Creating a Realistic New Condo Budget

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Creating a Realistic New Condo Budget.

You’re probably aware that there’s more to the cost of a new condo than its purchase price. So to help you make an informed decision based on all of the expected costs, ask yourself the following questions:

• How much do you expect to pay for moving expenses? Don’t forget to include packing materials in your calculations.

• “Closing costs” are the extra charges you will have to pay at closing. How much do you expect your closing costs to be?

• Estimate how much you’ll pay for activating your phone, internet service, cable television, and so forth, at your new condo. These little costs can add up.

• Will your new unit require painting, repairs, and other preparations once you move in? How much will they likely cost?

• Will you need to purchase new furnishings, decor, and other items for your new condo? What’s your budget for those items?

The more aware you are of the true costs of purchasing a condo, the better your decision making will be. And, if you decide to buy, you’ll be able to do so with much more confidence.

*Article Provided by Morris Marketing*

How to Tell if a Neighbourhood is Improving

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How to Tell if a Neighbourhood is Improving.

When you’re looking for a new home, you want to find one
in a great neighbourhood – or, at least, in a neighbourhood
that is on the upswing. How can you tell if a particular area is
improving? Here are some common indicators:

• Pride of ownership. Take a walk around the neighbourhood. Do you get a sense that people take good care of their homes? Are the lawns mowed? Is the landscaping trimmed? Are flowers planted? Homeowners are more likely to look after their properties when they like where they are living.

• Real estate sales activity. Do homes tend to sell quickly in the area? Do they sell for a good price? If so, the neighbourhood is probably in demand. If people want to live there, it’s a desirable area.

• Business investment. Are businesses investing in the surrounding area? Is there an increase in the number of upscale shops, health clubs, restaurants, and other commercial enterprises that often locate near desirable
neighbourhoods?

• City plans. Find out what plans the city has for the area. Will there be road improvements done in the near future? Are there any major construction projects on the schedule, such as a new school or community centre? Although such projects can be disruptive in the short term, they may improve the neighbourhood – and, as a result, boost the value of any home you buy – in the long-term.

If you need help finding this information, call today!

416-779-8732

Planning for Renovations that Pay Off

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Planning for Renovations that Pay Off.
 
Last year, a survey conducted amongst real estate agents sought to identify renovations that might affect the resale
price of homes across the country.
 
Aimed at helping owners decide about investing in a project when intending to sell in the near future, the survey revealed
that some low-cost renovations had the best potential to stimulate an increase in return-on-investment upon resale.
 
Of course, that is not to say that a vendor should avoid expensive projects such as a kitchen remodeling or bathroom
upgrade – because those renovations will likely attract more buyers.
 
Rather, homeowners should always be cautious about expecting a colossal uptick in their property value beyond its fair market value. It is also important that they consider how
a home improvement will benefit their own lifestyle while they remain in their home.
 
Meanwhile, if you’re wondering how your next project might affect your home’s market value, just ask. We could have a candid chat about the potential impact of your investment.
 
*Article Provided by Morris Marketing*

Tip For Vacation Home Renters

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Tip For Vacation Home Renters.
 
If you’re planning to look for a rental vacation home, you can’t
start too soon. As the summer season draws nearer, you could end up paying more for less.
 
Before starting your search, identify your budget, preferred
regions, vacation dates and required sleeping arrangements. List your “must haves”, such as beachfront, boating access,
outdoor cooking, drinkable water, air-conditioning or internet access.
 
Also, consider access to shopping for groceries or supplies. Remember, remote or island rentals require more thorough
planning. When searching, be particularly attentive to “house
rules” regarding such things as children, pets, smoking or
overnight guests. Whenever possible, view the vacation
home yourself before renting, and always ask for references.
 
*Article Provided by Morris Marketing*

Healthy Lighting For Your Home!

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Healthy Lighting For Your Home!
 
Recently, researchers have discovered that lighting in the home has a much greater impact on health and well-being than originally thought. Better lighting can boost your energy, help you sleep better, and even enhance healing.
 
So it pays to make sure the lighting in your home is healthy.
Start by enhancing sources of natural light, such as
windows and sunroofs. Study each room of your home
and replace as much of the artificial light as possible with
sunlight. For example, reposition a favourite reading chair
next to a window.
 
Consider dimming the lighting in your home during the
evenings. If your home is very bright when it’s dark outside,
it can affect your body’s natural rhythms, resulting in
disturbed sleep.
 
Avoid over-lighting, which is common in rooms where there
are few windows. Over time, excessive light can cause headaches and even mood changes. Lighting that is sufficient to see everything clearly is all you need
 
*Article Provided by Morris Marketing*

Making Smaller Spaces Work Harder

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Making Smaller Spaces Work Harder
 
As condo sizes trend smaller, their cost per square foot inevitably grows larger, putting pressure on owners to make the most of their available space.
 
For example, consider a “Murphy” bed that disappears into the wall, a foldup bed that compacts into a sofa or coffee table, or a loft bed with open space or a closet beneath it.
 
Similarly, dining tables can slide into wall
spaces and custom frames can turn television screens or bicycles into hanging artwork. New kitchen appliances can be especially clever, borrowing designs from ship galleys to
create efficiencies that are so effective that even a gourmet chef would feel little or no compromise.
 
Such inspirational furnishing and storage designs can create unique opportunities to maintain a more open, spacious-looking condo.
 
*Article Supplied by Morris Marketing*

Be Prepared for More Home Deliveries.

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Be Prepared for More Home Deliveries.
 
As retailers continue to evolve their delivery services, consumer shopping habits are sure to change – and drive a need for modifications around the home.
 
For example, we will likely rely more on overnight and same day deliveries for the timely arrival of necessities such as
groceries and medications. While this shift will likely reduce the number of occasions we need a car to shop, it will definitely affect how we arrange to receive merchandise when we are not at home.
 
Without an obliging neighbour or a full-time condo concierge, it may become necessary to have remote surveillance at your front door or in your building’s lobby, with a secure cage or drop-box for deliveries. Such an arrangement is not unlike
neighbourhood post offices or the milk boxes of the 50s, when daily deliveries were a common occurrence.
 
*Article Provided by Morris Marketing*

Data Analysis is Changing the Real Estate Industry

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Data Analysis is Changing the Real Estate Industry.
 
Homeowners may find it useful to understand how data analysis assists the real estate industry. Sometimes referred to as “big data”, the cross-referencing of wide-ranging statistics can reveal trends that give us insights that may have been undetectable only a few years ago.
 
For example, it’s possible to identify neighborhoods and home types that show the strongest potential for resale, either within a specific community or on a nationwide scale, or identify the types of renovations that offer the most favorable impact on property values.
 
It’s also possible for insurance companies to calculate a region’s likelihood for frequent claims, or risk of exposure to natural disasters – factors that could affect a homebuyer’s policy premiums.
 
Similar analysis can dictate whether financial institutions have confidence in a property’s mortgage viability (and what risk a borrower might pose), which can have a direct effect on the ultimate lending rate made available.
 
Perhaps the most positive real estate potential of data analysis is the ability to identify consumer profiles that match properties on the market, giving us new powers to bring together the perfect combination of determined buyers and motivated sellers.
 
*Article Provided by Morris Marketing*

Are You Making the Most of Your Home’s Layout?

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Are You Making the Most of Your Home’s Layout?
 
Let’s face it, not every home is perfect. Maybe you’re ready to think long and hard about the house you have, and the functionality it offers. If you are willing to ask yourself some big questions, you may find that a simple renovation can make your home a great deal more liveable.
 
Is your kitchen utilizing the efficiency of the classic triangle layout, positioning the sink, refrigerator and oven/stove within a few paces of each other? Do your bedroom layouts utilize sunlight year round? Could you convert a main-floor closet into a two-piece bathroom – or could you move your laundry facilities closer to hampers full of laundry? Would a spare room be better used as a hobby or games room, office or guest room?
 
Or, might it simply be time to consider moving?