Toronto Real Estate Blog

One thing is for sure – we all know that we need a roof over our head. In most people’s case they end up having to pay either rent for this roof or a mortgage payment, unless of course you have a rich family that can offer you FREE RENT. Yeah right…

The point is, we ALL have to pay for a roof over our heads.

Real estate has always been considered a long-term investment. The real question you need to ask yourself is whether you really want to pay rent for the rest of your life? Generally, a home makes financial sense if you are going to live in it for at least three, four, or preferably five years. When you buy you need to take into consideration the costs involved in buying and selling a home, from appraisal fees and home inspection to real estate commissions. All must be taken into consideration.

When people lose money in the real estate market it is usually because they did not own it long enough, they sold to quickly. This usually means within the first 3 years of the purchase. You cannot depend on making any real profit in real estate in the first 3 years. In fact, the market may decline shortly after you buy your home. However, you have to keep in mind the longer you own your property, history has shown us, you can be sure it will have increased in value when you come to sell.

Real estate has proven to be one of the most stable long-term investments there is. It is your guarantee of retirement security. Overall, it is far better to own your own home than rent. Not only for the pride of ownership but because it is your only long-term hedge against inflation. With rental rates increasing constantly, there is no guarantee you will be able to afford them as the years go by.

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Contact the Jeffrey Team for more information

Buyers pay a premium for a home that is in top-notch, move-in condition, so once you decided to sell, make sure the home is ready to be sold.

First, you have to figure out what needs to be done to your home. A thorough property inspection up front will help to identify problem areas. Having the property inspection done and all the corrections taken care of before you get offers also shows the buyers that you are conscientious homeowners. This will relieve some of their anxiety about buying a home.

Also, any buyer will have a property inspection done before closing the sale. Often, this is when they will re-negotiate the price because of any problems that may turn up in the inspection. Having your own inspection done and making all necessary repairs first removes this opportunity for the buyer to try and re-negotiate.

Properties in prime condition are a pleasure for real estate agents to show, so they get shown more often. The more exposure a property gets, the better the chance of selling it quicker and for a higher price. Use the following checklist as your guide to preparing your home for sale.

Spruce Up the Outside

* Paint: Few things you will enhance the salability of your house quite as much as painting the outside. Before painting, scrape or water-blast any blistered or peeling paint; repair gutters and down spouts; and replace wood showing dry rot. Pay special attention to wood, trim, gutters, and wrought iron.

* Front Entry: Give special care to this area. First impressions do make a difference! All woodwork should be freshly and neatly painted, including the door if necessary. Replace badly worn or broken doorbells. Polish any door brass. Paint or replace an unsightly mailbox. Put out a new or clean doormat.

* Yard: Mow and trim the lawn. Weed flower beds; remove or replace dead plants or trees. Water regularly during the growing season. With desert landscaping, make sure that no underlying plastic is exposed, that rocks and sand are tidy, and that weeds and unwanted grass are removed.

* Driveway/Garage/Carport: Clean up grease or oil spots; remove the soil at least, if not the stains. See that the garage door opens freely, and if you have an automatic door opener, make sure it’s in good working order.

* Air Conditioners: Paint or replace any rusted exposed metal. Correct improper draining.

* Patio: A nice spread of outdoor furniture looks very appealing. If necessary, borrow some from a friend to enhance the “showability” of your property.

* Swimming Pool: Adjust chemicals until the pool sparkles. Hose dust and cobwebs from filtration equipment. Store chemicals and tools neatly. Keep pool area tidy and secure.

Look at the Basics

* Windows: Repair or replace torn or bent screens. As a last resort, remove them entirely; it’s better to have no screens than to have unsightly ones. Replace any cracked or broken panes. Also, notice unsightly foliage near windows. A window framed in ivy can give a warm, homey feeling, but cut it back if the foliage is restricting the light coming into the rooms. Drapery rods should be affixed firmly to walls and work smoothly; draperies should be clean and hang properly.

* Doors: Check to see that all doors open and close freely, including closet doors and patio or sliding glass doors. Oil any squeaky doors. Tighten the hardware, particularly doorknobs. And while you’re at it, tighten hardware on kitchen and bathroom cabinets, too.

* Walls: As with the exterior, painting indoors will pay dividends out of all proportion to the time and effort spent. Wallpaper should be clean and adhere smoothly to walls.

* Floors: Repair or replace missing or damaged pieces of tile; polish if needed. Repair of a loose stair tread plate or loose carpeting on a stairway is a top priority.

* Carpet: Steam cleaning is the best answer for soiled carpets, especially when shampooing isn’t enough. If pet odors are present, clean the carpet some time before your home is placed on the market to be sure the odors have been eliminated.

Check the Mechanicals

* Lights: Every light socket in and around the house should have a good bulb of adequate wattage. Don’t overlook those outside and in the garage. Also remember the utility room, halls, closets, over the kitchen sink, and in the oven and exhaust hood.

* Switches and Fixtures: Repair or replace wall switches, outlets, and light fixtures that don’t work. Replace any broken switch plates.

* Appliances: Those that will be sold with the home should be in good working condition. If specific equipment doesn’t work and you don’t intend to repair it, point this out.

* Plumbing: Badly chipped or irreversibly stained sinks and tubs should be re-enameled, patched, or replaced. Leaky or noisy toilets should be fixed, as well as any dripping faucets.

* Sprinkler Systems: These should be working properly with no defective heads.

Go for the Spacious Look

One of the best and least expensive ways to improve the “showability” of your home is to open up as much space as possible. Openness stimulates positive feelings in buyers. Overstuffed rooms or closets give the impression of being smaller than they really are. You can’t change the size of what you have, but you can try to present it in a pleasing way.

* Closets and Storage Areas: One of the most frequently voiced requirements of buyers is for more closet and storage space. Open up your storage areas by removing items you aren’t using.

* Counters and Cabinets: The same principle used for closets applies here: overcrowding gives the impression of inadequacy. This applies to bathrooms and kitchens with the kitchen being most important. Store infrequently used appliances.

* Garage: Buyers will pay a premium for a garage if they can visualize it being of value to them, but it’s hard to sell when the garage is filled to overflowing. If your garage has become a two-car attic, move the excess to a mini-warehouse.

Housekeeping Hints

* Bathrooms: Few places in the home can get so dirty so fast, and yet few things will “unsell” a house as fast as dirty bathrooms. Vanity, sink, faucet hardware, and mirror are the focal points. But don’t forget other potential problems: soap residue in a shower, a moldy shower curtain, accumulated dirt in the track of a sliding shower door, soiled or missing grout, soiled toilet bowls, and dirty or battered bath mats.

* Kitchen: Most buyers will inspect the kitchen carefully, so time invested here is well spent. Clean the stove inside and out. Replace badly stained or corroded reflector plates under the heating elements on electronic range tops. Don’t neglect the kitchen exhaust hood; buyers frequently check this area as a clue to general housekeeping.

* Windows: Clean windows are an absolute necessity if a house is to look its best. Weather permitting, open windows to let in fresh air.

* Water Heater and/or Softener: Perhaps because it’s so unusual, a sparkling clean water heater or water softener really impresses buyers: and it takes so little time and effort.

All this may seem like a lot of work, and it is, but it means a quicker sale with less hassle and more money in your pocket. Not to mention the pleasure you and your family will receive from living in a well-kept home.

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Contact the Jeffrey Team for more information

To make the best remodel or move decision, it is important to understand all the reasons that you have to remodel and all the reasons that you have to move. This article reviews common reasons to move. As you read each of these reasons, consider how much it applies to you and note how strongly you feel about each one.

1. The size of your family has changed. Of the many reasons to move, the size of your current home is the most common. Many young couples have purchased a cozy two- or three-bedroom, 1,000-square foot home that suits their situation perfectly. The home has a master bedroom, a guest bedroom, and possibly a home office. A single living area with couches and an entertainment center provides the couple with ample space for the two of them and their visitors. As they start a family, the first child moves into the guest bedroom and toys take over the living area. The perfect house for two becomes too small for three or more.

2. You are looking for better schools. Unless your children attend private school, where you live usually dictates which school your children attend. This is great for building a sense of community in the neighborhood as children can walk or bike to school together. A school nearby can also cut down on travel time for dropping off and picking up your children.

3. Your commute to and from work is too long. A common reason to move is the change of a job. Be it out of state/province or in another community, most people will only commute so far. If you want to have a shorter commute, then moving may be the only answer.

4. You do not like remodeling. Remodeling is not for everyone. No matter how it is accomplished, two things are unavoidable: the inconvenience and the decision-making. The inconvenience can be as little as not using your kitchen for a day while it is being painted or as much as moving out for six months while some major work is done. For some, any inconvenience is too much, so a move may be the way to go.

5. You do not like your neighbourhood. Each neighborhood has its own characteristics. Some have big yards; some have small. Some have sidewalks and streetlights; some don’t. Some have many rental homes, some have few. Some are full of 1,000-square foot houses; some only have 3,000-square foot houses. Some neighborhoods have kids playing on the street all day long and friendly neighbors stopping by to chat every day. In other neighborhoods, people keep to themselves and rarely wave as they drive by each other on the way to work. As much as we all would like to change some features of our neighborhood, many are out of our control. If the neighborhood doesn’t meet your needs, a move may be the only solution.

6. Your current home has a poor floor plan. You may not be able to remodel the house you live in. It may be too costly to make it what you want. If you want a kitchen in front and the family room facing south, but your home has the kitchen in back and the family room facing north, a remodel may be too expensive to be practical. Due to lot size, building codes, or physical barriers, some homes may not lend themselves to remodeling the way you want. Building codes can limit the type and size of additions as well as their appearance.

7. Your yard is too big/too small. For many, the yard is an integral part of a house. A yard is land to call your own, a place to plant flowers or vegetables or an expanse of grass that you take pride in keeping green and manicured all summer long. Depending on your lifestyle the yard can also be too large and actually create more upkeep than you need or want. No matter what it is about a yard, most of us want one. The question is how big of a yard do you want? There can be good reasons for wanting a smaller yard as well as a larger yard.

8. Remodeling is too expensive. You can profit from an intelligent remodel, but in reality, some remodeling projects are not worth the investment or effort. If your dream is to live in an affluent neighborhood with large lawns and 4,000-square foot homes, and your neighborhood is full of bungalows with single car garages, the chance of getting what you want by remodeling for a reasonable amount of money is unlikely. Remember you never want to be the best home on a street of lesser value homes. The reverse is much better.

9. Your home is already the largest and nicest on the street. You may have remodeled your home before and now your home is the largest and nicest in the neighborhood. This is great if you love the neighborhood and plan to stay in the home for years to come. However, if you have been remodeling your home because it needs updating and you still have to add additional space or amenities, then a move may be a good idea financially.

10. You will likely move in the next few years. If there were a wrong time to remodel, it would be right before you move. Don’t go through the expense and the inconvenience of remodeling and then put the house up for sale the next month or the next year. Moving right after a remodel can be costly unless you managed your remodel project very carefully to minimize the cost and maximize the market appeal of the work that was done. Also, moving immediately takes away one of the biggest benefits of remodeling: enjoying the results. If there is a reasonable chance of your moving in the next 24 months, it may be better to move now to get the house you want rather than to remodel.

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Contact the Jeffrey Team for more information

1. Price
Depends on the market and the buyers, but generally, the price offered is different from the asking price. You want to try to pay the lowest price for the home you want.

2. Deposit
The deposit shows the buyer’s good faith and will be applied against the purchase price of the home when the sale closes. Your Real Estate Professional can advise you on the suitability of the amount of the deposit being offered although it is usually about 5-10% of the purchase price or $5,000 to $10,000 are accepted as well.

3. Terms
Includes the total price the buyer is offering as well as the financing details. The buyer may be arranging his/her own financing or may ask to assume an existing mortgage if the seller has an attractive rate.

4. Conditions
These might include “subject to home inspection”, “subject to the buyer obtaining financing”, or “subject to the sale of the purchaser’s property.”

5. Inclusions and Exclusions
These might include appliances and certain fixtures or decorative items, such as window coverings or mirrors.

6. Closing or Possession Date
Generally, the day the title of the property is transferred to the buyer and funds are received by the seller, unless otherwise specified (except in Manitoba and Quebec).

Please feel free to contact us should you have any questions or are ready to embark on your home buying and selling journey!

Before You Move:

* It’s wise to plan ahead and make sure there is availability on the day you want to move. The beginning and end of the month is the busiest time for movers and moving vans so book in advance!

* If you’re planning on hiring a mover, but want to keep your costs low, consider doing your own packing. You can also save time and purchase your packing boxes in advance.

* Most gas, water and electricity companies require several days of prior notice for disconnecting and reconnecting your services. Contact your individual utility companies for specific details.

* Make sure that direct debit and billing links to your bank accounts are organized to handle any changes resulting from your move.

* Budget wisely for your move. There are always unexpected expenses that pop up as you settle in. You may need a new hose or other forgotten items.

* You’ll have more time to enjoy settling into your new home if you clean your belongings before they are moved.

* It’s important to tape your microwave shut and remove the glass plate from your microwave before you move.

* Make sure you use up your frozen foods or dispose of ones you have not used. Never let them thaw and try to refreeze them again. Not only will be there be less to transport, but you will also avoid the risk of food spoilage.

* Important documents such as wills or deeds, jewelry, photographs, and home videos are impossible to replace. It’s wise to consider moving these and other important belongings to a safety deposit box while you move.

* Find out if your homeowners insurance policy covers your belongings in transit.

* Be sure to settle all bills that may be overlooked in the move a few days before moving day.

* Remember to contact your local post office and fill our forwarding address forms. Additionally, leaving a small welcome card with your forwarding address for the people moving into your old home is a nice way of asking for any additional pieces of your mail to be redirected.

* Many movers will be able to make special arrangements for transporting your plants and pets. Although it is really in your best interests to move your pets yourself – bringing them in the car with you (in their carriers) is going to be the easiest for them – they are very delicate and will probably not enjoy the whole moving procedure so remember to be especially loving and patient with them.

Moving Day:

* Remember that time is important on moving day. For instance, if you have a waterbed, it is likely to take around two hours to empty the water! So plan ahead and consider doing certain tasks the night before.

* You should always shut and lock all windows and doors as you leave your old home on moving day.

* More hands make the workload lighter as long as everyone knows what they’re doing. Delegate specific duties to your helpers on moving day.

* A close friend or relative can help out of moving day by acting as a message center for you if you don’t have a mobile phone.

After You Move In:

* Before you begin to unpack, don’t forget to wipe out all cupboards and shelves. You can also use shelving paper to line cupboards and drawers.

* It’s a good idea to let all your electrical appliances return to room temperature before plugging them in.

* Don’t forget to be environmentally friendly! Flatten all your moving boxes for recycling. Many moving companies will pick them up after your move.

* General rule of thumb is if something hasn’t been used in over 12 months, seriously consider selling or donating it. Help from a family member or friend will ensure you remain objective. Garage sales are a great way of getting rid of those unnecessary and unused items. Anything that’s left over can be donated to a local Goodwill.

* Things that you have a hard time parting with, but which will inevitably be stored in a garage, storage facility, or shed after the move should be packed in stackable containers that are rodent and dust proof.

* Be prepared to order take-out food or eat out on the first couple of nights in your new home. Chances are you’ll feel too tired to cook, but even if you do feel like cooking, most of your kitchen appliances will probably still be packed away!