Posts Tagged “fund retirement plans”
Retiring soon and planning on selling your long-term home to embrace condo living? Hoping to live downtown? If so, your timing is impeccable as condominium developments are hot in Halifax at the moment.
The Rise Of Downtown Condos In Halifax
Just a few years ago, condos were a minor development on the urban landscape. Since 2012, the number of new multi-unit construction projects in the downtown area has skyrocketed. About 2,000 units are expected to be on the market by 2018. Most of these are expected to serve the growing single dweller population of Halifax. In 2011, 29% of occupied dwellings were one or two-person single-dwelling households.
The condo building boom is in part a result of a conscious effort by the city of Halifax. Promoting downtown living by overhauling outdated regulations in its 2009 HRM by Design plan. This permitted taller buildings and quicker planning application approval. The condominiums will potentially increase the number of people living in the city. New residents will be well served by the existing infrastructure of schools, sewers, and other services.
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Who Is Buying The New Halifax Condo Builds?
Who is buying these units? Three diverse groups are typical buyers. Empty-nesters, young professionals, and parents of college students are purchasing investment housing. Many of the units offer desirable amenities. Along with proximity to a culture that is particularly appealing to seniors. Seniors want to continue a vibrant active lifestyle without the hassle of carrying for a big house.
Many upscale properties include stainless steel and marble kitchens and other in-suite luxuries. With an indoor pool, high-end restaurants nearby, and luxury shopping. If you enjoy being in the center of things, these new condominium units offer an inviting way to do so.
Brisk Sales Characterize The Halifax Condo Market
While the units may not appeal to all seniors, demand for the units has been brisk. The sales indicate pent-up demand for downtown housing. A recently announced condo development sold 80% of its units the opening weekend and sold 90% within five weeks. Prior to the recent building, there were limited options to live downtown. The goal of HRM is to increase residential density downtown by 2034. As a result, 25% of citywide development will the in the downtown area.
Furthermore, with more people opting to buy condos, the rental apartment vacancy rate increased. If you do not want to purchase another dwelling after you sell your home, you will find many desirable rental options as well.
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
Even if you are an experienced homebuyer who has purchased several properties in your adult life, you may be unprepared for the experience of buying a condo. Although the net result of the process is putting you in a new home, there are unique things to consider when you buy a condominium in Halifax. It pays to have an experienced realtor by your side that can educate you on what is different about buying a condo and help you find a property that will meet your current needs.
Considerations in Buying A Condo – Monthly Fees
If you are a Baby Boomer or retiree, a condo unit can give you the satisfaction of homeownership without some of the maintenance. Whether you buy a condo in a high-rise building or a rancher-style unit, you pay an association fee that covers maintenance for common areas. The monthly association fee is only one of the costs involved in your purchase. Before deciding which condo you want to buy, you need to consider both your monthly fees and your out-of-pocket upfront costs. Include both closing costs and other expenses to make sure that the home is within your budget.
Condo fees vary widely, depending on what they include and where the condo is located. Some may include basics, such as roof and building and lawn maintenance. Also, amenities such as a pool or gym, parking, party rooms, or even basics such as heat. The more the fees include, the more costly they are, so they can range from a few hundred dollars a month to well over $1,000.
Upfront Costs Of Ownership
Your closing costs are likely to include:
- Mortgage broker or application fee
- Bank appraisal fee
- Land transfer tax
- Legal fees
- High ratio mortgage insurance fee
- Prepaid tax reimbursement
- Prepaid condo fee reimbursement
- 2 months of condo fees
For new units, you may also have to pay:
- Harmonized Sales Tax (HST). You will not have to pay this on most resale units unless the previous owner acquired it for business, made substantial renovations, or claimed input tax credits for improvements
- Development charges
- Discharge of developer’s mortgage fee
- Prepaid occupancy fee payment
When you buy a new condo, built to your specifications from floor plans, your property first closes when you occupy the unit, but you do not become an owner until the building registers with the city, which may take about six months. During this time, you pay occupancy fees to the developer, which include simple interest in your purchase price, estimated monthly tax, and monthly condo fees.
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Call Me For Insights On Condo Purchase And Ownership
To make sure you do not waste your time looking at condos that will be outside your budget, you should first get a mortgage preapproval letter from your lending institution. Armed with this information, you and your Realtor® can zero in on affordable properties you’ll love.
To make sure what you are getting into, you should first seek the counsel of an agent like myself. I have experience in selling condos and can offer you the in-depth information you need to consider condo ownership. Call me today at 902-497-3031
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
Retiring, but need more income? Concerned about the housing options for your parents who are retiring? Want to offer a separate suite for your grown children, rather than having them live with you? In any case, the answer might be to acquire property with an income suite. Throughout Canada, homes with “secondary suites” offer income potential for landlords and excellent housing opportunities for occupants.
Defining A “Secondary Suite”
A secondary suite, which may be located in the basement or adjacent to the home, may be called a granny flat, in-law suite, or second unit. Regardless, a secondary suite has a separate entrance, bathroom, kitchen, and bedrooms, and living areas. Some units sharing parking, yard, laundry, storage space, and even a hallway with the remainder of the home.
Having a secondary suite offers several advantages.
- By renting out either the main part of the house or the apartment unit, you gain monthly income that can help subsidize your mortgage.
- It allows you to provide for aging parents or grown children who have not yet left the nest.
- If you travel frequently, the tenants can watch over the property.
- If your tenants take care of the lawn or do other duties in exchange for reduced rent, you can eliminate the hassle of finding the help you need to maintain the property. As a retiree,
As a retiree, any of these advantages can help you stretch a retirement income, whether you need to meet the basics or to finance other goals such as travel.
Request Your Complimentary Copy of My “Preparing to Downsize” Report
Are Income Suites Legal?
Throughout Canada, income units have popped up in what was originally single-family property. Unfortunately, not all of these secondary units are legal. Throughout Halifax, and in many other municipalities throughout Canada, municipal zoning requirements may or may not authorize multiple units; they also have zoning requirements that determine what is required to make the secondary apartment legal.
In Halifax, municipal zoning is handled by the Halifax Regional Municipality (HRM), which is actually 21 (currently) separate community plan areas, each of which has one or more land-use bylaws that speak to the zoning for secondary apartments. Whether you are looking to convert part of your home to a secondary apartment or you are planning to buy a property with an income suite to supplement your income, you need to find out the pertinent bylaws for the zone where the property is located.
The essence of a secondary dwelling is that it could be occupied by a separate household which is “an independent and separate housekeeping establishment” even if the separate household is constituted by your parent or child. Some areas are listed as single-family dwelling zones (R-1), which in some areas can be occupied by people related by marriage, cohabitation, blood or adoption, domestic servants, non-paying guests, foster children, and up to three roomers or borders. Having an income suite would violate the law. However, in some areas of Halifax, even an R-1 property can include a self-contained dwelling unit without violating the law.
Plan In Advance For An Inlaw Suite
Although the concept of “asking forgiveness, not permission” works in some cases, violating municipal zoning laws is not one of them. If the applicable HRM prohibits income units or in-law suites, the city can order you as a landlord to restore a converted property to its original permitted use by, for example, removing the second kitchen or creating access between separate growing units. In addition, they can prohibit you as a landlord from receiving income from the rental unit.
In some cases, your lawyer can appeal for a change in the zoning or can seek a determination that your land use was grandfathered by previous law, but the process is time-consuming and costly.
Call Me If You Want Property With A Secondary Apartment
Call Me If You Want Property With A Secondary Apartment
If you want to supplement your retirement income with rent, your best bet is to look at properties where the zoning permits income suites. Renovating a single-family home to include an income suite may not be legal. Call me to see properties throughout the area that offer you the income potential of a legal secondary apartment as well as the other qualities you see in a retirement home.
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
Buying or selling the home to achieve your retirement goals? Don’t fall prey to myths and preconceived notions that plague the real estate market. Doing so at this time can slow down your progress and make the process of selling a home and buying another more of a chore than it needs to be.
Here are some common misconceptions
1. You’ll save money if you sell yourself without a real estate agent.
Selling real estate involves skills and attention to detail when listing the home, negotiating the price, and guiding the sale through the inspection and loan application phases to completion. Your Realtor® does this for a living, which reduces the likelihood of time delays due to missteps.
2. You don’t need a buyer’s agent when selecting a home
While helpful to you when showing you a home, the agent who lists a home is working for the sellers who are his primary concern. A buyer’s agent can help you negotiate the best deal on the home of your choice and even show you listings that do not even appear online.
Request Your Complimentary Copy of My “Preparing to Downsize” Report
3. You should list your home for more than what you hope to get
While bargaining is a part of the real estate process, you can out-price yourself for the market by listing too high at first. You can lower the price if your home doesn’t sell, but that keeps you on the market longer which can turn off buyers. Buyers love fresh listings! Also, if you set your own price right, you may get multiple offers from buyers who realize your home is a great deal.
4. You can plan on the market going up.
Prices in Canada have been going up, but analysts remind buyers and sellers that “what comes up must come down.” Housing prices are cyclical. The price you list for or pay depends on the market at the time.
5. You will get back what you spend on renovations.
If you have invested money on upgrades, you may sell your house more quickly and even get some of your money back, but it is unlikely that you will get more than 60 to 70% back on popular renovations such as doing major kitchen or bathroom.
6. You should renovate and update your kitchen or bathroom before you sell
It’s true that these rooms often sell a home, but buyers may not share your taste. You may be better off freshening up these spaces with a good paint in due faucets rather than spending thousands.
7. You need to have open houses on your property to get it sold.
Buyers love open houses because they are permissible evidence that the agent is “doing something” to move your property. In reality, few people buy homes at open houses. Your agent may be working behind the scenes to get your home sold through a broker’s open for other real estate agents and through online marketing.
Call Me For Real Estate Success
When you are buying or selling a home, don’t waste time. Give me a call for experience, market knowledge, correct pricing, and a sincere interest in helping you fulfill your real estate goals. 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 is a Senior’s Real Estate Specialist and a REALTOR® with Sutton Group-Professional Realty. Licensed since 1991, much of Roy’s practice is helping retirees with their later in life moves. Roy can be reached at 902-497-3031, by email.
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
If you are a Baby Boomer planning your retirement or even a retired person with too much house on your hands, downsizing may be a hot topic in your household. Before you make a move, it is important to consider what you need. Your current home may have both possessions you can do without and spacing do not need on a regular basis, but it is important to have a good idea of your needs and before you make the move.
Where Will You Do What You Love?
Many people who want to downsize are empty-nesters who no longer have children at home. You may have turned Sally’s room into a craft and sewing room or Dave’s room into a guest room. If you need space for your hobbies or you have a steady flow of guests, you need to provide for these uses in a new home.
If you still enjoy the activities and hobbies you’ve done all your life, it is important for you to find a place to store equipment and find space to do what you like in your new place. Renting a small, nearby storage unit might be an excellent way to store equipment for camping or skiing, as well as Christmas decorations and other seasonal items. Having an extra room in your house that you can use to do projects can also serve as a guest room – or you can direct guests to a nearby motel.
Of course, if you need live-in help, or have a friend living with you, your downsizing plans must include a room and perhaps even a separate bathroom for them.
Store What Your Kids Don’t Want
As you clean up your closets, you may pack up unused clothes and gather unneeded items to sell or donate. What do you do with the boxes of old pictures and family heirlooms? Scanning your pictures, going through your family heirlooms, and dividing the photos and the other goodies among your kids can cut down on some clutter.
You may decide in some family heirlooms are not important to keep, but whatever is left can also go to a storage unit. If you have fragile items that could be damaged in very hot or cold conditions, make sure your storage spaces is climate control.
Request Your Complimentary Copy of My “Preparing to Downsize” Report
Consider The Layout Of Your New Location
In moving to the new space, you might want your new location to accommodate a valued piece of furniture, incorporate some new household items you want to acquire, or allow for you to pursue your interests.
- Always wanted to upgrade your double bed to a king or queen sized model? Make finding a new place with a bedroom big enough to accommodate it a priority.
- Have a large comfortable sectional couch you love? Make sure it will fit in new places you consider.
- Love to cook and bake? An island, and plenty of counter space might be crucial in a new place
- A gardener, inside or out? Your new place should have south facing windows for indoor plants and a little space outside to grow flowers or vegetables.
Finding Your Dream Downsized Home
In considering all you want in your downsized house, you must remember that the more nonnegotiable “demands” you place on your realtor or rental agent, the harder it will be to find a place within a limited budget. If you are able to build a new home or have an ample budget, you may be able to find what you want more easily.
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
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.
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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