Are you a professed open house snooper? Do you love popping into open houses even if you’re not looking to sell or buy? While touring an open house is an important step for most buyers, there’s still a lot you can learn even if you’re not presently in the market. For example:
Get staging or design inspiration.
Most open houses are professionally staged, so checking one out, especially if it’s similar in size or style to your own, can be a great way to get a sense of how different colours and furniture styles look. When it comes time to stage your own for sale, you might have some great ideas.
Get to know your price point.
Taking a look through different open houses that are either similar to your own, or in a price point you plan to buy in, can give you a reality check. If you keep seeing homes in your price range that just don’t fit the bill, it might be time to increase your budget or be prepared to compromise. The same goes for your current home. If you see similar spaces that sell for a lot less, you might want to rethink your sales strategy.
Learn what doesn’t work.
Open houses can also be a great chance to see some seriously misguided renovations or decor choices. Did someone take down a wall and lose a valuable potential home office? Undertake a bathroom renovation that just didn’t make sense? Learning what doesn’t work in a similar home, or what features you absolutely couldn’t compromise on can be valuable, too.
Most listing agents know that a certain number of open house visitors are there out of curiosity, not because they’re in the market, so don’t be shy! There’s still a lot you can learn from browsing open houses whether you’re looking to buy immediately or not.
5 Real Estate Tips
Thanks to a glam Hollywood treatment and an influx of design and reno shows, the world of real estate can look like a pretty sweet deal. You tour some high-end houses, sign some papers, close a few deals and you’re set. Right? In real life, it’s a little more complicated than that. From emotional sellers to DIY disasters, real estate agents deal with challenges just like any professional. Here’s what they wish you knew about the job:
“Reality” television isn’t that real.
Shows can make it seem simple and fun to buy a fixer-upper, gut the place and sell it to make a profit, all within a short timeframe. In reality, these projects take much more time and often encounter more complications. Make sure you speak with both a real estate agent and a contractor before deciding if this is the right option for you.
Time is of the essence.
In Canada, where many housing markets are hot, hot, hot, timing can make all the difference when it comes to scoring your dream home. For buyers, being responsive and filing paperwork on time can be the reason you get—or lose—the place you want.
It pays to keep your emotions in check when selling.
It only makes sense that when you put down roots in a space you become attached to it. Unfortunately, emotional connections sometimes get in the way of pricing a home at its actual value or accepting a perfectly good offer.
Staging has real benefits.
People become attached to their things as well as their actual dwellings. But not every potential buyer will be as enthused about your treasured family vacation photos or carefully curated souvenirs. If your agent suggests you use the services of a professional stager, they’re trying to get your home the value it deserves.
Keeping your home tidy helps!
Even in a hot market, going out of your way to make your home as presentable and welcoming as possible is a necessary piece of getting the buyer you want. Spending a few minutes every day to tidy up, wipe down counters and give the floors a quick swiffering makes an agent’s job that much simpler.
The land of mortgages is big, and Ryan Boughen, a multi-award-winning Regina Mortgage broker with TMG The Mortgage Group, understands how confusing it can be with new rules, rates and information appearing regularly in the market. There are also dozens of lenders with thousands of mortgage products available. Ryan Boughen is a Trusted Regina Mortgage Broker, and in his latest mortgage tip, he touches on the subject of mortgage renewal.
Your mortgage is probably the single most considerable expense. Unfortunately, most people give it little thought. Here are the most expensive mistakes you must avoid when you renew your next mortgage.
✅ Don't take the first offer - Most times, the first offer you receive from a bank or lender is never their best. Don't be afraid to shop around.
✅ Refinancing - Many mortgage brokers and lenders will bring up the opportunity to refinance your debt or take out equity from your home at the time of mortgage renewal. For more than 99% of us, this is a bad idea. The lure of “cheap money” is strong – whether to pay off debts or use the money for a home reno – going into more debt when you renew your mortgage will cost you in the long run.
✅ Paying off Debt Responsibly - If you have car loans, lines of credit, a balance on your credit card, or other personal debts, you should never pay more than the minimum on your mortgage. Paying off these debts, saving for your child’s education and putting away 15% of your gross income into retirement ALWAYS takes priority over paying off your house.
✅ Have A Master Plan for your Finances - If you fail to plan, plan to fail. Ideally, you should have a monthly, yearly and 5-year plan for your overall finances. Anything from planning your monthly expenses, such as budgeting housing, automotive, and general expenses, to the amount you want to see in your RRSPs and retirement fund.
How to Purchase Commercial Real Estate: PART 3
Purchasing Commercial Real Estate: Identify the Right Property
There are a number of factors to consider when looking for suitable commercial real estate to purchase. The old adage "location, location, location" is true for commercial properties just as much as it is for residential. But there are other issues at play, as well. Here are some things to consider:
Location: This is still the No. 1 issue. You want to be close to your customers, your workers, and your vendors or suppliers. "You want to be convenient to customers to the extent that you have a business where the customer comes to you," Martin says. "But depending on the type of business, access to rail and highway and shipping lanes may be important, too."
Physical condition: After identifying the general location, consider how the property was used, the wear-and-tear, whether there are any environmental issues or potential liability issues, such as asbestos or lead paint.
Allowable uses: If your business is an accounting firm, you likely need commercial office space. If you are a manufacturer, you need an industrial space. Either way, you need to make sure the zoning allows you to do what you need to do on the property.
Limitations on exterior or interior: Whether due to zoning laws or building codes or covenants, there may be limits to changes or alterations you can make to the property. A good example is a building that is in an historic area and subject to restrictions on changes that can be made to the façade.
Adequacy of access and parking: You need to make sure your customers can park and take into consideration whether access is compliant with laws such as the Americans With Disabilities Act.
Opportunity for expansion or leasing: Entrepreneurs often have a rosy outlook about growth and so the potential to expand is a consideration as is the flipside – if you don't grow as much as planned, can you lease out extra space?
Part 4 coming soon!!