I flew to Florida last week for a mini vacay and then to drive Chris' grandparents back to Toronto. They are snow birds and are truly living the life! They have a condo in Deerfield Beach, Florida and if anyone is looking for a central location...this is it! It is about a 40 minute drive to South Beach Miami (great restaurants and beaches!), a 15 minute drive to Fort Lauderdale, 15 minutes to West Palm Beach (the Kennel Club is hilarious if you are a people watcher!) and a 4 minute drive to Boca Raton (Town Centre is kind of like Yorkdale...only WAY better!!!)
The condo is in a gated community, has an on site golf course, private club house (that has just about anything anyone would need! From heated pool- theatre!), each block of condos has its own outdoor pool, there is 24-hour patrolling security, and a trolly system that runs every 30 minutes to take you through the village or out of it shopping!
The Association claims that you must be 55 and older to own here (or else we would have purchased one ourselves, so our family could have more room there!). However if you fall into that age bracket I suggest you consider purchasing here, where you can find short sales and foreclosures that are CRAZY good deals. The monthly H.O.A. fees vary from the different buildings (each year the building presidents hold meetings and decide on the fees for that year!) but are usually from $130-$250.
So, snow birds if you are thinking of buying, like I mentioned before, take advantage of the US' economy and buy now before things start to pick back up and prices rise!For the next 28 years I will only be a guest of this great village :)
~This is my Life!!!
Tuesday, April 27, 2010
Tuesday, April 13, 2010
Curb Appeal ~ Your Best Bet!
When it comes renovating, the 2009 Remodeling Cost vs. Value Report suggests that curb-appeal wins the day in deciding what replacement costs to take on for your home.
That’s because 7 of the top 10 remodels that recover the highest value returns versus their costs are exterior replacement projects. Yet they are among the least expensive.
Of 33 remodeling projects, 21 were Mid-level and 12 were Upscale. Replacing an entry door topped the list, recouping the highest return for the least cost. Siding replacement of various types--fiber-cement, vinyl and foam-backed--recouped the 2nd highest return on cost. Adding a wood deck placed 3rd.
Sunrooms and Home offices continue to reflect the lowest returns on cost at 50.7% and 28.1% respectively.
On an overall average, all 21 mid-range projects recoup about 71.64% of costs, while all 12 Up-Scale projects recoup an overall average of 66.25% of costs. However, costs recovered for specific replacements and their regional or market area averages, can prove far more meaningful.
A U.S. study, the Cost vs. Value Report, updated annually, can give us as Canadians a reliable glimpse at returns on home project costs. Keep in mind that the return on investment on any given project depends on a variety of other value factors:
· Location,
· A home’s overall condition,
· The value of similar neighbourhood homes,
· Whether the local market is rising, falling or stable.
Return on investment influences a homeowner’s decision to remodel. Obtaining actual construction quotes from a reputable contractor and talk to an experienced REALTOR® about comparable home prices and local market conditions.
Visit www.costvsvalue.com for your look at the various replacement projects and their average return on national, regional and market levels. The 2009 Remodeling Cost vs. Value Report is produced by Hanley Wood, LLC, in cooperation with REALTOR® Magazine.
That’s because 7 of the top 10 remodels that recover the highest value returns versus their costs are exterior replacement projects. Yet they are among the least expensive.
Of 33 remodeling projects, 21 were Mid-level and 12 were Upscale. Replacing an entry door topped the list, recouping the highest return for the least cost. Siding replacement of various types--fiber-cement, vinyl and foam-backed--recouped the 2nd highest return on cost. Adding a wood deck placed 3rd.
Sunrooms and Home offices continue to reflect the lowest returns on cost at 50.7% and 28.1% respectively.
On an overall average, all 21 mid-range projects recoup about 71.64% of costs, while all 12 Up-Scale projects recoup an overall average of 66.25% of costs. However, costs recovered for specific replacements and their regional or market area averages, can prove far more meaningful.
A U.S. study, the Cost vs. Value Report, updated annually, can give us as Canadians a reliable glimpse at returns on home project costs. Keep in mind that the return on investment on any given project depends on a variety of other value factors:
· Location,
· A home’s overall condition,
· The value of similar neighbourhood homes,
· Whether the local market is rising, falling or stable.
Return on investment influences a homeowner’s decision to remodel. Obtaining actual construction quotes from a reputable contractor and talk to an experienced REALTOR® about comparable home prices and local market conditions.
Visit www.costvsvalue.com for your look at the various replacement projects and their average return on national, regional and market levels. The 2009 Remodeling Cost vs. Value Report is produced by Hanley Wood, LLC, in cooperation with REALTOR® Magazine.
Saturday, April 10, 2010
Your Buying Options When Selling—What are they?
Unless you have a guaranteed employer relocation package or a rich relative, you basically have 3 buying options when selling.
Option 1. You can start looking and on finding the home you want, negotiate an offer on condition that your home sells.
In this scenario the Seller will include a provision stating that he can actively continue to market his home. If he receives another offer, you are notified to remove your conditions and buy the home or abandon the purchase. If your mortgage approval is subject to your home being sold, you have no choice but to let the home go and your search begins again.
This approach can be discouraging if other homes don’t seem to measure up to the one you lost. On the bright side, equally good homes are available and new listings continue to appear. With patience you’ll find your dream home.
Option 2. You wait and make an offer to buy only after negotiating a sale on your home.
This is a strong preference as it gives you more leverage when making an offer to purchase. You’ll have a more accurate accounting of the equity from your sale, and you’ll be in a stronger negotiating position.
One possible down side deals with the closing date on the home you sold. Will it give you enough time to find another home? As well, will the Seller of your intended purchase be able to accommodate your required closing date. If not, will it be possible to renegotiate the closing date on your sale? Sometimes it gets a bit tricky.
Option 3. You discuss the possibility of a bridge loan with your lender.
If the lender approves, you can actively look and negotiate an offer without a condition to sell your home. Alternatively, you can make an offer with a sale condition and, should another offer comes along that the Seller is willing to accept, you can remove your conditions upon being notified.
Until your home sells you may have to carry the cost of two homes. This approach depends on one’s tolerance for risk.
A Word of Caution: Once notified of another offer by the Seller, a Buyer usually has only 48 hours to remove all conditions, hardly enough time to meet additional provisions, like a home inspection. Satisfy other conditions well before receiving notification of another offer.
With each option any number of subtle differences can occur. Let your REALTOR® help and advise you on how to best work through these nuances.
Option 1. You can start looking and on finding the home you want, negotiate an offer on condition that your home sells.
In this scenario the Seller will include a provision stating that he can actively continue to market his home. If he receives another offer, you are notified to remove your conditions and buy the home or abandon the purchase. If your mortgage approval is subject to your home being sold, you have no choice but to let the home go and your search begins again.
This approach can be discouraging if other homes don’t seem to measure up to the one you lost. On the bright side, equally good homes are available and new listings continue to appear. With patience you’ll find your dream home.
Option 2. You wait and make an offer to buy only after negotiating a sale on your home.
This is a strong preference as it gives you more leverage when making an offer to purchase. You’ll have a more accurate accounting of the equity from your sale, and you’ll be in a stronger negotiating position.
One possible down side deals with the closing date on the home you sold. Will it give you enough time to find another home? As well, will the Seller of your intended purchase be able to accommodate your required closing date. If not, will it be possible to renegotiate the closing date on your sale? Sometimes it gets a bit tricky.
Option 3. You discuss the possibility of a bridge loan with your lender.
If the lender approves, you can actively look and negotiate an offer without a condition to sell your home. Alternatively, you can make an offer with a sale condition and, should another offer comes along that the Seller is willing to accept, you can remove your conditions upon being notified.
Until your home sells you may have to carry the cost of two homes. This approach depends on one’s tolerance for risk.
A Word of Caution: Once notified of another offer by the Seller, a Buyer usually has only 48 hours to remove all conditions, hardly enough time to meet additional provisions, like a home inspection. Satisfy other conditions well before receiving notification of another offer.
With each option any number of subtle differences can occur. Let your REALTOR® help and advise you on how to best work through these nuances.
Thursday, April 8, 2010
New Mortgage Changes
Mortgage Changes and Clarification
To clarify any confusion, YES you can still buy a home with a 5% downpayment; this has not changed. As well, lenders continue to offer the 5% cash-back option.
Mortgage Changes and Clarification
To clarify any confusion, YES you can still buy a home with a 5% downpayment; this has not changed. As well, lenders continue to offer the 5% cash-back option.
The 3 New Rules to Insured Mortgages follow:
1. 90% Maximum RefinancingPrior to the modifications, you could refinance and withdraw up to a maximum of 95% of the equity in your existing home. With maximum remortgaging lowered to 90%, you will now be required to maintain a 10% equity position.
2. 5-Year Qualifying for Lower Rate MortgagesWhether buying or refinancing, you may choose a lower interest rate product, such as a variable rate or a 1, 2 or 3-year mortgage. However, you will now have to qualify at a 5-year fixed mortgage rate.
3. 20% Downpayment for InvestmentIf you buy an income property like a duplex and you occupy one of the units, you can still buy with 5% down. If, however, you buy a property that’s non-owner occupied, for speculation and investment, you will need a minimum downpayment of 20% to obtain a government-insured mortgage.
The changes come into effect on April 19, 2010. However a number of lenders have already initiated their implementation.
Comment
On variable rate mortgages, qualifying for the 5-year fixed rate was in place even before the changes. Now this requirement simply extends to mortgages with a shorter than 5-year term, which typically have a lower rate.
Can sales be affected? More than likely, since buyers, at times, have opted for a 1, 2 or 3-year mortgage because they may not have qualified for the higher 5-year rate. On renewals, however, homeowners can more likely afford a rate change, making their payments affordable.
And... This Is My Life!~
Wednesday, April 7, 2010
FOOL'S GOLD SEMINAR
Avoiding the Pit Falls of Real Estate Investment
Even though real estate is a great investment, it takes more than the luck of the Irish to make money. Most of the world's wealthiest people have made their millions with the help of savvy real estate investments and for the rest of us, it is fairly easy to make money on real estate, even simply by owning our own home. But there are potential problem areas that one should be aware of whether you are purchasing a home to live in or buying an entire city block. Be sure to work with a realtor who knows the potential pit falls, plan time to do the research and have an entire team of experts on your side!
RSVP as soon as possible to reserve your complimentary tickets : crystal.tower@century21.ca
Seating is limited!
FOOL'S GOLD SEMINAR
Wednesday, April 14th 2010
7:00 - 9:00 PM (doors open at 6:30)
White Oaks Conference Resort - Ballroom A
Learn how to avoid the pitfalls of real estate! If you are thinking of moving or renovating, in the next few years or have a general interest in real estate, this seminar is for you. Their will be a panel of experts on hand to discuss topics from A-Z.
This is my life :)
Welcome...
So, I recently started my real estate career. I joined Century 21 Today Realty Ltd., in Niagara Falls, ON and have been loving (almost) every minute of it!
Real Estate is a topic of conversation heard in elevators, gyno waiting rooms, gym change rooms, airplanes and well, just about any and everywhere else. I now live in that conversation everyday and thought that starting a blog would be a great way to share my experience!!!
Hope you enjoy~the good, the bad and the ugly that is Real Esate because...
This Is My Life!!!
*Each office is independently owned and operated.
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