Family Dynamics Can Affect Property Ownership

Family Dynamics Can Affect Property Ownership.
 
As today’s families grow while the generation before them ages, they may be facing home ownership trends that were not predictable only a few decades ago.
 
Perhaps the most obvious is seniors continuing to function independently in their own homes in the later stages of life. But an even less predictable trend might be adult children continuing to reside in their family home.
 
Their parents are often called the “sandwich generation” due to their dual role of caring for elderly parents and children simultaneously, even as they enter retirement years. This can
affect how they utilize their real estate assets, perhaps delaying a downsizing decision, or increasing debt to finance a child’s first home.
 
One of the spin-offs of such circumstances is the frequency of shared inter-generational property ownership. This can create complications that require consultation with financial and legal specialists, with regard to liabilities, powers of attorney and wills.
 
*Article Provided by Morris Marketing*

Who Do You Recommend?

Who Do You Recommend?

Chances are, you get asked for recommendations occasionally. If you think back just a few weeks, you can probably remember at least one time — and perhaps many more — when someone asked if you know a good math tutor, deck builder, insurance broker, or other professional. And, understandably, you’re careful about who you recommend. In fact, you likely only recommend professionals who you know are good at what they do, and who strive to provide great service.

Am I one of those professionals? If so, then I’d really appreciate it if you gave my name to anyone looking for a good REALTOR®.

I promise I will treat them well.

Visit www.RBRefferalRewards.com

Should You Rent Out Part of Your Home?

Should You Rent Out Part of Your Home?
 
Have you ever considered renting out a room to a student or renovating your basement into a self-contained rental apartment? It’s a big decision.
 
There are many pros and cons to consider. On the pro side, renting can provide you with additional income. An extra
few hundred dollars a month can go a long way towards paying down your mortgage or splurging on an exotic summer vacation. Creating rentable living space in your home — for example, an “in-law suite” featuring a kitchenette and bathroom — may also increase your property’s market value.
 
On the con side, you’ll have more costs and responsibilities as a landlord. For example, you might need to purchase extra insurance because basic home insurance policies typically do not cover rental units, even if you’re just renting out a room. You’ll also be responsible for dealing with repairs sometimes in the middle of the night.
 
Also, if you’re not careful about the renter you choose, you might end up with a “problem tenant”. For example, you could have a tenant who is consistently late on rent payments or simply stops paying. That can be stressful.
 
If you’re deciding whether or not to rent, be sure to check local laws and regulations. Many jurisdictions have very strict rules regarding renting out space in a residential property, and those rules change frequently. Make sure you get the latest information
 
*Article Provided by Morris Marketing*

Using Neighbourhood Data to Help Sell Your Home

Using Neighbourhood Data to Help Sell Your Home.

Your neighborhood has a lot of features that can help sell your home faster. Unfortunately, buyers don’t usually notice those features just by driving around. So, you need to make sure they get all the information they need about your neighborhood.

For example, say homes don’t go on the market often in your area. That’s an indication that the quality of life in the neighborhood is so good that no
one wants to leave! In real estate we measure the area’s “turnover rate”, and it’s handy data to have when listing your home.

Another bit of data that buyers can’t simply see is the local crime rate. But most police departments keep those statistics. If your neighborhood has a low crime rate, that’s an obvious plus to sellers.

Demographic data can also be helpful when selling your property. If your neighborhood has a lot of families, for example, that’s going to be appealing to buyers with kids.

Even local development plans can play a role in making your home more attractive to buyers. If a new ramp to a major highway is in the works nearby, getting to work is going to be easier. That’s a big benefit to commuters.

Other types of data that can help sell your home include:

• Planned local construction.
• Proposals for neighborhood improvements. (For example, a new playground.)
• Rates at which local property values are increasing.

Any information that shows the advantages of living in your area is going to be useful when selling.

By the way, this is the kind of information I put together to provide to prospective buyers when selling your home.

Contact me today!

*Article Provided by Morris Marketing*

New Year Dreams!

New Year Dreams!
 
Every January, people dream about the coming year and decide what they’d like to do and accomplish. For example, you might be hoping to take a vacation to an exotic locale this summer. (If so, have fun!)
 
If your dreams and plans involve the possibility of moving, give me a call. I have recent market information that may help you.
 
All the best!
 
– Ruth
416-779-8732

Quick Plumbing Jobs You Can Do Yourself.

Quick Plumbing Jobs You Can Do Yourself.
 
1. To unclog slow drains without harsh chemicals, pour boiling water into the drain, followed by a cup of baking soda, then 1-2 cups of vinegar (depending on the type). The reaction can dislodge common blockages.
 
2. To fix a dripping faucet caused by a faulty washer, start by shutting off the fixture’s water supply. Then, remove the handle’s cap and set-screw and remove the handle to expose the washer. Replace the washer or O-ring. (Note: Washerless faucets may require a new cartridge, which may be covered by a manufacturer’s warranty).
 
3. A running toilet requires an adjustment to the flapper mechanism in the tank. Ensure the flapper’s arm or chain does not impede it from dropping into place to stop the flow to the bowl. If the flow persists after the flapper settles, it may be corroded or puckered, leaving an imperfect seal. If so, a replacement flapper is required.
 
*Article Provided by Morris Marketing*

Crunching the Numbers

Crunching the Numbers

Buying and selling a home is, in many ways, a numbers game. You have to consider the selling price of your property, the purchase price of a new home, your budget, your required financing, and much more.

You can lose this game easily if you’re wrong about just one of those categories. For example, if your home ends up selling for 10% less than you expected, it could wreak havoc on your budget. As a result, you might not be able to afford the kind of new home you wanted.

That’s why I’m here to help.

If you’re thinking of selling, I can show you what your current property would likely sell for in today’s market — based on data, not speculation. I can also give you a clear picture of how much you can expect to pay for the type of new home you want.

As your REALTOR®, this is a service I’m happy to offer, even if you haven’t made a firm decision to sell and are “just thinking about it”.

Give me a call! 416-779-8732

Helping Seniors Live at Home Longer

Helping Seniors Live at Home Longer

As the baby-boomer generation reaches retirement, many still have aging parents who are in relatively good health, but require special accommodations to remain independent. Fortunately, advances in accessibility design and technology help seniors live in their own homes longer, whether that home is a condo or a “Granny Flat” adjacent to a larger family home. Renovations to enable mobility may include wheelchair accessibility hands-free door openers, motion sensor lighting, walk-in tubs, grab- bars and toilets with raised seats. But new tech devices and apps may serve the greatest role in helping seniors live at home. For example, sensors can report activities such as medication routines, appliance usage, and even nighttime roaming. Furthermore, monitoring devices can offer 24- hour interaction with loved ones.

*Article provided by Morris Marketing*

Reducing Toxins in Your Home.

Reducing Toxins in Your Home.
 
You may be surprised to discover that many common household products contain chemicals that could cause discomfort or harm to family members. If you are concerned about your indoor air quality (IAQ), take the time to check the labels on the products you have purchased. While arsenic and formaldehyde are commonly known, there are many other chemicals that are also worth examination.
 
Check government agencies and consumer-advocate websites for comprehensive lists of chemicals to be wary of throughout your home. Then, go through each room and consider the ingredients in the following products:
 
Bathroom: Cosmetics, soaps and skin softeners
 
Kitchen: Cleaning agents, aerosol sprays and air fresheners
 
Laundry: Detergents, fabric softeners and stain treatments
 
Living Areas: Synthetic fabrics, including carpets, drapery and treated furnishings (e.g. pressed wood)
 
Storage: Solvents, furniture stripper, paints, varnish, polish and insecticides
 
*Article provided by Morris Marketing*

A Condo Can Be an Ideal Income Property

A Condo Can Be an Ideal Income Property.
 
Regardless of whether you live in a house or condo, owning an income producing condo can prove to be a very savvy real estate investment.
 
Condos can be attractive investments because they usually require very little maintenance by the owner. However, managing an income property is not as easy as offering a short-term rental on your principal or vacation property.
 
In many cases, legal agreements, bylaw compliance and condo rules and regulations come into play. Also, you will need to decide whether to be a hands-on landlord or to hire a property management firm to handle a variety of services, including dealing with tenants.
 
Property managers can relieve you of handling most of the time-consuming aspects of landlord/tenant relations, including interviewing prospective tenants, collecting rent and managing routine repairs. They may even handle tax compliance and deduction eligibilities, property and liability insurance, and even basic legal requirements. However, hiring a property manager will not exempt you from your obligations as the condo owner, and your requirement to comply with condo corporation rules.
 
It is also important to note that management fees added to condo fees will affect your monthly net income.
 
*Article provided by Morris Marketing*