Kamloops Property For Sale Real Estate Blog - Investing in real estate

Return on renovation costs: How much will you get back?

Projects that can increase -- or decrease -- the value of your home

Canadians are investing in home improvement like never before.  While most plan to spend reasonable sums, others say they'll go all out: luxurious materials, home theatres, a Jacuzzi on the patio...even $60,000 kitchens are not that unusual! But how much of their investment will be recovered when their house sells?

Homeowners tend to embark on renovation projects to meet their needs, improve their quality of life or simply pamper themselves with a little luxury. But even if you're renovating primarily for your own sake, you should try to assess the post-project increase in the value of your house, just in case you ever want to sell. There is also the fact that a renovated house will…

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How to Maximize Income from a Mortgage Helper Suite

Need to use the rental suite income of a home to qualify for a big enough mortgage? Here’s how to maximize the mortgage

How much of a mortgage do you qualify for? You went to your bank and they told you $xxx,xxx – are they right? Your dream house costs a bit more, so is there any way to get the extra funds? If the property has a rental suite, and you have a good mortgage broker on your side, the answer is likely “yes”.

We have all heard the term “mortgage helper”. In fact, 25 per cent of detached houses in BC contain a rental suite and this rises to almost 40 per cent in the Lower Mainland. In Vancouver alone there are 26,600 rental suites (out of about 47,000 detached homes), and this accounts for roughly 20 per cent of all the rental stock in the…

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In a seller’s market what is the best strategy for selling a home?

It is a seller’s market. But not every house will sell. What is the best strategy for home sellers selling their home in a seller’s market?

“The best time to buy a house was last year. The next best time is right now.”

For buyers

House prices tend to go up. You can wait for them to go down. You can wait, or you can act. Waiting, in my opinion, will only lead to more waiting. You’re probably not ready to buy if you’re waiting for prices to go down.

If you are looking to buy this year, if you want to be successful with buying a home, now more than ever you have to be prepared to act quickly. You have to be fully engaged in the home buying process. With your agent, you have to see houses and revisit them (online) a week or ten days later and find…

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Borrowing with the CMHC improvment mortgage

If you fall in love with a fixer-upper, you may find yourself in a tough spot figuring out how to pay the mortgage and cover the cost of renovations or postponing renos until you can afford them.

 Main Benefits of a Purchase-Plus Improvements Mortgage:

The little-known CMHC improvement mortgage (previously known as the purchase plus improvements program (PPIP)) allows home buyers in that scenario to borrow money to buy and immediately renovate a home with funds from their mortgage lender rather than taking out a separate line of credit that usually carries a higher interest rate and adds another layer of complication to their financial life.

PPIP is generally available with as little as five per cent down. However, buying with less than 20 per…

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Canadians eager to sell U.S. properties, Arizona real estate agent says

'It's just too good of an opportunity to pass up,' former Winnipegger Diane Olson says

It's time to cash in for many Canadians who bought property from 2008 to 2011 in the United States, says Diane Olson, an Arizona real estate agent and former Winnipegger.

"My clients, when they call me, they're ready to sell. It's just too good of an opportunity to pass up," she said.

Substantial foreign exchange gains and appreciation in home value over the last five years have created a "perfect storm" for Canadian homeowners in the United States, she said.

"The houses that were more around $200,000, they're up. They can [sell for] anywhere from $275,000 to $350,000," said Olson. Add to that the loonie trading for about 70 cents U.S. and Canadians are…

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What should a real estate lawyer do for you? How to choose one..

Whether you are the buyer or the seller of real estate, it is important that you obtain a lawyer to represent your interests. There are many potential legal pitfalls for the unwary when buying real estate. The agreements for purchase and sale and other related documents are complex. To most people the purchase of a home is the largest investment of their life, and the agreement for purchase and sale is the most important legal contract they will ever sign, next to a will of course!

Don't forget to check our local business directory for lawyers - CLICK HERE

There are a number of ways to select the right lawyer for your needs:

Ask friends who have purchased real estate which lawyer they hired, whether they were satisfied, and why or why not.
…

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Can I Get a Mortgage with Bad Credit?

Is It Possible to Get a Mortgage with Bad Credit in Canada?

You had a few financial setbacks when life’s speed bumps tripped you up, but now you’re on the right path and are ready to take the leap into home ownership. The only problem is: you’re not sure if your pesky credit history is going to prevent a lender from giving you a mortgage loan. The good news is there are some options available to you; the bad news is they don’t always come cheap. Here’s a quick breakdown of how you can check your credit score and, if you need to, get a bad credit mortgage. While many brick-and-mortar banks consider customers with poor credit to be high risk, there are lenders who are willing to extend loans to clients, regardless of their payment history. One option is…

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B.C. government mulls housing market cooling measures

With the upcoming preparation and approval of its budget next month, the British Columbian government is set to tackle housing relief as a primary concern.
 
Premier Christy Clark said on Tuesday (January 12) that luxury or speculation taxes won’t be implemented in the government’s bid to moderate Vancouver’s surging housing market, which has put an increasing number of homes out of reach of a growing fraction of would-be owners.
 
Clark did not give further details, only saying that the measures would focus on providing relief for first-time buyers without devaluing the properties of current owners.
 
“We’re thinking of a whole range of things. You’ll see more of it as we get closer to the [Feb. 16] budget,” Clark told media in a press conference, as…

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How Do I Negotiate With Buyers Over Problems in a Home Inspection?

If you're selling your home, there are ways to minimize re-negotiations because of issues arising from a home inspection

Q: How do I renegotiate with my home's buyers over problems arising from their home inspection?

A: When you are selling your home or condo, often times there are issues with the property that you might not be aware of. At this stage the buyer will often want to renegotiate the agreed price based on the results of the inspection. So how should you, the seller, respond? This is when you get the value out of your Realtor, they will be working for you in this process so make sure you choose a good realtor.

With a home there are often issues that be very costly to repair. One approach to take, as the seller, is to address the issues…

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House Hunting This Spring? 5 Tips that can get you your home....

Spring and all its glory is right around the corner—just take a look at the signs all around you.

No, we’re not talking about the budding flowers or the chirping birds—we’re referring to those “For Sale” signs that start popping up on lawns across the country as the weather starts heating up.

And once the home-buying season commences … so do the bidding wars and mad dashes from one open house to another.

Since the housing market can be a tricky one to suss out, we asked agents across the country to give us their assessments for this season’s real estate landscape.

Their overarching observation? This will be a competitive home-buying season—so if you snooze, you may lose out on that perfect home you’ve been eyeing.

The current market is a…

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