What to redo? How to get the most return from your limited reno budget.
Most every homeowner will renovate their homes in some way over the course of owning it. Some renovate simply to personalize their space, and others to increase their home's value.
This entry is for those of you who are considering updates in the near future and want to have a maximum return on that investment, but have a limited budget. I want to give you a good idea of the best features to upgrade, and the best ways to make your home more appealing to potential buyers in the future.
The first point I want to stress is any reno you are hoping to increase the value of your home needs to appeal to as many people as possible. For instance, you may find paw print details in your tile work very attractive, but many people may not share your taste. If you spent thousands on that tile job, you'd be very upset to find that it will be essentially worthless to many buyers - in fact many people might even see it as a financial detriment since they'll have to have the tiling redone to make the home appropriate for them. If you are looking for a very good return on your reno investment, it's best to play it safe and stay within neutral, or the current popular, design themes.
Overall, your reno should make your home appear fresh and new. You should try to eliminate the popular colours of yester year (pinks, teals) that will date your home, and anything that feels dingy. There are a few rooms you should pay special attention to; the entry way, the kitchen and the bathroom(s).
Entry Way/Foyer - As I've mentioned in previous posts, many people will decide if they could live in a home within the first seconds of walking inside. For this reason, the first view they see in the home, whether it's the foyer, hallway or living room, should look great. I recommend fresh paint, new baseboards if needed, and good flooring. If your home has older carpeting, I'd recommend spending some of your reno budget on wood flooring, or at the very least laminate. This look is very popular, and gives a fresh, modern, and clean feeling to a place.
Kitchen - The kitchen is the heart of a home. It's never a bad investment to update old appliances, countertops or cabinets. Stainless appliances are all the rage right now, but unless it matches the over all decor, white or black appliances are just as good. Granite countertops are always nice, but replacing old, stained, marked up counters with anything fresh will be an improvement. Changing out cabinets should be thought out very well, as they can be pricey to replace. Sometimes they can be refinished, or repainted, or even just have new doors put on to change the look without spending a fortune. Make sure you have an over all colour scheme for any room before you begin replacing items. If your kitchen has a linoleum floor, seriously consider replacing it with tile.
Bathroom - Pink or blue toilets, sinks and tubs are a fad of the past and should be eliminated if at all possible. Otherwise, fresh counters, tile instead of linoleum and just being sure everything in the room actually works the way it's supposed to are good bets. Some current popular bathroom items are big shower heads, basin sinks and deep tubs. Those items will make your bathroom stand out as modern and upscale.
I've spoken with a number of people and given advice on what they should spend their reno dollar on for their homes. I'd be more than happy to answer any questions you may have about your own home.
Hope this has been informative!
All the best,
Neacol
Tuesday, January 30, 2007
Wednesday, January 24, 2007
What Should You Look for in a Realtor(R)?
In my last post I mentioned the even I, a licensed agent, would not sell my own home. I have had a few people ask me since then, how would I then choose a Realtor(R) to sell my home?
There are a several things I look for in another agent. What I want is someone who will do more than the bare minimum, and someone who will use their expertise to sell my home as soon as possible with the best terms and price. Any agent can toss your info on MLS and wait for calls. Furthermore, whatever commission is negotiated, I want to feel like I'm getting my money's worth.
When interviewing a Realtor(R), I highly recommend looking for the following:
A Solid Marketing Plan - So they'll list it on MLS...and then what? I want an agent who will use several methods of marketing. Flyers, personal websites, property signs, and open houses are a few examples of what I would expect from my agent. Also, look at their business cards and ask for samples of their marketing to get an idea of how well they will represent your home.
A Good Reputation - Show me the testimonials. I'm not concerned with the number of sales in the last year, but I do want to know that the services they did provide were so exceptional, that their clients took time out of their lives to write a testimonial.
A Seller's AND Buyer's Agent - Many agents get to the point where they are so busy they hand off buyers to another agent. I want an agent that works closely with both sellers and buyers. Who knows? If they have several buyers already looking for homes such as mine, they might be able to get it sold even faster.
Professional Communication - This is a big one for me, a real deal breaker. I want someone who will return my calls and emails quickly, and just generally keep me informed and up to date on what's happening. A fluency in English is also a must. No matter what language I speak, the language of business in Vancouver is English, and it is so very important they are able to communicate with all potential buyers and agents clearly.
Community Minded - I need to see some community involvement, through charitable contributions or volunteer work. We are blessed to work in such a great industry, and I need to know they are giving something back.
Interpersonal Skills - Finally, it's important to me to actually like and trust the person I'm working with. If I like them, others will too, and I want that kind of person representing me and my home. Knowing they understand what I care about, and that their caring goes beyond the cash value of the sale is a must. Furthermore a calm, positive outlook from my Realtor will help me maintain my composure in stressful dealings.
These are my key factors in finding another agent to sell my home, or someone to refer out of town business too.
As always, please let me know if you have any questions,
All the best,
-N
In my last post I mentioned the even I, a licensed agent, would not sell my own home. I have had a few people ask me since then, how would I then choose a Realtor(R) to sell my home?
There are a several things I look for in another agent. What I want is someone who will do more than the bare minimum, and someone who will use their expertise to sell my home as soon as possible with the best terms and price. Any agent can toss your info on MLS and wait for calls. Furthermore, whatever commission is negotiated, I want to feel like I'm getting my money's worth.
When interviewing a Realtor(R), I highly recommend looking for the following:
A Solid Marketing Plan - So they'll list it on MLS...and then what? I want an agent who will use several methods of marketing. Flyers, personal websites, property signs, and open houses are a few examples of what I would expect from my agent. Also, look at their business cards and ask for samples of their marketing to get an idea of how well they will represent your home.
A Good Reputation - Show me the testimonials. I'm not concerned with the number of sales in the last year, but I do want to know that the services they did provide were so exceptional, that their clients took time out of their lives to write a testimonial.
A Seller's AND Buyer's Agent - Many agents get to the point where they are so busy they hand off buyers to another agent. I want an agent that works closely with both sellers and buyers. Who knows? If they have several buyers already looking for homes such as mine, they might be able to get it sold even faster.
Professional Communication - This is a big one for me, a real deal breaker. I want someone who will return my calls and emails quickly, and just generally keep me informed and up to date on what's happening. A fluency in English is also a must. No matter what language I speak, the language of business in Vancouver is English, and it is so very important they are able to communicate with all potential buyers and agents clearly.
Community Minded - I need to see some community involvement, through charitable contributions or volunteer work. We are blessed to work in such a great industry, and I need to know they are giving something back.
Interpersonal Skills - Finally, it's important to me to actually like and trust the person I'm working with. If I like them, others will too, and I want that kind of person representing me and my home. Knowing they understand what I care about, and that their caring goes beyond the cash value of the sale is a must. Furthermore a calm, positive outlook from my Realtor will help me maintain my composure in stressful dealings.
These are my key factors in finding another agent to sell my home, or someone to refer out of town business too.
As always, please let me know if you have any questions,
All the best,
-N
Monday, January 22, 2007
Should I sell my own home?
A friend asked me recently if I truly thought he needed to use a Realtor(R) to sell his home. After all, if the market is so good, shouldn't it just fly off the shelf?
Anything is possible. It's completely possible that he might be able to find a buyer on his own, and he's a smart man, he should be able to figure out the contracts etc. But the reality is, I cannot in good conscience recommend that course of action to a friend, or anyone else. It is a dangerous, and potentially lengthy road he'd be traveling down. Here's why:
Cannot advertise on MLS - only licensed realtors are able to post listings on MLS. It is estimated that up to 99% of buyers search MLS first and foremost to find their next home. To sell your home on your own, you would be cutting yourself down to nearly 1% of all possible buyers. Less buyers means less interest, which, chances are, means a much longer time on the market, and a lower selling price. In fact, most 'For Sale By Owners' end up working with a Realtor(R) after several months on the market for this reason alone.
Attracting deal hunters - Many of those who do look for listings in places other than MLS are looking for a real deal. The mentality is that if you are saving the cost of a Realtor(R), that savings should be passed on to them. Often you will end up with offers much lower than your asking price.
Legal recourse and contract omissions - One of a Realtor's(R) main jobs while listing your home is to ensure, in every way they can within reason, that you are protected. They ensure your beliefs about your property are indeed fact, to be certain there are no misrepresentations in the contract or on your Property Disclosure Statement. There are serious financial consequences if it is found that your home was misrepresented in a sale. Certainly, your lawyer will be able to help you to a certain extent, but how much do they know about buried oil tanks and termites? We are trained with the most up to date information regarding contracts and property law, and we know how to double check your information for you.
Loss of negotiation power - Negotiating on your own behalf can be sticky. Especially when selling an item like your home, it's very easy to get emotional, flippant, or worn down. A Realtor(R) soothes these troubles by being your front man. They will represent you, get the low down, and then can discuss the details with you privately, let you vent, consider low offers etc, without giving away your position to the buyer. You never even have to meet the buyer if you don't want to. By having a representative, you have a much better 'poker face' for the negotiations - which can lead to a much better price and terms.
Time demands - Can you honestly say you are available to show your suite any time? Do you have the inkling to hang around letting strangers into your home for hours at a time when doing an open house? Do you have spare hours to put together marketing materials and advertisements? These days, the answers to most of these questions is no. We are a busy culture. The process of selling is stressful enough as it is without having to cut into your routine to be at the beck and call of potential buyers.
The fact of the matter is, it'll be less stressful, less dangerous, and it's likely you will actually make more money (even after the commission) if you work with a Realtor(R). In fact, even I, as a licensed Realtor(R), would not sell my own home just for the points on negotiation and liability. And if I wouldn't even consider it myself - how could I recommend it to anyone else?
If you have any questions, please let me know. All the best - N
A friend asked me recently if I truly thought he needed to use a Realtor(R) to sell his home. After all, if the market is so good, shouldn't it just fly off the shelf?
Anything is possible. It's completely possible that he might be able to find a buyer on his own, and he's a smart man, he should be able to figure out the contracts etc. But the reality is, I cannot in good conscience recommend that course of action to a friend, or anyone else. It is a dangerous, and potentially lengthy road he'd be traveling down. Here's why:
Cannot advertise on MLS - only licensed realtors are able to post listings on MLS. It is estimated that up to 99% of buyers search MLS first and foremost to find their next home. To sell your home on your own, you would be cutting yourself down to nearly 1% of all possible buyers. Less buyers means less interest, which, chances are, means a much longer time on the market, and a lower selling price. In fact, most 'For Sale By Owners' end up working with a Realtor(R) after several months on the market for this reason alone.
Attracting deal hunters - Many of those who do look for listings in places other than MLS are looking for a real deal. The mentality is that if you are saving the cost of a Realtor(R), that savings should be passed on to them. Often you will end up with offers much lower than your asking price.
Legal recourse and contract omissions - One of a Realtor's(R) main jobs while listing your home is to ensure, in every way they can within reason, that you are protected. They ensure your beliefs about your property are indeed fact, to be certain there are no misrepresentations in the contract or on your Property Disclosure Statement. There are serious financial consequences if it is found that your home was misrepresented in a sale. Certainly, your lawyer will be able to help you to a certain extent, but how much do they know about buried oil tanks and termites? We are trained with the most up to date information regarding contracts and property law, and we know how to double check your information for you.
Loss of negotiation power - Negotiating on your own behalf can be sticky. Especially when selling an item like your home, it's very easy to get emotional, flippant, or worn down. A Realtor(R) soothes these troubles by being your front man. They will represent you, get the low down, and then can discuss the details with you privately, let you vent, consider low offers etc, without giving away your position to the buyer. You never even have to meet the buyer if you don't want to. By having a representative, you have a much better 'poker face' for the negotiations - which can lead to a much better price and terms.
Time demands - Can you honestly say you are available to show your suite any time? Do you have the inkling to hang around letting strangers into your home for hours at a time when doing an open house? Do you have spare hours to put together marketing materials and advertisements? These days, the answers to most of these questions is no. We are a busy culture. The process of selling is stressful enough as it is without having to cut into your routine to be at the beck and call of potential buyers.
The fact of the matter is, it'll be less stressful, less dangerous, and it's likely you will actually make more money (even after the commission) if you work with a Realtor(R). In fact, even I, as a licensed Realtor(R), would not sell my own home just for the points on negotiation and liability. And if I wouldn't even consider it myself - how could I recommend it to anyone else?
If you have any questions, please let me know. All the best - N
Monday, January 08, 2007
Real Estate Board of Greater Vancouver's New Years News Release
The following news release was made by the REBGV recently. It's a great run down of how prices are continuing to rise, even though the number of sales is declining. Please feel free to contact me for additional information.
Another big year for Greater Vancouver housing sales
VANCOUVER, B.C. January 4, 2007 – Two thousand and six was another busy year for the real estate market in Greater Vancouver. The Real Estate Board of Greater Vancouver (REBGV) reports that there were 35,506 sales of detached, attached and apartment properties in 2006, a decrease of 12.4 per cent in comparison to the record-breaking 40,530 units sold in 2005, and a 2.1 per cent decrease compared to 2004’s 36,258 sales.
“Year after year, Vancouver continues to be ranked as one of the best cities in the world to live in and that status is reflected in purchases and sales of some of the most valuable real estate in the country,” says REBGV president Rick Valouche. “We’ve seen year-end sales surpass 30,000 units for five consecutive years now, a first in our Board’s history.
“Although we’re seeing lower sales than last year, it’s important to note that the record-breaking sales pace of 2005 continued well into the first five months of 2006. Sales activity has been quieter since June, which is not a surprise considering we were breaking sales records on a monthly basis for well-over a year. We’re still seeing rising prices, though this is now happening at a slower pace,” Valouche says.
According to Multiple Listings Service® (MLS®) data for the period between January 1 and December 31, 2006, sales of apartment properties decreased 11.6 per cent to 15,088 sales, compared to 17,061 sales in 2005. Sales of attached properties decreased 7.3 per cent to 6,310 units sold, compared to 6,804 units in 2005. Sales of detached properties totaled 14,108 in 2006, a decrease of 15.3 per cent compared to 16,665 sales in 2005.
Overall housing sales for December 2006 decreased 27.7 per cent to 1,686 units in comparison to 2,332 in December 2005.
Sales of apartment properties decreased 28.3 per cent to 741 sales in December 2006 compared to 1,033 sales in December 2005. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $329,906, up 17 per cent from one year ago.
Sales of attached properties decreased 28.8 per cent in December 2006 to 312 units sold, compared to 438 units in December 2004. The benchmark price of an attached unit is $410,234, up 16.6 per cent from December 2005. Sales of detached properties decreased 26.5 per cent from one year ago, at 633 in December 2006 compared to 861 sales in December 2005. The benchmark price of a detached home increased to $643,790, up 13.5 per cent from 2005.
“Whether buying or selling their homes, consumers who want to better understand the current housing market should contact their local REALTOR®,” advises Valouche.
The following news release was made by the REBGV recently. It's a great run down of how prices are continuing to rise, even though the number of sales is declining. Please feel free to contact me for additional information.
Another big year for Greater Vancouver housing sales
VANCOUVER, B.C. January 4, 2007 – Two thousand and six was another busy year for the real estate market in Greater Vancouver. The Real Estate Board of Greater Vancouver (REBGV) reports that there were 35,506 sales of detached, attached and apartment properties in 2006, a decrease of 12.4 per cent in comparison to the record-breaking 40,530 units sold in 2005, and a 2.1 per cent decrease compared to 2004’s 36,258 sales.
“Year after year, Vancouver continues to be ranked as one of the best cities in the world to live in and that status is reflected in purchases and sales of some of the most valuable real estate in the country,” says REBGV president Rick Valouche. “We’ve seen year-end sales surpass 30,000 units for five consecutive years now, a first in our Board’s history.
“Although we’re seeing lower sales than last year, it’s important to note that the record-breaking sales pace of 2005 continued well into the first five months of 2006. Sales activity has been quieter since June, which is not a surprise considering we were breaking sales records on a monthly basis for well-over a year. We’re still seeing rising prices, though this is now happening at a slower pace,” Valouche says.
According to Multiple Listings Service® (MLS®) data for the period between January 1 and December 31, 2006, sales of apartment properties decreased 11.6 per cent to 15,088 sales, compared to 17,061 sales in 2005. Sales of attached properties decreased 7.3 per cent to 6,310 units sold, compared to 6,804 units in 2005. Sales of detached properties totaled 14,108 in 2006, a decrease of 15.3 per cent compared to 16,665 sales in 2005.
Overall housing sales for December 2006 decreased 27.7 per cent to 1,686 units in comparison to 2,332 in December 2005.
Sales of apartment properties decreased 28.3 per cent to 741 sales in December 2006 compared to 1,033 sales in December 2005. The benchmark price of an apartment property in Greater Vancouver, calculated by the MLSLink® Housing Price Index, is $329,906, up 17 per cent from one year ago.
Sales of attached properties decreased 28.8 per cent in December 2006 to 312 units sold, compared to 438 units in December 2004. The benchmark price of an attached unit is $410,234, up 16.6 per cent from December 2005. Sales of detached properties decreased 26.5 per cent from one year ago, at 633 in December 2006 compared to 861 sales in December 2005. The benchmark price of a detached home increased to $643,790, up 13.5 per cent from 2005.
“Whether buying or selling their homes, consumers who want to better understand the current housing market should contact their local REALTOR®,” advises Valouche.
Tuesday, January 02, 2007
Happy New Year!
To everyone out there reading this - I hope you all have a very prosperous and entertaining new year!
My husband and I have made one resolution this year - we are going to be upgrading from an apartment to a house. We're very excited. As you know, buying a home, whether it's your first apartment, an upgrade or downsize, changes your life. If done properly, it will always be a change for the better.
Now that the holidays are over and done with, there's a good chance we'll see several new listings come online in the next few weeks - these are from all those sellers who didn't want to mix holiday fun with selling their homes. Let me know if you'd like more info.
Take care all, and have fun.
To everyone out there reading this - I hope you all have a very prosperous and entertaining new year!
My husband and I have made one resolution this year - we are going to be upgrading from an apartment to a house. We're very excited. As you know, buying a home, whether it's your first apartment, an upgrade or downsize, changes your life. If done properly, it will always be a change for the better.
Now that the holidays are over and done with, there's a good chance we'll see several new listings come online in the next few weeks - these are from all those sellers who didn't want to mix holiday fun with selling their homes. Let me know if you'd like more info.
Take care all, and have fun.
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