A car and other personal items left in front of a property are a
buyer turn-off because they subliminally say, "Someone else
lives here."
When eliminating cars, toys, garden hoses, garbage cans, etc.
from the front of the house it makes it easier for buyers to
visualize themselves as the occupants.
2. Make your home look Huge
1. Lighten up your furniture by going neutral - not just the
walls but sofas as well.
Beiges and ivories reflect light instead of obsorbing it as
darker colours do.
The result: a sense of airiness and peace that makes people
want to stay.
2. Enlarging a cramped bedroom
Hang a large mirror on one wall and plug a small light across
from it.
The light will bounce off the mirror and reflect back,
immediately making the room appear larger.
3. Expanding shelf space
Remove 1/2 of the personal items and prized possessions in
the basement or garage.
Too many knick-knacks can make a room look crowded; plus
they make it harder for a buyer to imagine what their items
will look like in the space.
What can You do to help make the deal come about.
1. Throw in these irresistible extras
- custom make window seat cushion (living room; bedrooms)
- Draperies
- Fixtures (lights)
- Furniture that you are not planning on using in your next
home
- Appliances
2. Offering this Must-Have
Covered Parking - if your home does not have a car port or
garage, research the cost of a carport online.
Tell the buyers that if they agree to pay full asking price,
you will credit them the price of a carport.
Buyers are often enticed when it seems like they're getting
something for free.
3. Putting together a 411 Kit!
Present potential buyers with a binder of everything they
need to know about your home, like:
- Nearby restaurants
- Parks
- Directions to local supermarkets
- Schools
- Stores
- Medical facilities
You can even include estimates of utility bills. This kind of
of friendly welcome makes them feel right at home!
Article in Woman's World, October 13, 2008
Renovating for Resale
Renovations don't have to be expensive or extensive to offer you a good rate of return. In fact, a quick coat of paint can go a long way to boosting your selling price. Just make sure your new décor is tasteful, with shades of white and tame versions of popular colours.
The kitchen and bathroom are your best bets for renovation with the highest payback. Take a look at these average rates of return for home upgrades:
Interior painting and décor - 73%
Kitchen renovation - 72%
Bathroom renovation - 68%
Exterior paint - 65%
Flooring upgrades - 62%
Window/door replacement - 57%
Main floor family room addition - 51%
Fireplace addition - 50%
Basement renovation - 49%
Furnace/heating system replacement - 48%
New lighting - 84%
As a Realtor and a Canadian Staging Progessional, I would be pleased to meet with you to discuss renovating options in preparing your home for sale.
Amortization period: The actual number of years it will take to pay back your mortgage loan.
Appraised value: An estimate of the value of the property, conducted for the purpose of mortgage lending by a certified appraiser.
Assumability: Allows the buyer to take over the seller's mortgage on the property.
Closed mortgage: A mortgage that locks you into a specific payment schedule. A penalty usually applies if you repay the loan in full before the end of a closed term.
Condominium fee: A payment among owners, which is allocated to pay expenses.
Conventional mortgage: A mortgage loan issued for up to 75% of the property's appraised value or purchase price, whichever is less.
Down payment: The buyer's cash payment toward the property that is the difference between the purchase price and the amount of the mortgage loan.
Equity: The difference between the home's selling value and the debts against it.
High-ratio mortgage: A mortgage that exceeds 75% of the home's appraised value. These mortgages must be insured for payment.
Interest rate: The value charged by the lender for the use of the lender's money, expressed as a percentage.
Land transfer tax, deed tax or property purchase tax: A fee paid to the municipal and/or provincial government for the transferring of property from seller to buyer.
Maturity date: The end of the term of the loan, at which time you can pay off the mortgage or renew it.
Mortgage: The financial institution or person that lends the money.
Mortgage insurance: Applies to high-ratio mortgages. It protects the lender against loss if the borrower is unable to repay the mortgage.
Mortgage life insurance: Pays off the mortgage if the borrower dies.
Mortgagor: The borrower.
Open mortgage: Allows partial or full payment of the principal at any time, without penalty.
Portability: A mortgage option that enables borrowers to take their current mortgage with them to another property, without penalty.
Pre-approved mortgage: Qualifies you for a mortgage before you start shopping. You know exactly how much you can spend and are free to make a firm offer when you find the right home.
Prepayment privileges: Voluntary payments that are in addition to regular mortgage payments.
Principal: The amount borrowed or still owing on a mortgage loan. Interest is paid on the principal amount.
Refinancing: Paying off the existing mortgage and arranging a new one or renegotiating the terms and conditions of an existing mortgage.
Renewal: Renegotiation of a mortgage loan at the end of a term for a new term.
Second mortgage: Additional financing, which usually has a shorter term and a higher interest rate than the first mortgage.
Term: The length of time the interest rate is fixed. It also indicates when the principal balance becomes due and payable to the lender.
Title: Legal ownership in a property.
Variable rate mortgage: A mortgage with fixed payments that fluctuates with interest rates. The changing interest rate determines how much of the payment goes towards the principal.
Vendor take-back mortgage: When the seller provides some or all of the mortgage financing in order to sell their property.
14 IMPORTANT FACTS TO CONSIDER BEFORE YOU TRY TO SELL YOUR OWN HOME
Occasionally, one can see "For Sale By Owner" signs, and some owners think that selling their own home will not only save them money, but believe they have an advantage over the sellers that have their home listed by a reputable Real Estate sales professional. Before you decide to take on this very important and legally complicated process…remember not even most Real Estate Lawyer’s recommend selling your own home yourself in today’s market. Here are a few of the reasons why:
1. Limited Exposure: You are limiting your exposure to potential buyers (less than 10% of what a good real estate broker will generate) which theoretically means your home will take ten to fifteen times longer to sell on the market.
2. Effect on Price: The longer a home is on the market the lower the selling price is. Why? Because most buyers think that if the home has not sold after this long…there must be something wrong with the home.
3. Where did the Buyer Go? The selling/buying process begins AFTER the buyer leaves your home. Most sellers think that all it takes is for someone to see their home, fall in love with the great decor… and the offer automatically will follow. Remember that the buying process begins after they leave your home. If a real estate agent does not represent the buyer, and they are looking on their own…they usually leave the home and start to talk themselves out of the buying process. Real estate professionals are trained on how to overcome buyers remorse--a very common occurrence.
4. Marketing ... Exposure of your Home: Because of the limited exposure you will very likely end up with a lower selling price. Remember, in order to generate the highest price possible for your home… selling means exposure. You need the maximum exposure possible, to generate the highest price possible.
5. Negotiating without Emotion: Most buyers find it extremely awkward to negotiate or even to talk directly with sellers and therefore avoid FSBO properties.
6. Negotiating Expertise: Lack of negotiating experience and lack of pertinent information often will result in a lower selling price, or worse yet, a bungled contract and possible lawsuits.
Buyer's are working with professional Real Estate Representatives
7. The majority of qualified buyers are working with experienced real estate professionals.
8. Many serious buyers will pass by a FSBO home merely because they recognize that it is not in the real estate mainstream, this can some times make them wary.
9. As most local buyers now retain an experienced real estate sales person to represent them as their buyer-agency, you will probably be negotiating against an experienced professional.
10. Expected savings in broker's fees will also be greatly reduced if you offer a selling commission to entice real estate agents to bring potential buyers.
11. Lawyer's Fee to negotiate Offer: If you are planning to use a Lawyer to help you negotiate the offer, then your lawyer’s fees will be considerably higher.
12. Up to Date Market Information: Only real estate agents have access to the up-to-date market information. News reports cannot approach the timeliness or specificity available to agents. Further, real estate agents are involved in home sales much more frequently than the average homeowner is. This familiarity leads to a degree of expertise that provides an edge on negotiating and successful selling.
13. You only pay the commission to the real estate broker, if they successfully sell your home at the price you are happy with.
14. After the Offer ... what if there is a problem? Accepting an offer is one thing, ensuring a safe and successful closing is quite another. Real estate transactions usually always have problems on closing. At times, expecting the Buyers and Sellers Lawyer’s to fight it out or resolve the problems, can sometimes mean the deal is lost. This is the time that your experienced real estate professional, can be the most important. Your Real Estate professional can act as a great mediator. Lawyers MUST act only on their client’s instructions and are not paid to negotiate.
