Archive for the 'Real Estate Definitions' Category
The Pros and Cons of Longer Versus Shorter Amortizations
July 4th, 2008 Categories: Real Estate Definitions, Vancouver Real Estate
Choosing the length of your amortization period, which means the number of years you will need to pay off your mortgage, is an important decision for Vancouver home buyers that can affect how much interest you pay over the life of your mortgage.
Historically, the standard amortization period has been 25 years. However, shorter (10 or 15years) and longer (up to 40 years) time frames are also available. A shorter amortization saves you money as you will pay less in interest costs over the life of your mortgage. Your regular mortgage payment amount would be higher than if you had selected a longer amortization, as more of your payment goes towards paying down your principal balance. However, the benefits are that you build the equity in your home faster and are mortgage free sooner.
A longer amortization provides you lower monthly payments and because of this it is appealing to many people. However, it does mean that more interest will be paid over the life of the mortgage and you will build the equity in your home at a slower pace. Read the rest of this entry »
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Should I Sell My Vancouver Condo First And Then Buy? Or Vice-Versa?
July 3rd, 2008 Categories: Real Estate Definitions, Vancouver Real Estate
What is the best way to sell and buy another Vancouver condo?
It’s a first time sellers dilemma. When you left the rental market and bought your first condo it was easy. Now you must figure out how to get your equity out of one condo so that you can purchase another one. A recent client experienced this situation, so I thought it would make a good blog post.
Buy first then sell? Sell first then buy? It is a question I am often asked by first time sellers.
My answer to you is that your decision depends on a number of considerations.
What is your personality? How risk adverse are you? What are the current Vancouver market conditions, is it a buyers or sellers market? Are you purchasing a brand new condo or a resale condo. can you secure bridge financing at the bank? Read the rest of this entry »
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Latent vs. Patent Defects and Property Inspections
May 21st, 2008 Categories: Real Estate Definitions, Vancouver Real Estate
The BC Supreme Court case of Cardwell v. Perlien provides an interesting overview of the current state of the doctrine of caveat emptor (”let the buyer beware”)
The distinction between latent and patent defects is important, because sellers are obligated to disclose material latent defects that they are aware of, but buyers are expected to discover patent defects on their own. Patent defects are described as those that can be discovered by conducting a reasonable inspection and making pertinent inquiries about the property.
Significantly, however, the judge goes on to say that a “defect which might not be observable on a casual inspection may nonetheless be patent if it would have been discoverable by a qualified person…In some cases, it necessitates a purchaser retaining the appropriate experts to inspect the property…” Read the rest of this entry »
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Three Facts You Should Know About Vancouver Condo Fees
May 1st, 2008 Categories: Real Estate Definitions, Vancouver Real Estate
In Vancouver, condominium fees are paid monthly and cover all the expenses that relate to the condo corporation’s expenditures.
These expenses include insurance on the building, property manager’s fees, gardening, garbage collection, water, maintaining the common property, concierge, upkeep of the amenities, caretaker’s salary, repairs and maintenance to the building and a contribution to the reserve fund. These items are set out in an annual budget and voted on by the condominium owners.
Did you know you can search for condos on this site? Read the rest of this entry »
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10 Questions to Ask a Seller’s Agent Before You Hire Them
April 13th, 2008 Categories: Real Estate Definitions, Vancouver Real Estate
Selling your home or investment property?
Perhaps it’s been a while since you last did this and you no longer have a working relationship with a realtor, so you need to find another one. No doubt you will interview 2 or 3 Realtors. I have made a Top Ten list of questions to ask a seller’s agent. Read the rest of this entry »
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Two Easy Vancouver Condo Improvements For a Faster Sale
March 31st, 2008 Categories: Real Estate Definitions, Vancouver Real Estate
Paint is your best improvement investment for getting a greater return on your money
Paint makes the whole property smell clean and neat. If your house has chips, exposed wood or looks faded, it is time to paint. If your carpet is worn, dirty, outdated or an unusual colour, you may need to seriously consider replacing it. Many houses do not sell because of this problem. Don’t think that buyers have more money than you have to replace it. They don’t…they simply buy elsewhere!!
Think of prospective buyers as your guests and prepare your home’s interior accordingly. Keep these points in mind…
*fresh paint
*clean up clutter
*clean kitchen
*make bathrooms sparkle
*clear out closets
*clean the fireplace
*roll out the welcome mat
*add special accents to make your house appear comfortable and inviting. Think of prospective buyers as your guests and prepare your home’s interior accordingly.
Clean Facts - Most people are turned off by even the smallest amount of dirt or odour when buying a resale home!
Sellers lose thousands of dollars when they sell because they do not adequately CLEAN! The perception in the buyer’s mind…lots and lots of work which translates into money!
If your house is squeaky clean, you will be able to sell your house faster and net hundreds, or thousands, of dollars more. If you are planning on moving, why not get rid of that old junk now, so that your house will appear larger? Make more space. Odours must be eliminated, especially if you have animals, or smoke. You may not notice the smell, buy buyers do!
Most realtors have a difficult time communicating to their sellers about odour. By employing me to get the most amount of money for my sellers, do not take offense if I must confront you about odour problems.
Freshen your kitchen by sending a lemon through your blender or garburator. Sweeten your fridge with a box of baking soda. Add some fresh flowers to the living room. Spray the bathrooms with lavender!
If this is too much for you to do, hire a staging company.
Weigh in! What improvements work best for you?
A clean home is a saleable home!
when it’s time to sell your Vancouver condo, talk to Maggie
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Six Pre-Closing Expenses To Remember
March 29th, 2008 Categories: Real Estate Definitions, Vancouver Real Estate
Closing costs are a big part of the condo buyer’s budget but many buyers forget the pre-closing costs, which add up.
Are you hiring a mover? Most people do! Do you select a national company or the local hood guy? Or rent a truck and do it yourself.
What insurance does the moving company carry? If you rent a vehicle does your home insurance cover you should your belongs get stolen along the way. Read the rest of this entry »
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What You Should Know About the New FINTRAC Regulations
March 28th, 2008 Categories: Real Estate Definitions, Vancouver Real Estate
Starting June 23, 2008, changes to the federal Proceeds of Crime Money Laundering and Terrorist Financing Act impact how Realtors and their brokers conduct business.
FINTRAC The Financial Transactions and Reports Analysis Centre of Canada, is the Federal Government Agency created to provide suspicious transaction information to police and the Canadian Security Intelligence Service.
FINTRAC collects and analyses reports from accountants, banks, casinos, insurance companies, real estate professionals and trust companies as part of Canada’s push to combat money laundering and terrorist financing. Read the rest of this entry »
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Should I Sell First And Then Buy? Or Vice-Versa?
March 27th, 2008 Categories: Real Estate Definitions, Vancouver Real Estate
It’s a first time sellers dilemma for Vancouver condo owners.
A client called me last month and told me they’d had a baby and wished to move up to a larger condo. When I met her at a place she wished to view, we had an extensive conversation about the best way for her to get from A to B.
When she left the rental market and bought her first condo it was easy. Now she must figure out how to get her equity out of one condo so that she can purchase another one. Read the rest of this entry »
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Get Rid of Vancouver Realtor’s Conflict of Interest Once and For All
March 26th, 2008 Categories: Real Estate Definitions, Vancouver Real Estate
Limited Dual Agency refers to a realtor representing both the Buyer and Seller in a Vancouver real estate transaction.
Unfortunately, not all Realtors fully co-operate, as set out under the MLS code of ethics, particularly when they have an opportunity to make double the commission. In many cases, they give our industry a bad reputation. Read the rest of this entry »
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