Home values explained for your Kamloops real estate.

Several factors affect the value of a house, and a single house may be valued at varying figures.

The two assessments of primary concern to buyers and sellers are the market value and the appraised value but other factors such as appraised also comes into play. Understanding a home’s true market value is about more than pictures, software assessments and price-per-square-foot. Whether you’re a current homeowner thinking of selling or are house-hunting, it’s crucial you understand what factors affect home valuation. By partnering with a local market expert, sellers will avoid pricing their house out of the market (the kiss of death in real estate) and buyers will ensure they get a good deal on their next home. 

The market value of a home is…

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What Will You Do With Your Investment Property?

One of the beauties of real estate investing is the numerous options to make money which the industry gives you.

Whether you are looking for quick cash or for long-term income, whether you are after passive income or don’t mind rolling up your sleeves, real estate has the right answer for you. Make sure you have a great Realtor and financial advisor when embarking on any of these life altering decisions.

The Advantages Of Fix And Flip

• Quick Money

The number one pro of the fix and flip strategy is that you make fast money. You can conclude your whole endeavor in a few months and walk out of it several thousand dollars richer. As far as real estate goes, this is the fastest way to make money. And depending on how good you are at buying low…

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Kamloops Not Immune from Provincewide Slowdown in BC Housing Market

The province-wide slowdown in the BC housing market continued in January. Sales were down 33 per cent compared to the same month last year, while the average home price was down just under 8 per cent.

A large part of that is due to the stress tests on mortgages, according to BC Real Estate Association Chief Economist Cameron Muir.

“Pulled as much as 20 per cent of the purchasing power out of the many potential buyers and that doesn’t go on without seeing an impact,” he said. “Many markets now are showing signs of buyers market territory which means some downward pressure on prices, but many other markets are firmly in balance territory – prices rising around the rate of inflation plus or minus 2 per cent a year.”

Kamloops was a little better off…

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The Worst (and Best) Home Improvements for Increasing Your Property Value

If you’re embarking on a home improvement project to simply make your home more comfortable and enjoyable to live in, then when you’re looking at the cost it’s a matter of what you can afford, and what you’re prepared to pay for the benefits the improvements will bring.

In contrast, if you’re having work done with a mind to increasing your home’s value in a future sale, then you need to take a somewhat harder-headed approach. Contrary to popular belief, not every improvement to your home will be reflected in its sellable value, so if you want to realize a return on your improvement budget, here are four types of project to avoid – and two others to give more serious consideration.

Home Improvements That Make a Poor Investment

#1 A Home Office

…

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What do you need to know about an appraisal? How can you prepare?

In most property transactions the word appraisal comes up sometimes more than once.

As a home buyer you may hear the word appraisal, if you are getting a loan to buy your house, an appraisal could be part of the process. Your lending institution may demand an appraisal on the property if it thinks that the house is not worth what you have offered for it.

This is a professional appraisers estimated value. The appraiser will use recent properties that have sold in the area to help determine the value of the home you choose. The appraiser will also consider the condition of your home, age, size and so forth in determining the value. To better understand what an appraisal typically looks like let me list a few parameters: Sales typically can’t be more…

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Eight Steps to Closing the Purchase of Your New Home

So, working with your real estate agent, you have found your new home and, with assistance of your mortgage professional, you have arranged for a mortgage. What’s next?

It’s time to hire a lawyer or notary public to help with the legal process to finalize the purchase of the home.

Here are the eight steps you will need to go through.

Step 1: Retain the services of a lawyer or notary. Ask your other professional advisors for a referral or family and friends that have gone through the process. Make sure you are hiring someone with experience in real estate closings. Most closings go smoothly but if something unexpected happens you want to make sure your lawyer or notary public has the necessary expertise. You should contact your lawyer or notary as…

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Underground Oil Tanks -- What You Need to Know

Many homes in the Kamloops area built before 1957 were originally heated with furnace oil. When natural gas became available, the oil storage tanks, which were normally located underground in backyards, were filled with sand or capped.

However, as these unused buried oil tanks start to corrode and rust, the remaining oil can leak out and flow onto the rest of the owner's property, the neighbour's property, storm sumps and waterways, resulting in contamination of soil and water. Apart from the negative financial impact on the market value of the property, the owner can face substantial legal liability under various statutes and bylaws for such contamination.

The BC Fire Code and bylaws of twelve municipalities (including the City of Vancouver) all…

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Smart Ways to Clean for a Healthier Home Before Moving In

You’ve bought the house — it’s all yours. However, something’s not quite right. When you walk in, there’s a funky odor, and you’ve noticed some gunk in the air filters. These are signs that all is not well, as a little bit of dirt can hide a lot of pollutants and allergens. That problem needs to be nipped in the bud with a deep cleaning before the movers show up with your furniture.

Before you bust out the mop and bucket, here are a few tips to make sure you do it right. In the end, you’ll have a home with pure air that’s healthy to live in.

Test for Radon

To find out more about Radon gas see our BLOG article here

Radon is a radioactive gas created by the decay of uranium in the natural environment, and it can easily enter your home without…

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When Is The Best Time Of Year To Buy A Home?

One question that pops up constantly from both first-time and seasoned homeowners alike is "When is the best time of year to buy a home?"

Potential homeowners want to know the best time of year to get the best home for the lowest price - and ideally, at a time that makes sense for their life. It would be great if there were a simple and straightforward answer, like "the best time of year to purchase a home is between April 1 and April 7." But unfortunately, it's not that simple. Let's take a look at the factors that play into answering the question "when is the best time of year to buy a home?"

Convenience

The first factor to consider when buying a home is convenience. This is particularly important if you have a family. If you have school-aged…

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Will new cannabis laws affect your home’s value?

Under new federal legislation, Canadians will be able to grow up to four marijuana plants in their private residence.

But a lack of protections and awareness could cost them thousands – or even their mortgage.

Sentiment on smoking and cultivating marijuana at home still largely negative, finds new Zoocasa survey.

With the new cannabis laws coming into force, would growing pot at home reduce your property’s value? What about smoking weed at home? Do you think a new cannabis store in the neighbourhood would help or hinder a home sale? A majority of Canadian homeowners (64 per cent) believe that a home where the owners smoked pot would see a decreased value, according to a survey released October 16 by real estate website Zoocasa.

And 57 per cent…

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