No property tax increase for St. John’s

November 28, 2007 · Filed Under Market Trends and St. John's Real Estate · Comment 

St. John’s will set its mil rate and is not expected to increase both property tax and business tax.  On a similar note, the Globe and Mail stated that St. John’s, Calgary, Edmonton fare best with business property tax, in survey for owners and managers of investment real estate.  The article also noted St. John’s was found to be the most business-friendly city in Canada property-tax terms, followed by Calgary and Edmonton.

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What is a Home Inspection?

November 26, 2007 · Filed Under Home Inspections · Comment 

A Home Inspection is a visual examination and analysis of the major systems of a property. The systems inspected include the Roofing, Exterior, Structure, Electrical, Heating, Cooling, Insulation, Plumbing, and the Interior.

There are a number of reasons we highly recommend a home inspection:

  • To ensure you are not surprised by major defects
  • So you can be advised about the various elements of the home including – heating and cooling systems, structure, electrical and plumbing
  • To learn about how the mechanical systems work and need to be maintained
  • Most homeowners are not expert in the numerous components of house construction
  • A third party can be objective as there is no emotional attachmentHomestead Inspections

No property is flawless….not even brand new homes. When you find the right house, you need to go one step further and find out what problems exist and what could arise in the future. Buying a house is one of the biggest investments most people will ever make, so it makes good sense to have it checked out by a professional home inspector

Mike Conway (689-6004) with Homestead Inspections has a list of Inspection FAQ’s to help answer some of your questions.

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Property Descriptions – What’s in a word?

November 25, 2007 · Filed Under Real Estate Articles · Comment 

I recently read an article regarding Realtors “poetic descriptions” and how they relate to the property they were advertising. The article suggested that home sales from 1997 to 2000 found that listings using words such as “beautiful,” “good value” and “handyman special” sold faster, while listings with “rental” and “motivated” sat longer, and “must see,” “vacant” and “moving” made no significant difference. Whether this is fact or fiction, they did post a list of interesting words and “their” definitions of the words. Some are quite amusing.

LISTING LANGUAGE DECODER

Cut and paste from (www.seattlepi.com)

Some words and phrases real estate agents use in listings, along with what they (may) mean:

Very quiet interior: You can barely hear the freeway with the windows shut.

Convenient to shopping: Next to a strip mall.

3+1 bedrooms: The room in the basement isn’t a legal bedroom but, well, you know.

Great bones: You’ll need to tear it down to the studs.

Charming: Small.

Cozy: Tiny.

Cute: Small and fussy.

Dollhouse, adorable: Nauseatingly cute.

Turnkey: Just overhauled, complete with granite countertops and stainless-steel appliances.

Unique: Remodeled by someone on acid.

Handyman special: Bring boots.

Motivated seller: They need to sell before they default on their mortgage.

Dirty, ugly, smelly: Dirty, ugly, smelly.

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Home Winterization Tips

November 24, 2007 · Filed Under Home Maintenance · Comment 

heatloss.jpgNovember is almost over and thankfully no snow…..yet. This is the time of year when lots homeowners head into Kent, Home Depot, Chester Dawe / Rona looking for ways to “winterize” their homes. Fall is the time to make sure your home is comfortable, energy-efficient and safe for the winter season. Take a quick walk outside the perimeter of your home and assess if any siding, caulking needs repairing/replacing. Do a visual check on the roof, are the shingles in good working order? Is your basement open and uninsulated? Might be a great opportunity to insulate the basement walls. Most of the heat in your house will be lost here. I just recently insulated my basement walls and notice a huge difference. Newfoundland Power offers some great rebates if you do this as well.

CMHC has a great website for information on Insulting your House.

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Choosing your new home

November 23, 2007 · Filed Under First Time Buyers and New Home Construction · Comment 

A common question we are asked is, how to make a choice between an older home in an established neighbourhood or a newer home in a new sub division?
This is a personal choice and your decision can change with each stage in your life.

A newer home will be relatively maintenance free for 5 – 7 years but you will have to wait 6 – 8 months (approx) for the property to be completed. One of the best features of building is you have the freedom and flexibility to choose all the items in your home (floors, cabinets, bathroom, paint and layout). Some people get overwhelmed at this stage but the end result will be a home YOU want.

An older home has the benefit of being in a mature neighbourhood with mature trees. The neighbourhood and its surroundings have been built allowing you to get a feel for the area. Depending on the age of the house it may still have all or most of its original character. On the flip side, older homes have higher maintenance. There is always something to repair or replace.

Which neighbourhood AND home would you and your family feel most comfortable in?

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Return on your Renovations

November 21, 2007 · Filed Under Home Maintenance and St. John's Real Estate · Comment 

To renovate or not to renovate? This is a common question most home owners ponder. Both exciting, and at times, overwhelming, make sure you do your research so you can fully enjoy and capitalize on your renovation.

Assess the reason for your renovation. If one of your objectives is to increase the value of your home, it is always beneficial to have an understanding of the different types of renovations that will provide you with the most return on your investment.

The four greatest payback renos are potentially:

• Bathroom Renovation (75-100%)
• Kitchen Renovation (75-100%)
• Interior Painting (50-100%)
• Exterior Painting (50-100%)

The ten average payback potentials are considered to be:
• Roof shingle replacement (50 – 80%)
• Furnace/heating system (50 – 80%)
• Basement renovation (50 – 75%)
• Recreation room addition (50 – 75%)
• Installing a fireplace (50 – 75%)
• Flooring (50 – 75%)
• Constructing a garage (50 – 75%)
• Window/door replacement (50 – 75%)
• Building a deck (50 – 75%)
• Central air conditioning (25 – 75%)

Six lowest payback potentials are considered to be:
• Landscaping (25-50%) • Interlocking paving (25-50%)
• Building a fence (25-50%)
• Asphalt paving (20-50%)
• Adding a swimming pool (10-40%)
• Installing a skylight (0-25%)

Although the potential return on investment is a factor to consider when renovating, it is key to consider how the renovation will enhance your lifestyle and overall enjoyment of your home.

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St. John’s Housing Market Strong in 2007

November 19, 2007 · Filed Under Market Trends and St. John's Real Estate · 1 Comment 

St. John’s is expected to see house price growth of 12 per cent next year, followed by Regina and Kelowna, B.C., acccording to a recent Re/Max report. A strong economy and high consumer confidence were supported by the recent excitement that the long awaited local oil project Hebron Ben Nevis is on again. Affordability is good and there is nothing to indicate anything but a healthy market going forward.

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