap into their network to find buyers who are already in the mortgage pre-approval process. A local agent will also know where to place street signs for scheduled showings to drive people toward the open house. Things to do after hosting your open house. Once the open house is completed, you will need to follow up with every person who came to maintain interest. Make sure that all information is correct and that it's noted in your records when they plan on making an offer. If you're not interested in selling at this time, let them know politely but clearly how much you appreciate their interest. If you are planning to sell the house, follow up with those who toured the premises and ask for more information. You can have your agent call them or you can send out a note letting everyone know that you've followed up with any details they requested and that things are moving along as planned. Once interested buyers have been thoroughly screened and approved, you can begin the sale process. Open houses are an excellent way to gain exposure for your property and also help with marketing costs. They offer a chance to reach a large number of potential buyers in one day and increase the likelihood that they will choose your house over others. Tips for marketing your home during the open house. If you decide to be present at the open house, talk to both potential buyers and real estate agents. Stay positive but honest about your house, it's in everyone's best interest to not oversell a property while staying on the bright side of things. Many realtors will ask about private viewings if they have potential clients and that's something to leverage when talking to other people in the open house. Talk about things in the neighbourhood that your house allows you to do. If there's a pool nearby or a shopping centre, mention it. The open house is about selling your home but that means thinking beyond the property's lines too. Offer small tours to attract potential buyers toward key features of your home like a well-lit dining room or a remodelled bathroom. If you feel confident about selling the key features of your home, bringing additional exposure to key areas will help people focus on the good things they see. Differences between Open Houses and Private Showings. A private showing is when a potential buyer is shown a property outside of the open house. It can be arranged through a real estate agent or by the homeowner. It is more common for buyers who are already interested in a property to request a private showing. Both open houses and private showings offer potential leads for real estate agents. They are both great ways to show your property to interested buyers but the main difference between them is that an open house gives you a much larger pool of people who may be looking to buy soon. As long as you don't schedule them on the same timeslot, you can do both. After either event, ask for feedback and remember the key takeaways before the next open house or showing. One is not necessarily better. Though an open house doesn't vet the people coming, you can have a considerable amount of attention and buzz around your house whereas a showing - or even just talk of a more private meeting - can drive prices up. The advantages far outweigh the disadvantages in most cases. There are no absolutes but a traditional open house will still attract a considerable number of people and can potentially lead to a sale. It's best to put all your chances in your corner and hosting an open house is a great way to do just that. If you're at a loss for what to do, it's a good idea to go visit some open houses yourself to see what they're doing right, and what you don't want to replicate in your event. 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 Work Well With Your Real Estate Agent There are a lot of tips out there to find out whether you have a good real estate agent or not but, as you can imagine, there are ways to make the whole process smoother. There are a few bad apples when it comes to real estate agents, and it's the same for clients too. At the end of the sales process or the handing off of the keys, everyone wants to walk away happy and satisfied. So let's go down the list of how to avoid the common pet peeves of real estate professionals. Tell them what you're looking for in a home. Real estate agents cannot read your mind. A good agent will ask you a lot of questions if you're vague - that's fine - but make sure that you're using concrete terms and definitions for what you're looking for. Instead of saying the words "dream home" over and over, think about what that dream home looks like, what features are in it. You don't need to go down to granular details like the light fixtures but paint a picture. A great realtor will eke out the details they need to get started but if you provide them with just what they need, the whole endeavour will be that much faster and smoother. Your budget. This might take some work. Buyer clients often don't have the entirety of the house's cost in their bank account. This means mortgage payments and dealing with fees and banks and brokers. As a real estate transaction, this is something your real estate agent can help with - you're still the client after all. Knowing, however, the range of your budget is going to prevent a lot of headaches and heartaches as you embark on the journey to find the right property. Sellers are in another position, selling a home meaning getting a home inspection report, something best left to the real estate agent after you made initial contact. You should tell them your expectations so that they can work toward your best interests as they get in touch with a potential buyer's realtor. As the listing agent, they will be responsible for presenting your property in the best light during the selling process. The neighbourhoods you're interested in. As a buyer, it's important to make clear the boundaries you're working within. After all, you need to think about your commute and other factors. If you don't know the neighbourhoods in the city you're planning to live in, then it's time for some research. As potential buyers, you can rely on your agent but most agents will be glad to see that you've done your research too. Knowing the neighbourhoods can make a big impact on the time the search will take. If they bring you to the wrong neighbourhood then you know that they either have a great argument in favour of the property or they have not been listening to you. If you're selling then it's also worth talking to the agent selling your home about your new neighbourhood so that you can glean some important information from them. They may not be representing you in the purchase but can still talk about the area. The type of home you're interested in. As you read this, you may be saying "well yes, of course" but it's worth repeating. A lot of people go to a real estate agent and they just want to buy the cheapest home they can find. When that doesn't happen their response is to say "I didn't mean that I wanted a fixer-upper!" If you say "three bedroom detached bungalow on a quiet street" then agents can start searching for that. Real estate has a lot of terminologies, you don't need to know all of it. Over the years, some agents do develop a pet peeve when it comes to clients constantly using the word 'townhouse' interchangeably with 'condominium'. If you are in the market for a fixer-upper, make a note of that and if you're looking for something but well-maintained, let them know just as well. If you're unsure, ask. It's better than having the agent realize later that you didn't know what type of properties you're looking for. Your preferred timeline for finding and buying a home. You can't just say "I can wait" and leave it at that. It's like saying you're on a budget but not giving the agent an idea of what your finances are like this year, last year, how much credit card debt you have, etc. Choosing a timeline is important because it will determine what the homes are worth showing you. They will factor in the time needed for a home inspector, setting up the multiple listing service, and contact other agents if need be. Leaving the time frame open can cause far more problems than you might imagine. If you're selling then it might mean that you overshoot your window for getting a good price on your home as other sellers have more pressing needs and if you're buying then that means that you could spend a long time waiting instead of preparing to move into a new home. It's not about rushing, it never should be, it's about making sure your needs are met in a timely fashion. It will also help your agent keep you in mind during your sell/buy window. Any special requests or needs (e.g., wheelchair accessible, pet-friendly). As a buyer, you're going to have some special requests. It's important to think about these before meeting with an agent so that you can be as clear as possible about what you want your home to have. That way they don't waste time showing you homes that aren't workable for your situation. You may also want to consider the new neighbourhood if you have a special needs situation. For example, if you're looking for a wheelchair-accessible home then some neighbourhoods may be better than others in that regard. You can also ask your agent to see homes that are pet-friendly or child-friendly as well. Don't just assume that because you wanted to see a home with x amount of bedrooms that the agent will be able to tell if you're looking for a place that fits bunkbeds or that can accommodate a teenager and a toddler. The more information the better. Houses come in all shapes and sizes, like your family, and the business of finding the right fit can be overlong without the right information. Of course, real estate agents double-check all the time but it will be easier for everyone if you make things clear. Your preferred method of communication with your agent. Real estate agents have a lot of clients they have to keep in the loop and you also have a lot of things you need to juggle. Email tends to be the most used form of communication but if you want to talk to your agent personally, then it's a preference you need to make clear. E-mailed listings make sense in the beginning but as you're moving toward the purchase of a property, it's normal to call. Whether you're a seller or a buyer, it's a good idea to keep in close contact with your agent. Real estate agents like to keep everyone in the loop to prevent miscommunication but they don't want you to deal with things that waste your time. Everyone involved is trying to find the right house for the right people and most agents are willing to accommodate the needs of their clients. Whether you'd like to be shown all available homes, or just the ones that fit your criteria. Sometimes, especially if it's your first house, you may not realize all the things you may need. That's okay. Some real estate agents feel that it's more productive to stick to the criteria you showed them while others may want to show you something that could save you a great deal of money. The point that you have to get across is what you are willing to do with your time and that of the agent. Real estate moves fast and so do realtors. You should not rush into a decision but a sale where you have to pay less for a few compromises might be worth it in the long term. Then again, there may not be anything in the world that would make you budge from your criteria. If that's the case, to avoid everyone a headache, make that clear to the agent. A buyer's agent works to represent their client and only gets paid when they satisfy them. How often you'd like to be updated on new listings and price changes. In the real estate market, a good listing doesn't last very long. A home sale can happen very quickly and an owner might decide to pull the trigger on selling the perfect property for you. Still, getting sent listing after listing every half hour might be the healthiest thing for your inbox. There will be time-sensitive moments but when it comes to the early stages before a contract comes into the picture for a sale, it's important to keep a reasonable pace so you don't burn out. It's not exactly a pet peeve of some agents but they can tell when you feel like your head is spinning from taking a look at a listing as it flies by. Your personality type (so your agent knows how you like to communicate). At the end of the day, everyone is different and while there are some things all human beings have in common, getting a house has a lot to do with who you are as a person. If you want to make sure your agent understands that you like someone who speaks concisely but politely, then it's important to ask them questions about their communication style. While some like to keep it brief and informal, others tend to get quite verbose when they get on a roll about things. Like for any kind of relationship, communication is key. If you're introverted and dislike phone calls, let that be known. This can also help agents refine their search to find properties that suit your quirks in one way or another. Whether you want to be involved in the negotiations associated with buying a home. Some people like to be involved in the negotiation process while others don't. It's better to let your agent know in advance. When you hire an agent, you're also hiring a skilled negotiator specialized in real estate sales but if you want more control and knowledge about the sale entails, you may want to tag along. Any services or amenities that are important to you (e.g., schools, commute time, pool). Clients that remain tight-lipped about what makes the property the wrong one for them are one of the most common pet peeves for agents. A house has a lot of moving parts that can affect what makes them good or not. It's perfectly normal to change your mind as you go through the search but be sure to update your agent. When it comes to their future home, buyers should be picky. The point of having a real estate agent is to help you find the right property for your family as a whole. To summarize: give your agent as much information as you can. There will be things about your situation that may not feel relevant to the sale of a house, mention it anyway. If you love baking and have a disabled dog, talk about it. If you're unsure about your finances, discuss that with your agent. If you hate phone calls between four and six on weekends, tell your agent. Everyone wants to walk away happy and that only happens with plentiful communication. 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

The Best Season To Sell Your House? Winter might not be the best season to sell your home. If it has snowed recently and may continue to do so in the future, you might be disappointed by the lack of guests during an open house. You might even lose a potential buyer because of this. Put yourself in the shoes of a visitor: they may not want to walk through your front yard if it is covered with snow. They will also consider the less appealing parts of owning the home like shovelling snow or dealing with a slippery driveway. Winter months are attractive to some people, but many buyers will stop seeing open houses come late November because of the weather. Homebuyers having to spend time getting warm after going from house to house because of the weather means that they won't be in the best mood to walk through the house and evaluate its true fair market value. The first impression that your house makes is an important factor when it comes to selling the property. After the holidays though, things might be different. With family obligations out of the way, people start to plan out their coming year and sales activity starts to pick up. Late winter may not be the busiest season but it still has a few buyers looking at houses. This can drive competition for either house sellers or buyers, it depends on the market you find yourself in. The best thing you can do is get in touch with an agent to find out if it would be worth putting your house for sale - maybe this winter could coincide with a seller's market where you can get a better deal because of less competition from other sellers. Fall is the worst time to sell your house. Everyone's preparing for winter. Family obligations, preparing for the holiday season, shopping for presents, the start of a new school year - it's the worst time for people to move. In that scenario, fewer people are likely to make a real estate purchase for a new residence. Typically, most people plan ahead for the coming seasons and because of that, Fall is a season with fewer buyers. Not many buyers and potentially more housing supply for people that cannot wait to sell means less money and bargaining power for sellers. Housing prices will be lower too as a result, meaning that of all the seasons, Fall is the worst time when it comes to home sales - for sellers. Of course, market activity is very localized, the real estate market is fickle and depending on your location, selling decisions can be different. You also have to consider the snowbird effect. This is what happens when people move to warmer climates when it starts to get cold. In Canada, that means that a chunk of the people with the money to spend on a new home are not even in the country. When the demand is low, it means more competition among the ones providing the supply and that typically means missing out on the best potential home buyers. Summer is very location-dependent. Remember the snowbirds? When they come back from inclement weather, it becomes the best time for them to seek out a new home. But these people coming back won't be searching for a home somewhere cold. In Canada, the summer months look wildly different from Nunavut to British Columbia. Seasonal changes may be more drastic in one region or another. The early summer is the time where a lot of realtors are closing out the busiest season for their business. Make no mistake, real estate seasonality doesn't mean that the market stops at any point but summer is always a huge question mark. Of all the seasons, it is the one where the real estate market varies the most based on each local market. As a home seller, don't expect to have amazing offers but do talk to a real estate agent to find out the state of the housing market around your neighbourhood. More free time doesn't always mean that people are willing to purchase a property though. The weather may be good for moving, with less snow and cold making it easiest to pack and travel, but the timing may be off. If you want to sell your home during the summer, you have to take into account the time it would take for listed properties to become sold properties. If the sale drags on for too long, you might find yourself in a tight spot in the fall when school is starting again. This is also what other buyers will be thinking of before they buy your home. A buyer may just as well resort to waiting for another time. In the summer, both supply and demand are higher than in the fall or winter but the spikes from either side make the housing market volatile. Spring is the best time to sell your house. Now, after everything laid out against the winter months, the busy season that comes with the new school year, and the unpredictability of the summer, let's talk about spring. Spring is often the busiest time for realtors because more buyers are making their plans overall compared to other times of the year. The reflection and planning of people bundling up at home during the colder months come to fruition and they make plans to move out when the school year is over so that they can begin their new lives before the new academic year begins and can comfortably settle into their new house for the fall and the end-of-year holidays. The spring season really is a season of change where supply and demand meet on a more equal footing. Selling in the spring or late spring also allows you to field multiple offers over a longer period if needed. No need to rush an open house because of the cold or the start of the school year, and that also means no need to reduce the price you're asking to move out quickly to move in time before the end of the warmer months. Consider other factors. However, the real estate market is complicated. Home sales are not solely reliant on the time of the year. Location, as always, is supremely important, more houses in an area mean lower prices, interest in a neighbourhood can mean a high selling price even in the winter. Does your city see heavy rainfall in the spring and your yard looks gorgeous in the fall? Then the decision might be easier to make. This is just a simple example, and though you can gauge how easy or not it would be to sell your home for a decent price, there is no one that knows the real estate market better than a real estate agent. They know how to avoid homes sold at a loss because of considering just one aspect of the market. For example, they may look at upcoming construction projects that will raise the value of your home and advise you to wait to sell or find ways to make a sale work quicker than you were expecting so that you can put down a deposit on a great deal you saw for your new dream home. Keep in mind that you should not be selling your home at a certain time to avoid showing some of its critical flaws. A discerning buyer will be more likely to make an offer if the insulation is fixed, and would be ready to meet the price you demand if they feel confident about the house's viability throughout the seasons. Not to mention that you could be sued for material latent defects if you hid issues like bad waterproofing that couldn't be examined with a reasonable home inspection. Selling your home is not just a matter of picking the best season, there is a lot preparing involved. Then again, finishing up those preparations in time for the spring, or a season that works better in your situation, can help you capitalize on the best possible timing. 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

Rural Vs Urban Living What is Rural Living like? Rural living is about living with nature. The world is your oyster! You can run through the grass, eat berries off of bushes and even go camping whenever you feel like it! It's easy to live in the moment when there are so few people around. You might not have neighbours but that doesn't matter because you've got all the nature you'll ever need. In a rural area, public transportation is not as readily available and so you will have to rely on a car or truck - especially one that can deal with long drives or one that can navigate rough terrain. It's common to own a 4x4 in rural areas. You might also be further away from your place of employment, depending on where you live, making the long commute an everyday life thing. The natural environment is a big plus if you love the quiet and nature. Rural living is relaxing and peaceful but it can also feel quiet and lonely at times. The slower pace of life is something that some people enjoy, usually later in life, and they don't envy the large cities' noise and light. However, some rural communities can be very lively, it all depends because the rural lifestyle is not a monolith. The cost of living in rural areas varies depending on how far you are from shopping centres or small towns, if you want to get certain items for groceries or otherwise, you need to be willing to spend the time and money to get the items you're looking for. Rural properties also have a bigger chance of providing you with a big yard that isn't subject to an HOA. Even suburban homes can be subject to homogenization rules but the space between rural ones makes HOAs pointless. The average price of a square foot in a rural area is far lower than that of a square foot in an urban setting. Basically, you save money and have far more space. It's all balanced by the time and cost of what rural communities mean by "just a short drive." What is Urban Living like? City living is very different from rural living. City dwellers tend to be okay with a small apartment because of the numerous trade-offs. In real estate, you often hear about how location is the most important thing - which is why city centres have outrageous prices when it comes to renting. Non-metropolitan areas, compared to metropolitan areas, are less ethnically diverse and have a more limited job market. Grocery stores are usually within walking distance and have a wider selection of goods. Urban areas also have better public transportation systems with the major cities not even requiring a car to gain access to the best that urban life offers. Finding a permanent residence in a large city can be a nightmare though, as a city home can be vastly more expensive. City life, depending on the neighbourhood, can also drastically change depending on the poverty rate of the area. Schools tend to have wide disparities based on location even within smaller cities. There are, however, more job opportunities in both big towns and bigger cities. All the amenities available to country dwellers through hours worth of driving are available within just a few minutes for people in larger cities. It varies from person to person but the price difference between the cost of public transport in a city compared to the cost of fuel in rural areas can be a game-changer for some. Public spaces like parks in a big city tend to be full of activity and other people, a liveliness that's not common to rural residents. City living may do away with natural wonders but life in big cities, even if it's not at the city centre, is fast pasted and bustling with change. Why do people move from rural to urban living and vice versa? Many people enjoy the country lifestyle which is why rural living has a higher population than urban living. But there are many people who move to cities and away from their hometowns based on career opportunities and problems with their environment. Some of those who live in big cities may dream of leaving for some peace and quiet as city life can be overwhelming. However, the desire to be closer to family and friends may also motivate people to move back into rural areas. Some of those who live in big cities dream of moving away for some peace and quiet as city life can be overwhelming. However, the desire to be closer to family and friends often drives them back into more rural settings. Age is often, but not always, a factor as older people who want to start a family will feel more drawn to suburban and rural areas so that they can have more spacious homes. A city home might be great to gain access to the city spontaneously but the sacrifice made on square footage does not make it easy for raising children. Employed adults are found in both cities and rural areas but where they are in life may lead them to succumb to the allure of country life. Would COVID affect trends? According to the UN, more and more of the world's population is posed to more to cities. Population growth in the recent decades means that spaces more suited to accommodate a high density of people and that have more demand for jobs are going to draw in more people. Urban dwellers will become more and more common with rural counties growing more slowly. Depending on the shape of the Canadian economy after the impact of work from home initiatives, this could alter the UN's prediction. There may even be a divestment from urban and suburban areas in favour of people preferring a rural setting. If jobs become increasingly detached from physical locations, that could mean a reshaping of what urban and rural areas look like. Urban growth could slow and rural life could flourish. Of course, that's only if employment is not tied to location in the long term and if people would even enjoy rural life, to begin with. It's hard to predict exactly what life after COVID will look like in small towns, rural communities, and bigger cities but there is a chance that the migration to city centres slows down. Cost of living would find a new equilibrium as people work remotely and have more disposable income because of the lower cost of housing in rural areas. Differences between the two lifestyles. Of course, there are differences between lifestyles that don't have to do with employment. Nightlife, for example, is more often associated with city life. Meanwhile, rural residents tend to enjoy things like shopping centres or at-home entertainment. An urban area has more conveniences and offers people more choices when it comes to shopping (both for groceries and specialty goods) and is more conducive to spontaneity. The rural lifestyle requires more planning as things are further apart than in metropolitan areas but the natural environment means that hikes and picnics are easier to plan. The slower pace of living also lets people relax more easily. Cities, as their population grew, also became more cramped. City dwellers can be frustrated more easily because of the lack of space, meanwhile, people in rural areas can find themselves bored due to a lack of entertainment outside the home. Urban centres are also more likely to have cultural amenities available in the form of museums, galleries, and theatres. 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

All About Foreclosures. Before taking any concrete action, get in touch with a lawyer or counsellor. The following is meant to give you a quick rundown about foreclosed homes, financial institutions, and your options with regard to your mortgage lender. What is a foreclosure? When a homeowner falls behind in making mortgage payments, the lender can begin the foreclosure process against them. Foreclosure is a legal process where the home is sold to pay a debt or if it does not sell, a lien on the property is removed and they no longer owe any debt on the house. The foreclosure process exists as a last resort when you owe money to the mortgage lender. What is the Difference Between Short Sale, Pre-Foreclosure, and Foreclosure Properties? Some properties are listed in the MLS (Multiple Listing System) as either pre-foreclosure or short sale. This means that the homeowner has fallen behind on their payments to the mortgage lender and they are trying to sell their property in order to pay off some of their debt. Short sales are when buyers come along and can purchase the property while agreeing to pay a portion of the amount which is still owed by the homeowner. In a pre-foreclosure sale, the house has been listed in the MLS system but there have been no offers from buyers who will settle for paying something less than what is owed to the mortgage lender. In foreclosure sales, when a bank feels that they are not likely to get any money from selling the property, they foreclose on the home. This means that the lender takes possession of the property and tries to find a buyer who will pay what is owed to them by the homeowner. Buyers tend to be wary of homes that have been foreclosed because of what the value of the home might be in the housing market. It means that the foreclosed home might have suffered from personal finance woes from the previous owners that may still affect the house. If the house is sold as-is, real estate agents may recommend thorough inspections during the buying process of the foreclosed property. Who owns foreclosed properties? In most cases, the bank that services your mortgage wins ownership of the house in foreclosure. How does a home get foreclosed? There are several conditions under which a lender files for foreclosure: Your house is "underwater," meaning you owe more than it's worth. This can occur when the home value has fallen or you took out an expensive refinance. You default on the loan (you miss a mortgage payment). How many times you can miss a payment, or how far behind you must be before foreclosure proceedings begin varies from lender to lender. Some lenders may refuse to work with homeowners and will initiate foreclosure proceedings as soon as the first missed payment; others might try and reschedule missed payments and let you enter into a repayment plan. For this reason, it's important to understand more than the typical mortgage basics. Your mortgage loan is "upside down," meaning you owe more than it's worth and can't make the minimum payment on your loan (the value of the house minus the amount owed). You get behind on property taxes or home insurance. Even if you're up-to-date on your mortgage, if you fall behind on property taxes or home insurance, some states allow the lender to foreclose. Unpaid property taxes can haunt you for a long time. If my house is foreclosed, what happens next? After the foreclosure filing, most lenders will take steps to sell the foreclosed properties. Banks will likely start advertising its availability for sale soon post-foreclosure. When a lender attempts to sell foreclosed homes, it takes the legal title of the home and in this case, becomes the homeowner. In most cases, you will not be able to remain in your home after a foreclosure. You must move out of the house within a specific number of days (typically 20) after receiving a notice from the bank informing you that it's going to start selling the home either as a short sale property or another way to win back the market value of the house. In the case of a deficiency judgment, you may also be liable to pay additional fees to the lender based on the value of the foreclosed home. What if I think my lender is trying to foreclose inappropriately? If you think your lender is trying to proceed with a foreclosure, even though you believe it's not justified, you should contact a housing counsellor right away. Many homeowners are eligible for foreclosure relief through programs offered by the federal government or their province. If you're determined to be eligible for one of these programs, it will stop the proceedings and allow you to stay in your home. You should act as soon or before you get a notice of default for any piece of real estate owned or mortgaged property. A foreclosed property is also a stain on your credit score which you want to avoid, especially when you're dealing with judicial foreclosures in your province's laws. How can I avoid foreclosure? The best way to avoid foreclosure is to contact your lender as soon as you are behind on mortgage payments, or even before. Many lenders will help homeowners avoid foreclosure through an affordable repayment plan. Basically, if you have financial challenges, get in touch with your lender to avoid past due payments. Foreclosure action affects credit scores and may compound your financial difficulties. The quicker a borrower repays the missed payments when facing foreclosure, the better it is. What are my options if I'm facing foreclosure? If you're thinking of trying to stop the bank from taking your house during a foreclosure, there are certain things you need to know: Foreclosure is not a quick and easy process. The foreclosure process varies from state to state; however, it can take months or even years. Even if you file for bankruptcy – which stops foreclosure proceedings – your home will still be at risk of being foreclosed on if the lender successfully challenges the bankruptcy. You will need to act quickly if you want to try and stop foreclosure proceedings via bankruptcy. The sooner you file, the better your chance of success. If you wait until just before the foreclosure sale date, it may be too late. What is the difference between a judicial foreclosure and a "power of sale"? A judicial foreclosure process is the more common method of foreclosure; however, not all provinces use this method. In Ontario, for example, the "Power of Sale" process is different from the judicial foreclosure process common in British Columbia. One of the key differences is that you can receive some of the excess profits from a sale in the power of sale process whereas judicial foreclosures don't allow you to retain anything from the sale of the house. What is "Mortgage modification?" A mortgage modification is when an existing loan is permanently changed to make it more affordable to the borrower. Mortgage modifications usually involve reducing interest rates and monthly payment amounts. Sometimes, a lender will agree to change the terms of the loan if you're facing imminent foreclosure. It can also help to get a modification on your mortgage if you want to sell your house and it's empty, or if you've fallen into severe financial hardship following a job loss or some other setback. These are all things that you should think of when taking on a home loan, foreclosed homes are rare but with some careful planning you can avoid finding yourself in that situation. It's best to find yourself thinking ahead of financial problems so that they do not affect your credit reports in the future or require you to pay expensive attorney fees while dealing with foreclosure costs. How do lenders modify loans? Before modifying a mortgage, lenders will evaluate the borrower to determine if he or she qualifies for a modification. If you can't afford your house, it's unlikely that lenders will grant you extra time to try and save it. You should still contact lenders as soon as possible to let them know that you're having trouble making ends meet. The first step in applying for a modification to home loans is to contact your lender. Most of the time, lenders are willing to work with you on a new repayment plan that's affordable. Many times, this means reducing the interest rate on the loan or extending the number of years for repayment. If your lender agrees to give you a modification but you still can't afford your house, you have two options: Sell the house. The lender may agree to a short sale, which is when you sell your home for less than what you owe on your mortgage. If lenders approve a short sale, it will usually mean that they'll forgive any outstanding loan balance that's left after the sale. You should try and get this agreement in writing before pursuing a short sale. If lenders refuse to forgive any unpaid mortgage balance, you may have to pursue a deed-in-lieu of foreclosure, which is when you give the home back to the lender and agree never to live there again. You should also get this agreement in writing from your lender if it's an option. If you don't qualify for a modification, bankruptcy may be an option. Filing for Personal Bankruptcy or a Consumer Proposal can stop foreclosure proceedings and allow homeowners to stay in their homes while they repay the loan over time. If your lender denies your application for a modification, ask why. Lenders are required by law to provide borrowers with a clear and specific reason for the disapproval if they deny your application. If you still think you can afford to pay your mortgage, see if the lender is willing to work with you again in the future. How do I apply for a loan modification? If you know that you can't afford your home anymore, it's best to get in touch with your lender as soon as possible. The following are three ways you can try and get in touch with your lender: Contact them by phone. There are usually several numbers on the back of your mortgage statement; however, if that number is no longer in service, you should look up how to contact your loan servicer directly by visiting the Federal Housing Administration's website. Try and contact them on social media. Many lenders have profiles on Facebook, Twitter, Google+, Pinterest and other websites. You may find it helpful to share your personal story or tell lenders about how their actions are affecting you and your community. Once you start talking to your lender, they may ask you for additional documentation. They may require proof of living expenses or income from recent tax returns. If these items are not available, lenders have been known to accept letters from clergy members who can vouch for the borrower's situation or affidavits from friends and family members who have witnessed the borrower struggling to make ends meet. Your lender will make a decision based on your overall financial situation. Lenders use something called the "waterfall method" to determine whether you're eligible for a loan modification. The waterfall starts with your ability to pay and then goes down from there: If you can afford your current monthly payment, they'll deny the application. If you can't afford your current monthly payment, they'll lower it to what you can afford. If you still can't afford your reduced monthly payment, they'll explore other options like extending the term of the loan or reducing the interest rate. If none of these options are available to you, they may be forced to deny your application. What do I need to bring when applying for a loan modification? It's important that you have the following information readily available when you contact your lender: Your current income source and monthly expenses. If you don't have this information, it can be difficult for your lender to determine whether or not you should qualify for a loan modification. If you're a veteran, bring paperwork from the Veteran Affairs department that proves how much of a service-related disability you have. This can help you qualify for special programs designed to reduce your monthly payments or interest rates. If the lender has foreclosed on your home and taken ownership, make sure to bring any paperwork from the foreclosure proceedings. If you owned your home free and clear, be prepared to prove it to your lender with a deed or title. Bring all of these documents to an in-person meeting if your first contact is over the phone or through email. You can then ask for a date by which they'll respond to your request. If you've found a lender willing to work with you on loan modifications, always ask for written confirmation of the offer before leaving. What are my next steps if my application is denied? If your request for a loan modification is denied, you have several options: You can accept the denial and continue making payments as usual. You can request a loan forbearance. This means your lender will give you an additional month or two to catch up on payments before foreclosing. You can try and reapply for a different loan modification program with a different lender after making the necessary changes to your application materials. If none of these options are viable, you have the right to request a free foreclosure consultation from your lender. What if I can't afford my payment? If you've already fallen behind on your payments, many lenders will be flexible when it comes to working with borrowers in this situation. You'll need to contact your lender immediately or visit them in person at their local branch. If you're having trouble making ends meet, lenders are required by law to work with you on affordable payment plans 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

Staying Safe in Your New Home Keep your doors and windows locked. This may seem obvious but this basic aspect of home security is one too many people don't take seriously. They might think "I live in a small town with very little crime", or they may not realize how fast burglaries can happen. But even if you live in the best neighbourhood, don't let down your guard. Even if it's just a quick trip, unlocked doors are almost an invitation. Potential thieves can make out with valuable belongings in mere minutes if they don't have to deal with a lock. With just a simple twist of the wrist, thieves can enter your home and begin taking everything they want. If you are changing the locks, ask your locksmith whether or not the strike plate needs to be changed as well. A strike plate helps keep the door closed as it uses long screws to reinforce the door frame and make it harder to break down the lock system. When you move in, it's a good idea to install new locks on every entry point. If you have a shed or something similar, installing a sturdy lock will prevent the spaces from becoming a security hazard where burglars can hide in to wait out opportune times to break into your home. This also applies to your garage doors. Install a security system that will alert you when something is amiss in the house. Protecting your family from harm should be a priority. You can't expect to do so without a home alarm system that will immediately notify you if someone has somehow managed to get into your house and is endangering yourself and the ones you love. A security system with high-quality equipment and sensors will help shield your assets, as well as your most prized possession: your family. Investing in an alarm system with real-time alerts that sends updates to your phone and the alarm company is a good idea. What will happen in the case of an alarm going off is that the company will try to contact you, if that fails or they detect suspicious activity, they can send the police in to intervene. Break-ins occur at any time of the day or night and your home security system should always be ready. Home security systems often have you using a security code or password to verify your identity, make sure that these are memorized only by the people living in the home. Don't write it next to the home security keypad. Sometimes a security company will give you a little security sign that you can put in your yard or near your front door. Crime prevention involves a lot of deterrence. If your home looks like an easy target, it will look more appealing to potential intruders whereas a smart home fitted with video surveillance systems and motion detectors will discourage them. Your first line of defence is perception. Install outdoor lighting for safety at night time. Speaking of motion detectors and video surveillance, the added security of motion detector lighting adds a big layer of prevention. It would be a waste of electricity to keep the lights on all throughout every night so the motion activation will help you save energy. You can also set up motion-activated security cameras to keep an eye on your property easily. Other than the odd ghost or raccoon, or ghost-raccoon, these security measures allow you to safely take a look at some things that may not be picked up by security systems. Orient cameras towards specific areas like your back door, the yard, little nooks and crannies, and other important areas. If you can, treat both your garage door and the door leading into your home as separate entry points. Proper outdoor lighting will also make you feel safer if you want to spend time outside at night. Home safety doesn't mean cutting yourself off from the things you enjoy. Be aware of who is around you when leaving and entering the property. If something seems suspicious, do not enter your home. If you keep your garage locked, protect vulnerable entry points like a low window, or have a lock on all your exterior doors - you still need to get in and out of your home. Though burglars prefer homes that are easy targets, protected homes are not risk-free. That's why you should keep a lookout when entering or exiting your home. If you see people waiting for you to get home, do not enter. Some brazen burglaries occur in those moments. Keep your garage door opener handy and don't lose it to make sure you stay safe when entering or exiting your house. Get to know your neighbours. Of course, you will probably have people around who are supposed to be there, like your neighbours. No need to have them over every other day but having a good relationship can really help protect your home. Community safety creates an invisible barrier that most burglars won't cross. Most home security tips will fail to mention this because it's not something that seems real enough but having good neighbour relations is something that can work better than even the best alarm systems. Be sure to return the favour when you can! Secure terraces and balconies. If you have large outdoor areas, especially if they have stairs leading from the ground to a higher floor, look at how you can install some additional protection. Large windows or glass doors look great but if you don't secure the area around them they become a security risk. Add tasteful see-through grates and gates with locks. A security camera as an added piece of home security in those areas can be very valuable, more so than on other doors and windows. If you're making big changes to the layout of your house, get in touch with your home security company to update your home security system. Additional doors and windows mean more entry points that you will need to secure. Keep track of who has access to your house. If other people need to have access to your house, make sure that you can monitor how often they access your house and why. All the home security tips in the world won't be useful if you give someone your keys. A video security system can help after the fact but it won't prevent the damage done. Know who has access to your property and take action if they shouldn't have it. There's always room for improvement. You can upgrade your home security if you find out what needs improvement first. Home automation can be a worthwhile investment, a system that deals with closing the garage door automatically for example or has built-in fire protection systems on top of a break-in alarm system can help protect your expensive jewelry and keep better control over your house. Automated text messages for when you're away from home to alert you about a potential break-in will do a lot more for your peace of mind than pouring over crime reports. Other things you can do for home safety. You can get a dog, get yourself some self-defence classes or learn how to use pepper spray. If home security has got you down, knowing how to protect yourself will go a long way. Alarm systems and having a smart home go a long way to prevent break-ins and even save lives but your top priority at all times shouldn't be valuable items but the safety of your family. Home security means getting rid of anything that can easily be used as a weapon. The harder it is for people to harm you, the better you're going to sleep at night. Take a look around before going to bed and make sure that you will be able to rest easy. Get rid of any high-risk items. You may want to get rid of things like ladders or tall furniture that can be used as steps for burglars. If no one can easily reach something in your home it has less value to a burglar. If you use a ladder for yard work, be sure to keep it somewhere behind a locked door. Make sure your doors are properly maintained. Broken down doors make it easy for burglars to take advantage of you. Make sure all of your exterior and interior doors work properly before you go to bed at night. If something needs replacing, don't put it off any longer than necessary! 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 Fireproof Your Home! Get a fire extinguisher. This might seem like it would be too simple to mention, but you would be surprised how many people do not have a fire extinguisher in their homes. If you have a fire extinguisher your chances of being able to put out a small kitchen fire, or other small fires in the house, are much greater. In addition to having an extra extinguisher around for emergencies, it is recommended that every member of the family be educated on how to use it properly. Make sure that the extinguisher is functional. They tend to have a 'lifetime' of 12 years, which is nice but if you can't remember the last time you checked, reading this might be the reminder you need to do a quick check. Fire extinguishers are a standard part of home fire protection and most fires can be stopped with one. Still, don't be a hero and if the fire goes out of control, prioritize your safety. Install smoke detectors. Smoke detectors are essential to fire safety. Working smoke alarms warn you when smoke makes the air hard to breathe and alerts you to a risk of fire. A carbon monoxide detector can provide an early warning signal to a fire in your home. Install smoke detectors on every level of your home, inside bedrooms and outside sleeping areas. Smoke detectors should be interconnected alarms so that when one sounds, they all sound. Test smoke alarms monthly and change the batteries at least once a year. If you have a hearing impairment, install flashing smoke alarms with strobe lights to help you hear the alarm. Smoke inhalation can be deadly because your lungs cannot process air that has too much carbon monoxide. It's better to deal with some flashing lights and alarm sounds than the beginning of a home fire starting up when you're sleeping. Hard wired smoke alarms are the best thing you can add to your home as they are connected to a power supply and only use their batteries in the event of a power cut. After all, a smoke alarm constantly beeping for batteries is more in the category of nuisance alarms than an effective alarm that fire marshal would recommend. Rearrange your furniture. Don't place wicker chairs too close to wood stoves, in fact, flammable materials close to potential fire hazards are a big mistake. Residential fires get exponentially worse and spread quicker when furniture starts burning. But they are also far more likely to happen when you overload your living area with combustible materials. Allow at least three feet of space between a hot stove or fireplace and everything else, including wall corners. Keep flammable items away from any possible source of heat or flames. Loose papers, pillows, curtains, towels and anything else that goes up in flames easily should be kept far from a potential fire hazard. Use Candles Appropriately Far too many house fires start with candles. Be very careful when having candles in your home. Do not leave them unattended, be sure to blow them out even if you're stepping out of the room for a moment, and never put them near flammable materials. Placing several on the mantlepiece is inviting disaster. Young children may be tempted to play with candles and teaching them about the dangers of a fire is a big part of your fire protection system. If you have a pet, be sure to keep them away from candles, too - even the wagging tail of a dog or a curious cat's paw can easily knock over a lit candle. Even if you practice fire drills regularly, it's best not to need to guide a pet out of an actual burning building. Regularly clean your chimney and fireplace. This cannot be stressed enough. Creosote buildup is one of the number-one causes of chimney fires. Creosote is a flammable material, the result of incomplete combustion. It can accumulate in your chimney and catch fire when exposed to extremely high temperatures, such as from a chimney fire, causing a chimney fire. To prevent creosote build-up you should have your fireplace cleaned annually by a professional. Inspect your electrical wiring. Faulty electrical wiring can easily spark and start a fire. Regularly inspect your home's electrical wiring, especially if it's old, and replace any wiring that is frayed, exposed or brittle. An electrical system is a non-negotiable part of modern homes, and part of your fire prevention precautions is making sure that things like electrical outlets and exposed wires are fixed as quickly as possible. Fix issues with waterproofing. This may seem counter-intuitive but failing waterproofing can introduce water to your electrical system and compromise your electrical safety. Water dripping on fuse boxes is an obvious red flag but make sure that if you suspect water damage, make sure that it is not impacting your home's wiring. If you have a fire sprinkler system, it's important to make sure that no part of the sprinkler system is leaking and weakening the waterproofing of your house. Fire sprinklers can be expensive to install and not worth the trouble in a residential building but if you're in charge of an office with fire sprinkler systems, it would be a good idea to check their effectiveness when possible. How to deal with fire hazards. Not everyone can invest in fire doors or have the fire captain live next door so it's important to minimize risks so that emergency responders won't even have to be called. Look at your kitchen and think about how you could stop a grease fire. A smoke detector and cleaning your stove-top regularly can prevent fires but fires happen despite all the goodwill in the world. Grease fires cannot be extinguished by water so your choices are either fire extinguishers or smothering the flame - something that can be dangerous. If you have heating equipment like space heaters, make sure that they have plenty of room to operate. You don't want fire alarms going off because someone put a shirt over the heater's vents. If you store flammable liquids, keep them far from open flames or places where a fire could start easily. To prevent house fires sometimes means not doing your nails next to the stovetop - nail polish and nail polish remover are actually very flammable. Smoking materials, like lighters or other easily inflammable equipment, need to be kept far from large flames like those from a stovetop. Though they smell amazing, do not put an orange over an open flame. Juices within the fruit will fuel flames faster than most would expect. Clutter. Sometimes, a broom and a few trash bags are pieces of fire safety equipment. You don't want your fire escape plan compromised because of an untidy home. Contact your fire department. Though your neighbourhood fire administration is obviously busy, it never hurts to reach out when you have safety concerns about your home. They may advise you to use a different fire alarm or invest in a different type of home fire safety that is best suited to your home's climate. Your fire department may exist to put out house fires but they are also very much invested in fire safety and fire prevention. They may even find things that you may not think of like a fire escape ladder or spots that are likely to cause electrical fires. Educate your family about fire safety and what to do in the event of a fire emergency. Have a plan in place so everyone knows where to meet and what steps to take. All the fire safety tips in the world are not going to replace a good fire escape plan. A home fire is a harrowing experience and no one wants to be part of home fire deaths statistics. What you want is to prepare your family so that before they even reach their bedroom door, and until the emergency services arrive, they know what to do. Go over the location of the fire extinguishers, make everyone memorize the escape route, and remember the basics of your fire safety plan. Get a fireproof safe for important documents and valuables. Despite your best-laid fire escape plan, sprinkler systems fail, electrical fires happen, and the best form of fire protection is to leave. In that scenario, it's important to have a fireproof safe that can store the things you cannot afford to lose like birth certificates, titles, or other important items. Home fire safety also means not needing to run back into a house with a fire alarm blaring just to get an important document. Making your home safer from fires is something that should be done at all times, but especially during the winter months when heating devices are more likely to be in use. 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

What Does a Residential Real Estate Agent Do? Real estate agents help people buy and sell homes They work with buyers and sellers to find homes that meet their needs, and they work with lenders and other professionals to make the sale process as smooth as possible. What does that entail? For people looking to sell their homes, a real estate agent will bring buyers to see the home and show how it is unique. They may also stage, or fix up, the property to help sell it more quickly and at a better price than it would otherwise command. For people buying homes, a lot of the process involves finding the best fit for the buyers. Home inspection A real estate agent will also help with the dreaded home inspection, scheduling and accompanying inspectors at different stages of the house hunt. They will also help negotiate any repairs that need to be made to a property before someone buys it. Price evaluation A real estate agent will help buyers and sellers compare homes, present offers and give advice on prices. Depending on factors like schools, square footage, neighbourhoods, and more, real estate agents can figure out what a home should sell for. Listing creation Agents are experts at finding out what potential buyers want, and so when they create listings agents are able to draw people in. They will usually also take listing photos in order to make the property look as big as possible. Depending on the property they can also hire a professional photographer to showcase the entire home, from the front door to the dining room to entice buyers. Home staging For some prospective buyers, nothing is more important than visiting an open house. There are a lot of different options, from DIY home staging to hiring professional home stagers, sellers often use these services to showcase their home in the best possible way. Transaction management If you're buying or selling a home through an estate agent, they will also manage things like legalities and paperwork involved in the sale. Negotiation Real estate agents must be familiar with their local housing markets. They need to know the current market values of different neighbourhoods, what homes are selling for, what interest rates are for mortgages, and more. An agent also needs to be good at negotiating - this is especially true if the agent is representing the buyer. They may do everything from help find financing, help buyers get their offer accepted, or even represent out-of-state clients who need to buy a home in another state. What is involved in home staging? Though other parts of the process seem like they should be best left to professionals, good home staging seems like it could be done by anyone. That is not the case. Home staging tips can get you far but to really let buyers imagine themselves in a home, and bump up the selling price, a professional stager can do wonders. Often, that person will be your real estate agent. Staging efforts can be minimal or incredibly thorough. Your typical home stager takes a little from interior designers and uses their knowledge of what a potential buyer would want to create the best open house possible. Rearranging furniture is often the first step to changing a lived-in home into something potential buyers see themselves in. Buyers, agents, and even the friends and family that come along must all be blown away. A real estate agent will often hire a professional home stager or offer staging services themselves. It's something you should ask them beforehand to avoid surprise costs. Some people believe that staging is not necessary but to fetch top dollar, most agents will insist that staging efforts attract the best potential buyers. The sale sign might make people peek but here are some things that home stagers take care of, and you can even think of them as staging tips. Plants Adding plants to a home is a great idea, it helps the space feel fresh and alive without adding clutter. There's a case to be made for either real plants or fake plants. It depends on what makes sense given your house and the type of plant. Fresh flowers, that don't crowd out surfaces can work well too. Scents This isn't magic, people appreciate nice scents and will be more ready to buy a house that has a nice flow of fresh air compared to a house that reeks of body odour. Most buyers won't really register something smelling bad but it will stick with their impression. This is particularly important if the home is a house to some pets. As clean as they can be, sometimes a home stager will need to deal with pet odour. Clutter Whether it's pet accessories, extraneous existing furniture or things best left in storage units, it's best to highlight the space of the future home like the crown moulding in the master bedroom. A few hours of tidying up and donating things to thrift stores is a small but important part of home staging. Personal items A new buyer wants to see a home as theirs, so it follows that staged homes make it a point to hide family photos or other features that would make someone feel like they are in someone else's home. Replacing quirky pillows for nice neutral throw pillows, or replacing personal photos is the quickest way to do it. Paint Let's face it, pink walls aren't for everyone. A fresh coat of paint might sound counterintuitive for sellers as it means investing more money in the home but it saves buyers the need to imagine the room in brighter or darker colours. Freshly painted walls can make a major difference in the local market. Lighting Bright homes tend to sell more easily as people tend to like light. It doesn't just mean turning on all the lights, it can mean changing the lighting fixtures to change the mood of a room or changing the types of light switches to create an atmosphere conducive to selling. No one wants harsh bright lighting in the dining room or a gloomy stairwell. What else does a real estate agent do? While real estate agents work a lot on the buying and selling of homes, they are also a fountain of information on the topic of real estate. It's not all about staging, curb appeal, and checking for dirty dishes before an open house. Realtors keep up on new developments in the industry through research and investigation. They do more than lead potential buyers to homes or find the best price for a seller. Real estate agents can also put you in touch with mortgage brokers or give you advice on how to think about your real estate journey. It can vary depending on many factors but they can teach you the ins and outs of your local area so that you will be thinking of your moves two steps in advance. Agents are also there to help you understand certain things about home-ownership if it's your first time buying a home like property taxes, the different kinds of mortgages, how home projects can affect the value of your home and so on. To conclude: Real estate agents deal with residential properties. Apartments, houses, and so on. Their work involves a lot of things that seem complicated from the outside like negotiation, knowing the legal details behind a real estate transaction, understanding how the housing market works, getting financial documents in order. But part of their work that may seem simple, like home staging, is actually more complicated than it might seem at first. 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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Buying A Home As A Single Parent The importance of buying a home There are many reasons why buying a home is important, but one of the most essential is that it can provide stability for your family. This is especially true for single parents, who often face more challenges and uncertainties in their lives. Owning your own place can help to ease some of that burden and give you and your children a sense of security. There are many benefits to owning your home, including: The ability to build equity over time The equity, or difference between the current market value of a home and its current mortgage balance. Equity is sometimes considered as a means to purchase new assets. Having a house helps you build equity since houses tend to appreciate in value, your mortgage loan amount shrinking also helps with the valuation of your financial assets. How much money you can derive from that home equity varies based on a number of factors but it can influence future loan terms and future home-buying prospects. A stable place to raise your family When you're a single parent, finding stability for your family is essential. Owning your home can provide that stability, giving you and your children a place to call your own. This can be especially important during times of stress or upheaval in your life. Tax breaks and other financial incentives There are many tax breaks and other financial incentives available to homeowners. These can include deductions for mortgage interest, property taxes, and home repairs. By owning your own home, you can take advantage of these benefits and save money on your taxes. This can help you meet your financial goals sooner and will alleviate some of the costs of raising children. The pride of owning something that is yours Who doesn't want to own something that is theirs? The pride of owning a home can be immeasurable. It offers you tangible proof of your success, which you can show your children when needed. The challenge of buying a house as a single parent The same challenges that affect couples or dual-parent households affect single-parent homes but there are some additional challenges that come with only one income source. Though your specific income level can make it seem like it would make things easier, a single source of money is not reliable to banks and can make the terms of your loan more strenuous. When you meet with your real estate agent, it's important to explain your situation thoroughly. You might be surprised at things like payment assistance systems that can help first-time homebuyers or the financing options open to modest-income households. Mortgage approval for single parents Your first step is to get in touch with a mortgage broker, especially if you are a first-time homebuyer. Interest rates, the difference between good and poor credit history, and approval odds are a lot to keep in mind so working with a mortgage broker and a real estate agent is your best bet. Single parents who are self-employed may face even bigger hurdles than other prospective buyers that are also self-employed. Though you are your own small business, you need to prove its stability to a mortgage lender. Affordable housing is always an option but if you're set on a house, it's a good idea to discuss affordable mortgages and the different ways you can set up mortgage payments. First-time buyers are often confused about different options like fixed-rate mortgages and adjustable-rate mortgages. Your broker will be able to help explain the different types of loans and rates available to you as well as how each one can work for your specific situation. Things that are required when applying for a loan, like credit score and income verification What do you need when applying for a mortgage loan, also known as a home loan? You will need to provide your social security number, proof of income, two forms of ID, tax returns from the last two years, and bank statements. If you're self-employed, you'll also need to provide a year-to-date profit and loss statement, a balance sheet from the past two years, proof of your current mortgage or rental payments. As a single parent, you also need to provide additional documents that can show other things that affect your debts and monthly income. If you can provide all of this information, you're likely to be approved for a mortgage. Remember that every lender is different, so it's important to ask questions when you're applying for a loan. If you feel like the lender is being too pushy or not answering your questions, this might not be the right place for you. Your credit score Though your credit score is important, it's not everything. While it can affect how much you pay in interest and if you are approved for a loan at all, your credit score is not the only thing that lenders look at. Your income, your debt-to-income ratio, and your credit history are all important factors that will be considered when you apply for a mortgage. So even if you have a low credit score, you may still be able to get a mortgage if your other financial information is strong. When you're trying to improve your credit score, make sure you keep updated on your credit score rating and credit utilization. Knowing where you stand gives you a better idea of what you need to do to improve your score. Monthly payments When you apply for a loan, your monthly payment will be determined by things like the price of your home and how much you're putting down. The more money that you put down upfront before getting a mortgage, the lower your monthly payments are likely to be. Your credit score isn't always the only factor in determining how much you can afford to pay each month. Your debt-to-income ratio is a good indication of how much you're able to pay. A lender will also consider your income, your other monthly debt payments, and your credit score when determining the amount of money that you can comfortably afford to put toward a mortgage. Tips on how to find the right house in your price range School fees, student loans, and other financial obligations can make it complicated to find the right purchase price. The first thing to think about is your monthly gross income and how you can use financial assistance in the home buying process such as assistance programs that can help you get a better home loan. Your credit scores are still important so if you want a decent size house in an area with good schools, then it makes sense to take advantage of as many assistance programs as you can. It's a good idea to expand your search range so that you don't limit yourself unnecessarily. Finding an agent who is willing to work with single parents Your new house is also a new family home and an agent can help you find the best place for a single parent. In the end, it's more than just about a down payment and employment requirements. A real estate agent might seem like an extra expense but they can actually save you money in the end. The math of closing costs and tax credits can end up being complicated and single parents already have a lot to manage prior to dealing with those things. It can be a challenge but... A new home is a new start, more than simply applying a fresh coat of paint, a whole new home might be the right investment you and your family needs. Single fathers and single mothers all across Canada buy homes every day, you don't have to feel like you're on your own. 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 Landscaping Can Improve Your Home! Good landscaping is instant curb appeal. Do it right and you might have real estate agents knocking on your door to find out if you're willing to sell. It's an often neglected aspect by many sellers but in real estate, a property with proper landscaping increases the home's value significantly. Even if you don't plan on selling right away, a well-maintained exterior will help the resale value of your home down the line. Plants need to grow after all. Hire a professional landscaper to help with your design. Homeowners need to hire a professional landscape designer to help with their design. This is because a poorly designed landscape can ruin the look of your home and this goes for any property size. Landscapers know what looks good on a large estate or a small backyard. They know which plants do well in soil conditions that don't drain easily. It's important to note that not all landscaping services are the same. Make sure you ask your potential landscaper about their experience in designing properties of various sizes. Professional landscape design is not just about planting pretty flowers and putting up fences. It's also about taking into consideration the homeowner's needs, the climate of the area, and what will grow well in the soil. A good landscaper can work with you to come up with a landscape design that is both beautiful and functional. They will also be able to provide you with a realistic timeline and budget for the project. The different types of gardens. Gardens are places full of life. Even the smallest backyard can have something growing in it, be it flowers or vegetables. But what kind of garden you want to make is entirely up to you. French gardens tend to be more manicured and high maintenance, whereas British gardens require less maintenance and tend to be a little wilder. You can also add things like a vegetable patch, a herb garden, or flower beds. Sustainable gardening. Environmentally-conscious gardening is very much something that's possible and needs to be intentional. Many people use more water than they need and lawn care for some often means destroying the habitats of small animals and birds that could live in peace around your house. If you want to get into sustainable gardening, one of the first things to do is to rethink what a well-kept lawn is and remove any artificial grass on your property. It's a good idea to talk to a professional landscaper as they have the right skills to create a beautiful garden for you and one that can help out the ecosystem. Some things to consider for your home's landscape. One of the best things about landscaping is that it can add privacy to your home. If you have nosy neighbours, adding some tall trees and bushes can help to block their view. It can also make your backyard more private and provide a bit of shade on a hot day. Added bonus? Trees and bushes are beautiful additions to any landscape and they also reduce erosion and help with rainwater runoff. Add some outdoor furniture for summer lounging. It's only on the best of days that you want to sit inside all day. The good news is that it doesn't take much to turn your backyard into the perfect summer hangout spot. All you need is some outdoor furniture. a hammock, a grill, and maybe a fire pit and you're all set! Not only will you enjoy spending summer days outdoors, but you'll also be adding value to your home. Outdoor spaces are in high demand nowadays. Consider the height of the grass when deciding on a lawnmower. Did you know that there are lawnmowers for different kinds of grass? You can get one that's perfect for short to medium height grass, one that works well with tall grass, and even one that does well with wetness. Different species of plants need different care. Just like you wouldn't feed a cat the same food as you would a dog, you can't expect one type of plant to thrive in the same conditions as another. You need to be aware of what kind of plants you're putting in your garden and make sure they get the right care. Consdiering planting beds Garden beds, raised, free-standing, or on the ground, help maintain some order for your exterior. They also make it easier for you to organize your different planting endeavours. Shrubs and trees A small hedge can help you delineate areas in your garden and mature trees can help with creating a little oasis in your backyard. Just make sure that if you're looking at outdoor kitchens, then place it away from relatively dry plants. Other plants are important to give your home extra property value via more curb appeal and shrubs and trees act as the bones of the garden. Be careful with trees though as they take a lot of effort to remove and that's something many buyers will spot. Install a sprinkler system to keep your plants healthy in dry weather. Sometimes, not always, a sprinkler system is the right way to go. If you have a garden that needs a lot of water to thrive, then an automatic irrigation system is the best way to go. You can set it so that it waters your plants for just the right amount of time and you don't have to worry about it. Use mulch to keep your yard planted and weed-free all year long. Mulch is the best way to keep weeds from sprouting up in your garden and it will also help your plants grow better. The mulch provides a nice barrier between the soil and potential weed seeds and also traps moisture underneath. If you live in a really hot climate, then mulching is an absolute must as it will help keep water in the soil longer.   Landscaping is not a one-time job. What sets landscaping apart from other home improvement projects is that it's an ongoing process. You need to be prepared to spend time and money on it in order to keep it looking good. Mulching, weeding, and pruning are all necessary tasks that need to be done on a regular basis. You may also need to water your plants regularly, especially if you're in a drier climate. Even with all of these things to consider, landscaping is still one of the best ways to improve the look and value of your home. With the help of a professional, you can create the perfect outdoor space for you and your family to spend time in. Outdoor spaces improved by landscaping Many potential buyers look for good first impressions but before all that, as a homeowner, you can add things like outdoor living spaces like an outdoor kitchen or enhancements to landscape lighting to improve the area around swimming pools. To plant trees, especially large ones, gives a home an air of grandeur and stability. Not to mention a little swing on something that sucks in carbon dioxide and provides shade for the rest of the yard can't hurt. Water features or koi ponds used properly can add a lot of value to a home, but these landscape design elements need to be placed judiciously. A water feature spraying your home when you step out the front door probably hurts home valuation and might ruin a nice suit too. Landscaping is a worthwhile investment if... Landscaping can make a home's value skyrocket but it requires upkeep. The market isn't kind to homes with a front yard left to the wild. But doing it right is a good way to get some exercise and enjoy your entire property instead of being confined to the walls of your house. 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

Renting A Furnished vs Unfurnished Property Renting a furnished property will be more expensive on the front end, but you'll save money in the long run. When you go for a fully furnished rental, you're paying for the convenience of having all of your necessities ready to go when you arrive. This can be a great option if you're short on time or if you don't want to spend time shopping for furniture and setting everything up. The downside to renting a furnished unit is that it will be more expensive on the front end. You'll also be limited in terms of what you can do with the space since the furniture is usually leased along with the property. Be careful about what exactly is included in the furnished unit. If your lease includes terms like "semi-furnished rental" make sure you know what that means. The price difference between a fully furnished apartment and one that's only semi-furnished can be substantial. A semi-furnished apartments' rent might be alluring but just be informed. If you plan on cooking on your first night in, make sure you packed some kitchen utensils. Higher rent for a furnished rental with all the furniture makes sense. Still, between furnished and unfurnished, the price difference can be a deal-breaker. Unfurnished properties are cheaper to rent and you can furnish them as your taste dictates If you're on a tight budget, it's usually cheaper to rent an unfurnished place and furnish it yourself. This gives you more flexibility to choose the furniture that best suits your needs. Plus, it's more economical to buy your furniture than to rent someone else's in the long term. Another thing to consider with renting a furnished property is whether you will be allowed to make changes or redecorate. If the lease agreement prohibits significant changes, you could end up having to pay for expensive repairs when you leave if you decide to change the paint colour or add new furniture. Furnished rentals tend to have much more severe rules when it comes to what you can do and unfurnished units - especially in the long run - allow you to live in a space that accommodates both your needs and your tastes. You'll have to do all of the work of furnishing an unfurnished property yourself Purchasing furniture, bedding, kitchenware and so on is just the first part. Bringing furnishings inside, without causing property damage and losing your security deposit, might require hiring people to help you if you are in a new city away from friends and family that may help. What you also have to consider is how you would remove things like a dining room table from a dining area when you're moving out. Furniture rental companies offer affordable solutions A nice compromise in the debate of furnished vs unfurnished rentals is furniture rental. It may be a more economical way of living in an unfurnished apartment while not having to deal with the cost and responsibility of disposing or moving furniture at the end of your lease. It also means less management since many furniture rental companies will offer to move the furniture themselves on top of providing furnishings. This may be ideal for short-term tenants who can't buy or bring their furnishings but want to live comfortably with furnishings that fit their personal preferences. The downside would be how to deal with multiple security deposits, one for the unfurnished apartment and one for the furniture. These companies can also be used if you live in a semi-furnished apartment to make up for some gaps in your needs. If you're looking for a short-term rental then it's probably worth renting a furnished property, as most unfurnished properties require a minimum lease term of six months Costs vary greatly so do your circumstances. It may even be a personal preference. Think of the rental properties you're looking at and the difference in price between unfurnished rental properties and furnished units. To rent fully furnished apartments means less pressure upfront and allows you to get started with your life right away but the increased cost and inability to redecorate may make it unsuitable for long-term stays. You can choose to have a unit furnished with rental furniture for a great compromise but your options may be limited depending on where you're living. What if you have pets? If you have pets then it's important to consider whether the property is furnished or unfurnished, as many furnished properties have severe pet restrictions. Aside from the usual accidents that happen, pets leave fur all over the place which can trigger allergic reactions. It's not always about landlords not liking pets, it can be a health risk for future tenants. If you do have pets, it's best to be upfront with the landlord and see if they might have furnished apartments or unfurnished apartments that would be good for you to lease. Of course, landlords are expected to clean units between tenants but some damage like scratched chairs or stained rugs can add up. Based on that, you'll usually have to pay a higher deposit for a fully furnished unit since everything inside belongs to the landlord and will be returned in the condition it was when you move out, whereas an unfurnished property comes with a lower security deposit as there is less at stake. If you're a frequent traveller, furnished or semi-furnished is better but there is another option. If you live in different cities throughout the year and stay mobile, it makes sense to rent furnished rentals instead of unfurnished apartments. Usually, this is what services like Airbnb offer. When going through the service, you should get in touch with the property owners if anything in the listing is vague. For example, if there is a photo from the living room but nothing of the bedroom, make sure you ask about it. Check out reviews and the other properties that the property managers are renting out before making a decision. The short version. The presence of a coffee table is not going to make or break your decision, at the need of the day you need to weigh how much time you will be living in the apartment compared to the rent you're willing to pay. More rent, more convenience but also less space for personalization. Take stock of all your options and your future timeline before you move in. 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 Equity, Mortgage, and Other Important Financial Terms. When you're buying a home, you need to consider a lot of different names for a variety of fees. The 'typical cost' of a house is adding up things like private mortgage insurance, legal fees, the selling price, common fees, and fees related to your local government. Moving expenses won't be a big piece of the pie when you factor in property tax, land transfer tax, and the cost of remedying a migraine or two. What is home equity? It is the difference between your home's current market value and the total amount you still owe on your mortgage. What can affect home equity? How you plan to use your home. If you plan to live in it for a long time, the equity will be higher if the market value stays stable or decreases temporarily. However, if you want to sell your home in the near future, high market prices would result in higher equity. The amount you still owe on your mortgage. Even if market values remain stable, a greater amount will result in a lower equity percentage. Your regular housing expenses and taxes compared with others in your area. If you have a fixed interest rate or low monthly mortgage payment, this will increase the equity amount when compared to other homeowners who have higher regular expenses due to fluctuating interest rates or greater monthly payment amounts. Your home's neighbourhood value. Higher rates of appreciation in your area will result in higher equity values, while lower rates of appreciation will result in lower equity values. Home equity can be an important factor when considering a home purchase or mortgage refinance. It is also used as collateral for various loans. The higher the equity, the more money you will have available to you. What is a home equity line of credit? A home equity line of credit or HELOC is a loan that allows you to borrow money up to the limit you have established. It works like a credit card, but it uses your home's value as collateral instead of an actual piece of plastic. Even though it may be difficult to qualify for the entire amount originally, you can draw money out of your line of credit through various transactions. You can even make partial payments if you want to, but it is important to know that the interest on the amount you have not yet paid back will continue to accumulate until your entire balance has been paid off. What is a mortgage? A mortgage is a loan that uses your home as collateral. This means that if you stop making payments on the loan, the bank can take your home away from you. The mortgage will give you the money you need to purchase your home, and you will then pay back the loan over time. Be sure to take care of all of your mortgage documents so you have a record of your originally agreed mortgage rates. What are some important terms to know about mortgages? Down payment. This is the amount of money you need to put towards your home before a lender will give you a mortgage. There are many combinations in which a down payment can be paid, such as cash at closing or by making monthly payments over time until all funds have been satisfied. Before you even get to that point, you and your real estate agent should have concluded a positive home inspection. It's usually a fraction of the home's purchase price and part of your mortgage loan. Thinking through a reasonable minimum down payment is one of the biggest indicators of whether or not you can afford a home. Interest rate. This is the price you pay for borrowing money. It is expressed as a percentage rate, and it determines the amount of interest you will owe on the balance every month until the loan has been paid in full or in structures like monthly installments. You should expect to pay interest unless you can buy a home outright without a home loan, and that interest rate is based on a variety of factors like your credit score. Loan estimate When you submit a mortgage application, your lender is required by law to give you a Loan Estimate (LE) within a few days based on the loan estimate form you filled out. If you have questions or something doesn't add up in your LE, ask your lender or attorney right away. You want to avoid surprises. Before closing your loan, you'll receive your final Closing Disclosure listing your closing costs. Be sure to compare your Closing Disclosure to the LE you received when you applied for your loan. Frequency of payments. This term refers to how often you make your payment each month, week, year, etc. Monthly payments are the most common, but biweekly or weekly payments can help you save money on interest in the long run. Term of the loan. This is how long you have to pay back your loan. The longer the term, the smaller your monthly payments will be, but you will end up paying more interest over the life of the loan. You can negotiate this with your mortgage provider. Amortization. This is the amount of time it will take you to pay off your mortgage in full. It is usually expressed in years or months. It is often referred to as your amortization period. Mortgage insurance. This is a type of insurance that protects the lender in case you default on your loan. You will be required to pay mortgage insurance if you have less than 20% down payment. Mortgage insurance premiums are usually added to the monthly cost of the loan. Part of the insurance policy is making sure that your first mortgage payment and fulfill your financial obligations. What are some other mortgage accounts? There are many different types of mortgages available depending on your individual needs. What different people deal with when talking about regular mortgage payments can be quite different from one person to the next. They range from traditional mortgages to adjustable-rate mortgages, discounted variable-rate mortgages, interest-only mortgages and much more. These are just a few of the most common types of mortgage accounts available in today's market. What is an adjustable-rate mortgage? An adjustable-rate mortgage or ARM allows you to borrow money at a certain interest rate during the fixed-rate period. Once this period is over, your interest will begin to change depending on current market conditions. If interest rates fall, then you can end up paying more for your loan than if they had stayed the same or increased slightly. If interest rates rise, then you will be able to pay less for your loan than if they had stayed the same or decreased slightly. What is a fixed-rate mortgage? A fixed-rate mortgage is a mortgage in which the interest rate remains the same for the entire length of the loan. This type of mortgage can be helpful if you know you will be in the same home for a certain number of years, as it guarantees that your monthly payments will not change. What is a discounted variable-rate mortgage? A discounted variable-rate mortgage is a mortgage in which the interest rate is lower than the lender's standard variable-rate product. This type of mortgage usually has a lower interest rate than a traditional mortgage, but there is a catch--the interest rate can go up at any time, which means your monthly payments could increase as well. What is an interest-only mortgage? An interest-only mortgage is a mortgage in which you only pay the interest on the loan for a set period. This type of mortgage can be helpful if you are short on cash and need to buy a home right away, as it allows you to spread the interest payments out over a longer period. However, you will still need to pay back the mortgage principal amount in the future. What should I do if I'm not sure which type of mortgage is right for me? If you're not sure which type of mortgage is right for you, it's best to consult with a qualified mortgage lender. They will be able to help you figure out which mortgage account is the best fit for your current financial situation and long-term goals. Homeowners insurance terms. What is homeowners insurance? Homeowners insurance is a type of property insurance that protects against losses to your home. This protection could include damage caused by fire, smoke, vandalism or even certain disasters. There are three types of homeowners' insurance policies available through most companies: Basic homeowners insurance This policy covers the structure and outside debris, including water damage, caused by fire, windstorm, hail or even an explosion. Generally, this type of damage is not covered by regular homeowners' insurance. Broad-form homeowners insurance This policy covers the structure and outside debris--including water damage--caused by any disaster covered under your basic policy (fire, flood, etc.) as well as common catastrophes such as hurricanes and earthquakes. Special-form homeowners insurance This policy only covers the structure itself and does not cover incidents such as earth movement or water damage. This type of policy is more expensive than a basic or broad form, but it's also less common. If you're looking forward to building your house from scratch, then this might be the right policy for you. What does homeowners insurance not cover? There are certain things that homeowners insurance will not cover, such as damage caused by earth movement or water. For example, you may not be covered if your swimming pool causes severe damage to your home or if a burst pipe causes water to run through the floors. You also will not be covered for any incidents that are deemed "negligent"--for example, if you go on vacation and leave the freezer open, which results in the refrigerator flooding. What is the difference between actual cash value and replacement cost? The difference between actual cash value and replacement cost is fairly simple: Actual cash value pays you what your home is worth at the time of the loss, while replacement cost pays you what it would cost to rebuild your home. For example, if your home was destroyed by a fire and it was valued at $100,000 when the policy was written, the actual cash value would pay you $100,000. On the other hand, the replacement cost would pay you what it would cost to rebuild your home--which in this case might be around $150,000. Property taxes and other fees What are property taxes? Property taxes are a type of tax that is levied by the government on the value of a property. This type of tax is generally paid by the property owner and is used to fund local services, such as schools and libraries. What are homeowners association fees? Homeowners Association (HOA) fees are monthly or yearly payments that typically allow you to live in a community. These communities may range from condominiums, townhomes and planned developments to golf courses. Depending on your home's location, you may be required to pay HOA fees. What are transfer fees? Transfer fees are a type of fee that is charged when property changes hands. This could be when a property is sold, refinanced or even gifted. The home buyer is generally the one to cover closing costs and it goes to the person who initiated the transfer. What are closing costs? Closing costs are a type of fee that is paid when a real estate transaction is completed. This could be when you buy a property, sell a property or even refinance. The cost covers the various services that are provided to complete the transaction, such as title searches and appraisals. Other important financial terms in real estate Escrow fee An escrow fee is paid to the person, working for an escrow company, who acts as an "escrow agent." This type of fee is generally used throughout the process to pay for specific services. An escrow agent is a third party who is responsible for handling the money and documents related to a real estate transaction. This could include receiving, holding and disbursing the funds as well as issuing title insurance. Transfer tax Transfer taxes are generally paid on the transfer of property. The property transfer tax can be paid by the buyer or seller, depending on the location. It is usually only applicable when there are more than two parties involved in the transaction--in instances where there are fewer participants, it is not traditionally required. Origination fee An origination fee is a type of fee that is charged by a lender when you take out a loan. This fee covers the administrative costs associated with originating the loan. Appraisal fees An appraisal fee is paid to the person who conducts an appraisal on a property. This fee is generally covered by the buyer and it covers the cost of hiring a professional appraiser. This is often confused with a home inspection fee and though they are similar, the two processes are separate. There are more, but you should discuss them with your realtor. Real estate agents have tips and tricks to avoid or minimize the payments that you need to pay in the end. At the very least, they can help you make sense of the process and the whole glossary of terms you'll be wading through on your way to the front door of your dream home. 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