Is Home Ownership In Your Future Plan? 3 Things To Pay Attention To Now

Is Home Ownership In Your 

Future Plan? 

3 Things To Pay Attention To Now

Step one to successful home ownership is being informed. And as they say, knowledge is power. However, according to a recent RE/MAX survey, half of 18- to 24-year-olds in B.C. and Ontario agree that they have limited knowledge of the housing market.

DID YOU KNOW? Generation Z will outnumber Millennials within a year, and will make up the largest cohort of homebuyers in the next decade.

A home is likely the biggest purchase most of us will ever make, so whether you’re planning to purchase this year or this decade, now’s a good time to get up to speed. Here are three things you’ll want to pay close attention to if you’re considering home ownership.

3 THINGS TO KEEP AN EYE ON

#1. THE NUMBERS

Whether you’re looking for the next great investment opportunity, or you just want to make sure you don’t overpay for that property, keep an eye on the stats. Subscribe to your local real estate board’s monthly market reports, which may include details such as average selling price by neighbourhood and housing type; inventory and days on market; and insights on other factors that may impact local market activity. You’ll also want to check what comparable homes have sold for in the immediate area. Remember, real estate is local, and the story can differ dramatically from one area to the next. A good real estate agent with expertise in their local market can provide context to these numbers.

The long view: Keeping an eye on the numbers will help you to better understand the ups and downs of the market, what triggers these fluctuations, and identify market trends.

#2. LIVEABILITY FACTORS

Good neighbourhoods yield good returns. So, how do you know if you’ve landed in a good spot? Take a walk and see it for yourself. Chat with local residents and business owners. What’s the vibe? Where are the schools and how do they rank? Is the area convenient for public transit and commercial zones? Speaking of zoning, what’s the surrounding area is zoned for – residential, commercial, industrial, institutional? Are there any notable developments in the works? A visit to your municipal office can shed light on desirable (and undesirable) developments nearby. Is safety a concern? Find out from the local police department. Many police departments feature crime maps on their websites, for good insight.

The long view: Buying in an up and coming area is a great move. Look for construction zones, planned public transit, upcoming employment opportunities, rising rents and decreasing days on market.

#3. GOOD ADVICE

Everyone knows someone who’s bought a home. And everyone is willing to share their experiences. Advice from that trusted person who’s been there, done that should be welcomed, but should also be vetted. After all, it’s possible that Uncle Joe doesn’t really know as much about real estate as he’s letting on. Instead, put your trust in the pros. A real estate agent will wade through all the data and paperwork, but also inform you of other factors, such as liveability, which impacts the price you pay for the home, how you live in it and its resale value. Lean on your agent, financial advisor, mortgage lender and lawyer to help fill in any blanks when it comes to the purchasing process.

The long view: Even if you’re not quite ready to make your move, schedule a meeting with an agent and financial advisor to review your current state of affairs, and how home ownership fits into the puzzle.

Home ownership can be complicated. There are many factors to think about, and a lot of prep work before you sign on the dotted line. Luckily for Gen Z, you’ve got time on your side. Use it wisely.

Gelderman.ca Real Estate Team

RE/MAX Aldercenter Realty

www.gelderman.ca

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How to Make Your Vacation Home a Money-Making Machine

How to Make Your Vacation Home a Money-Making Machine

Whether you already own a family cottage or cabin or are looking to get into the second-home market, there are some solid ways you can improve your “rentability” and increase your property payout.

Every cottage or cabin owner likes to think their piece of paradise is the best on the (heavily wooded) block. Maybe it’s where your child took his first steps or where your sister got married, but when you start to consider turning your family vacation home into an income property, you may need to put sentimentality aside.

Research Pricing

If you already own a property, research the costs of similar rentals in your area. Consider how much you’d ideally like to be making off your property, and how much time you’ll have to give up to earn that with renters.

Invest in a Popular Spot

If you’re looking for a new vacation home, decide upfront if this is an investment or for personal use, or both; that will inform what you spend your money on and where you might be more reserved. If it’s an investment, make sure you buy in a popular holiday area, which will help protect you against nose-diving resale values.

Year Round Access

Being able to use and, more importantly, rent the property year-round is also key. The ideal location is one that hosts popular recreational activities in every season, such as fishing in the spring, boating in the summer, cycling in the fall and skiing in the winter. Your family may be out of luck when it comes to high-season cottage time, but it’s necessary to use the busy school breaks to make as                                                                 much bank as possible.

Property Features and Amenities

You also have to look at the property itself and see if it’s even suitable to use as a rental. Does it have a separate guest cottage or room to build one? Increasing the number of units on the property means more possible income streams. But setting the per-night price goes beyond buildings.

The outdoor amenities including decks, gazebos and sitting areas are all important. Renters are looking for properties where they can really relax, entertain family, and soak up the sun.

Having well-maintained recreational items on the property, such as kayaks, outdoor games, air mattresses and sand toys, is also a big draw to potential renters without too much upfront cost. These are the little things that will set your property apart from the rest. Renters will feel like they’re getting more bang for their buck, with the potential to create even more memories with their family. If you do invest in recreational items, be sure to have lifejackets for all ages, and always do a quality check after renters leave.

Quality Photos and Reviews

Once you’ve got everything in place, don’t forget the power of a beautiful picture. Hiring a professional photographer may seem like an extravagance, but since most people book their vacation homes online, having a topnotch property profile could make or break your moneymaking opportunities.

Reviews are also a huge part of listing your property online. On most sites, renters have the ability to write reviews after visiting your property, and will talk about everything from the cleanliness of the home, to your speediness in replying to questions. Little touches, like a welcome kit with information about how the property, or even a gift basket with some locally sourced goodies, go a long way in creating a happy experience for your renters, and ensuring you get top-notch reviews for your property.

Gelderman.ca Real Estate Team
RE/MAX Aldercenter Realty

www.gelderman.ca

Know someone moving ANYWHERE in the WORLD? Call us today --

We know the BEST agents everywhere!!

Serving Abbotsford, Chilliwack, Mission, Langley, Surrey and the WORLD!

Office Phone: 604-743-7653

Fraser Valley housing market slows down in 2018

 Fraser Valley housing market slows down in 2018

SURREY, BC – After three consecutive years of total annual sales surpassing 20,000 units, 2018 saw the Fraser Valley real estate market return to more typical levels for both sales and inventory.

The Board’s Multiple Listing Service® (MLS®) processed 15,586 sales in 2018, a 30.2 per cent decrease compared to 2017’s 22,338 sales and the lowest total sales for the Fraser Valley since 2013. The total dollar volume of MLS® transactions for the year was $11.8 billion, dropping from $15.7 billion sold during the year prior.

Of the total transactions that took place in 2018, 3,866 were townhouses and 4,296 were apartments. Each of those property types saw a significant decrease in sales compared to 2017, with total townhouse sales dropping 25.6 per cent year-over-year and apartments dropping 30.5 per cent.

“In terms of demand, this is around what we’re used to seeing for our region,” said John Barbisan, President of the Board. “There is still a great deal of interest for Fraser Valley real estate, but with prices moving slowly and more inventory becoming available, many consumers are taking a deliberate approach now that they can afford to.”

For inventory, a total of 32,058 new listings were received by the Board’s MLS® system in 2018. This was the fourth highest total for new inventory in the Board’s history.

In December the Board processed a total of 800 sales, the lowest for the month since 2012. Inventory in December finished at 5,454 active units, with a total of 978 new listings entering the market throughout the month.

Barbisan adds, “With buyers shifting into the driver's seat and able to navigate the market more comfortably, it has become key for sellers to price effectively and leverage their home’s appeal to stand out and find success.”

“If you’re looking to enter the market in 2019, buying or selling, contact a local REALTOR® who can help you accomplish your goals in the new year.”


HPI® Benchmark Price Activity

• Single Family Detached: At $965,300, the Benchmark price for a single family detached home in the Fraser Valley decreased 1.1 per cent compared to November 2018 and decreased 1.5 per cent compared to December 2017.

• Townhomes: At $531,900, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.2 per cent compared to November 2018 and increased 3.7 per cent compared to December 2017.

• Apartments: At $418,300, the Benchmark price for apartments/condos in the Fraser Valley decreased 1 per cent compared to November 2018 and increased 7.6 per cent compared to December 2017.

Story provided by the Fraser Valley Real Estate Board
For Full Statistics Package pleas visit: http://www.fvreb.bc.ca/statistics/Package201812.pdf

Gelderman.ca Real Estate Team
RE/MAX Aldercenter Realty

www.gelderman.ca 

Know someone moving ANYWHERE in the WORLD? Call me today--

I know the BEST agents everywhere!!

Serving Abbotsford, Chilliwack, Mission, Langley, Surrey and the WORLD!

Office Phone: 604-743-7653

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Top 6 Home Renovations in 2019

 Top 6 Home Renovations in 2019

What are the most common home renovations you think will add value to homes in 2019?

We reached out to our RE/MAX Influencers – a panel consisting of RE/MAX Sales Associates throughout Canada – to put together some of the home renos they think will come before the rest in 2019.



First Impressions Are Everything
Exteriors are quite literally the first thing that people see when they come to your home. Fresh landscaping, new exterior paint, cleaning and/or painting the siding, or upgrading the outside doors are all good places to start. Outdoor space renovations and covered porches are also high up on the list of must-haves.

Utility Upgrade
Sometimes the less “sexy” upgrades are the most important ones. In this market, people seem to be more concerned with things like the life of the furnace and hot water tank. It’s also important that the utilities are highly efficient. Upgrading to heat pumps instead of the traditional forced air systems that deal more efficiently and economically with changing outdoor temperatures are becoming more important.

Basement Suites
Whether it’s to bring in supplemental income or to enjoy themselves, extra space is becoming a priority.

“Secondary suites or in-law suites.  With rising interest rates many homeowners may need to bring in additional income to afford their housing costs.” – Loni Hamer-Jackson, RE/MAX Real Estate, Kamloops, BC

Kitchens & Bathrooms 
“Kitchens and bathrooms for sure – that never changes regardless of what year it is!” – Lisa Salt, RE/MAX Vernon, Vernon, BC 

Kitchen renovations are always a good place to start to add value to your home. Removing walls to design open floor plans in older homes is always good value. Adding an extra bathroom also goes a long way.

New Flooring
New floors is a good starting point as well when trying to refresh the place.

“Removal of carpets for cleaner air” – Judy Gray, RE/MAX Mid-Island Realty, Ucluelet, BC

It’s all in the Details
Most people would know that painting of the inside of the home can help with a sale, but pay attention to the little details. Shortcuts won’t help in the long run!


“When a home is freshly painted, but a buyer opens a closet door to find it has not been painted, buyers start to ask themselves what else has been “looked over”. Don’t miss the small stuff!” – Denise Gallup, RE/MAX Camosun, Sidney, BC


Article Courtesy of RE/MAX 

www.gelderman.ca

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CONDO FEES: Here’s what you need to know

CONDO FEES: Here’s what you need to know

Condos have become the home of choice for urban dwellers, as first-time buyers and increasingly, move-up
buyers seek affordability and liveability. In fact, a recent RE/MAX report reveals that condominium
apartments and townhomes now account for 37 per cent of residential sales in the Greater Toronto Area.
In fact, condos were the only property segment to make gains throughout the 2017 housing market
correction. What’s driving the trend

Affordability is a big factor behind the boost in condo living, but it’s certainly not the only one. Condo living 

comes with many other benefits, including urban conveniences, public transit, employment and 

entertainment close to home, as well as a lock-n-leave lifestyle for when life takes you further abroad. 

Part of the package, is condo fees. What exactly are condo fees, how are they calculated, and what do 

they cover? Here’s what you need to know.

Every condo owner pays a regular, non-negotiable condo fee. This fee is calculated based on your share

of the condo building – the larger your unit, the greater your fee. This fee is adjusted annually based on

the condo’s operating budget.

Your condo fees are divided into three main categories: utilities, common areas and the reserve fund. 

Let’s take a closer look.

A chunk of your condo fee goes to utilities such as water, hydro and sometimes heat – but this isn’t always

the case. Most brand-new condominiums are now being built with individual heat pumps that are controlled 

by, and paid for by individual owners. Make sure you’re clear on your condo fees before you buy.

We’ve already mentioned that condo ownership means less maintenance on your to-do list. But 

somebody’s gotta do it, right? Your condo fees cover that expense as well.

And remember those awesome amenities that your family and friends come over to use? You have to 

contribute to their upkeep. The more amenities your condo has, the higher your condo fees will be. 

Think pool, gym, hobby rooms, sports courts, an in-house theatre, indoor and outdoor areas. Ask yourself 

if you’re going to actually use all of the amenities offered by your condo, because you’ll be paying for them.

Condo fees also pay for snow and garbage removal, cleaning and minor repairs of common areas, exterior

window washing and the like.

A portion of your condo fee is set aside in a reserve fund, which every condo board must maintain as a 

savings account for big-ticket items that inevitably arise. A roof replacement can cost upwards of half a 

million dollars, so this fund is essential.

Then there’s the Special Assessment. In the case that the reserve fund doesn’t quite cover the bill, each
condo owner will be required to pitch in their proportionate amount to cover the cost.

If you’re considering condo ownership, make sure you incorporate the condo fee into your budget. Make 

sure to leave a buffer in case your condo fees increase, which tends to happen as condos age. Any 

increases are at the discretion of the condo board.

Before you make an offer, get a copy of the condo’s status certificate, which contains important info about 

the condo’s financial status. Review it and make sure you understand it. The document will include things

like the condo’s budget, any legal matters the condo may be facing, information about the reserve fund, 

current maintenance fees and whether any increases are planned in the near future.

The fee for the status certificate? $100. The information? Potentially worth a great deal more to your 

investment.

Courtesy of RE/MAX Commercial 

Gelderman.ca Real Estate Team
RE/MAX Aldercenter Realty

www.gelderman.ca

Know someone moving ANYWHERE in the WORLD? 

Call me today--I know the BEST agents 

everywhere!!

Serving Abbotsford, Chilliwack, Mission, Langley, Surrey and the WORLD!

Office Phone: 604-743-7653