Posts Tagged “Independent Living”
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.
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