Allie's Blog

Home Inheritance

2007-01-30T14:41:11Z

It would seem that inheriting a house, especially one filled with good memories, would be an unqualified blessing. But inheriting the family homestead and deciding what to do with it also can stir up all sorts of emotions, including unpleasant ones. It also can strain family relationships.

Before the all-too-common family wars break out in earnest, you'll want to calmly and (at least somewhat) rationally think through your options. If there is more than one heir, you'll also need to discuss the situation with the others, keeping in mind that everyone is likely to have different views on just how to proceed. The early inclination is to hang onto a home because you (and possibly your siblings) are attached to it. That thinking can backfire. The good times can quickly be overcome by the bad, let it be a financial decision, as much as possible.

For one thing, it can be easy to assume incorrectly that others share your emotional attachment. Realistically, some will feel strongly about keeping it, others will want to sell it and still others simply won't care. Finances often come into the picture. Let's say the children who want to sell the old family lake home might reason that they're not going to use the home much anyway, and would like money from a sale to boost their kids' college funds. The siblings who want to keep the house might live closer to it and be able to visit regularly.

Ultimately, you should ask yourself how you would proceed if you had no previous connection to this piece of property. Think of it as an investment property. Would you keep it, sell it, rent it, renovate it or combine these options? Even if emotions enter into your final decision, at least you'll recognize the role they're playing. To decide on a course of action, first assess the overall estate. It might be necessary, for example, to sell the house in order to settle outstanding medical bills. Also consider the location of the house. If you live far from the property, moving into it or managing it as a rental property might be out of the question.

Whether you keep or sell the property, you might need to spruce it up. Tackle the easy tasks first, such as removing clutter, trimming the shrubs and repainting walls that need it. These improvements cost little, but can boost the value of the house in the eyes of potential buyers. Then, you'll want to think through any plans to do more. Hire a competent inspector who can evaluate the shape of the structure itself, as well as of the electrical and plumbing systems. This will help you put a cost figure on any renovation. In addition, disclosure laws in many communities require you to let buyers know of any defects.

Before embarking on an all-out renovation, assess whether it will be worth your investment of time and money. Do you have the time and energy to oversee a renovation? If not, selling "as is" might make sense.

It may be worth taking a lower price. Life is short. If you decide to sell, and you need to do so from a distance, hire a trusted real estate agent to handle the transaction.

Nanaimo Real Estate Tip # 14 - How do you know it is time to move?

2006-12-23T13:59:20Z

Does thoughts of moving keep recurring? Change house, neighbourhood, perhaps neighbours? These are some signs that a real estate deal and move is in your horizon.

Kids sharing a room? Yard too small? You need a family friendly home that will grow with your family. Maybe you need a smaller home. You find yourself scanning the classifieds, picking up real estate magazines, writing down website addresses. Thinking it is time to make your dream home a priority. The commuting to work is a killer. Your home renovations are never satisfying. This endless cycle of fixing and tweaking tells you your home just isn't doing it for you anymore. Crime. You feel nervous and barely feel comfortable walking out the front door. Your neighbour sold their home for a fabulous price. Your home can reap some great financial rewards in the present market. A big house and lots of property is no longer necessary. Downgrading to a smaller home will make it easier as you get older and will also free up some money for those retirement dreams. All you need is to bring your heart and wallet together.

Nanaimo Real Estate - Executive Home

2006-12-20T19:53:20Z

French Chic in prestigious Rockridge Estate! Custom built home by Dave Clemson. The features of this fabulous Nanaimo home go on and on. Oversized kitchen, living and diningroom. A big master bedroom complete with ensuite and double walk-in closets. Subtle tile in the foyer leads to your vaulted ceilings, crown mouldings and solid Walnut hardwood flooring. Kitchen includes granite island countertop with Alder hardwood cabinetry including built-in wine fridge. This executive home was designed by Donald A. Gardner Architects, Inc, and the custom decor is by interior designer TD Swansburg Design Studio.

Nanaimo Real Estate Tip # 13 - Finding the Right Home

2006-12-20T19:46:38Z

Find out how much you can afford to pay for your new house and get pre-qualified for a mortgage. Now you're ready to start your search. Sources available to find the right home would include:

Word of mouth:

By telling everyone you know you're looking for a new house, you just might hear about a home that may be ready to enter the market.

Newspapers / real estate magazines:

Check the new home section of your newspaper or look for real estate magazines available at newsstands, convenience stores and other outlets. These free publications feature pictures and a brief description of a variety of homes.

The Internet:

Check real estate websites, such as www.mls.ca or www.remax.ca (<--shameless plug) for information and pictures on a superb range of properties. These sites allow you to narrow your search range by location, price, number of bedrooms, etc.

For Sale signs:

Drive around neighbourhoods that interest you - great way to find homes that meet your location desires - you'll also see home that are For-Sale-By-Owner. You should know that in our area there have been countless court cases involving people trying to save money by trying to take the place of a professional realtor - so beware.

Visit new development sites:

If you are in the market for a new home, this will allow you to see the various models and get information from the builders.

Realtor: For most, working with a Realtor is the key to a successful deal. Your real estate professional has all the tools at their disposal to ensure your transaction goes smoothly from the moment of introduction until your new home's keys are delivered.

Tips

Keep records - visit lots of different homes and record information so you can compare later on, i.e. utility costs, property taxes, repairs etc. Ask for copies of the household bills. Remember, you may have to compromise as finding a home that has every single detail on your wish list may prove a daunting task.

Financing - check out the existing financing on the property, you might be able to take over a favourable existing mortgage from the Seller or even obtain a vendor take-back mortgage in order to help close the deal.

Think twice - Even if a home looks perfect, go back and take a closer look. Visit on different days and times, chat with the neighbours and look beyond the cosmetics.

Nanaimo Real Estate Tip # 12 - The Professionals You Need

2006-12-20T16:36:52Z

The Home Inspector

For most people it is a good idea to have the new home you're thinking of buying inspected by a knowledgeable, professional home inspector. Your Realtor can include this in your Offer to Purchase.

The role of the home inspector is to educate you on the condition of the property. They will inform you if something is not functioning properly, needs to be replaced or is unsafe. You should be told of repairs that will need to be done and often your inspector will be able to identify problems that have existed in the past.

The minimum of a home inspection should include an evaluation of the following:

Foundation

Doors & windows

Roof and exterior Walls

Attics

Plumbing & electrical systems

Heating & air conditioning systems

Ceilings, walls & floors

Insulation

Ventilation

Septic tanks, wells or sewer lines

Other structures, such as a detached garage

The lot, including drainage away from buildings, slopes & natural vegetation

Overall opinion of structural integrity of the building(s)

A good home / property inspector generally belongs to a provincial or industry association. You may also be interested to know whether they carry errors & omission insurance.

Nanaimo Real Estate Tip # 11 - The Cost of Home Ownership (Part 2 of 2)

2006-12-19T17:36:24Z

The Cost of Home Ownership (Part 2 of 2)

In addition to the items listed in Part 1, you may need to consider these following items and whether or not they pertain to you. Nobody likes nasty surprises after the for sale becomes sold.

Appliances (Is it a new home, or new to you? Appliances may or may not be included. If you're on a tight budget consider locating a refurbished appliance store or your local buy & sell paper. If you borrow extra funds on your mortgage for new appliances (or furniture, for that matter) you could be paying for these items long after their life span. And a special note: should you purchase your home and appliances are included, make note of the brand and model names, perhaps have your realtor record the serial numbers - you'd be surprised at the number of switcheroos that have been pulled off during some property trasactions.)

Gardening Equipment

Snow-clearing Equipment

Window Treatments

Decorating Materials

Hand Tools

Dehumidifier

Moving Expenses

Renovations / Repairs

Service Hook-up Fees

Nanaimo Real estate Tip # 11 - The Cost of Home Ownership (Part 1 of 2)

2006-12-18T12:08:16Z

There are various costs associated with the purchase of your new home whether it be in Nanaimo or elswhere. After you've arrived at the price range of the home for sale that you can afford and the home's mortgage you've qualified for, remember to add on the up front costs.

Mortgage Loan Insurance Application Fee / Premium:

If you have a high ratio mortgage (less than a 25% down payment) you may require mortgage loan insurance. To obtain this insurance you may be asked to pay an application fee which may be: a) added to your mortgage or, b) paid in full upon closing.

Appraisal Fee

The mortgage lender may require that your new home be appraised - at your expense. An appraisal is an estimate of the home's value. This cost could be in the $300.00 - $400.00 range.

Deposit

This will eventually make up part of your down payment and must be made when your Offer to Purchase is submitted. The amount varies from area to area, but 5% of the purchase price is not unheard of.

Down Payment

Traditionally your home purchase requires a minimum of 5% for a high ratio mortgage and 25% for a conventional mortgage. Today some lenders have modified their policies so as to enable those with good credit to qualify for mortgages with no money down.

Home Inspection Fee

Your Realtor often will include a home inspection condition in your Offer to Purchase. This report covers the condition of the home and could cost in the $300.00 to $400.00 range. It should be noted that care should be given when selecting a home inspector, ensuring that a reputable company with solid credentials be selected.

Land Registration Fees ( sometimes called a Land Transfer Tax, Deed Registration Fee, Tariff or Property Tax)

These provincial or municipal charges will have to be paid upon closing in some provinces. This cost is based on the purchase price of the home. Check with your lawyer or notary to see what the rates are in your area. In British Columbia, the amount is 1% of the first $200,000.00 and 2% on the balance.

Pre Paid Property Taxes / Utility Bills

You will have to reimburse the Seller for things like property taxes already paid, or filling the oil tank, etc.

Property Insurance

Your mortgage lender will require insurance because your new home will be the security held for the mortgage. This insurance covers the replacement costs of the structure of your home and may include your contents as well. Insurance must be in place on the day of closing. Your Realtor may wish to include a condition in your Offer to Purchase that your new house qualifies for insurance because, believe it or not, not every house in today's market qualifies.

Survey or Certificate of Location Cost

Your mortgage lender may require an up to date survey or certificate of location before finalizing the loan. If the Seller doesn't have one, or agree to provide one, you may very well have to pay in the $1000. to $2000. range. In Nanaimo, Title Insurance may be used in lieu of.

Water Quality Inspection

If your new home has a well you'll want to test the quality of the water, ensuring the supply is adequate and the water is potable. You can always negotiate these costs with the Seller in your Offer to Purchase.

Legal Fees and Disbursements

These fees must be paid upon closing and generally cost $500 -$1000.

Title Insurance

Your lawyer or lender may suggest title insurance to cover any loss caused by defects in the title to the property. In Nanaimo, the cost will range between $200. - $300.

Nanaimo Real Estate Tip # 10

2006-12-13T16:21:18Z

Nanaimo Kitchen tips:

Fridge - why make the fridge work harder: keep it away from sources of heat in your home like sunlight, heating vents, kitchen ranges, dishwashers or radiators. Let food cool down prior to putting inside your fridge so extra energy isn't being used in chilling the food. You can fill the freezer to capacity but don't overfill a refrigerator so as it blocks the air circulation making it working harder to keep things cool. Check the door's seal by losing the door on a five dollar bill (or hundred dollar bill if you have one handy). If it isn't held tightly in place the seal may have to be adjusted or replaced. Don't leave the fridge door open longer than necessary. Use a fragrance-free, non toxic Deodoroc Fridge Block, made from naturally occurring minerals or an open box of baking soda to prevent odours.

Dishwasher - don't waste water by pre-rinsing dishes before putting them in the dishwasher - just scrape off the food. Use the shortest cycle for lightly soiled loads. You can save 10% of the operating cost by air drying your dishes. Wash only full loads, but don't overload.

Nanaimo Real Estate tip # 9 - kitchen is the hub

2006-11-22T16:03:56Z

Ever wonder why "kitchen parties" naturally occur in your home every time you have a get-together? Well, it is because the kitchen is the hub of every home. It is where we get nourishment and refreshment, gather and regroup after a busy day. It is a room with real value for every family. We have learned that kitchen upgrades can really deliver, with a 44% higher return on investment than the average return on other popular renos for your real estate investment.

Nanaimo Real Estate tip # 8 - no money down

2006-11-22T11:11:04Z

Whether you're buying real estate in Nanaimo or elsewhere in Canada, you can now apply for a 40 year mortgage with no money down. When you spot the for sale sign on that perfect house, imagine the feeling of comfort knowing you've been pre-qualified for the mortgage. Your realtor can include the homes in the price range you can afford and you will have saved yourself some big disappointments by eliminating houses out of your "snack bracket".

Nanaimo Real Estate tip # 7

2006-11-21T21:35:26Z

Disappear in Your Personal Spa

Today's stress-filled world leaves us all crying out for rest and relaxation. Making your home's bathroom the best it can be will generate a 56% better return on your real estate property investment than the average popular reno.

The goal should be to create a spa-like environment in your bathroom. Maybe install a soaker tub with relaxing jets, or perhaps a new steam shower stall.

Nanaimo Real Estate - Fabulous Condo For Sale

2006-11-20T01:16:00Z

ROCKY POINT CONDO For Sale: Own this fabulous updated north Nanaimo condo within a very prestigious adult oriented building within walking distance to the ocean. This extremely bright unit offers plenty of windows for natural light & a private patio with plenty of sun. Offering 1055 sq. ft. with 2 bedrooms, 2 baths, an open spacious living room with a natural gas fireplace, dining area & a galley styled kitchen. Some additional property features include; in-unit laundry, plenty of closets for storage, covered parking stall, extra storage, security access, wheelchair accessibility, attractive building, ocean views from the living room and patio, views of grazing deer from this ground floor unit. Excellent value home. Some pets are allowed.

Nanaimo Real Estate tip # 6 - fireplace

2006-11-20T01:03:14Z

Rekindle your Passion for Living

Nothing beats the feeling of curling up around a fire on a cold winter's night in your home. Not to mention the comforting feeling of hearth and home that a fireplace adds to a room. Installing or upgrading the fireplace in your home will generate 11% greater return on investment than the average return on other popular property renos.

Nanaimo Real Estate tip # 1 - fresh paint

2006-11-18T12:56:25Z

Often overlooked for the dramatic effect it can have on any living environment, the simple repainting of walls gives you a 29% better return than other popular renos when listing your home for sale. Whether you go neutral with splashes of colour or warm and dramatic, trends include a mix of strong colours, mixed with nature-inspired neutral-energy colours like orange, aqua, sage and blue, along with natural palates leaning towards bisque, fawn, grey and walnut. There is definately a lot of bang for your buck when preparing your home for the real estate market - whether it be in Nanaimo or elsewhere - and the great part of it all: most anyone can pick up a paint brush and improve the look of their property.

House Numbering in Nanaimo on Vancouver Island

2006-11-17T13:00:29Z

Many people do not recognize the importance of house numbers and as a result, many homes in Nanaimo are not identified with visible or legible house address numbers. In most cases, this is not an intentional decision, but rather a lack of understanding of the potential consequence of not installing them or allowing vegetation to reduce their visibility.

Unfortunately, the inability to quickly identify an address from the street may cause delays in responding to a home during an emergency. Nanaimo city bylaws establish the following minimum standard for house numbering:

House numbers must be placed in figures not less than 3" high on the building in a conspicuous place, visible from the street upon which the building fronts.

House numbering checklist:

House numbers should be of a contrasting colour to their background and should be clearly visible at night.

Display house numbers as close to, or on, the main entrance or doorway facing the adjacent roadway.

If there is a lane access, place house numbers in such a way as to be visible from that lane.

Where the building is obstructed by vegetation, house numbers should be mounted on a sign clearly visible from the roadway.

If the property the building or residence is located on is a greater than the normal distance from the roadway, display house numbers within 10 metres of the roadway.

All house numbers should be displayed in an upright manner so that they are clearly visible from the adjacent roadway or lane way.

Nanaimo Real Estate tip # 2 Ideas Underfoot

2006-11-14T14:37:43Z

Great looking floors are a strong feature of any home. It often makes all the difference. This upgrade can generate a 22% better return on investment than the average.

Start by ripping out that dated wall-to-wall carpet. Then sand your existing floors down and refinish them, or choose one of the many easy-to-install affordable laminates now available. A darker stain gives and elegant yet up-to-date look.

Nanaimo Real Estate Lisiting on Vancouver Island

2006-11-08T12:40:39Z

You'll love the ocean and mountain views of the mainland's Sunshine Coast once you exit the french doors leading to the rear deck. Minutes from Nanaimo's Westwood Lake, this lovely 2040 sq. ft. home sits down the driveway from a quiet cul-de-sac, serenely nestled amongst the foliage and trees of almost 1/2 acre. Vaulted livingroom ceiling, natural stone wood-burning fireplace and oak kitchen cabinets compliment this lifestyle home. If you appreciate the seclusion of watching soaring eagles or simply curling up with a fabulous book you will want to find out much more of what this fabulous Nanaimo hideaway has to offer.

Nanaimo Real Estate tip # 3 Home Colour Choices

2006-11-07T12:44:42Z

When you see as many homes in Nanaimo as we do it is a constant source of inspiration simply noticing colours chosen by the home owners. Paint companies have thousands of home colours to choose from and the challenge is to pick the right ones for your home. Just as important is the paint finish that will compliment your home, especially if you plan on listing it for sale. Buyers want to envision themselves living in the home so why not offer it for sale with some thought to the sheen used when sprucing up your house. A flat finish is best utilized when wanting to help downplay those minor imperfections or textures on the wall's surface. It enhances the colour by toning down any reflections from other sources. If you need a little more durability then eggshell might be what is needed. It provides a hint of shine and renders a truer colour. Most homes use a semi-gloss for the doors, trim and cabinets. It has an excellent washability factor and is generally used in the home's kitchen, bathroom and laundry area. High-gloss leaves all imperfections open to the eye. A glossy, mirror-like finish can result in a dramatic effect but should be used wisely as it will also produce a glare that will alter the way the colours are seen in your home. Whether your home is in Nanaimo or elsewhere, advice can be sought at any reputable paint outlet.

Nanaimo Real Estate tip # 4 Flipping Houses

2006-11-06T22:59:54Z

Many folks have bought real estate listed in Nanaimo for the expressed purpose of "flipping". One of the most important aspects of flipping a home (for profit, hopefully) is to remain focused on the plan that you've designed. (Real estate gurus always have a plan) It's very easy to get caught up in all the television "entertainment" that depicts how everyone makes money, but without a carefully drafted schedule of the work to be done, having the skills and / or connections to implement, you'll be behind both financially and emotionally in no time at all. Before taking possession of your new "dream" property, make sure you have visited the target property enough times to make notes, take all measurements and assemble a complete collection of photographs. When you're handed the keys to your new digs you walk in armed with the tools and materials to begin the project. Time is money.

Nanaimo Real Estate tip # 5 Staging your Home

2006-11-06T18:14:35Z

We like to chat with our Nanaimo clients about maximizing their real estate investment by using some simple staging techniques. Remember, the first impressions when listing and selling your home, whether in Nanaimo, British Columbia or elsewhere, may be critical to your success.

Light 'em up! - make sure the lights shine bright in your rooms when your Realtor shows your home. Try different wattage for different rooms to find what looks best.

Clean squeaky clean - ensure the windows are spotless - inside and out. ( then you can see those soliciting Realtors) Check refrigerator, glass tables, countertops and hanging pictures. Dust and dirt are the enemy.

Curb appeal - it is often not enough just cutting the lawn and popping in a few flowers. Does the front door need paint? Can we read the house numbers? Is the outside light in good repair. Remember, real estate buyers will start off outside your home and you want these buyers in the right frame of mind before they enter your home. And, lest we forget, many home purchasers here in Nanaimo fly in from far off places like Alberta and Ontario for the expressed purpose of buying a home in just one weekend. Often you will not get a second chance with them.

Its all in the details - inspect your home for flaws such as chipped drywall, paint, leaky taps. A fresh coat of paint can transform a room immediately. Don't forget the ceilings.

Pack Rat ! What's with all this stuff you have? Start packing. Now! Put away pictures, decorative plates or souvenirs. Thin the herd, partner. Clothing and linens too!

Real Estate can be a dog eat dog business - start off on the right foot before you hit the market. If you need a staging professional, that too can pay huge dividends. Remember, you only get one chance at a first impression. A qualified Realtor will always help you out.