The Top 10 Things Buyers Really Want in Their Next Home
There is likely no bigger purchase than a home. There are some things on almost every homebuyer’s list when it comes to looking for their perfect property whether they’re buying for the first time, upgrading or downsizing.
These 10 things seem to be really important to most:
1. Separate Laundry Room.
Most homebuyers want a designated space to do laundry. Having enough storage space for laundry items, as well as being able to fold clothes, is a must. Buyers see it as a huge plus. Most people prefer this space to be close to the master bedroom or at least on the main floor.
2. High Efficiency.
Even when buying an older home, homebuyers look for efficiency in appliances and windows. More people are mindful of their utility bills and look to things to cut those costs.
3. A Patio Or Deck.
Outdoor living is embraced by most homeowners. 87% of house hunters look for a home with a patio where they can entertain family and friends in the warmer months.
4. A Large Garage.
For more than just the vehicles. A spacious garage can also double as a great storage space. A garage also provides easy accessibility to stored items unlike an attic or shed.
5. Exterior lighting.
Most people take great pride in the time and money they’ve invested in landscaping and would like to highlight that even at night. Next to a patio, exterior lighting is the most desired outdoor feature. That includes spotlight, walkway and pendant lights.
6. A Modern Kitchen and Bathroom.
Most people’s savings will be going toward a down payment, so getting a kitchen and bathroom they won’t have to change is high on the priority list. An eat-in, open-concept kitchen is what most people strive for. These are really attractive to young families with children.
7. Hardwood Floors.
Hardwood floors are cleaner and easier to maintain. Good flooring can last a lifetime if maintained well.
8. Walk-in Closet in the Master.
These types of closets are quickly gaining in popularity among first-time homebuyers. Such closets rank in the top five on the home want list.
9. Walk-in Pantry.
A full-sized pantry used to be a staple in every home in the early 20th century. They went out of favour, but are making a strong comeback. According to statistics, it’s the most wanted kitchen feature among buyers these days.
10. A Separate Dining Room.
Like the walk-in pantry, the formal dining room is back on the want list. A separate dining room is among the top 10 essentials for first- and second-time homebuyers.
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.
MacKay & McLean provides the professional services of a large Regina law firm, with the intimate attention of a small firm. The legal process can be daunting and overwhelming, but it doesn't have to be. MacKay & McLean is with you every step of the way.
MacKay & McLean are TRUSTED REGINA LAWYERS
It’s an exciting time – the old house is sold, the new one is ready, and all that’s left is the move…..oh wait – not quite yet! There's all that legal “stuff” to deal with now….signatures….titles to be given…and pages and pages of documents that need to be signed before the key is in your hand!!! And to top it all off – who really knows a good real estate lawyer?
Robert MacKay your Trusted Regina Real Estate Lawyer expert explains how CRA may penalize you if you fail to report it.
Reporting the sale of a principal residence was unnecessary before 2016, the year the federal government announced a series of steps designed to slow the housing market down and close housing-related tax loopholes. Some people used the previous lack of scrutiny of gains from the sale of a home to their advantage, including investors flipping homes, and others who owned both a cottage and a house and weren’t conscientious about declaring which was a principal residence.
CRA says that if you forget to report the sale of a principal residence, you’ll need to amend your tax return for that year as soon as possible. Late reporting may be accepted in some cases, but it’s possible you’ll have to pay a penalty equal to the lesser of $8,000 or $100 for each complete month you’re late in reporting.
In most cases, you won't pay tax on the money you make from selling your home if it was your principal residence every year since you bought it.
If you sold property in 2017 or after that was, at any time,
your principal residence, you must report the sale on Schedule 3, Capital Gains (or Losses) corresponding with the tax year and
Form T2091(IND), Designation of a Property as a Principal Residence by an Individual (Other Than a Personal Trust).
According to CRA here is why you must report the sale.
For the sale of a principal residence in 2016 and subsequent years, we will only allow the principal residence exemption if you report the disposition and designation of your principal residence on your income tax return. If you forget to make this designation in the year of the disposition, it is very important to ask us to amend your income tax return for that year. Under proposed changes, we will be able to accept a late designation in certain circumstances, but a penalty may apply.
Once you have committed to either buying or selling your property, simply tell your realtor and lender, as applicable, that Robert MacKay will be representing you and to forward the appropriate instructions to MacKay & McLean, attention "Robert MacKay".
Robert MacKay's team provides professional, personalized service and with their assistance, you can rest assured that your real estate transactions will be handled with the utmost consideration and care.
They provide a full range of legal services including:
- Real Estate & Mortgages
- Wills & Estates
- Family Law & Divorce
- Commercial & Corporate Law
- Litigation & Personal Injury
ROBERT Mackay is your TRUSTED REGINA REAL ESTATE LAWYER!