Tag Archives: Real Estate Tips

How Much Are Closing Costs When Buying a House?

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One of the top pieces of advice for anyone planning to buy a house is to make a watertight budget. However, it’s worth noting that your budget needs to account for many things beyond the down payment.

Closing costs are easy to overlook, but to do so would be a costly mistake that could cause you to fall into debt or lose out on your dream home. With that in mind, let’s examine just how much you can expect to pay in closing costs.

The amount you pay on closing costs depends on several variables. However, on average, buyers in the U.S. can expect to pay anything between 2% and 5% of the total sale price. Meanwhile, the figure is generally slightly lower in Canada, usually between 1.5% and 4% for a typical house purchase.

How Much Are Refinancing Closing Costs?

If you’re planning to refinance your home, you’ll also need to pay closing costs, typically between 2% and 6% of the total loan amount. These closing costs comprise several services, some with a flat fee and others charged as a percentage.

How Much Are Closing Costs for the Seller?

If you’re also selling your home while buying a new one, you must budget for the closing fees on both transactions. It’s usually the seller’s responsibility to pay any real estate agent commissions, which can add a hefty chunk to the closing costs, typically around 5% to 6% of the sale price. In addition, you can expect to pay an extra 1% to 3% in other closing fees, taking the total to around 6% – 8%.

Breaking Down the Typical Closing Costs for Buyers

Now that you know how much you should budget for closing costs, let’s look at each component in detail.

Legal Fees

You’ll typically need to work with a closing attorney when buying a home. It’s their job to oversee the entire process, and while they don’t represent either the buyer or the seller, their fee is generally split between the two. Depending on your location, the cost ranges from $500 to $1,500.

Appraisal Fee

Your lender will need to have the house valued before they agree to lend you the money you need to purchase it. On average, it costs $300 to have a house appraised, though it may be more for larger properties. In addition, if the seller completes repairs on the home after the appraisal, your lender may require a reinspection, which costs another $300.

Mortgage Fees

There are several fees associated with your mortgage. These include credit report fees, around $30, and application fees which generally cost between $300 and $500. But, most important is the mortgage orientation fee that all lenders charge to cover their services and admin costs. On average, this will cost around 1% of the loan value, though some lenders offer lower prices, and it’s a good idea to shop around.

Title Insurance Policy

Typically required by the lender, this insurance protects both the lender and the owner against future title claims. It can cost anywhere between $500 and $3,500 depending on the location and size of the property.

Home Inspection (optional)

While not mandatory, it’s well worth having your future home inspected by a professional before signing on the dotted line. Depending on the size of the house, it typically costs between $250 and $700. Of course, for additional inspections, such as lead paint, pest and roof, you’ll need to budget more.

Escrow Fees

An escrow account is a third-party holding account in which you’ll deposit various fees, such as the down payment. Once the sale is complete, the funds will be distributed to the appropriate individuals. Escrow fees typically cost around 1% of the sale price. This is often split between the buyer and seller, though it must be agreed upon first.

Private Mortgage Insurance (PMI)/Mortgage Default Insurance

If your down payment is less than 20%, most lenders will require you to take out mortgage insurance. PMI costs between 0.5% and 2.5% of the mortgage and is usually rolled into your mortgage payments. However, you’ll often need to pay the first month before closing.

Recording and Documentation Fees

Several companies will be involved in processing your real estate transaction, each with a fee to be paid. Courier fees are required if you’ve had to send your documents physically and typically cost around $20. Bank processing fees are also required, generally between $25 and $100, and you’ll need a notary to make the signing of all documents official, so another $100. Finally, the lender will charge a recording fee of around $50 to pay the county to make a public record of the transaction.

Prepaid Property Taxes and Utilities

Any taxes and utilities that have been paid ahead by the seller need to be reimbursed by the buyer. The attorney will calculate the cost, which generally runs between $1000 and $2000.

House Insurance

Most lenders require you to take out homeowners insurance, typically paid annually or biannually. The cost varies by house type and location, so be sure to get a few quotes.

What to Rent: Condo vs. Apartment

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If you’re looking to rent, you may be struggling to choose between apartments and condos. At first glance, they seem more or less the same. But delve a little deeper, and you’ll find many differences. Let’s take a closer look and figure out which is the best option for you.

Both apartments and condos are individual residential units within a larger building containing several other similar units. They can be within tower blocks or smaller buildings, with or without amenities such as a swimming pool or doorman. But despite these similarities, there are several differences worth knowing.

1.     Ownership

Ownership is by far the most significant difference between condos and apartments. In an apartment complex, all units are owned by one person, whereas in a condo building, each individual unit has a different owner.

2.     Management

Apartment building owners generally work with a management company to deal with tenants, maintenance, and other tasks. A condo building is usually managed by a homeowners association (HOA), which sets the rules and takes care of shared spaces. When renting a condo, you deal with your landlord, the owner of the unit, rather than a management company.

3.     Maintenance and Repairs

While renting an apartment, if something goes wrong, you can generally contact the management company 24/7, and they will take care of the issue. In a condo, however, you’ll need to get in touch with your landlord, who might not always be available. In case of any urgent repairs that surface, you might have to pay the bill yourself and recover the money afterward. It’s best to agree on such scenarios in advance.

4.     Rules

In a condo, the HOA will set the ground rules that owners and tenants must adhere to regarding common spaces and outside decoration. Within the condo unit, the owner may impose additional restrictions, such as no pet policies, for instance. Apartments also come with rules, though these tend to be stricter with no room for negotiation. In either case, be sure to check the lease agreement thoroughly before you sign.

5.     Costs and Fees

In a condo, the unit owner is solely responsible for setting the rent. This means that tenants in the same building, in similar units, often pay different rents. In addition, the rent will typically also include the HOA fee and the utilities. You’ll basically be paying a flat fee throughout the year and won’t have to worry about seasonal fluctuations. With these fees added to the rent, condos are often considered more expensive, but it isn’t always the case.

When renting an apartment, utilities are often billed separately, while maintenance and repair costs are typically rolled into your rent, in addition to the upkeep of any shared amenities.

Condo or Apartment? Which Is the Right Choice for Me?

To answer this question, it’s worth looking at the major advantages of both options.

Condo Pros:

  • Great condition and amenities: Condos owners tend to put more personal touches into their units and may install upgrades to improve their chances of finding a tenant. Plus, there’s a chance that the owner previously lived in the unit, so it’s more likely to be in good condition. Apartment owners may be more likely to cut corners on these things.
  • More room for negotiation: Not all condo owners are looking to make a profit from their tenants. Some simply want to cover their costs and ensure the unit is lived in and looked after. As such, you may find more room to negotiate on price, pet policies and renovation requests.

Apartment Pros:

  • Experienced management: With a professional management company, many things are streamlined, such as trash collection, online rent payments, repairs, complaints and maintenance requests. They are often available round the clock to take care of issues as and when they arise.

In general, if you prefer the peace of mind of not having to worry about dealing with maintenance and repairs and don’t mind having any say in what appliances and amenities you have installed, an apartment is a good choice.

Meanwhile, a condo may be the better option if you’d prefer a more personal relationship with your landlord and the potential flexibility that might come with that. The flip side is that in case of repairs and maintenance, things don’t always run as smoothly as they might with an apartment.

How Much Are Closing Costs When Buying a House?

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One of the top pieces of advice for anyone planning to buy a house is to make a watertight budget. However, it’s worth noting that your budget needs to account for many things beyond the down payment.

Closing costs are easy to overlook, but to do so would be a costly mistake that could cause you to fall into debt or lose out on your dream home. With that in mind, let’s examine just how much you can expect to pay in closing costs.

The amount you pay on closing costs depends on several variables. However, on average, buyers in the U.S. can expect to pay anything between 2% and 5% of the total sale price. Meanwhile, the figure is generally slightly lower in Canada, usually between 1.5% and 4% for a typical house purchase.

How Much Are Refinancing Closing Costs?

If you’re planning to refinance your home, you’ll also need to pay closing costs, typically between 2% and 6% of the total loan amount. These closing costs comprise several services, some with a flat fee and others charged as a percentage.

How Much Are Closing Costs for the Seller?

If you’re also selling your home while buying a new one, you must budget for the closing fees on both transactions. It’s usually the seller’s responsibility to pay any real estate agent commissions, which can add a hefty chunk to the closing costs, typically around 5% to 6% of the sale price. In addition, you can expect to pay an extra 1% to 3% in other closing fees, taking the total to around 6% – 8%.

Breaking Down the Typical Closing Costs for Buyers

Now that you know how much you should budget for closing costs, let’s look at each component in detail.

Legal Fees

You’ll typically need to work with a closing attorney when buying a home. It’s their job to oversee the entire process, and while they don’t represent either the buyer or the seller, their fee is generally split between the two. Depending on your location, the cost ranges from $500 to $1,500.

Appraisal Fee

Your lender will need to have the house valued before they agree to lend you the money you need to purchase it. On average, it costs $300 to have a house appraised, though it may be more for larger properties. In addition, if the seller completes repairs on the home after the appraisal, your lender may require a reinspection, which costs another $300.

Mortgage Fees

There are several fees associated with your mortgage. These include credit report fees, around $30, and application fees which generally cost between $300 and $500. But, most important is the mortgage orientation fee that all lenders charge to cover their services and admin costs. On average, this will cost around 1% of the loan value, though some lenders offer lower prices, and it’s a good idea to shop around.

Title Insurance Policy

Typically required by the lender, this insurance protects both the lender and the owner against future title claims. It can cost anywhere between $500 and $3,500 depending on the location and size of the property.

Home Inspection (optional)

While not mandatory, it’s well worth having your future home inspected by a professional before signing on the dotted line. Depending on the size of the house, it typically costs between $250 and $700. Of course, for additional inspections, such as lead paint, pest and roof, you’ll need to budget more.

Escrow Fees

An escrow account is a third-party holding account in which you’ll deposit various fees, such as the down payment. Once the sale is complete, the funds will be distributed to the appropriate individuals. Escrow fees typically cost around 1% of the sale price. This is often split between the buyer and seller, though it must be agreed upon first.

Private Mortgage Insurance (PMI)/Mortgage Default Insurance

If your down payment is less than 20%, most lenders will require you to take out mortgage insurance. PMI costs between 0.5% and 2.5% of the mortgage and is usually rolled into your mortgage payments. However, you’ll often need to pay the first month before closing.

Recording and Documentation Fees

Several companies will be involved in processing your real estate transaction, each with a fee to be paid. Courier fees are required if you’ve had to send your documents physically and typically cost around $20. Bank processing fees are also required, generally between $25 and $100, and you’ll need a notary to make the signing of all documents official, so another $100. Finally, the lender will charge a recording fee of around $50 to pay the county to make a public record of the transaction.

Prepaid Property Taxes and Utilities

Any taxes and utilities that have been paid ahead by the seller need to be reimbursed by the buyer. The attorney will calculate the cost, which generally runs between $1000 and $2000.

House Insurance

Most lenders require you to take out homeowners insurance, typically paid annually or biannually. The cost varies by house type and location, so be sure to get a few quotes.

What Is House Hacking?

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Owning a home can be a great way to steadily build up cash reserves. But what if you could speed up the process? House hacking is a technique used by real estate investors to pay all, or a portion, of their mortgage while living in the home they purchased.

In this way, they’re able to pay off their mortgage faster and eventually build a rental portfolio. Sounds too good to be true? Let’s take a closer look.

The Basics

House hacking takes advantage of the lower financial costs of buying a primary residence rather than an investment property. As a result, it enables almost anyone who owns their home to make extra money that helps cover mortgage repayments. In the best case, house hackers are able to cover their mortgage entirely and have some cash left over.

It works by renting out part of your home to tenants and is a great way to ease into investing in real estate. The best results come from buying a multifamily house, such as a duplex, triplex or quadruplex, although a single family home can also be house hacked.

The Benefits of House Hacking

From financial gains to getting landlord experience, there are plenty of benefits to house hacking:

  • It’s a superb way to ease into real estate investing and become familiar with being a landlord
  • Proximity to tenants for easy communication and troubleshooting
  • Financing a primary residence is often cheaper than an investment property
  • Building up equity faster
  • The possibility of tax reductions

Typical House Hacking Strategies

Want to give house hacking a go? Here are some pointers:

Choose the Right Property

Larger multifamily properties are the best option when it comes to house hacking. In general, the more units you will be able to rent out, the better. So while a duplex is good, a triplex or quadruplex is better since you’ll have more income streams.

The idea is for you to live in one of the units and rent the others out. Multifamily homes are ideal since they come complete with ready-to-go living units, with bedroom, bathroom and kitchen as a minimum.

In an ideal situation, the home you buy will start as your primary residence but will eventually be rented out entirely once you can either expand your renting portfolio or move to the house of your dreams.

Location Counts

Some areas only allow mixed-family or multi-unit properties, while others allow a mix of single family homes and multi-units. In general, the latter is preferable as investors are less likely to flood the area with tenants and larger apartment buildings. So, be sure to check zoning laws before you make an offer.

Desirable parts of town are more expensive but also easier to find tenants for. Proximity to public transport as well as job opportunities is essential, so be sure to research any potential location. Also, look for areas free from HOA restrictions, as some can prohibit non-owner occupancy or short-term rentals.

Other desirable traits to look out for include plenty of parking space and peaceful areas. Finally, check out the vacancy rate of local rental properties and how much average rents are. If there’s a high vacancy rate, it’s perhaps not the best location.

Understand Your Financing Options

Once you find the right home, be sure to make the most of your financing options. As your primary residence, a multifamily home can be bought using a conventional loan through a traditional lender. These loans typically boast better interest rates and lower down payments than if you were to apply for an investment property.

Crunching the Numbers

Before you make an offer on a property, be sure to do the math. First, you need to know how much potential income you can hope for and how long it will take before you’re able to refinance. Ideally, it won’t take too long before you can turn the equity in your first property into cash to put as a down payment in your next one.

Thinking Outside the Box: How to Hack any House

While a multifamily home is ideal, it’s not the only way to house hack. A single family home with several bedrooms can also be a great choice, with each extra room being rented out in a house-share system.

Alternatively, a converted attic, basement or garage can work just as well as a stand-alone apartment that can be rented out while you live in the main home or vice versa. Or, if space allows, you can build an additional dwelling unit (ADU)on your land.

Finally, short-term rentals are also a great way to make extra cash without worrying about managing a full-time tenant.

Do I need a REALTOR® to sell my home?

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Asian couple, woman in red dress, sitting on a couch, smiling and shaking hands with a realtor

These days, you can find an online video or how-to article for just about any DIY project… but when it comes to the single biggest financial decision of your life, there are sound reasons for choosing a professional. 

A REALTOR®1 will guide you through the entire process from start to finish. They provide skilled guidance on preparing your home for the market, viewings, negotiations and navigating the legal process of the transaction. Their expertise in the real estate market can also help you set the correct listing price for your home.

Here are some benefits to consider:

MARKETING AND SHOWING YOUR HOME: Top realtors will have access to best-in-class marketing services to show your home at its best and to as wide of an audience as possible. From photography services, staging, viewings and digital marketing, having a skilled professional on your side will get the most traction to your listing.   

ACCESS TO A LARGE NETWORK: A licensed real estate agent will have access to a large network of potential buyers. Through their professional databases and relationships with other agents, a realtor may have other clients, or colleagues with clients, who are interested in purchasing your home. They also have access to insights that can help you make a more informed decision, like comparable prices, market conditions and other trends.

NEGOTIATING: It’s called the art of negotiation for a reason – it is a real skill. A realtor is a professional negotiator who understands your local market. They know what has sold in the area and where demand is coming from. Lean on them to help you get the best sale price for your home.

NAVIGATING THE TRANSACTION: Having an experienced professional on your side will take the stress out of the critical paperwork that is necessary when selling your home. When working with a realtor, you will have the confidence that all your affairs are in order.

ACCESS TO OTHER PROFESSIONALS: It’s always helpful to have referrals from friends and family when hiring a professional. Just as you may be referred to an agent, your agent can refer others to you. Real estate professionals have access to a large network of home inspectors, appraisers, contractors, financial advisors and mortgage brokers, and movers, to name a few.

Want to find a Royal LePage real estate agent in your area?

1The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA.

Do I need a REALTOR® to purchase a home?

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Realtor in a blue suit shows a young couple a property, couple entering through front door

While there are plenty of great resources available to help you narrow down what you’re looking for, and research the region or neighbourhood that may best suit your lifestyle, consider these benefits to hiring a real estate professional when buying your next home.

A REALTOR®1 will not only take the time to help you find the right property, but also assist you through the buying and closing process. By getting to know you they can make suggestions of similar properties in similar neighbourhoods that may be off your radar. They have their fingers on the pulse of communities across the region they cover. They will advise you through the offer process and once a bid is won, they can recommend trusted professionals to help you complete the transition. 

Here are some benefits to consider:

ACCESS TO A LARGE NETWORK: A licensed real estate agent will have access to more available properties than the general public. Through their professional databases and relationships with other agents, a realtor knows what properties are coming on the market before they are posted, and may have other clients, or colleagues with clients, who are preparing to sell a home that fits your criteria. Some homes are sold prior to being listed and others are only publicly listed for a very short time. You could miss out on your perfect home.

NEGOTIATING: A realtor is a professional negotiator, and it is part of their job to get you the best possible deal on a property. They have insights into the local market, and with access to important data, they have a deep understanding of property values in a particular area at a given point in time.

NAVIGATING THE TRANSACTION: A real estate agent is an expert in their field, and having an experienced professional on your side will take the stress out of the critical paperwork that is necessary when purchasing a home. A realtor will guide you through one of the most significant and important transactions of your life.

ACCESS TO OTHER PROFESSIONALS: It’s always helpful to have referrals from friends and family when hiring a professional. Just as you may be referred to an agent, your agent can refer others to you. Real estate professionals have access to a large network of home inspectors, appraisers, contractors, financial advisors and mortgage brokers, and movers, to name a few. When you hire experienced experts, you get what you want the first time while saving time and money.

Want to find a Royal LePage real estate agent in your area?

1The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA.

Tips for packing your kitchen ahead of a move

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White bowls stacked in a cardboard packing box

Of all the rooms in your home, the kitchen might be the most daunting one to pack up. When it’s time to move, follow these four important steps to make packing your kitchen easy and stress-free!

  1. Get organized. Before you start packing mugs and bowls into boxes, take inventory of each cupboard and drawer in your kitchen. Use this opportunity to purge or donate any items you do not intend to take with you. Next, gather all the packing materials you will need, including packing paper or bubble wrap, strong tape, boxes in various sizes, and a marker.
  2. Set aside your essentials. You can’t leave everything to the last minute, so you’ll want to pack up the vast majority of your kitchen ahead of time and leave out only a few essential items to be used in the final days and weeks leading up to your move. Keep out one dish, bowl, mug, glass and set of cutlery per person, along with any small appliances used daily (i.e. a coffee maker). You may also need to hold back one multi-purpose pot or pan. On moving day, carefully pack all these items into one box and label it ‘essentials’.
  3. Pack it in. Place similar items together, and organize your kitchen contents by size and fragility. For example, all flat plates should be packed together with a few sheets of packing paper in between each one. The same goes for bowls. Remember, most of these items are heavy and breakable, so be sure to use strong boxes or bins with snap-tight lids, and fill in any empty space with extra paper or bubble wrap.

    Tips for boxing breakables:
    • Double-tape the bottom of any cardboard boxes to support heavy items. Place a dish towel or some scrunched up packing paper at the bottom of each box to provide extra support for heavy dishes.
    • Clearly label each box or bin, identifying not only the room it belongs to (kitchen), but also the contents of the box (pots and pans, mixing bowls, cutlery, etc.). You’ll be glad you did when you’re looking for your favourite coffee mug.
    • Use special glass dividers that can be inserted into packing boxes to transport your stemware safely.
    • Fill the empty space inside the boxes with dish towels and other linens in order to keep items from shifting and potentially getting damaged. They have to be packed anyway!
    • Wrap your entire cutlery tray in packing paper or a table cloth and place it flat inside a box.
    • Always wrap knives separately in paper or bubble wrap first and then in a  dish towel. Place them on their side inside the box – never pointing up. And, be sure to clearly label this box.

4. Reduce food waste.  Before you move, take stock of the contents of your fridge, freezer and pantry. In an effort to minimize waste, try to think of easy recipes you can make to use up as many of these items as possible. On the moving day, put the remaining items in a cooler with cold packs. These items should be packed last before you leave, and unpacked first when you get to your new place.

Your essential home project toolkit

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your-essential-home-project-toolkit_imageEmbarking on a home improvement project is a fun and rewarding way to spend spare time. With a myriad of ideas available in books and on the Internet, ideas abound for quick makeovers that yield dramatic results and useful solutions.

With the right supplies and a few good tools, you can tackle small improvement projects with confidence and ease. Here are recommendations for the tools most commonly used for small projects around the home:

Claw hammer. Ensure you have this old standby for general assembly and demolition.

Nail sets. You’ll need these in a variety of sizes to sink nailheads below the worksurface, providing for a clean finish.

Coping saw. This saw has a very narrow blade stretched across a U-shaped frame. It’s the tool of choice for making curved cuts to wood.

Tape measure. You’ll find it useful to have both a 12-ft. and a 25-ft. tape measure on hand.

Cordless drill/driver. This portable power tool makes light work of drilling holes and driving screws.

Levels. A 4 foot bubble level is best used on large surfaces – the smaller torpedo level works nicely in confined spaces.

Combination square. This square is used to position hardware, such as hinges on doors, and to check right and 45-degree angles.

Carpenter’s pencil. The pencil’s flat design keeps it from rolling off surfaces and it is used for marking and laying out hardware.

Utility knife and putty knife. A utility knife will handle most cutting and trimming jobs. You’ll need a putty knife for filling holes and patching.

Miter box. This tool is used with a handsaw to cut accurate 45-degree and 90-degree angles. The miter box is most often used for cutting trim and molding to length.

Screwdrivers. Your toolkit should include different sizes in both Phillips and Robertson. Or, you can consider at four-in-one screwdriver that holds four bits—two standard and two Phillips, which should meet most jobs.

Safety gear: Eye and ear protection; dust mask or respirator; knee pads; work gloves; work boots; and, a good first aid kit.

For best results, look for quality in the tools you select and invest in a tool bag or carry-all to keep your essentials well organized and easily accessible.

5 Tips for Reaching your Financial Goals in 2020

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The New Year is an exciting time for fresh-starts, new aspirations and of course, New Year’s resolutions. A great 2020 objective could be finally reaching your financial goals so you can be in a better position to travel, purchase a new vehicle and yes, invest in real estate. It’s never a bad idea to start learning effective ways to save money and what better time to begin than the start of a new year?

Keep Track of your Expenses

No matter which way you choose to track your spending, it’s a smart idea to document your finances so you have a better indication as to where your money is going and how to create an accurate budget. Consider using apps like Mint or Penny. Each app links to your bank accounts and will help you understand your money spending habits and what you can improve on. If you choose to refrain from technology to track your habits, keeping a written “money” journal is an effective tracking method as well.

Set Small Goals

Great saving tips start with setting realistic financial goals. Chances are, you have larger aspirations in mind like buying a home, saving for retirement or having an emergency fund however, setting small goals is a great way to get yourself to where you want to be. Perhaps your smaller objectives could include paying off a credit card or having $1000 saved by the end of the year; both great places to start. No matter your goals, setting small targets is a great way to get yourself into a stronger economic situation.

Reduce Debt

Reducing debt is arguably the most important part of the financial process because once you’ve reduced or completely paid off your balance owing, you’ll be able to put aside more cash into a savings account. Also, reducing debt helps you reach your larger financial goals like buying a home. When applying for mortgage approval, one of the first things a broker looks at is your debt to income ratio. If you have high credit card debt or other loans in your name, this may hurt your chances at being approved for a mortgage.

Open Up a Separate Account

If you have a savings account linked to your existing chequing account and are a person who tends to spend their saved money, consider opening up a separate bank account strictly for savings. By not seeing your savings balance, you may refrain from reaching for that extra cash. Sometimes, the quote “out of sight out of mind” can actually prove extremely effective, especially where finances are concerned.

Create a Realistic Budget

When looking for money saving tips, creating a realistic budget you’ll actually be able to stick to is imperative in achieving your economic goals. Map out what you make each month (and/or every two weeks) and what expenses you pay each month. Be sure to include items like gas money, groceries, and entertainment as well as any utilities you have. Once you’ve done that, plan out how much money you can afford for debt reduction and of course, savings. This will help with your financial goal setting.

Buying a home is a smart investment decision but in order to do that, you need to ensure your finances are in order. By making the smart New Year’s resolution to reach your financial goals in 2017, you’ll fast track your way to increasing your equity and improving your future. If you’re ready to purchase a house, let’s talk real estate – contact me today.

5 Simple Ways You Can Sell Your Home For More Money   

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The real estate market in the Okanagan is really hot, which means as a home-owner, you’re likely sitting on a good chunk of change if you decide to sell. To increase the value of your home even further, consider these 5 ways you can make more money from your house sale.

  1. Regular Home Maintenance Is A Must

If there’s one thing you should never neglect as a home-owner, it’s keeping up with regular home maintenance. Simple jobs like patching up small holes or scratches in the walls, repairing drafty windows and doors, and fixing leaky faucets and toilets can all work wonders when improving the value of your home, especially in this hot market. Annual maintenance check-ups are a good habit to get into, but if you notice something needs repairing, try to do it right away so you have less work later.

  1. Contemporary Sells 

Still have the same paint job you did when you bought the house twenty years ago? It’s time to freshen up the interior. Choose a neutral colour scheme like grey or white and find ways to off-set the light shades with pops of colour to suit your personality and style. By modernizing your home, it’ll become easier to sell when it’s time to put the house up for sale.

  1. Landscaping Is Important

You’ve heard it before, but first impressions are everything, especially where property is concerned. Learn how to garden, and plant some nice flowers at the front of the house. Ensure weeds are being pulled, shrubs are being trimmed, and grass is being mowed. You don’t want to scare away a potential buyer with a bad first impression.

  1. Energy-Efficient Upgrades Are Helpful

A major seller in real estate is creating an energy-efficient home. Buying “green” is important to property hunters so if you’re able to replace big ticket items like your old, outdated H-VAC system to energy-efficient heating and cooling systems, then you’re already helping your listing generate more attention. Minor swaps like replacing your old light-bulbs to LED or CFL bulbs and replacing your drafty windows to upgraded energy-efficient windows are two great ways to conserve energy, which will help sell your home faster and at a higher price.

  1. Renovate If Necessary 

Renovations are expensive, but at times, necessary. Ask yourself: If I renovate, will my property value increase? You know better than anyone if it’s time for some minor or major renovations. Seek out what people are looking for in a home. Usually, it’s an open concept living space, a modern and spacious bathroom (or multiple!), and a nice deck or patio to enjoy the Okanagan sunshine. If your home is outdated, cramped, and cold, it could be time to upgrade before you sell.

Ready to put your home up for sale in the Okanagan? I have just the tools you need to help sell that house fast and at top dollar. Just fill out the form on my website to get started.