May 6, 2010
Yesterday morning, I attended a home inspection at a cottage on Lake Manitouwaba. It was a warm, mid-spring day, with the sun occasionally poking its head out from the clouds and a moderate south-westerly breeze blowing in from the lake. As the morning progressed, the on-shore breezes became lighter and intermittent, allowing voracious clouds of blackflies to descend on to the unsuspecting inspector, cottage owner and buyers.
Luckily, my clients (the buyers) heeded the Boy Scouts motto (be prepared) and arrived with a full bottle of Deep Woods Off. Insect repellents containing DEET certainly seems to be an effective solution to biting insects such as mosquitoes and blackflies, but there are plenty of other “less toxic” solutions floating around.
A recent article on the Northern Living website suggests avoiding bananas and eating plenty of garlic to ward off biting insects. Read the entire article here.
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March 13, 2010
Here’s are seven excellent suggestions for selling your home or cottage, courtesy of Zillow
Understand first of all that there IS a difference between price and value. Price is the amount you are asking for the property. Value is buyer perceived, and this perception of value is influenced by many factors such as location, features, condition, comparison to other purchase option, etc. By attending to details that can have a positive impact on the value, sellers can significantly increase their chance of attracting qualified buyers willing to pay the asking price.
Some tips to achieve a positive impact on value are:
* Perceived size impacts value, even more so than actual square footage. Open floor plans make a room feel bigger than larger spaces with smaller rooms. Showing property that is furniture free, or at reduced clutter, helps to make the space feel bigger.
* Vacancy increases sale-ability. Property is easier to show and easier to sell, and quicker to take possession of when it is vacant at the time it is offered for sale. Evidence of problems to take possession of the property — such as encroachments, or tenants who wont allow buyer tours — negatively impact value. Vacancy also helps the buyer walk through the property imagining ownership. Sellers should remove personal trinkets and family pictures as well as being conveniently absent during a buyer tour.
* Cosmetics are important.
– Fresh paint will always add more value than it costs.
– Clean or new carpet/flooring adds more value than it costs.
– Landscaping adds more value than it costs. At the very minimum, make the entrance area neat.
– If you can, add some colorful flowers and new sod.
* Take care of the obvious! The spot on the ceiling from the roof leak takes thousands of dollars from the perceived value and the offer price.
* Condition affects value. Do a seller’s home inspection to identify and fix the problem BEFORE closing. No point holding up your check a few extra days; plus a failed buyer’s inspection could cost you the sale. Buyers will often bargain down your asking price to accomodate for property condition and repairs.
* If you can, remodel/update the kitchen and master bathroom. These two areas have a big impact on home buying decisions.
* Strategic renovations impact value and your bottom line. Don’t spend more money to renovate the place than you can recapture in value on the sales price.
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June 20, 2009
We get a lot of questions from prospective cottage buyers and existing sellers about tax planning for cottages. Being professional REALTORS, and not tax lawyers or accountants, we typically suggest folks contact people who know better than we do. While you do find sporadic (and often, outdated) information online, good resources are difficult to locate on the Internet.
There is an excellent write-up by Jamie Golombek, CIBC’s managing director of tax and estate planning that was featured in this weekend’s National Post. While the Post’s version will probably only be available for a short period of time, you can find the full version here.
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June 16, 2009
Home inspections are a small price to pay for the peace of mind of knowing you made the right choice when purchasing a home.
Generally, the home inspection should include an inspection and report on the home’s foundation, roof, exterior, interior, attic, insulation, windows, plumbing, heating, and electrical. The purpose of the home inspection is to describe the condition of the house from a professional and objective point of view. The report should identify any problems that exist at the time of the inspection, as well as identify potential problem areas in the future.
There’s no question that the services the home inspector provides can be invaluable. They provide buyers with the tools to make an informed decision regarding the purchase of the home, and future cost estimates for the repair of the home.
Minor flaws, such as chipped paint and nail pops, are typically not included in the home inspection. These tiny defects should be visible and apparent to the buyer and involve little maintenance or repair. Home inspections are intended to identify any major defects, system inadequacies, or safety hazards at the time of the purchase so that the buyer is not surprised with any unpleasant problems or financial burdens after the purchase.
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