Posts Tagged “Roy Thomas Real Estate”
Buyers of condos find the price range, low maintenance lifestyle and access to amenities favorably compared to buying a single-family dwelling. These benefits do come at a fee above and beyond your mortgage payments. This fee is called a condo fee. This article will explain condo fees as they are related to an apartment style condo building.
What are condo fees and how often are they due?
Condo fees are monthly payments made by the condo owners to a condo corporation. The condo Corp runs the condo building. The condo Corp manages the collected money to fund maintenance and upkeep of the building. All condo’s have a condo board made up of people from the building. The group manages the building on behalf of and in the best interest of all residents and owners.
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Condominiums are all different and the fees and what they cover will differ from one building to another. The size of the condo building can also be a factor in fees. A small building will likely not have the same fees as a large complex with over 200 units.
Common condo fees:
- Utilities – The Corp may pay some or all the building’s utilities such as water, electricity and sometimes heat.
- Reserve fund – the reserve fund is money set aside for repairs. The building may need to replace a boiler, roof for example, and use some of the fund to pay for it. Knowing how much money is in a condo reserve fund will help you understand a buildings financial position.
- Common areas – condo fees also go towards garbage, snow removal and maintenance of common spaces in and around the building. This includes hallways, lobbies, elevators, and the grounds.
- Amenities = Generally the more amenities a condo has the higher the fees will be. If the building has pools, saunas and/or a gym these areas require upkeep and can become costly.
Townhouse style condo
Some condo developments have townhouses and unlike a freehold townhouse you will have condo fees. Fees could cover garbage pickup, shared community amenities like an outdoor pool or gardens.
When do condo boards reassess fees?
When searching for a condo to buy, consider that lower fees in a condo could be a bad thing as the cash flow may not cover costs for large repairs or other unforeseen costs. Choose a condo with good track records.
Special assessment
A special assessment, which is in addition to regular condo fees, could also be required at some point in time. It is important to know the terms around special assessments as they will vary with provincial legislation. You should understand what your board can and cannot do.
Examples of special assessment fees for
- Unforeseen expenses may arise unexpectedly like a roof repair from a storm. This may happen if fees in the reserve fund have been depleted to complete a current project or renovation.
- Under budget – if a project costs more than the projected expense.
- Losing a lawsuit – the board cannot pay out a judgement from the operating funds so a special assessment would have to cover the costs. The CAO says unit owners must bear any judgement against the condominium.
Regardless of whether you’re a first-time home buyer or not, ask questions and keep informed. Roy Thomas can help navigate condo fees, status certificates, and every other aspect of your condo buying journey.
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
Prospective buyers would like to see a perfect home from top to bottom and inside and out. To improve the likelihood of an easy, fast and profitable home sale, we suggest that you attend to the following items. In this article you will find Tips For Successful Home Viewings.
Outside the house
1. Sweep the front walkway and shovel snow in the winter.
2. Remove newspapers, bikes and toys.
3. Park extra cars away from the property.
4. Trim back the shrubs.
5. Apply fresh, clean paint on your home, wooden fence, and outbuildings.
6. Clean windows and definately the window coverings.
7. Maintain sealants around windows and doors.
8. Make sure roof and gutters are clean and in good condition.
9. Mow the lawn frequently and plant flowers.
10. Keep pet areas clean.
11. Take down out-of-season decorations.
Inside the home
1. The kitchen and bathroom should look and smell clean.
2. Vacuum rugs and carpets (and have them professionally cleaned, if necessary).
3. Place fresh flowers in the main rooms.
4. Put away dishes, unless setting a formal display for decoration.
5. Make all beds and put away clothing.
6. Open drapes and turn on lights for a brighter feel.
7. Tidy closets.
8. Turn off televisions and play soft music on the radio/stereo.
9. Keep pets out of the way and pet areas clean and odor-free.
10. Secure jewelry, cash, prescription medication and other valuables.
11. Consider removing unnecessary furniture and appliances from counter tops to create a greater sense of space.
12. Consider baking cookies or lighting scented candles to create a homey atmosphere.
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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
with Mark Kenny of Southport Asset Management Ltd.
What are annuities?
Today we discuss what are annuities with Mark Kenny of Southport Asset Management Ltd. Southport Asset Management Limited is located at 3845 Joseph Howe Drive, Suite 402 Halifax NS B3L 4H9 Office: 902-446-3900
Fax: 902-446-3901 Toll Free: 1-877-446-5763
Mark Kenny – Partner mark@southportasset.com
Mark Kenny of Southport Asset Management Ltd
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
One of the most common dilemmas faced by retirees is when should I downsize and move to a new place? It’s never easy to decide when to leave the family home you have lived in for decades. I have clients that have been in the family for over 60 years.
Here are 5 points to consider
– Housing needs to change over time. Your 4 bedroom 2 storey house with a large backyard was perfect to raise a family, but the kids have moved out years ago.
– Many clients I work with are currently only using 3 rooms (living room, kitchen & bedroom), for day-to-day living. The remaining rooms are unused. They are paying to heat, insure and maintain the entire house.
– Don’t try to time the market for a few thousand dollars more next Spring. Are you are going to spend the entire Winter stuck in the house paying someone to plow the snow? it might be easier to sell sooner so pick the time that is most convenient for you,
– Homes do require upgrades and multiple things may need to be replaced. Spending $10k, $20k, or more to enable you to stay another 1-2 years is very expensive and likely to bring a limited return on resale.
– Are you finding it financially difficult to live in the home? If it takes all of your income each month to live and you are dipping into savings each month to cover housing costs then a right sizing move may make sense.
Eliminating expensive housing costs while simultaneously freeing up equity to invest and produce income can change your financial situation.
Invest and produce an income
If you invest $300,000 (using RBC Managed Payout Solution or a similar product) it will pay approx. $1500 per month in income and you can eliminate $500 per month in housing expenses, giving you $2000 per month to live on.
Hopefully these points will give you some things to consider in making your decision of when is the right time for you to the right size.
Downsizing is a process but a rewarding one. It can be an opportunity to right-size your life and move onto the next chapter with more independence.
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
Falls in a home can result in minor injuries or may even become fatal, but a fall in the bathroom is a commonplace where people can get hurt. Take the necessary steps to increase bathroom safety for seniors who want to live independent lives. A few simple and inexpensive changes to your bathroom can decrease your chances of injury and make it a safer place. It’s also advisable to bring your cell phone or emergency alert gadget to the bathroom with you in case you fall and require immediate assistance.
Some medical conditions like diabetes make your skin less sensitive to water temperatures so ensure you turn the cold water on first and off last when having a shower and be sure to check the water temperature in a bath before climbing in. Do not grab onto the tap when entering the tub but hold onto a grab bar for better balance. Some seniors find it difficult to get into and out of the tub without assistance so it will become necessary to follow the tips listed below to prevent serious or fatal falls.
Improve Bathroom lighting
Place a nightlight outside and inside the bathroom to keep it well lit. Poor visibility due to inadequate lighting can also increase the risk of a fall so ensure the bathroom is well lit and the path from the bathroom to the bedroom has adequate lighting.
Non-slip-mats and bath mats
Use a non-slip mat that has a rubber back in your tub to prevent slipping. Rinse off your bath mat regularly as soap buildup will prevent it from securing snugly to the tub. Add a nonslip rug or mat on the floor in front of the tub, toilet, and sink to minimize the risk of falling on a slippery wet floor. Ensure your bathroom floor is free and clear of towels, face cloths and clothing, and other items to prevent tripping.
Install a Shower caddy
Install a shower caddy for holding toiletry items that can be accessed without stretching or bending. Install it at arm’s height so it’s easier to grab shampoos and soaps. Wall-mounted shower caddies are easy to refill and you don’t have to worry about shampoo bottles or soap falling out of your hands and into the bathtub or shower.
Install Grab bars
A wet slippery surface can be a hazard in your bathroom, so install grab bars in the shower, by the toilet, and other places in your bathroom but make sure they are installed properly and do not pull away from the wall when force is applied. A properly installed grab bar is essential for seniors who have difficulty getting into and out of a bathtub and provide assistance for better balance. Grabbing onto a towel rack for balance is not advisable and is not designed to support your full weight and could come to loose from the wall resulting in a fall.
Shower chair – transfer bench or walk-in tub
A shower chair or bench provides a place to sit and rest while showering as some seniors have difficulty standing and staying balanced. Purchase a chair with rubber tips on the legs to prevent slipping and sliding in the tub.
Raised toilet seat or install a taller toilet
A taller toilet with a grab bar nearby anchored to the wall will give a senior something to hold onto while raising and lowering themselves onto the toilet. Traditional toilets may be too low for a senior who has problems getting up and down. Also, a raised toilet seat provides better access by a few inches and provides assistance for getting up and down. Again ensure a grab bar is handy to reduce falls.
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
When you list your home for sale, don’t overlook the importance of your exterior landscaping as a tool for increasing the volume of potential buyers and selling your home more quickly. In real estate, while you can’t always “tell a book by its cover,” having a home with curb appeal is more likely to get people to request an appointment after seeing it on a website or from a drive-by. A home that looks neat and inviting from the outside is likely to be the same way inside.
Landscaping Upgrades That Add Resale Value
Just as with other upgrades you do to your home before sale, you should not go crazy with exterior landscaping or add features with questionable resale value, such as a pool, water feature, or a large garden. You want to present property that is well-maintained and attractive, while not seeming overly difficult to maintain. As a result, planting some colorful flowers, adding a hanging basket to the porch, upgrading the exterior doors, refurbishing an existing deck or adding a new one, and playing an attractive stone walkway may be well worth the money in resale value and speed of sale.
According to Carson Arthur, landscaping designer, often seen on TV home shows, great landscaping can increase a home’s value by 7%, which amounts to $42,000 on the $600,000 home. Patios may add a 12% return, while decks, especially low to no maintenance types, have a 10% to 15% rate of return. An awning, pergola, or even a tree that offer backyard shade might increase your home value by $2,000-$3,000 each. In general, adding trees, a bench in your front yard, a stone walkway or driveway, and attractive plantings are among the key upgrades that pay off.
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Managing Exterior Landscaping
If you are selling your home because you are no longer able to keep it up as you like, the whole concept of exterior landscaping may be overwhelming. Given the extra value that great landscaping can add to your home, hiring someone to do the work will be well worth your investment. If you are up to it, putting some effort into the outside of your home can be the perfect closure for transitioning to a new place.
Any home will benefit from neatly trimmed lawns, gardens, and shrubs, along with a patch of color. If you don’t have much to spend on updating a moderately priced home, hiring a neighborhood kid to clean up the area, cut your grass, and plant some flowers might offer the boost you need. If you have a higher-end home where you are hoping to extract maximum value, or if your landscaping is outdated and out of shape, you should go to the next level of hiring a landscape designer or landscape architect to plan out your improvements. A professional will be able to suggest the proper plantings and upgrades and even do them in an eco-friendly way that appeals to many modern buyers.
Ask Me About Curb Appeal
If you are ready to sell your home and wonder whether your property needs more curb appeal, give me a call for an honest assessment as to what you need to do before we list your 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