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Lesbian couple unpacking in forever home

In our younger years we experience a myriad of different housing situations, from living in our parents’ home, to shared student housing, to leaky basement apartments, to crammed condos. But with careful financial planning and a keen eye on the real estate market, there will come a time when you’re ready to finally move into that forever home. Here’s how you’ll know.

Old couch in a retro living room

Pretty Little Liars

With starter homes, there are often trade-offs, such as sub-par living spaces for a lower price tag. If you’re tired of taking care of a house that does nothing for your aesthetic sensibilities, it might be time to step it up and find a space that truly reflects you.

Friends enjoying forever home

Size Matters

To qualify as a “forever home,” there must be enough space to accommodate all that life throws at you — at least for the next 20 years. More kids down the road, parents moving in, or a backyard that’s big enough for a future pool, the house and lot need to hold all of it. If you’re ready to take on more square footage (and its accompanying upkeep), jump on in.

 

For more indicators that you’re ready to really put down real-estate roots, visit HGTV.ca.

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Open_Concept_CottageOpen_Concept_Cottage

As 2018 cottage and cabin season is quickly approaching, it’s time to turn our heads toward what recreational property trends buyers and renters want this summer. With this list of must-haves, you’ll be armed with the knowledge of what vacationers want and why.

 
 

No matter if you’re buying or selling, staying on top of recreational property trends can help when it comes down to decision time. From solar panels to a strong cup of coffee, 2018 is looking to be an interesting year for Cottage Country.

You may also like 7 Features Every Recreational Property Must Have on HGTV.ca.

Courtesy of HGTV.ca.

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People jumping in lake at recreational property

Enjoying access to a recreational property is quite possibly the ultimate Canadian dream. According to a recent survey conducted by Leger on behalf of RE/MAX, one-quarter of Canadians would consider purchasing a cottage or cabin in the future. If you’re among them, you’ve got some work to do before you can play.

As is the case with all real estate, a great recreational property starts with location. More than two-thirds of Canadians who currently own a cottage, or are considering buying one, are willing to travel up to two hours to get there. A shorter commute leaves more time for R&R, but particularly for those living in major urban centres, proximity to home comes at a price. Those willing to drive a little further for their piece of paradise could well find it at a lower cost. (FACT: 28 per cent of those who own a cottage or plan to buy one are willing to travel three hours or more!)

Recreational property stats

Location has some inherent associations, such as property type. Depending on where you live and how far you’re willing to travel, your recreational property might be lake-front, ocean-side, river-facing, forest, farm, mountain, or perhaps it’s a second home in another city. Canada’s diverse landscape offers a wide variety of cottages, camps, cabins, chalets and even condo-style getaways to choose from, so consider how you spend your “down time” and factor that into your purchasing decision.

Recreational property stats

With the “where” and “why” questions answered, let’s get down to the nitty-gritty of your decision – the “what” of your recreational property purchase. As mentioned, your location will largely define the type of property available to you, but there are some other important details to consider:

  • Do you want a year-round recreational property, or a seasonal/summer home?
  • Will you be hosting extended family, friends or renters?
  • Do you want Internet connectivity, or are you going offline?
  • Do you seek seclusion, or wish to be part of a community?
  • Do you require electrical and indoor plumbing, or are you “roughing it”?
  • Do you need a boat house and dock?

 

Now, let’s look at the “how” of your recreational property purchase. How will you own the property? Are you entering into joint ownership with someone? And how will you pay for it? Depending on the type of property, yours may or may not qualify for a conventional mortgage. Working with a reputable Realtor, financial advisor/lender and lawyer will help answer all of these important “how” questions.

With price and maintenance costs identified by survey respondents as among the top three considerations of recreational property buyers, give careful thought to budget. Aside from the price of the property itself, also consider:

  • Insurance
  • Property tax
  • Utilities
  • Maintenance
  • Commuting costs
  • Use and entertainment

 

There’s a lot to think when buying a recreational property, but doing your homework now will mean a sound purchase – and some well-deserved play time – later.

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Open house etiquette

We all know that there are rules when you’re a guest in someone’s home. Remove your shoes, stay out of the medicine cabinet, and leave the home in the condition that you found it. Some of these are common courtesies, but others need to be said.

Famed etiquette writer Emily Post may not have delved into open house decorum, but you can be sure it exists and it’s important. After all, it’s still someone else’s home – for now.

Without further ado, here are some DOs and DON’Ts to keep in mind for open house season.

 
 
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birdhouse cherry tree selling your home

Whether it’s the budding blossoms, the longer days or the promise of less insulated clothing, spring brings an undeniable sense of hope. This uplifting feeling also flows into the real-estate market — when the sun is out, the buyers are too. Here are some undeniable reasons why selling your home this spring is a sensible move.

In full bloom

There are plenty of reasons to consider selling this spring. As the sun begins to warm the dormant winter soil, trees blossom, tulip bulbs bloom and strategically placed flower boxes shine. Spring’s unfurling sets a pretty stage for your home to look its best and draw the attention of potential buyers. Take advantage of the warmer weather to elevate the look of your home’s façade, front entry and landscaping.

selling your home with open house sign in springAll In A Day’s Work

Just the simple fact that there are now more hours of daylight means more potential buyers can view your home during the day – another great reason for selling this spring! That boosts the number of eyeballs on your property, and ups your odds of landing a desirable offer.

For more reasons for why you should list your home this spring, visit HGTV.ca.

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Colour theory isn’t a new science. Certain colours illicit an emotional reaction, be it good or bad. Choosing the right paint colours to refresh your home before putting it on the market is an important step. With this list in hand, be confident knowing you’ve picked a modern palette that will draw in potential buyers (and big offers).

 
 

From the inside out, make use of these on-trend colours in your home to capture the attention and imagination of potential buyers. When buyers see a palette in your home they’ve only seen in magazines, its value (and your decorating cache) could get a big boost.

You may also like 7 Simple Staging Tricks to Help Sell Your Home on HGTV.ca.

Courtesy of HGTV.ca.


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It’s easy to get caught up in a bidding war, especially when you find your dream home. While sellers can only hope that they’ll list and a bidding war ensues, homebuyers should tread carefully when this situation arises.

Remember that just because one hopeful homebuyer outbids your offer, doesn’t necessarily mean you should volley back. In the worst-case scenario, you might end up with a home you haven’t researched, in a neighbourhood you don’t love, at a price you can’t afford.

A real estate agent that you trust, who knows the local market, can help you navigate through a bidding war and reign in any over-enthusiasm. In the meantime, here are some strategies to help you make a smart bid and if all goes well, a smart buy.

Know your limit.

As a homebuyer, a mortgage pre-approval is step #1, regardless of market conditions. This step informs you of how much you can spend on a home. It’s is your hard limit, should a bidding war ensue. A mortgage pre-approval also guarantees your interest rate for 90 days or more, bringing peace of mind around concerns of short-term rate increases.

Get the comparables.

How much is the home really worth? Your real estate agent will pull recent sales stats for you, offering valuable insight on the price of comparable homes in the same neighbourhood. You’ll then be better equipped to determine how comfortable you are taking on competing bids.

Know what you’re buying.

We all know that premium neighbourhoods come at higher prices. It could be proximity to the downtown core, access to lakefront, parks and recreation, good schools, shopping, or all of the above. Consider what you want and need, and why. Then decide if the home and community you’re considering is worth the price.

Short-term timing.

One trick to winning a bidding war is to avoid it altogether. Make an offer before the home hits the MLS system or gains buyer attention through an open house. Your agent will best advise you on how to proceed, so prepare to drop everything to tour a new listing and make your offer, before someone else does! (Note: Mortgage pre-approval in this scenario is key.)

Long-term planning.

The spring and fall housing markets see the most real estate action, with buyers out in droves and bidding wars bubbling at the surface. If you’re not in a hurry to buy, minimize your competition and possibly even price by shopping in the “off” season. Winter sees a drop in inventory, but also in demand, reducing your chance of being outbid.

Be smart about your bid.

You did your homework, right? You’ve determined how much you can afford to spend. And you know what the home is worth based on comparables. You also know what the home is worth to you. Make a bid that’s reflective of all of these considerations. Before jumping on the bidding bandwagon, have confidence that you’re getting a good deal.

When all is said and done, remember that the spoils don’t always go to the highest bidder. Make a clean offer, be flexible, and know when to walk away. The right home isn’t “right” if the cost to you is wrong.

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RE/MAX 2018 Spring Market Trends Report

NEW STRESS TEST REGULATIONS PROMPT CANADIAN HOMEBUYERS TO INCREASE BUDGETS, RE-EVALUATE HOME FEATURES OR DELAY THEIR PURCHASE. WHILE HOMEBUYERS ARE FEELING THE IMPACT OF REGULATORY CHANGES, THE SPRING MARKET FORECASTS BRIGHTER DAYS AHEAD.


A recent RE/MAX survey conducted by Leger found more than one in four Canadian homebuyers report feeling pinched by the stress test, which came into effect in January of this year. However, projections for the spring market show optimism with most markets expected to remain stable or improve.

 

Despite all of the factors involved, the spring market across most of the country is forecasted to strengthen as we head into the warmer months. Supply is still low in many markets, and while the prices may not reach the same levels as this time last year, we are expected to see continued healthy price appreciation from the earlier months of this year across many regions in the country.

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Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.