Category Archives: Property Maintenance

Renovating Before Selling – Is It Worth It?

Before putting your property on the real estate market, many home buyers ask whether or not their home would probably gain value from the home renovation. It could, but there will be things you need to take into consideration prior to finishing home renovations.

 

Expertise vs. Passion

It’s simple to get up to date watching home renovation episodes on tv and believing it is simple to complete a similar job to enhance your property value. The reality is however, that home owners spend lots of money every day on do-it-yourself home makeovers, and also specialized home makeovers, with no anticipation of turning a profit immediately after selling.

This particular gap frequently occurs because homeowners don’t have the experience to not only know what they are able to actually achieve without specialist help, but also in selecting proper equipment, materials, meeting legal requirements, overcoming building limitations, and in the actual workmanship and completion of the home remodeling.

 

Research your renovation

Before you begin smashing out walls and ripping up flooring, do a marketplace survey, compare your property to some others in the vicinity and area, and find out how the value and amenities of your home can compare to each other. If your house is the very best and most costly on the street, it’ll be difficult to anticipate exactly what the value of property renovations will be. If your residence lacks alot and is located near other, more modern homes, then maybe an easy facelift would certainly help, however major home renovations, especially before your market your property, in many cases are best left to the specialists.

 

Use professional guidance

If your heart is set on remodeling your property for sale, a professional will help you achieve that level of finish, even if you have got a small spending budget. Simple renovations for instance choosing a professional painter to decorate your property with fairly neutral tones and soft contrasts can really revitalize your home prior to it going on the market. Likewise, employing a home stager who brings in fresh and new furnishings while your property is available on the market, can modernize your house and offer it additional appeal.

There you have it. When contemplating home renovations to improve the value of your home prior to sale, your best option would be to discuss your decisions with your real estate agent or other brokers, because there will certainly be a limit as to what is achievable and realistic in terms of getting your money back from pre-sale refurbishments. You never know, maybe the thing that will sell your property that fastest is having that “fixer upper” attraction. If you are looking to finance a larger home renovation, FamilyLending.ca can help.

 

Changing First Time Homebuyers Demographics

The demographics of first time homebuyers has noticed a considerable change in the past few years. Specifically, more single ladies are able to obtain property by building up their own personal equity and with significantly less focus on holding out to find a life companion. This means that, more single ladies are stepping into homeownership than have been in earlier years.

In reality, one quarter of homebuyers are actually individual women. As being a sign of this, marketing and advertising approaches in the housing community are starting to concentrate increasingly more on unmarried women. In particular this is correct for properties with scaled-down, much easier to manage outside spaces. As young women begin acquiring houses, and possess the commitment of paying their mortgages and the additional responsibilities of homeownership, these singles females are looking for houses with smaller sized yards and little to no outside routine maintenance.

Condominium Living
Condos, with regards to their minimal backyard servicing have since become fashionable with this first time homebuyer group. Generally, in the event the condominium comes with a yard, outdoor patio, fencing, or driveway with snow to shovel, those jobs are looked after as an element of the condos home ownership association charges. The same goes for some other routine maintenance in condominiums. Several condo operations teams have on call plumbers, electricians, and cooling and heating professionals to assist and manage issues for condominium owners, making these types of places popular places for unmarried women who still lead active lifestyles, as well as other first-time homebuyers.

Pertaining to individual females who head to homeownership, safety is another common concern. Condominium living typically delivers security measures including hired security staff, or perhaps controlled entrance buildings and communities. In condo buildings, even vehicle parking is frequently secure.

For ladies that do favor more traditional properties as first time homeowners, the appeal of outside spaces such as back yards and decks are usually the most appealing items, as opposed to the remainder of this particular group. Individual family homes are more private as well as for single ladies having domestic pets, often offer more opportunities for dogs and cats to be outside safely and securely. Actually, owning a pet is certainly one item that should be reviewed with condominium homeowners in advance of purchase, as some buildings and even communities have limitations.

The demographics of first-time housebuyers have changed. Based on your way of life and private needs, you’ll have many selections ahead to get your perfect first home. Once you do make the choice, FamilyLending.ca is here to help with your mortgage brokerage needs.

 

Tips for Turning Your Home Into an Income Property

For years, people across Canada have been turning run down, old properties into money, by transforming homes into income properties. Although most people who watch home renovation or real estate television shows can picture themselves quickly fixing or transforming a property for a financial return, it isn’t always that easy.  If done correctly however, renovating your first home to become an income property can help you pay your mortgage, and in the long run, make you money. Here are some things to consider before you turn your home into an income property:

      Do your research first

Why would you attempt to renovate a home if you aren’t increasing or at least breaking even in the value of the home? If you plan to rent out the home, (the most common form of an income property), make sure you can meet the industry standard, which is to pay back the cost of your renovations within two years rent. If you can meet these two points, you might be ready to renovate.

     Two heads are better than one

If you can, never go it alone. Entering this type of venture with a partner gives you more financial security, allows you to delegate work and tasks, and ultimately, it’s good just to have someone next to you through the highs and lows of the renovation process.

     Budget, re-budget, and prepare to budget again

Once you’ve got a design and a quote from a professional contractor, make sure you plan to have a slush fund available for the unexpected. As a simple rule, the more you do in a home, the more damage or issues you might uncover. Things like faulty electrical, mould, structural issues, or any combination of troubles are not uncommon once you start opening walls. To be safe, make your budget, and then add 25% on top of the quote to help ease the surprise and stress connected to these types of issues.

    Know your choices and make it liveable

Are you going to create a simple basement apartment, split your home into a duplex, or invite multiple tenants by dividing further? Larger spaces will allow you to demand a higher rent, potentially getting you nearer to mortgage free living. At the same time however, you need to make each space liveable. No one wants a bedroom that will only fit a single bed and no furniture, a kitchen with zero counter space, or a bathroom where you’re stepping over the toilet to get to the sink. Your space needs to be easy to rent, and one that will meet the needs to a variety of tenants.

     Make it sound and fireproof

As soon as you welcome tenants into your income property, you’re inviting the risk of annoying sound pollution, and even added fire hazards. This is why when you’re renovating your income property, it’s important to put in quality drywall and other barriers to protect the rest of your home against sound invasion, and to serve as a fire barrier.

    From the outside in

Before you worry about what tile to put down, or what colour to paint the walls, consider the entrance to your income property. Not only is this important in terms of curb appeal, but tenants typically prefer their own, secured, private entrance to a home. Shared entrances are sometimes acceptable as long as no one’s living space overlaps, but a separate, private entrance is ideal. As well, consider the surface of the entrance and safety to avoid complaints, lawsuits, or costly repairs. No one ever wants a tenant to fall down a slippery and dark stairwell on the way to their basement apartment.

There is a lot to consider before you renovate an income property. If done correctly, however, you could be on your way to mortgage free living and a future source of additional income. For more information on mortgage budgeting and real estate investing, contact the mortgage brokers at FamilyLending.ca

Chanteille Kennedy Writer for FamilyLending.ca

Create Value In Your Home

With regards to return on your investment in a home renovation, people always want to know exactly what improvements will raise the value of their property by far the most. The easy answer is, revenue suite, however there are more tactics along with makeovers that have good dollar for dollar return also.

Thinking long-term as well as beating the market industry via well planned house makeovers can produce an increased return. You cannot assume all refurbishments however, will certainly produce precisely the same price. Listed below are the most notable five home refurbishments for return on your investment:

1. Developing accommodations suite
Thinking long-term as a home owner who will choose to improve the overall value of their residence, while probably living mortgage loan free, an income suite, or rental suite has the maximum return on your investment ( ROI ) of all refurbishments for home owners to think about. Actually, the Return on investment of creating accommodations suite can often be 150% to 250%.
2. Painting
Appears simple right? Affordable and easy to complete, painting typically offers a return on your investment of 100%. Choosing natural tones and being attentive to details tend to be key in this chance to further improve your home, and get your money back.
3. Kitchen and Bathroom Renovations
Despite the fact that these are bigger undertakings, bathrooms and kitchens have the possibility to deliver a return on investment between 75% and 100%. The more bathrooms you’ve got in the home the better, and a vibrant, spacious kitchen with a well planned design as well as newer home appliances can get you value for your money.
4. Updated Flooring
Similar to painting, new flooring surfaces will surely have an immediate visible impact and produce fresh life into a house. On average, brand new flooring surfaces can generate in between 70% to 90% return on your investment (ROI). Don’t think you’ll want to spend a fortune on this either. Laminate flooring is tough, simple to put in, and looks fantastic.
5. Doors as well as Lighting
New door hardware and light fixtures may immediately refresh and produce additional value to your home. Generally, custom light fixtures and door hardware bring a return on investment of 60% to 75%. In most cases, these types of improvements should be concentrated in kitchens and eating areas where you have a chance to invigorate an area that will create immediate atmosphere.

Investing in the suitable home makeovers will help lower your monthly payment and enhance the valuation of your property. Get in touch with the investment specialists at FamilyLending.ca today to learn how to take advantage of the value of your property.

 

How to Build a Better Budget

There are many challenges when it comes to creating a solid financial plan. Whether you’re saving to buy your first home or hoping to invest in some property updates, now’s the time to focus on balancing your budget. The sooner you develop a realistic budget, the easier it will be to stick to, and the sooner you’ll be able to realize your financial goals.

Are Your Ready for An Emergency?

When building your budget, it’s absolutely crucial that you set aside an emergency fund of money. Ideally, everyone should have at least one or two months’ wages set aside in a money market account in case of an unexpected surprise. If you don’t have enough money to set aside right now, that’s ok. Set a six month savings schedule that allows you to set a little bit aside every month in order to meet your emergency fund goal. The key is to build your emergency fund quickly, without straining your every day budget. The mortgage brokers at FamilyLending.ca recommend devoting a certain percentage of each pay cheque to your emergency fund until you’re comfortable with the amount you’ve saved.

What is an Emergency Fund For?

You should only withdraw money from your emergency fund when faced with an unexpected expense. (And no, a sale at your favourite store doesn’t count!). Things like major car repairs or an unexpected furnace malfunction are good examples of emergency expenses. If ever you’re forced to dip into your  fund, make sure you remember to reinvest the following month so that you’re always prepared for the unexpected.

Should You Make More Or Spend Less?

Now that you have a buffer in place to help you deal with life’s unexpected emergencies, it’s time to focus on your daily spending. This can be tackled in one of two ways. Either you can make more money in order to cover your expenses, or you can decrease your spending. The mortgage brokers at FamilyLending.ca recommend focusing your efforts on downsizing first as this is the easiest option. Before you start eliminating little luxuries, try thinking of more affordable substitutions. For example, if you buy your lunch at a trendy bistro every afternoon, you could just as easily make yourself a delicious sandwich to take with you to work. These small changes will help you cut your expenses quickly and help you save more money over the long term.

Think About What You’re Gaining

Budgeting shouldn’t be just about sacrifice. It should also be about rewards. If you’re having trouble sticking to your investment and saving strategy, the mortgage brokers at FamilyLending.ca recommend setting a mixture of long- and short-term goals in order to increase you motivation. Saving  for a downpayment on a home is a great long-term goal, whereas paying off your credit card could be a great short-term focus. It’s much easier to save for something when you know what it is, so try and decide on a number of important milestone purchases when working on your budget plan.

Increase Your Income Potential
Simply increasing your income isn’t enough to help you get out of debt or save for the future. You need to have a budget in place in order to handle the extra cash properly. Once you have a well-thought-out budget in place, you can start making changes that will enable you to make more income and improve your investments.

Build yourself a better budget, one dollar at a time. For more help with financial planning and investment advice, contact the mortgage brokers at FamilyLending.ca.

Also please contact one of Financial Advisors at FamilyLendingFinancial.ca

Chantielle Kennedy writer for FamilyLending.ca