Posts Tagged “downsizing”
The average Canadian is online over 36.3 hours a month, visiting an average of 80 sites
If you are like most seniors, you have probably discovered the advantages of interacting online, whether it’s to see pictures of the grandchildren, exchange email with friends, shop, bank and post on social media. You can even look at real estate listings online. Whether you use your desktop computer, laptop, tablet, or smart phone, you can stay connected to the world, even if you don’t go out much. Despite the convenience, widespread use of electronic a poses privacy concerns that you need to be aware of the, courtesy of The Office of the Privacy Commissioner of Canada
Nearly 88% of the Canadian population use the Internet, which makes Internet use in Canada the highest in the world. The average Canadian is online over 36.3 hours a month, visiting an average of 80 sites. Part of the increase in Internet usage worldwide and certainly in Canada is due to the prevalence of smart phones, which enable you to access the Internet anywhere you are.
Request Your Complimentary Copy of My “Preparing to Downsize” Report
Protect Your Online Privacy
Here are some tips for using technology wisely.
– Install antivirus and security software on your devices and update them frequently. New viruses and security threats are always popping up, as hackers seek ways to steal your identity. If you can’t afford reasonably priced protection, look for a free antivirus program such as AVG.
– Use the locking feature on your devices, especially when you take your tablet or cell phone out in public.
– Secure your home Wi-Fi with a password. If you happen to access Internet at Tim Horton’s, or some other public place, don’t conduct financial transactions as the hotspot they offer may not be secure.
– Use good password hygiene by setting up hard-to-guess passwords and changing them periodically. While it is tempting to use the same password for multiple sites, you should vary them for your accounts. Keep a list of your passwords so you can access them if you forget them.
– Be smart about your social network posting. Facebook and other social sites are not the place to share your dirty laundry or share too much personal information. While you might want to post the good news about your two-month long trip to France, posting information and pictures about your vacation on social sites can alert burglars that your home is vacant.
– Careful about divulging personal information, especially your social insurance number. This holds true anytime any time, whether you are completing a paper form or working online. The purpose of your social insurance number is for reporting income. You do not want to fall into the wrong hands.
– Be aware of what sites are asking for when you give permission to install apps on Facebook or other sites. If a site asks for information about you, such as your location, contacts, device ID, camera or media files, understand what the company will do with the information before you click “I agree.”
– When you shop or bank online, stick with secure sites that start with “https” in the address bar. This means that the site owners have protected you by establishing an encrypted link between your browser and their Web server. When you share credit card information or other personal data, a secured site keeps the information private by scrambling it
Keep Your Privacy Contact When You Go Online
Using the Internet can be an easy way to pay a bill, order anything under the sun, and stay in touch. Just be sure you do not sacrifice your privacy by following the tips noted above.
If you are looking to buy or sell a house with a space that can be an income unit or separate space for parents or children, call me today. If you are ready to sell your home for maximum value, the best place to start is by clicking here and scheduling an appointment.
Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991, Roy specializes in helping retirees with their later in life real estate transactions. Call Roy at 902-497-3031 or contact Roy here
In planning what to upgrade, there are several things to keep in mind
Real estate agents concur that when you sell your home, kitchens sell the place. Renovating an outdated kitchen can help you sell your home quickly and for more, which are the magic words when you want to replace your home with a senior-friendly one or are ready to chuck homeownership for apartment living in your retirement. Assuming you do not want to spend unnecessary money, what do you need to do to increase value without spending a fortune?
Don’t Overdo Your Renovations
If you watch The Property Brothers or other shows on HGTV, you may assume that if you move walls to make the kitchen more open or add other expensive renovations, you will automatically get far more back in an increased sales price than you invested. The Canadian Appraisal Institute advises prospective sellers to proceed carefully when upgrading as improvements may not offer you a dollar-for-dollar reimbursement. Even if you undertake a total kitchen renovation, you can spend thousands and get a 75% -100% ROI. It may not pay off for you to go into debt to add to pay for improvements.
Your goal in the pre-sale renovation is to present the buyer with a safe, clean, neutral, contemporary vibe that does not outprice the home for the area. The improvements are not the same ones you might make for your own comfort or convenience if you were planning to stay in the home for decades.
What Upgrades Should You Make In Your Kitchen?
When you are considering less than a total overhaul, what improvements pay off, according to the appraisal group?
– Update kitchen cabinets by resurfacing doors and upgrading hardware or by painting them if they are would
– Replace out of date lighting fixtures
– Splurge on new plumbing fixtures, such as a faucet and even the sink if your current one shows wear
– Replace the floor if it is worn out, preferably with wood. Porcelain tiles or vinyl cost less than look great if the hardware is out of your budget
– Change the countertops if they are old and stained, preferably with stone, which buyers love, if you can afford
– If you aren’t upgrading the appliances, at least make sure they match
Questions To Ask Before Remodeling.
In planning what to upgrade, there are several things that you should keep in mind.
What is the standard for the neighborhood?
If you live in an area with upgraded homes, you may have to invest in granite counters or other amenities to be competitive.
Have you kept up with repairs and maintenance?
If not, you may need to put money into the kitchen just to make the house saleable, plus a little more to make it appealing.
Are you preparing your home or an aging parent’s home ready for a quick sale?
Unless the home is extremely outdated, you will want to opt for basic improvements for a kitchen upgrade. Just painting the cabinets and wall offers nearly double your return on your investment in a can of paint.
Will your improvements be DIY or will you be calling in a contractor?
If you have minimal skills in home repair and maintenance, it will be worth it to spend a little more on professional work. Prospective buyers shudder at poorly done renovations, which they will have to redo.
Call Me For Advice Before You Remodel
Doing some remodelling in your kitchen may be necessary for you to be competitive enough to sell. Before you start renovating, give me a call so that I can advise you as to what’s worth it in the greater Halifax area
If you are looking to buy or sell a house with a space that can be an income unit or separate space for parents or children, call me today. If you are ready to sell your home for maximum value, the best place to start is by clicking here and scheduling an appointment.
Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991, Roy specializes in helping retirees with their later in life real estate transactions. Call Roy at 902-497-3031 or contact Roy here
Thinking of Buying Or Selling Your Home In The Wintertime? If making a change in your primary residence in is on your mind in the wintertime, you may be gearing to make a move in the Spring or Summer. Traditionally, that is when families with children start looking for a place that they can buy, close, and move into before summer ends.
They can get the kids settled in a new school before the fall term starts. Currently, the low inventory that characterize the Canadian housing market right now may be a good incentive to get your home on the market.
Why Initiate Your Real Estate Transaction Now?
There are numerous factors at play that might cause you as a Baby Boomer planning for retirement or a retired senior to jump start your plans to sell now.
– Inventories in many areas are low due both to demand and because many potential sellers follow traditional wisdom and wait until the weather warms up. You can put your home on the market before the spring influx of homes.
– As a result of shortages, housing prices in many areas are high, although homes in Halifax have fallen. As a seller, you might capitalize on the low inventory and get a great price for your home.
– Condo rentals prices are increasing in many markets, which may push tenants into the buyer’s market.
The Downsides Of Selling Your Home In Wintertime
As seller, you may experience some downsides of listing in the winter. Real estate analysts have determined that housing prices are at their lowest between Thanksgiving and throughout the winter. Why?
– Since fewer buyers want to brave the cold and snow, homes may not generate as much interest unless the buyer is motivated.
– Many potential buyers are spent out after the holidays and not ready to buy a home.
– Statistics show that marital breakups are highest between October and December, which leads to property hitting the market at bargain prices in January. Many couples want to sell quickly, so they list for a lower price that discourages haggling. Your home may seem overpriced in comparison to these homes.
You may feel the effects of new regulations that went into effect and have tightened lender criteria. Also, increased mortgage insurance rates, which discourages some new buyers from entering the market or restricts them to less expensive homes.
Should You Try To Sell Your Home In Wintertime?
These trends may impact you differently if you are a buyer or a seller, while balancing out if you are both selling your home and searching for a new one. If you are a buyer, you will benefit from these circumstances and may be able to buy your downsized home at an attractive price.
If you are looking to buy or sell a house with a space that can be an income unit or separate space for parents or children, call me today. If you are ready to sell your home for maximum value, the best place to start is by clicking here and scheduling an appointment.
Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991, Roy specializes in helping retirees with their later in life real estate transactions. Call Roy at 902-497-3031 or contact Roy here
As you age, you may want to see you children enjoy the wealth you anticipate leaving them upon your death. Especially at a time when many young families are barred from entering the housing market due to low housing inventories and high prices in many Canadian cities, parents may want to offer a helping hand to home ownership. Transferring property to children or buying property for them can eradicate resources you might need in your retirement while having costly tax consequences for you or them if you do not proceed carefully and in line with the tax codes. Current economic times call for creative housing solutions.
Perils Of Real Estate Transfer To Children
With the best of intentions, parents who own real estate decide to transfer 50% or more of the ownership to their house to their kids in hopes of avoiding inheritance taxes or probate fees. When the property is the principal residence for the parent, they may escape tax liability, but the children may be taxed on the appreciation for their percentage. Canadian taxing authorities consider the transfer as a partial sale.
Request Your Complimentary Copy of My “Preparing to Downsize” Report
In some cases, a tax advisor might recommend this transfer so as to let the kids receive the full benefit of increasing values, but when the children pay the tax, they are in effect pre-paying tax that may be greater than had the house not transferred until the parents’ death.
Co-Ownership Options
An increasing popular way to effectively share property use is through co-ownership, where multiple generations own it or even occupy it. This can take several forms.
The most traditional is buying the home together. When the parent co-invest simple to help their children obtain a mortgage, the owners may have to pay capital gains when the place is sold. If the parents want to gift their contribution, they can have their tax advisor set up a trust for their interest that will ultimately go to the child.
For some families, sharing the same space is a workable approach to co-ownership. In a single-family home, there is mixed of personal areas and shared space that works well for many families. Increasingly, this is taking the form of sharing separate spaces on the same property.
The property may have an income suite on the upper or lower level, or the home may be constructed as a duplex. There may be a secondary suite on the property that this a small, self-contained homes that might be called granny flats or granny pods, coach houses, laneway houses, garden suites, or guest houses.
Advantages Of Secondary Units
This arrangement has several advantages:
– Building the home can be much less expensive than building separate houses on two lots.
– The small dwelling can be a first residence for a small, young family or a down-sized home for the parents. As the needs of each segment of the family changes, the families can swap residences.
– The arrangement keeps grandparents nearby to assist with their grandchildren, while allowing grown children a convenient way to keep track of aging parents.
– When the family no longer needs or wants to share the property, the unit can be rented out as income property.
If you are looking to buy or sell a house with a space that can be an income unit or separate space for parents or children, call me today. If you are ready to sell your home for maximum value, the best place to start is by clicking here and scheduling an appointment.
Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991, Roy specializes in helping retirees with their later in life real estate transactions. Call Roy at 902-497-3031 or contact Roy here
Position Your Halifax Home Competitively For Resale. Planning on selling your home because you are downsizing or retiring and moving to a senior community? You may want to upgrade your home a bit so that you can position your Halifax home competitively for resale. The question is, what types of renovations should you make to position your home competitively in the Real Estate Market.
Don’t Improve Your Home Beyond Values In Your Neighborhood
If your home looks shabby because you fell behind on normal maintenance, you may need to make repairs to sell it and make it appealing to buyers. Beyond that, your goal in fixing up your home is to make it comparable or slightly better than other Halifax homes in your neighborhood.
Do not make it too high for the neighborhood values. If you live in a neighborhood of $150,000 homes, prospective buyers will be unwilling to pay $250,000 because of upgrades you did. Your home will be competing with other homes in your neighborhood so don’t overprice your home.
Request Your Complimentary Copy of My “Preparing to Downsize” Report
Improvements That May Not Increase Value
Realtors warn against investing in specific improvements if you hope to recoup your investment. These include:
Extensive landscaping
Having a manicured lawn and beautiful plantings will make your home a magnet for buyers while not increasing the selling price. If your outside needs work before you sell, pay to have your property made neat and appealing. Don’t overdo your landscaping so much that potential buyers feel they might need a gardener to maintain it.
New carpeting
Ripping up worn carpeting and replacing it may give your home a quick facelift, but buyers don’t want carpeting. Hardwood floors are in vogue, as many consumers regard carpeting as unsanitary and full of chemicals. Carpeting your home with inexpensive carpeting will not suit many buyers and the Halifax Buyers may not like the color or style.
Hidden improvements
If you replace your plumbing or electrical lines, you benefit buyers with upgraded mechanical systems. Buyers expect the basics to be in good working order, you cannot expect to recoup your investment for maintenance upon sale.
Upscale improvements
Stone counters, spa bathrooms, and stainless appliances are appealing buyers may not want to pay extra to have them. These are improvements for you to make to increase your own enjoyment while you are living in the house. They might not bring you a return on your investment at a sale. In upscale neighborhoods, many of these features are standard. Upgrading to match other homes in the neighborhood will not put you in a position to command more than market value.
Consult A Real Estate Professional Before Making Improvements
If you are thinking of selling your home, the best way to determine which improvements will benefit resale value is to give me a call. While you can do research on your own about the area, I can shortcut the process for you, based on my knowledge of area and neighborhood comparables.
If you are ready to sell your home for maximum value, the best place to start is by clicking here and scheduling an appointment.
Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991, Roy specializes in helping retirees with their later in life real estate transactions. Call Roy at 902-497-3031 or contact Roy here
Planning Your Best Real Estate Move
Throughout Canada, particularly in Toronto, house prices are out of sight, which makes it favorable for sellers and challenging for buyers. In Nova Scotia, prices have been falling, while sales have been rising. As a Halifax resident ready sell your home as part of a retirement strategy, what should you do?
The Housing Situation In Nova Scotia
Due to a low inventory of available homes, prices in Toronto for single-family detached homes have skyrocketed by 27% in November, 2015 as compared to last year. This puts first time buyers and even those trying to downsize in a difficult situation. In Halifax, housing prices have dropped by 4.67% in the past year, while home sales have increased by 19%.
The area remains fairly affordable although affordability varies by neighborhood. Pricing in Dartmouth,. for example, is vastly different than in Halifax South, which makes it harder to find a home in a more affordable area than in a more exclusive one.
Planning Your Best Real Estate Move
What should you do might vary depending on whether you are a Baby Boomer planning ahead for retirement or a retired person ready to sell your home to downsize to a smaller home or become a renter in an apartment complex or assisted living?
Given the peculiarities of the Halifax market, you should call me, a seasoned Realtor®, early in the game. I can show you the comparable sales figures for different areas of the city and help you assess your chances of selling and devise a pricing strategy for you.
You may also want to bring your financial advisor in on the discussions fairly early in your thought process. There are no certainties in the real estate market. If you are ready to make a move now, you may be able to add a lower price than you might have hoped. Your advisor might suggest that you wait out the cycle in hopes that prices will rise if you are a baby Boomer in your fifties or a retiree in good health with no urgency to move.
What Are Your Post-Retirement Plans?
What you do depends on what your plans are. If you are ready to buy another home in the Halifax region, you may get a deal as a buyer that offsets the compromises you might have to make as a seller. If your plans involve buying in another province, you may be caught up in the higher price cycle seen throughout Canada, your advisors might tell you to hold off
If you do want to move now, having a correct pricing strategy in place is important to ensure that you receive the maximum price for your house. I can help you price your home so that even after negotiation, you get the most you can. I can even advise you as to improvements you might make to get the best value.
Whether you are buying or selling or both – I am happy to help you fulfill your housing plans in 2017.
If you are ready to sell your home for maximum value, the best place to start is by clicking here and scheduling an appointment.
Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991, Roy specializes in helping retirees with their later in life real estate transactions. Call Roy at 902-497-3031 or contact Roy here