If you own a car, you know there’s more to the cost-of-ownership than just finance payments and gas. You also need to budget for maintenance and repairs. If your car is older, those costs are going to be higher. That’s just common sense.

The same is true of your home. It’s wise to budget for anticipated repairs and maintenance. Otherwise, you might be caught by surprise when you find that your furnace stops working and needs to be replaced. That can easily be a four-figure expense.

Experts recommend that you set aside 1% of the value of your home for repairs and maintenance. For a $500,000 property, for example, that would be $5,000. That is, of course, merely a rule of thumb.

If your home is older, you may need to budget more.

Another recommended method is to budget $1 a square foot. If you have a 2,500 square foot home, that would be a budget of $2,500. Again, that number would need to be higher for older properties.

When budgeting, consider things that are getting old and will likely need to be replaced within the next three years.

Examples include roof shingles, furnace, A/C unit, deck, fence, plumbing, and windows. Depending on the size and model, a new A/C unit will cost at least $5,000.

Anticipating that expense will help you plan accordingly and avoid the shock of an unpleasant and costly surprise.

Keep in mind that budgeting $2,000 for repairs and maintenance doesn’t mean you’ll actually spend that money this year. But, if needed, the budget will be there, and that’s peace-of-mind. 

When you purchase a home, you’re hoping it will continually go up in value — just like a good investment.

However, there’s something else that you want to see go up in value as well: the neighbourhood. In fact, the neighbourhood plays a key role in what the home will be worth in years to come.

If the neighbourhood goes down in terms of desirability, so will the market value of the home.

That’s why, when shopping for a new home, it’s important to get a feel for the value of the neighbourhood, and whether or not it’s on the upswing.

How do you do that? One way is to simply take a walk. Look at the properties. Are they well maintained? Is the landscaping groomed and attractive?

Those are signs of “pride of ownership” — a clear indication that owners value their homes and the neighbourhood.

Another way is to do some research. Has crime gone up in the neighbourhood?

Are there improvements planned, such as new parks?

Is the neighbourhood attracting the kind of people you want as neighbours?

How does the neighbourhood school rank?

Some of this information may be difficult to get on your own.

A good REALTOR® can help you.

Call today. 

Shirley Brown

(604) 671-1060

Closing day is an exciting time. After all, you’re moving into your new home! However, it can be stressful as well.

The last thing you need is to be confronted with something you don’t understand. So here is a quick list of common “closing day” terms.

• Disbursements. This is the allocation of funds to the appropriate parties, such as the seller. Your lawyer will take care of this for you.

  
  

• Possession. This is the moment on closing day when you are legally able to take possession of your new home. It’s usually when your REALTOR® or lawyer hands you the keys.

  
  

• Title. This is a legal document that identifies the property and its owner.

  
  

• Closing costs. These are expenses, excluding the selling cost of the property, that are due on closing day, such as legal fees, reimbursement for pre-paid utilities, utility deposits, insurance, and taxes.

  
  

• Closing adjustments. These are expenses pre-paid by the seller that need to be reimbursed on closing.

  There may be other terms you come across on closing day as well. Don’t worry, a good REALTOR® can help make the day go smoothly for you and your family.

  
  

  Looking for a good REALTOR®? 

  
  

  Call today. 

  
  

  Shirley Brown

  
  

  (604) 671-1060

  
  

  
  

  
  

  
  

  
  

  
  

  
  

  
  

Do you have a renovation project in mind – and wonder how much value it will add to your home?

Remodeling Magazine recently did a study of renovation projects, comparing costs to added value. Here are some of the results:

Replacing a main entry door has a return on investment of over 95%. After all, the entrance to a home is one of the first things a prospective buyer notices.

Adding a new deck also adds a lot of value. Depending on the materials used, you can expect to get back three-quarters of the money invested.

Another high-payback project is the garage door. This once again demonstrates the importance of a home’s “curb appeal.”

If you’re tackling a big project, such as a basement renovation, you’ll be glad to know that, according to the study, a project like this adds a lot of value.

Finally, minor improvements to bathrooms and kitchens – such as adding new countertops or cupboards, can also be good investments that mostly pay back when you sell your home.

Of course, these figures are averages and can vary widely depending on location, type of property, and other factors.

Need help determining how a particular home improvement might impact the selling price?

Call today. 

Shirley Brown

(604) 671-1060

If you’re relaxing on a Caribbean beach, or enjoying a bus tour through historic Paris, the last thing you want to worry about is your home.

Most people know the basics of keeping a home secure while away. Here are some additional tips that are easy to miss:

• Tell your kids not to boast about your fabulous vacation plans, especially on social media. The fewer who know that the house will be empty, the better.

  
  

• Ask a neighbour to pick up any mail and flyers dropped at your doorstep. But don’t rely on that alone. Also call the newspaper and post office to temporarily halt delivery.

  
  

• You can buy timers to automatically turn lights on and off. However, most will stop working if the power goes out and restart with the incorrect time when the power comes back on. That’s why you should keep at least a couple of lights turned on continuously, and not connected to timers.

  
  

• If you’re leaving in the evening, or before dawn, don’t forget to open the blinds. Closed blinds during the day are a dead giveaway that the owners are away.

  
  

  Finally, experts recommend creating a home security checklist, so you don’t forget anything. That will give you peace-of-mind. 

Usually when you list your home, you would prefer to sell it quickly. It’s like being the first one served at a crowded ice cream parlour. It’s satisfying.

However, sometimes there’s more to it than that. There may be a truly urgent reason why you need to find a buyer for your property as soon as possible, such as a sudden job relocation.

If that’s the case, it’s important to explain your situation to your REALTOR®, who will be able to put together an action plan for selling your home quickly and for the best price possible.

During that conversation, ask what you can do to help the process along. For example, you may be able to:

• Spread the word to your friends and other connections on Facebook.

  
  

• Canvass your neighbours and tell them about your listing.

  
  

• Stage your home so that it’s more attractive to prospective buyers.

  When it comes to price, be prepared to be flexible. That doesn’t mean you must settle for a price far below your home’s market value. However, you do need to be prepared to accept a good offer rather than try to hold out for a great one.

  
  

  Also be open to as many viewings and open houses as possible. Having many prospective buyers come through your home within a short period of time may be a little inconvenient, but the payoff might be an offer!

  
  

  Finally, work with your REALTOR®. A good REALTOR® will know the local market well and have many ideas for selling your property fast.

  
  

  Looking for a good REALTOR® like that?

  
  

   Call today. 

  
  

  Shirley Brown

  
  

  (604) 671-1060

  
  

  
  

  
  

There are many hidden sources of moisture in your home that can lead to serious problems, such as mould. To keep moisture levels in check, consider these tips:

• Bathrooms are an obvious source of moisture build-up. Contractor and TV personality Mike Holmes recommends keeping the fan going for at least a half hour after a shower.

  
  

• Check regularly for water infiltration around window and door sills, as well as other intakes into the home, such as dryer vents and cable wiring.

  
  

• Determine the humidity level in your home. According to the Environmental Protection Agency, it should be 30-60%. (Keep in mind that humidity may vary greatly from room to room.)

  
  

• Regularly inspect caulking around sinks, tubs and showers. Even a tiny break can cause water to leak gradually into the wall or floor, causing damage you may not notice for months.

  
  

• Clean up wet spills as soon as possible. On hardwood floors especially, water can seep through and become trapped.

  
  

• Repair leaking faucets, toilets and pipes immediately. A drip can quickly become a shower.

  Being mindful of moisture today can help you avoid potentially high repair bills later on. 

If you’re thinking of shopping for a new home, one of the first considerations is price range. You want to know what you can reasonably afford.

How do you figure that out?

First of all, you need to determine the initial out-of-pocket costs you will need to cover. There are often more costs associated with purchasing a home than its actual price.

You need to take into account such additional expenses as moving costs, legal fees, and a home inspection, not to mention the costs of prepping your current property for sale.

Experts say you should budget 5-10% above the purchase price for these items. So if you can afford to spend $470K on a new home, you should be shopping in the $425-445K range.

Another factor to consider are the potential proceeds from the sale of your current home. Your REALTOR® can help you determine how much your property will likely sell for in today’s market.

Any existing mortgage will need to be subtracted from that amount to determine how much cash will be left.

Of course, you should speak to a mortgage broker or lender who can compute how much of a mortgage you qualify for. Remember, qualifying for a big mortgage doesn’t necessarily mean you should have one. You also need to consider your personal finances and desired lifestyle – and whether or not having a large mortgage is a good idea for you.

Once you have gathered all of your information, you can add any potential sale proceeds to the amount of mortgage you qualify for, add other sources of cash available for this purpose and subtract 5-10% for initial expenses, and you’ll have an idea of the price range you should be considering.

Finally, it’s important to take the time to decide what kind of home you want. Do you want a large backyard with trees? A quiet, family-oriented neighbourhood? Four bedrooms and a finished basement?

Once you decide what you want most in a new home, it becomes much easier to find one that’s in your price range. 

One of the most important decisions you make when selling your home is setting the listing price. That can be tricky. After all, if you price your property too low, you leave money on the table — perhaps thousands of dollars.

On the other hand, if you price your home too high, many buyers won’t even bother to see it, believing it is too expensive.

Even with that reality, there are some sellers who contemplate setting a high listing price in the hopes of a windfall. They want some unsuspecting buyer to fall in love with the home and buy it — even though it’s overpriced.

That rarely, if ever, happens.

Instead, the listing often languishes on the market because its listing price is conspicuously much higher than its market value.

Think about it. If two similar homes, side-by-side, are for sale, and one is priced $40,000 higher than the other, wouldn’t you wonder what was going on?

That’s exactly what the market thinks. “Why is that home priced so high?”

Of course, many buyers, who might otherwise be interested in the property, won’t even consider seeing it, simply because it’s outside their price range.

It gets worse. When an overpriced home sits on the market with no offers for several weeks, the price will often need to be adjusted down. That helps the situation a little. However, you’ve lost the excitement created by a “new listing.”

Yours is now an old listing struggling to get attention.

There’s a better way...

Setting your list price at or near the market value is much more likely to generate interest from qualified buyers and maximize how much you make on your home.

That market value may even be higher than you think! Interested in finding out how much?

Call today. 

Shirley Brown

(604) 671-1060

Many homeowners think there’s not much they can do about telephone, heating, water and other utility expenses. Sure, you may grumble about a high heating bill one month, but what can you do about it?

Turns out, you can do plenty. There are several ways to reduce monthly utility costs that can save you tens or even hundreds of dollars. For example:

• Shop around for a better phone plan. Then contact your phone company. They might match the rates.

  
  

• Turn down the thermostat on your water heater. You likely don’t need tap water to be that hot.

  
  

• Clean the screen on your outside air conditioning unit regularly. (Gently with the water hose.) Dirt and leaves can build up on it, reducing the unit’s efficiency.

  
  

• Leverage the sun. Open curtains in the winter to gain heat. Block direct sunlight in summer to keep the cool air inside.

  
  

• Scrutinize your bill. There may be extras you’re paying for that you don’t need.

  
  

• Play with the thermostat. Experiment with setting the temperature a couple of degrees lower. You might not notice any difference.

  
  

  It’s worth paying attention to your utility costs. Just a few smart moves can save you some serious money. 

You may love animals, but with the exception of your family pets, you don’t want them in your home. Here are some tips for keeping the wildlife around your property where it belongs: outside.

• Don’t place bird feeders too close to your windows. Doing so may cause birds to associate a window with food and therefore try to peck their way inside.

  
  

• Make sure window screens are secure. If you can push a screen loose with your hand, so can a bird or other animal.

  
  

• Check screens on dryer vents and chimneys. If they are damaged, fix or replace them.

  
  

• To determine how animals are entering your home, stuff wadded paper in the suspected entry point. If the paper is disturbed the next day, you’ll know where they got in.

  
  

• Never leave food outside, unattended. After a barbeque, for example, take all remaining food inside.

  If you do find an animal in your home, never try to pick it up. It may bite or have rabies. Instead, call a professional.