FREQUENTLY ASKED QUESTIONS

Q: What are the best ways to improve the value of your home?

A: Painting and staging provide the best returns on your investment, renovating kitchens and bathrooms is also very effective.

Q: Should I buy or sell first?

A: When buying another resale home, it is normally preferential and financially advantageous to have sold your home or be in the process of doing so before buying another resale home. Matching closing dates within the perspective of less than 6 months closing date is not that difficult and with interest rates being at or near all time lows, bridge financing is very affordable and in some cases very preferable in facilitating a less encumbered move.

Q: What about when you buy a new home ?

A: Normally once construction starts on a brand new home, it is approximately a 100 days till completion. Assuming the builder will give you a "reliable" starting time, say foundation dug and poured spring of 2014. Then you should seriously consider holding off until Late January or Early February before listing. This is all based on the premises that market conditions are assenting or remaining equal. Last but not least the construction industry, is from time to time fraught with labour issues. So stay aware of any possibility of pending strikes. This can and has caused significant delays in the past.

Q: What type of upgrade don't add a lot of value to a property?

A: Hot tubs and in-ground pools typically do not provide much value to a potential buyer. They are personal use luxuries, although they could sway a buyer, they don't add a lot to the value of the property. Finished basements also don't often provide much value compared to the cost of renovating an unfinished basement.

Q: Is a new home more valuable than an old one?

A: Statistically new homes (5-10 years old) provide a better value compared to similar older homes. The word new itself is a big selling feature. The are also more modern and fit the current design trends.

Q: What role does an appraiser typically play when expropriation is involved?

A: The appraiser has a key role in any infrastructure projects requiring property acquisition. Although acquiring authorities initiate the need for appraisal services, those whose property is affected also require professional advise. Appraisers acting for claimants can act as consultants on valuation issues, prepare reviews of reports by others, or provide complete appraisal reports.

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Information from The Real Estate Council of Ontario

What to Know When Buying a Home

Understanding Representation

Do you know what you're buying?

Stay safe during your open house