When it Comes to Offers, it’s Not Always about Price

When considering which of two or more competing offers to accept for your home, there is no doubt price plays a huge role. After all, if Offer #1 is $10,000 higher than Offer #2, that’s an enticing difference that puts thousands of extra dollars in your pocket. However, price isn’t the only thing you should think about when comparing multiple offers. There are other factors you need to consider as well. For example, what conditions are in the offer? If Offer #1 is conditional upon the buyer selling his current property for a specific amount, then what if that doesn’t happen? You could end up with an offer that dies and be forced to list your home all over again. In that circumstance, accepting the lower offer may be your best move. There’s also financing to consider. Most buyers will attach a certificate from their mortgage lender to show that they can afford the home and will likely secure financing with little difficulty. If you get an offer where the ability of the buyer to get financing is in doubt, that’s a red flag. The closing date is another important factor. Offer #1 might propose a closing date that’s perfect for you, while Offer #2 is four weeks later. If you’ve already purchased another home, you might require a month of bridge financing if you accept Offer #2. There’s nothing wrong with that per se, but the costs and additional hassle are factors you should consider. As you can see, assessing competing offers isn’t as easy as it looks. Fortunately, as your REALTOR®, I will guide you toward making the right decision.

CMHC Housing Market Assessment - Canada - Date Released - Second Quarter 2016

Check out CMHC's web site for other major Canadian markets.

Ottawa: Moderate evidence of problematic conditions We continue to detect moderate evidence of overbuilding in Ottawa’s housing market. The number of completed and unsold condo apartment units per 10,000 population has been steadily rising throughout 2015, and rose once more in the fourth quarter, pointing to moderate evidence of overbuilding. The increase in unsold units has been accompanied by rising vacancy rates in primary and secondary rental markets pointing to softer demand conditions. While the number of condo units under construction declined in the fourth quarter, inventory management is still needed until the high number of completed and unsold units is absorbed by the market. Conditions in the market continue to point to weak evidence of overvaluation due to modest price growth despite soft income performance.

March resale market springs into action

Article courtesy of the Ottawa Real Estate Board April 20, 2016

OTTAWA, April 19, 2016 - Members of the Ottawa Real Estate Board sold 1,166 residential properties in March through the Board’s Multiple Listing Service® system, compared with 1,200 in March 2015, a decrease of 2.8 per cent. The five-year average for March sales is 1,220.

“We are definitely seeing a resale market increase from the previous month, with 256 more properties sold in March over February,” says President of the Ottawa Real Estate Board, Shane Silva. “Properties are starting to sell faster, indicating that we are heading into our busy spring market.”

 March’s sales included 221 in the condominium property class, and 945 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

“In March, 3,203 homes were listed, up 38.6 per cent since February, and inventory on hand at the end of March also rose by 17.5 per cent from last month,” says Silva. “Although there is a slight dip in units sold compared to last year, average price remains steady keeping the Ottawa resale market healthy and strong. Canada’s capital continues to be a great place to buy and sell real estate.”

The average sale price of a residentialclass property sold in March in the Ottawa area was $394,951, an increase of two per cent over March 2015. The average sale price for a condominium-class property was $258,714, an increase of 2.4 per cent over March 2015. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

 “The hottest segments in our market continues to be in the $300,000 to $400,000 price range, followed by the $200,000 to $300,000 price range,” says Silva. “Residential two-storey and bungalow homes, and one level condo properties have the highest concentration of buyers in March. In addition to residential and condominium sales, OREB Members assisted clients with renting 695 properties since the beginning of the year.”

What Buyers Don’t Want to See in Your Backyard

When you put your home up for sale, you want it to look its best to potential buyers. That’s why you clean, tidy and de-clutter every room.

Some sellers, however, miss the backyard. You need to pay just as much attention to that space as you do to the interior of your home. The backyard is as important a living space as the family room. To some buyers, even more.

 Buyers want to see an attractive backyard space, with the grass cut and the hedges trimmed. The more neat and tidy you can make it, the better. Be sure to sweep walkways and wipe down patio furniture.

 Also, watch out for the following things that buyers do not want to see:
 • Bags of garage and other waste.
 • Doggie do-do. (Be sure to stoop and scoop!)
 • Rakes and other tools piled in the corner.
• Cluttered and disorganized storage sheds, pool huts and other backyard structures.
• Weeds in the flower beds.
• Items stored underneath the deck.
• Hoses not stowed neatly.
 • Electrical outlets and water faucets that don’t work.

 These are not difficult issues to fix. Doing so will positively impact the impression the buyer gets of your backyard.

 Do you have a backyard that shows particularly well in the summer? Here’s a tip: Take pictures. Those photos will help buyers be able to appreciate how it looks should you list your home in the winter.

 Want more tips on making your home show well so that it sells fast? Call or email Ian. 613-222-2662 or ian@royallepage.ca

Upgrades That Hold Their Value

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 Ian today. 613-222-2662 or email ian@royallepage.ca

Busy spring season arrives amidst March snow banks-

Members of the Ottawa Real Estate Board sold 1,208 residential properties in March through the Board's Multiple Listing Service® system, compared with 1,184 in March 2014, an increase of two per cent. The five-year average for March sales is 1,236.

"Sales increased month over month, with 356 more properties sold in March over February, a 41.8 per cent increase," says David Oikle, President of the Ottawa Real Estate Board. "Indications of a fast approaching spring market were noted in February, and these numbers are proof that Ottawa is indeed experiencing an upswing in sales."

March's sales included 228 in the condominium property class, and 980 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

"The average cumulative days on market came in at 83 for the month of March, lower than the average of 99 days in February and 119 days in January indicating that properties are starting to move faster as we enter the second quarter of 2015," explains Oikle. "Year-to-date sales for the first quarter of 2015 are 1.8 per cent higher than the first quarter of 2014. Average sales price has also increased, ever so slightly, by 0.8 per cent. So far, the 2015 resale market in Ottawa remains steady and strong."

The average sale price of residential properties, including condominiums, sold in March in the Ottawa area was $361,572, an increase of 0.7 per cent over March 2014. The average sale price for a condominium-class property was $251,666, no change over March 2014. The average sale price of a residential-class property was $387,141, no change over March 2014. While average sale price information can be useful in establishing trends over time, it should not be used as an indicator that specific properties have increased or decreased in value, because the average sale price is calculated based on the total dollar volume of all properties sold.

"The hottest segments of our market in March were sales between $300,000 to $400,000, followed by the $200,000 to $300,000 price range," says Oikle. "Residential two-storey homes continue to be the highest sold property class, followed by bungalows and one-level condos. In addition to residential and condominium sales, OREB members assisted clients with renting 593 properties since the beginning of the year."

Courtesy of the Ottawa Real Estate Board 

April 8, 2015

Toronto condo market booming again; While banks and other lenders return to the market, the latest wave of completions and sales signals recent lull could be over

The Globe and Mail – Mon Mar 2 2015 Byline:TAMSIN McMAHON

After years of slow growth, Toronto’s condo market has come roaring back to life.

Builders were putting the finishing touches on nearly 10,400 new condo units in January, eight times more than the monthly average over the past decade, Bank of Montreal senior economist Sal Guatieri said in a report last week.

The vast majority of the new condo units have already been sold. Still, the influx of new units has helped push the number of unabsorbed condos – those that have been built but not sold – to a 21-year high.

It is a dramatic rise for a city whose condo market has been at the centre of concerns among federal regulators and international organizations such as Deutsche Bank about rising levels of household debt in Canada.

The latest wave of Toronto condo completions and sales could mark a new upswing after a lull in the market. Sales hit a fourand-a-half year low last fall, while new condo completions had been falling for the past 18 months.

Much of the new supply is the echo of a building boom that began in early 2012, when developers started construction in more than 37,000 new condo units in the city, well above the long-term average of 25,000 units a year.

But the January condo boom also reflects the fact that banks and other lenders are returning to the market, now convinced the city’s condo sector isn’t poised for collapse.

Under pressure in the past from federal regulators, such as former Bank of Canada governor Mark Carney and former finance minister Jim Flaherty, lenders had largely retreated from Toronto’s condo market, working only with well-known developers and often requiring a high number of presales before they would agree to finance construction.

But officials in Ottawa have grown quiet and banks are now eager to fill holes in their loan portfolios, several lenders told a commercial real estate conference last week.

“It’s a very competitive market out there,” Frank Margani, executive vice-president of strategy and development at Fortress Real Developments, told the RealCapital forum. “Portfolios are down and everybody is scrambling to get their piece of the action.’ ” Lenders are now willing to finance as much as 75 per cent of the value of a project, up from 70 per cent in recent years, said Chris Milne, vice-president of real estate banking at the Bank of Nova Scotia.

Some have also eased up on their presale requirements, typically asking that developers have buyers for at least 65 per cent of their units, confident that builders will eventually find buyers for unsold units.

“There’s very little walk-away in the market,” Mr. Milne said.

“We’re very different from the U.S. People sign with their name.”

With condo projects growing larger, more complex and more expensive, lenders have also been getting more creative about how they finance them, increasingly turning to syndicated loans involving multiple lenders, Mr. Margani said.

Still, many say the market doesn’t appear to be headed toward the speculative boom of the past, when prices rose as much as 9 per cent a year, encouraging investors to flip their units for profit.

Prices are growing at half that pace today. Investors are now looking to hold onto their units and rent them out and they have established a price ceiling of about $600 a square foot to keep prices from outstripping rent.

“It’s actually sort of the magic number for the investors to still be interested,” Mr. Margani said.

January’s boom in new condo completions is likely to prove temporary and the numbers of new units should start to fall later this year, predicted Royal Bank of Canada chief Robert Hogue.

Even as they are growing more aggressive about lending to the condo industry, banks are becoming more realistic about about where the condo market is headed. “Sales are not what they were in late 2007 when you could sell a high-rise condo in a week it seems,” Mr. Milne said. “Now it takes awhile.”

Legal and Security Issues Regarding In-Home Services

Many of us don’t give a second thought to hiring housekeeping, house-sitting, or dog-walking services and often turn over our keys to these “strangers” so they can have easy access to our homes. Have you ever stopped to consider the risks? You could be liable if one of these workers is injured in your home while completing job duties. Alternatively, your pet could become injured due to neglectful behaviour by its sitter. You may even be in a position where you suspect that something valuable is missing from your home, but have no recourse for recovering it or receiving compensation. To avoid such possibilities, experts recommend that homeowners hire such services from a professional, registered business, that can verify the extent of its liability coverage, either through the company’s insurance policy or in accordance with an agreed-upon contract that relieves you of certain liabilities. At the very least, ask that your hire is bonded to protect you, and check with your home insurance policy to ensure that you are protected as well.

Your home at a glance

Have you ever driven up to a restaurant and your first impression was disappointing? Perhaps the windows looked dark and gloomy, the façade was worn and unattractive or for some other reason it just didn't look like a tempting place to eat. It could still be a fantastic restaurant – a real gem. But, your first impression has soured your anticipation. If you still walk through the front door, it will likely be with the expectation of being disappointed. This scenario often plays out in the real estate market as well. A buyer drives up to a home for sale and quickly forms an impression based on what he sees "from the curb". That's why you'll hear real estate experts talk about the importance of "curb appeal". It's one of the most important selling points of a property. If you plan to put your home on the market, you obviously want your home to look as attractive as possible from the street. Fortunately, there are many simple things you can do to improve curb appeal. For example, you can trim shrubs and hedges, plant flowers, clean the walkway and driveway, paint the front door and garage door, and clean the exteriors of the windows. All these projects are relatively easy and inexpensive. Yet, each can make a dramatic improvement to how your home looks at first glance. Don't be like the great restaurant that’s hidden behind an unkept façade. Make sure your curb appeal reflects the overall value of your property. Looking for more advice on selling your home quickly and for the best price? Call today.

Ottawa Canada Sales for August 2014-

OTTAWA, September 4, 2014 -

Members of the Ottawa Real Estate Board sold 1,203 residential properties in August through the Board’s Multiple Listing Service® system, compared with 1,216 in August 2013, a decrease of 1.1 per cent. The five-year average for August is 1,199.“As usual, we are seeing a typical end-of-summer slowdown, especially in comparison to July’s record sales,” says Randy Oickle, President of the Ottawa Real Estate Board. “Although sales numbers are down slightly since last year, August’s sales are slightly higher than the five-year average, and continue to be on par with year-to-date sales compared to last year.”August’s sales included 219 in the condominium property class, and 984 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.“Units sold in the residential property class alone, excluding condos, are up four per cent year-over-year. And average sale price has increased for both the residential and condo class,” says Oickle. “If you are planning on buying or selling a home, we encourage you to consult one of our member REALTORS® to get in depth advice on prices in your neighbourhood.” The average sale price of residential properties, including condominiums, sold in August in the Ottawa area was $360,214, an increase of 3.4 percent over August 2013. The average sale price for a condominium-class property was $263,996, an increaseof 2.7 per cent over August 2013. The The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

“The $300,000 to $399,999 price range continues to have the highest concentration of properties sold,
followed by the $500,000 to $749,999 range – the later range up by 27.4 per cent from last year,” explains Oickle. “This increase may possibly be the contributing factor in the average house price increases this month.”

Published by the Ottawa Real Estate Board September 2014

The Ottawa Real Estate Board is an industry association of over 3,000 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Ontario and Canadian Real Estate Associations. The MLS® system is a member based service, paid for by the REALTOR® members of the Ottawa Real Estate Board. The MLS® mark symbolizes the cooperation among REALTORS® to effect the purchase and sale of real estate through real estate services provided by REALTORS®. MLS® commercial and residential listings are available for viewing on the Board’s internet site at www.OttawaRealEstate.org and on the national websites of The Canadian Real Estate Association at www.REALTOR.ca and www.ICX.ca. 

When is it time to talk to a REALTOR®?

Many people only see a doctor when they're sick or have some other health

concern. On the other hand, some people visit a doctor regularly for checkups,

to ask questions and get advice, and to maintain good health.

 

Which do you think is the better approach? Obviously, the second one!

The same thing is true when it comes to real estate. Even if you have no

current plans to buy or sell a home, there are many reasons to talk to a

REALTOR® regularly in order to maintain your good "real estate" health.

For example, you can:

• Get an assessment of the current market value of your home, so you

can make an informed decision about whether to stay or move.

 

• Ask about the state of the local real estate market (which may be

vastly different than what you hear on the national news.)

• Find out what homes are currently selling for in the area.

• Learn what's currently available on the market, especially in

neighbourhoods you would like to live in and that are within your

budget.

• Ask for a contractor recommendation.

In fact, it's a good idea to have a chat with your REALTOR® once or twice a

year, even if it's just to say hello.

You want to build a relationship with a good REALTOR® who understands

(and cares about) you and your needs. That way, when it does come time

for you to make a move, you're dealing with a REALTOR® you already

know and trust.

Don't have a good REALTOR®? Call or email Ian today
(613)222-2662
ian@royallepage.ca

How to Choose the Right Sized TV-

If you don't own one already, you may be tempted to purchase a

widescreen digital television to enjoy your favourite movies, shows and

sports programs. However, it can be difficult to select the right screen size,

especially if you've been accustomed to viewing a TV with a traditional 4:3

screen.

When it comes to size, there are many factors that come into play, such as

screen resolution and personal preference. However, the last thing you want

is to purchase an HDTV that is too small for the room, or so big that it

dominates the space.

Here's a tip:

The rule of thumb is to take the distance you'll be sitting from the television

and multiple by five to get the screen size you need. So if you'll be sitting

eight feet away, you'll want to look at HDTVs with screens that are in the 35-

45 inch range.

A good electronics dealer can help you make the best choice.

Making Your Kitchen More Attractive to Buyers-

What's one of the most important rooms in your home? When it comes to
selling your property quickly, and for the best price, the answer is clearly the
kitchen. In fact, one of the most common explanations a particular buyer
gives for not making an offer is, "I liked the house, but I wasn't too keen on
the kitchen."
That doesn't mean you must do a major renovation. However, you should do
what you can to make the kitchen as attractive as possible to buyers.

Here are some ideas:
First, clear the countertops. Put away the toaster and other items. You want
to make the entire countertop area seem as spacious as possible.
If the cabinetry is old, you can spruce it up by installing new knobs, handles
and other hardware. A fresh coat of paint on the walls and ceiling can also
make the kitchen look like it has had a major renovation – and it will only cost
you a few hundred dollars. According to an article on the website HDTV.com,
"The fastest, most inexpensive kitchen updates include painting and new
cabinet hardware."
Replacing the countertops is a more expensive renovation, but it may be
worth it if the current counters are old and worn.
Finally, when preparing your kitchen for a viewing, make sure it's clean and
tidy. The garbage and recycling bins should be empty. Buyers will open
cabinets so make sure items on shelves are neatly organized with the front
labels facing forward.
There are many other ways to make the most important room in your home
look great to potential buyers. Call Ian 613-222-2662 or email ian@royallepage.ca today for more ideas.

Ottawa resale market on the up and up

Courtesy of the Ottawa Real Estate Board

OTTAWA, September 5, 2013 -
Members of the Ottawa Real Estate Board sold 1,219 residential properties in August through the
Board’s Multiple Listing Service® system, compared with 1,145 in August 2012, an increase of 6.5
per cent. The five-year average for August sales is 1,202. “It has been one year since the Canadian Government introduced the new mortgage rules, and although the Ottawa market has been slow moving since the beginning of the year, this month’s numbers are quite the opposite,” says Tim Lee, President of the Ottawa Real Estate Board. “With both residential and condo units sold up a respectable amount since last year, it breaks the downward cycle. In addition, average sale prices softened out in August, creating a welcomed lull in inflating property prices.” August’s sales included 272 in the condominium property class, and 947 in the residential property class.
The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties. The average sale price of residential properties, including condominiums,
sold in August in the Ottawa area was $348,519, a slight increase of 0.4 per cent over August 2012. The average sale price for a condominium-class property was $257,494, a decrease of 5.4 per cent over August 2012. The average sale price of a residential class property was $374,663, an increase of 1.8 per cent over August 2012. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have
increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. “Inventory on hand has decreased since last month, and is starting to return to more normal levels,” says Lee. “Ottawa continues to be a healthy, balanced market, and as always, a great city to live in. With a strengthening economy and historically low interest rates, Ottawa consumers remain in a very enviable position.” Talk to Ian an Ottawa area REALTOR® today for help with buying and/or selling a home.

June sales indicate consistency in the Ottawa market

Ottawa Real Estate Board July 5, 2012

Members of the Ottawa Real Estate Board sold 1,660 residential properties in June through the Board's Multiple Listing Service® system, compared with 1,719 in June 2011, a decrease of 3.4 per cent.

June's sales included 365 in the condominium property class, and 1,295 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

"Although there is a slight decrease in the number of residential properties sold this June, compared to June 2011, it seems to be the norm throughout the years," says Ansel Clarke, President of the Ottawa Real Estate Board. "For the past 10 years, with the exception of June 2011, sales have consistently and marginally decreased from May to June. This shows stability in the market, and also represents a continued steady market."

The average sale price of residential properties, including condominiums, sold in June in the Ottawa area was $352,800, a slight decrease of 0.1 per cent over June 2011. The average sale price for a condominium-class property was $278,447, an increase of 0.8 per cent over June 2011. The average sale price of a residential-class property was $373,756, a slight decrease of 0.4 per cent over June 2011. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

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Bathroom décor blues? All it takes is a little creativity to go from drab to fabulous By: Ian Ponting Are you getting that same drab feeling every time you enter your bathroom? Perhaps it’s time to make some changes. Redecorating a bathroom does not always require extensive work or money. In fact, significant changes can be accomplished with just a few accessories and a creative touch. So stop researching contractors, worrying over expensive renovations and fretting about what you’ll do without your bathroom while it is under repair – and consider implementing these quick, inexpensive and imaginative redecoration techniques. A good place to begin is with your bathroom lighting. Adding more light to a room can actually give the illusion that the room is larger than it actually is. One simple way to do this is by increasing the size of the light fixtures. For example, if you have a three light fixture, make your room brighter with a five light fixture, or increase your light bulb size to achieve the desired brightening effect. If there is ample counter space or room for furniture, lighting can be greatly improved with a small table lamp, which also adds elegance and warmth. Furniture usually only works in bathrooms that are large enough to not appear cramped. But if you are blessed with a big bathroom, try moving an old cupboard or chest into an empty corner. It can add style and storage at the same time. A chair or bench also adds panache and functionality to large bathrooms, as it provides the perfect place to sit while manicuring your nails or waiting for a bath to draw. If you have a smaller bathroom, limit the amount of accessories lying around. Storage space is likely a premium, so finding room for a cabinet or a bin is probably impossible. In this case, consider installing a shelf or two on the wall behind your toilet where you can store extra toilet paper and towels, as well as smaller toiletries, like shampoo and hairbrushes. To keep these items organized use display containers, which can often be found in a kitchen. For example, a ceramic jar can hold cotton balls while mugs can be used for holding makeup brushes. Baskets are also great for hiding miscellaneous items. If your bathroom can benefit from a new colour, why not spend a weekend painting. Before you begin, decide if you’ll be matching the wall colour with the rugs and fabrics already in your bathroom, or if you’ll be purchasing new materials. An easy and imaginative alternative to painting is stencilling, which can be done around the ceilings, window areas and mirrors. Artwork can also do wonders to spice up bare bathroom walls. Try some inexpensive framed prints, which can be used to complement any decorating theme. There are an assortment of affordable but luxurious touches that can be added to your bathroom. Radio or compact disc players can be used to play soothing sounds and add tranquility while scented candles can provide a relaxed and refreshing aroma. A built-in hair dryer may at first seem lavish, but think about how much you appreciate it in a hotel restroom and you might find that it is worth the money. So if you feel it is time to give your bathroom a new and improved look, remember that it doesn’t have to include bulldozers and bricks, just a bit of creative thinking.

Roundabout at Jeanne D'Arc and St. Joseph to start construction Aug. 16,. http://www.orleansroundabout.ca/en/view.php?key=1&lang=en

2030 Legrand Price reduced. Vacant and in movein condition. Shows very well. Click here for pics

How to buy a house and have a life, too Courtesy of the Ottawa Real Estate Board Jan. 21/2010 Anyone who has so much as dipped a toe into the real estate market knows that buying a home can be a time-consuming effort. Determining what kind of home you want, figuring out your budget, investigating neighbourhoods, searching for homes that interest you, booking appointments, visiting Open Houses, and arranging financing can seriously eat into your spare time (and your not-so-spare time, for that matter). It can be a daunting prospect, especially for first-time buyers. Working with a real estate professional can simplify your home-buying process immensely. Here are just a few of the things that he or she will look after on your behalf: • finds homes that meet your needs and wants • arranges viewing appointments and accompanies you to showings • provides you with information about comparable properties so you get a clearer picture of what you should expect to pay for a given home • when you’re ready, writes up your offer and presents it to the sellers • negotiates on your behalf to reach an agreement Think of these as things you could do on your own, but that would take up a lot of your time and energy and might not be things you feel comfortable doing. Real estate professionals are welleducated about the laws governing the sale and purchase of real property, and many of us focus specifically on working with buyers. We can help you get from the start of your home search to the closing date smoothly and efficiently. While you’re in the process of buying that first home, it’s important to take a hard look at your budget and lifestyle when determining how much you spend on it. Be realistic. Leave room in your monthly budget for emergencies and small luxuries. That may mean buying a different home than the one you’ve always envisioned, but how many of us want to be so “house poor” that we can’t afford occasional treats like dinner out or a new pair of shoes? There are plenty of well-appointed homes at many different price points in and around Ottawa, and a real estate professional can help you find the ones that fit your budget. Remember to also plan for closing costs, new furniture and any appliances or renovations your new abode might need. Your real estate professional can help you figure out how much to set aside for these items. You can also take advantage of tools such as the federal Home Buyer’s Plan, which allows firsttime homebuyers to withdraw up to $25,000 from their RRSP to put towards their down payment. That’s $25,000 per person, so if you’re buying a home with a spouse, you can each withdraw up to that amount from your retirement savings. First-time homebuyers are also eligible for a Land Transfer Tax rebate of up to $2,000 from the province, no matter whether you’re buying a resale home or one that’s newly built. So if you’re ready to become a homeowner, jump right in – with a real estate professional at your side to help make the process much less daunting. Call or email Ian Ponting 613-830-3350/613-222-2662 or ian@royallepage.ca

Why Home Insurance Can Help Keep Peace of Mind By Ian Ponting For many families, purchasing home insurance translates into peace of mind. However, selecting the right type of insurance that covers all needs is often a challenge. There are many types of insurance policies available; ranging from a comprehensive policy that covers all risks to “no-frills” policies that provide minimum coverage. Regardless of the policy type, annual costs can be reduced by shopping around and by asking about discounts. In most instances when securing a mortgage, the lender requires that a home become insured as soon as the homeowner takes possession. This is not only to protect the bricks and mortar, but also to ensure that the value of the property remains intact in the event of any damage. A lender may not grant a mortgage if the property is considered uninsurable. Therefore, a home’s wiring, plumbing, roofing etc. must be at a level that is acceptable to the insurance company’s appraiser. Occasionally, the cost of insurance for new homes is lower because the risk of faults developing may be less likely. It is often difficult for homeowners to determine the value of their personal property. Most homeowners seek advice and guidance from an insurance representative, but ultimately it is up to the individual to decide the value of personal possessions for insurance purposes. To help determine the value of personal property, conduct an annual inventory of items. Videotape or photograph the contents of every room in the home or write out a room-by-room list, then assign a value to every item. Include clothing, furniture and artwork, etc. For particularly valuable or fragile items or collectibles, request special coverage. Keep a note of the make, model and serial numbers of items and file receipts for any major purchases such as televisions or video recorders. For safety’s sake, store an annual inventory list off-site (in a safety deposit box or with your insurance broker). It is not wise to under-insure. Instead try to find the right balance, based on a reasonable budget that considers affordability against the items to be insured. Insurance companies charge an annual fee or “premium” for coverage and there are a number of ways to lower the premium. For example, by paying a higher deductible in the event of a claim, premiums will decrease in cost. The deductible is the amount paid for a claim before the insurance company makes the remaining settlement. Some insurance companies offer reduced premiums to seniors or if there are no smokers in the home. Homeowners can also benefit from lower premiums if the property has a monitored security system, smoke alarms or a sprinkler system. A loyalty discount can be realized if the homeowner has maintained a claims-free record for a number of years. Some insurers also offer a discount to members of professional organizations or if more than one policy is purchased. Insurance can be purchased either directly from an insurance company or from an insurance broker. Many large insurance companies sell their own policies directly to the public via advertisements or a 1-800 number. Homeowners deal with an employee or agent of the insurance company who only sell their own company’s policies. Alternatively, a local independent insurance broker can offer a variety of policies and prices from a number of insurance companies and will comparison shop to find the best price for the coverage required. Most of us will never lose our homes or all we own to fire, water or theft, but we know it could happen. Paying an annual insurance premium is a small price to pay for security and peace of mind.