DID YOU KNOW?

Houses containing knob & tube wiring still qualify for home insurance

If you purchase a home that contains knob & tube wiring some insurance companies will extend insurance for a pre-determined amount of time during which you must have the wiring updated in the home.

Furnished houses sell quicker than unfurnished houses

It’s easier to sell a home that looks lived in as opposed to one that is vacant and void of furniture. People buy on emotion and if they walk into a home that feels warm and inviting they get a good feeling and are better able to see themselves living there.

Basement moisture isn’t necessarily something to be alarmed about

Sometimes moisture in a basement can be the result of a grading issue, poor drainage or ineffective downspouts. Check to ensure the grade of the garden slopes away from the house and that all downspouts carry water a decent distance away from the foundation.

CMHC Insurance is calculated on a sliding scale

Canada Mortgage and Housing Corporation charges an insurance premium on all mortgages where the down payment is less than 20% of the total purchase price. This premium is calculated as a percentage of the home and is based on the size of your down payment.

First time buyers receive a break on Municipal Land Transfer Tax

First time home buyers do not have to pay land transfer tax on the first $368,000 of the value of the property. For example if your purchase a home for $800,000 you only pay land transfer tax on $462,000. However BOTH parties must never have owned a home previously anywhere in the world to qualify.

As a senior, a good real estate agent can help you with more than just selling your home

Selling the home you’ve lived in for many decades can be an overwhelming and emotional experience. A good agent can help make that transition easier by:

• Taking the time to understand your concerns, objectives and next steps
• Helping you develop a manageable prelisting plan
• Working with you to help sort, donate and pack your house contents so your home shows beautifully
• Ensuring you feel supported through the process

Curb appeal is key

Think of curb appeal as exterior staging. When a buyer pulls up to your house you want them to instantly fall in love with the exterior of your home. It sets the stage for what they’ll find once they step inside.
Pay attention to things like the condition of your front door, porch, stairs and railings. Ensure your exterior lighting is in good working order. Be sure the grass is cut, garden beds are weed free and properly edged and that your back deck/patio looks inviting. All these things pay big dividends!

Neutral décor helps sell your home quicker

A neutral color palette throughout a house is likely to appeal to a larger pool of buyers. Radical color choices can be a turn off and even though it’s just paint it can “color” how a buyer feels about your home. If you’re planning to sell consider spending a bit of time and money to neutralize your décor.

The two hottest selling seasons are Spring and Fall

The spring market is traditionally the busiest market of the year with the largest number of active buyers ready to pounce after a long and typically cold winter! The Fall can also be a very busy market once summer ends, the kids are back to school and everyone returns to a more predictable routine.

Overpricing your home is risky

Overpriced houses tend to sit on the market longer and become stale as agents and buyers pass them over. The house can develop a stigma simply because it’s been on the market for an extended period of time so potential buyers may assume something is wrong with the property.

There is a difference between a deposit and a down payment

A deposit is a sum of money submitted by the buyer to the seller by way of a certified cheque or bank draft at the time of the offer. A down payment is the entire sum of money, deposit included, that a buyer puts against the purchase price of the house at the time of closing.