Tips for Visiting an Open House

Tips for Visiting an Open House

There’s a lot of information out there for sellers staging an Open House, but surprisingly few guidelines for the people who come to view them.  For some, an Open House viewing may simply be an impulse activity to satisfy their curiosity about a neighbor’s home.  However, for serious buyers, especially First Time Buyers who have limited experience in seeing different home styles and layouts, visiting Open Houses can be a very worthwhile exercise.

To plan an effective Open House tour, you should start with a map.  Plot out the addresses of where the Open Houses are located, and the times of showings to ensure that you make the most productive use of your time.  

If you don’t already know the neighbourhood, then that’s the first place to start.  Look at your map, and see where major transportation links are located, as well as parks, schools, shopping and amenities.  If everything you see on the map looks good, then start out with a driving tour of the neighbourhood itself, before you devote some time to viewing individual houses.

If you plan on visiting an Open House, and you’re already working with a real estate salesperson, be sure to notify them in advance.  Your sales representative can be a very valuable source of information about the neighborhood, and may possibly even be familiar with the individual property.  Also, depending on the rules of your local real estate board, visiting an Open House without your agent present may result in conferring certain rights on the salesperson who is showing the property.  If you discuss this with your salesperson before your visit, you’re ensured of having the right person to look after your interests when it’s time to make an offer.  Of course, if you aren’t yet working with a sales representative, Open Houses can provide a great opportunity to not only look for the right house, but the right salesperson.  What better way to see them in action, and find out quickly if you communicate on the same wavelength.

As you tour an Open House, try to see past the furnishings, and any personal clutter, and focus on whether the space and layout works for your needs.  Don’t assume that what you see is what you get!  Many things you see at the viewing, such as window treatments, light fixtures, appliances and even that hot tub on the back deck may not be included in the list price.  Check details on the feature sheet and verify what’s included with the agent hosting the Open House.

When touring an Open House, be direct and ask questions.  Remember, this is no time to be diplomatic.  The real estate professional showing the home realizes that it may not be right for everyone.  By keeping your comments open and direct, you help the sales representative to better understand your needs, and offer solutions to meet them.

tomflatt: Look to the Future when home buying

tomflatt: Look to the Future when home buying: Look to the Future when home buying With today’s interest rates at near record lows, many people are recognizing that a mortgage payment on...

Look to the Future when home buying

Look to the Future when home buying

With today’s interest rates at near record lows, many people are recognizing that a mortgage payment on a house can actually be comparable to what they would spend on renting an apartment or home.  Perhaps you’re one of them and are ready to take a step up the property ladder. 

For most people, buying a home is the most significant financial investment they’ll ever make, and there’s a lot of planning that goes into a successful transition.  With that in mind, here are a few tips to help buyers navigate the home buying process:

Consider future needs. Look ahead and anticipate what your family may look like just a few years from now.  If you’re a single buyer, you may someday add a ‘significant other’ to your household.  If you’re a young couple, you may be planning on children.  Or you may already have children whose needs will change within just the next few years.  As they get older, perhaps your children will need a bedroom of their own, or some private play space.  Though additional space may not be needed immediately, it’s important to consider potential future plans for a home.  Keep in mind that there is no such thing as the "perfect" house. Instead, determine what’s essential for the near future – number of bedrooms, approximate square footage, community, etc.  But be cautious.  Look to future needs but don’t overextend yourself buying space you may not ever need.

Remember resale.  Purchasing a home is a great long-term investment. However, there are many reasons home buyers may need to move again, such as relocating for a job or a major lifestyle change. Think about the length of time that the home may be owned and during your search, also consider the potential resale value of prospective properties you are viewing.  Your local Coldwell Banker professional can help by sharing such valuable information as the average price of resale homes in the area, how long each property has been on the market and what features increase – or detract – from a home’s value and appeal.

Plan for maintenance and repair costs. Owning a home is a rewarding experience. However, along with a set of house keys come certain responsibilities for upkeep.  A leaky faucet and unkempt lawn won’t take care of themselves, so be sure to include future repairs and maintenance in your household budget.  Keep in mind that certain properties such as condominiums and town homes require less exterior maintenance and might be a good option for those who find the idea of maintaining a yard a bit daunting.

Want to know more about the home buying and selling process?  Feel free to contact me for the inside scoop on your market.

tomflatt: High gas costs prompt 'stay-cation' living...

tomflatt: High gas costs prompt 'stay-cation' living...: High gas costs prompt ‘stay-cation’ living Outdoor and leisure features have growing appeal as families change their vacation strategies If...

High gas costs prompt 'stay-cation' living...

High gas costs prompt ‘stay-cation’ living

Outdoor and leisure features have growing appeal as families change their vacation strategies

If you’re like most Canadians, you probably wince when you pull up to the gas pumps these days.  It’s already having an impact at how many ‘day trippers’ drive out of the city each weekend for visits to the beach or lake.    And it doesn’t look like the situation is going to improve any time soon.  The latest news comes from Air Canada, announcing that it is eliminating several flights due to the high cost of fuel.  With these cut-backs comes a warning that we can expect airfare prices to rise dramatically over the next short span of time.  It leaves me wondering if more crowded seating and luggage surcharges can be far behind. 

So with all these rapid changes and escalating costs, where does that leave the average Canadian family when it comes to their vacation plans?  Many of my customers are already telling me that they’re changing their vacation strategies.  And not too surprisingly, that brings us back to the subject of real estate.  Many homeowners are opting to take their vacations at home.  They’re planning to put their holiday budget back into their property, to create their own restful oasis from their daily stress.  Luxury features like saunas, home theatres, hot tubs, entertainment size kitchens, swimming pools, outdoor rooms, water features and extensive landscaping are all part of this scenario.  Such appealing amenities are going to be increasingly sought after by discriminating home buyers in the future.   If you’re thinking of similar improvements, I’d be glad to tell you how your renovation plans might improve your property’s resale value.

But what about those people who still crave a change of scene for their vacation plans?  Here’s where a real estate solution can also be the answer.  Think about it!  A family cottage or chalet can grow in value and create an asset you can enjoy for years to come, and even provide rental income if you don’t want to use it for the whole season.  When you’re situated in an area with multiple leisure activities all around you, you won’t be burning gas and spending most of the day driving to get to some outdoor area attraction just to spend a few hours there. 

A vacation property can be a sound investment if you have the help of a specialist to do it right.  I  can help you do the groundwork right here at home, helping you to determine how much you can afford, offering creative financing solutions and much more.  And when the time is right, I have a network of experienced colleagues in resort locations to help you find the right property for you and your family.  So why not give me a call and let’s see if we can put a new spin on your family’s vacation strategy?  The high cost of fuel could send you in an exciting new direction! 

We purchased a bank repo cottage this summer and have had a great experience using and renting it.

Get the best bang for your renovation buck. Thinking of getting ready to list. @tomflatt

Get the best bang for your renovation buck

Now more than ever, Canadian homeowners are venturing into the domain of home renovating.  Many Canadians look forward to enjoying the new, attractive or functional features that these renovations can bring to their everyday life.  Yet more and more, market-savvy homeowners are spending thousands of dollars on home improvements, just to turn around in a short period and put the property up for sale.  Renovations may not sound like a novel idea in terms of adding market value to your home.  However, knowing how and where to use your money can help you achieve the best return on your investment by delivering an improved listing price when the time comes to sell.

The two most prominent areas of your home that will affect its selling appeal are the kitchen and bathrooms, so these are two prime areas to focus on if you’re looking for the biggest bang for your renovating bucks.  For bathrooms, if you’re looking to improve resale value, then focus your efforts first on the main floor bath or powder room.  Buyers decide on a home within the first few minutes, and it will be the only one they will have seen in that time.  Besides, it’s usually the bathroom all your visitors use and it’s typically small – perhaps a half bathroom – so it’s a good place to splurge and achieve maximum impact for a relatively low expenditure.  After the main floor, the master bath is most worthy of premium fixtures and upgrades, because that’s the one prospective buyers will visualize themselves using.  For these two rooms, you don’t necessarily have to break the bank by replacing tubs and sinks.  New products such as porcelain tub paint or even a full insert that mounts on top of your existing tub can give your bathroom a fresh as new look.  Where it will pay off in the end to spend some money is with new, modern faucets and perhaps a new light fixture.  

No other fixture in the home gets more use than the kitchen faucet – so don’t skimp here!  A good idea is to choose one of the latest washer less styles that minimize internal seals and components that can wear out.  Spend the extra couple of dollars on stylish, advanced faucets that will give years of leak-free service.  While the plumbing for the faucets are out, you might decide to replace the kitchen sink – a good investment if yours is showing signs of obvious wear. 

The countertops in the kitchen and bathrooms are another guaranteed-return home improvement.  If the cost seems a little daunting, don’t be discouraged.  New melamine paints can rejuvenate an outdated counter surface with today’s new cool neutral shades.  If your counter is scratched and worn, there are new countertops available today, which are custom ordered pieces according to your specifications that are placed over top of your existing counter.  The end result is a low cost, limited effort alternative that gives you the look of solid granite!

You can speak with your local Coldwell Banker sales professional today to give you further ideas on how to best improve your home in terms of market value.

Phasing in a major renovation-stuff to think about.

Phasing in a major renovation

Renovating a home can be a rewarding and exciting experience, but all too often it can also be costly, disruptive and stressful.  Many homeowners feel that they have to make compromises in their ideal plan in order to accommodate their budget and their schedule.  Granted, as with most things in life, compromise is usually a part of any successful renovation.  However, rather than cutting corners on features or materials, one of the compromises that you can opt for is taking more time to complete the renovation you want, on your own terms.  By spreading out the various stages of your renovation into specific groupings, such as excavation and foundation work; framing, plumbing and electrical; drywall and painting; or flooring, you can plan on some well-timed breaks in between.  You can gradually move toward completion without putting as much strain on your bankroll as you would rushing to do the entire project in one year. 

If you’re thinking of renovating by degrees, a good starting point is research and planning.  First of all, what are your goals for this renovation, and what is your timeline?  Are you planning on creating a dream kitchen where your family will spend the majority of its time for many years to come?  Or are you just looking to freshen up the look, but plan to move within the next two or three years?  Defining your objectives and time frame can really help you to decide what’s worth doing now, what can be done in degrees, or what’s worth doing at all.  Your public library and city planning offices can be a wealth of information on the various stages and requirements for home renovations. 

Your Coldwell Banker sales professional will be happy to discuss how the resale potential for your home might be affected by any renovations you may be planning.  Your local financial institution can advise you on the most cost effective way to finance your renovation.  Usually a line of credit secured against the equity you’ve already built up in your property is one of the most cost efficient options available to you. 

Of course, your contractor is the most important person to include in the investigation and planning process.  Make sure that your contractor understands your goals not only for the immediate stage of your project, but also for any future enhancements you may be planning.  Your contractor is responsible for getting a building permit and ensuring that your long range plan conforms to the building code and regulations of your municipality.  Don’t assume you can simply add on later when the time is right.  Once you’re armed with the right information, you are better able to make an informed choice.