Realestock Blog

The Canadian real estate market has continued to heat up, which has real estate agents, brokers and investments breathing a sigh of relief all across the country.

In February, new housing starts rose faster than expected and according to a new survey, 10% of Canadians expect to buy a home in the next two years.

Seasonally adjusted new housing starts landed at 196,700 in February, up from 185,400 in January and above analysts’ forecasts for a 190,000 gain; according to figures from the Canadian Mortgage Housing Corporation.

RBC’s 17^th annual home ownership study found that the number of Canadians who say they are very likely to buy a new home rose from 7% two years ago to 10%. The number of people who view their homes as a good investment rose to a 12-year high of 91%.

Some economists believe that the property market will cool in the second half as the Bank of Canada is expected to being raising interest rates and the demand and supply of available housing becomes more balanced.

According to statistics, urban multiple starts, or condos, increased by 19.1% to 89,900 units so far this year while single urban starts increased by 0.5% to 89,200 units.

Urban starts rose 28.6% in Ontario, 14.3% in Atlantic Canada, 10.8% in the Prairie region and 8% in British Columbia. In Quebec, however, urban starts dropped 14.1%.

Rural starts were estimated at a seasonally adjusted annual rate of 17,600 units in February.

According to the RBC poll, younger Canadians between the ages of 18 to 24 are most likely to lead the market. About 15% said they were likely to buy, almost double the number in 2009.

About 60% also believe housing prices will continue to rise this year, up from a mere 25% this time a year ago. They also expect mortgage rates to rise, with two-thirds expecting to have to pay more, the bank said.

That belief is being reflected in the choice of mortgage, with 16% opting for a variable rate loan compared with 20% last year.

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In honor of the Academy Awards ceremony on March 7, we decided to expand on our previous blog post, Inside the Homes of 2010’s Oscar Nominees; with a feature post on homes featured in Oscar-winning films.

Much of the focus of the Oscars is on the filmmakers, the stars and the film that will win Best Picture, but what about the homes that help create the landscape for these films? Have you ever wondered what it would like to step inside the home where Benjamin Button lived, or where Cher achieved her greatest success as a movie star on Moonstruck?

Well, this is your golden opportunity to take a glimpse into 6 homes that were featured in Oscar-winning films, spanning from the 1980s to today.

19 Cranberry St, Brooklyn Heights, NY

The movie that turned Cher into an Oscar-winning actress in 1987 featured a four-story, Federal style brownstone located on the corner of Willow and Cranberry Streets in Brooklyn Heights, NY. It was known to locals for years as the ‘Moonstruck’ house.It was built in 1829 with Victorian style detailing and it was sold in August 2008, by Edward Rullman who owned the property for nearly 50 years. How much did the ‘Moonstruck’ house sell for nearly 2 years ago? Almost $4 million US.

822 Lullwater Road (Druid Hills, Atlanta, GA)

The neighborhood of Druid Hills in Atlanta, Georgia has never been the same since this 1989 Oscar winning movie was filmed there. Jessica Tandy won an Oscar for her portrayal of the feisty Druid Hills widow who is the title character of Driving Miss Daisy. The house still stands today, located at 822 Lullwater Road.

Montacute House (South Somerset, Montacute, England)

The 1995 film, Sense and Sensibility that won that year’s Oscar for Best Adapted Screenplay filmed several scenes at Montacute House. Owned by the National Trust, the Elizabethan mansion contains three floors and was built circa 1598. The ground floor featured the great hall, kitchens and pantries, while the upper floors contained the bedrooms and Lord Curzon’s secret bathroom concealed inside a wardrobe.

Wrotham Park, England

The winner of 2001’s Oscar for Best Original Screenplay, Gosford Park, filmed several exterior, interior staircase, dining room, library and living room scenes inside Wrotham Park. Wrotham Park, a Palladian Mansion set in the heart of a 2,500 acre estate was built by Admiral John Byng in 1754. His descendent Robert Byng currently lives in the home and has managed the estate since 1991.

Stokesay Court, England

This vast Victorian country estate, built in 1891 served as the backdrop for the first half of Antonement, winner of the Oscar for Best Original Score in 2007. Stokesay Court stands in for Tallis House in the film and is now open to the public for tours. With 90 rooms and an oak paneled central hallway, much of the Victorian architecture is still intact, in spite of the extensive renovations the current owner, Caroline Magnus had to endure, long before the filming started.

2707 Coliseum Street, NOLA’s Garden District, New Orleans

Winner of three Oscars in Art Direction, Makeup and Visual Effects, Benjamin Button certainly didn’t disappoint as a fantasy-drama film. The 7800 square foot Victorian Mansion in the heart of New Orleans’ Garden District that served as Benjamin’s home was put on the market in 2009 for $2.85 million. With six bedrooms, six bathrooms, a large yard, a library, a music room, and a reception hall along with incredible Victorian architecture, the house is a prime example of old New Orleans architecture: built for entertaining.

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There have been some surprises and some direct shoe-ins in the nominations for the 2010 Academy Awards. From Best Director to Best Picture, all eyes are seemingly on the battle between the artistic geniuses of former spouses James Cameron and Kathryn Bigelow, respectively, while the surprise nominations of Carey Mulligan for An Education and Gabourey Sidibe for Precious have garnered their own group of loyal followers.

With all the hype of the nominations and debates over possible winners, what would it be like to take a look into their lives, catch a glimpse inside their homes and find out exactly how the stars live?

Here’s a glimpse into the houses and homes of some of the 2010 Oscar Nominees

George Clooney

Best Actor in a Leading Role nominee and Sexiest Man Alive, George Clooney is well known to have a home in Italy. Called the Villa Oleandra and situated in Northern Italy, near Lake Como; George refers to the property as his favorite of all the homes in his possession. With a gorgeous pool, rustic Italian kitchen, exquisite master bedroom and historical Italian architecture overlooking the lake, George has the vacation spot millions of people dream of.With his own dock leading into the lake, George can relax in a boat, anytime he wants. Sounds like the ideal vacation home to me.

Sandra Bullock

Best Actress in a Leading Role nominee Sandra Bullock purchased her home on quintessential Tybee Island in Georgia in 2001; shortly after filming Forces of Nature. The home, located on the north end of the island faces the Savannah River inlet, east of Savannah; where portions of the movie was filmed. She and husband Jesse James also purchased a $2.25 million dollar home in New Orleans in June 2009 with 6,615 square feet, 5 bedrooms and 4.5 bathrooms.The property contains a pool, ornately carved marble mantles on all the fireplaces, 14’foot ceilings in the ballroom and dining room and 16’ x 12’ kitchen with crystal chandeliers. That’s what I call living it up in the Big Easy.

Helen Mirren

Fellow Best Actress in a Leading Role nominee Helen Mirren has a home fit for a Queen, literally. Having won a series of awards playing Queen Elizabeth, Dame Helen purchased a 500-year old castle in 2007, in Puglia after two house-hunting trips in southern Italy. According to reports, Dame Helen spent somewhere in the neighborhood of £680,000 to buy the castle and the grounds three years ago, but there hasn’t been any news on how much she spent to refurbish and renovate the estate to make it inhabitable. Her Italian abode does have high fortified walls and a mature vineyard on the grounds. The Mediterranean can be seen half a mile away. Fit for a Queen, indeed.

Matt Damon

Supporting Actor nominee Matt Damon’s waterfront home in Miami looks more like a villa than a house. With the pool in the middle of the courtyard surrounded with palm trees, two guest houses, multiple balconies and his own private dock for boats and skidoos, it’s little wonder why he’d ever want to be anywhere else.The property is 9,500 square feet with 9 bedrooms on just over an acre of land. That’s perfect for when Matt’s buddies George and Brad want to stop over for a visit.

Maggie Gyllenhaal

Supporting Actress nominee Maggie Gyllenhaal and her husband actor Peter Sarsgaard moved into a vintage 3,600 square foot Brooklyn brownstone in the north Park Slope neighborhood; after tiring of busy Manhattan. The four-storey brownstone still has its original doors and moldings with a restored façade and a parlor with floor-to-ceiling windows. There are also 7 fireplaces with marble mantles and restored pine floors. Sounds quaint and cozy to me.

James Cameron

Canuck Hollywood heavyweight and Best Director nominee James Cameron lives in pretty luxurious comfort, according to more than one source. His 8,272 square foot “cottage” comes complete with 6 bedrooms, 7 bathrooms, pool, tennis court and inner courtyard fit for Hollywood royalty. Perfect for brainstorming the next follow-up to Avatar.

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Canadian athletes aren’t the only ones earning medals during the 2010 Winter Olympics in Vancouver.

There are three ultra energy-efficient homes for locals and tourists alike to tour during the Games, Whistler’s first rammed-earth home and BC’s first net-zero energy home, made by a local builder and one, a certified ‘Passive House’ from Austria.

Austria House , as it’s called, is an ultralow-energy building designed to hear, cool and ventilate itself with small amounts of energy. Using a combination of super insulation, thick walls, triple-paned glazing, solar orientation and an advanced heat-recovery system, Austria House anticipates using one-tenth of the energy required by a building that is conventionally built and approximately the same size. This translates to less than half the energy consumption expected from a LEED-Platinum home -- one of Canada's highest standards for "green" buildings.

Austria House will be given to the Whistler community to use after the Games, envisioned as a rental shop for cross-country ski gear in the winter and bikes in the summer as well as a indoor public space and club space for the Whistler Off Road Cycling Association and the Whistler Nordics ski club.

Rammed earth, on the other hand, is a building system with one of the lowest environmental impacts commercially available today. Eighteen-inch-thick exterior walls are formed like conventional concrete, but use locally sourced sand and gravel, including a small percentage of Portland cement and naturally sourced colouring agents.

With a mixture of ancient knowledge and the latest in construction technology -- including double and triple glazing, non-VOC finishes and a hospital-quality air filtration system -- Whistler's first rammed-earth home is positioned as not only one of the healthiest in Canada, but as one of the most efficient. The home, built by RDC Fine Homes, uses 80 per cent less energy than any conventionally built home.

The home is also one of the first in Canada to include an extensive system for monitoring energy efficiency and indoor air quality and it’s currently available to tour in Whistler Cay Estates, just a short walk from Whistler Village.

Aside from the solar panels on its roof, B.C.'s first net-zero energy home looks fairly similar to all the other houses going up in the neighbourhood. When it comes to performance, however, it’s miles ahead of the competition.With a combination of energy-efficient design with high-tech construction and commercially available renewable energy systems, net-zero homes are considered as such thanks to their ability to achieve net-zero energy consumption (energy neutral) on an annual basis. Over the period of one year, the amount of energy the buildings use is equal to what they generate.

Every aspect of the building, another RDC Fine Homes' project, was designed to reduce energy use. Natural light reduces the need for artificial light during the day while overhangs shade the windows; when the sun is high in the summer months, eliminating the need for cooling systems. All windows are triple-paned, low-E gas filled, and both the foundation and walls use systems designed to create highly insulated interior spaces with minimal amounts of construction waste.

In addition to having a heat recovery system similar to that used in the rammed-earth house, an array of solar panels helps the building meet its energy demands. The builders anticipate that the house will at times create more energy than it needs; so it has been connected to another home in the neighbourhood where the surplus energy can be exported.

BC’s first net-zero energy home is open for public viewing from Feb. 17th-24th and March 19th-28th, from 1 pm to 5 pm.

When it comes to energy efficiency, Whistler has three homes that continue to push the envelope and break new ground in being ‘green’.

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For people expecting the real estate prices in Whistler to drop after the Olympics, I’m afraid you’re going to be sorely disappointed.

According to George Klimock from The Whistler Real Estate Company, property prices in Whistler today are already 15-25% lower than previous prices in 2007. In fact, current prices in Whistler are down to 2001 levels.

With a high level of inquiries and good prices, Whistler is considered to good value in the resort market, with, for example, a 2 bedroom condo is now listed at $ 519,000 as opposed to the more expensive $ 630,000 a few years earlier.

According to the 2010 Whistler Report from Landcor Corp,the average price of a condominium has started to climb recently, back to the $400,000 mark, first established in 2002. Since 2008, the condominium market has flattened. But, new ownership types, including quarter share ownership, have been introduced into the market, increasing affordability. This likely has helped to keep assessed values stable at or close to the $400,000 level. Townhouses in Whistler, typically priced between condominiums and single detached units, ranged from $650,000 to $750,000 from 2001 to 2007, but dropped below $600,000 during the recession.

Those looking to step into the Whistler market for the first time under the notion of a lower price, may be disappointed. Whistler homeowners receive good cash flow from renting their properties out most of the year and as such are not as motivated to sell as homeowners in other areas. Whistler is considered to be near the bottom end of pricing when compared to other resorts such as Sun Valley and Aspen, with price adjustments as low as they were in 2001-2002.

“The mistake many people make when they look at prices of property in Whistler is to compare [prices] with the price of properties in their city. You can’t compare Whistler to Vancouver because Whistler is a destination resort, designed for people to own secondary and vacation properties, not their primary residences. In order to get an accurate picture of what prices are like for resorts, you have to look at other resorts like Sun Valley, Park City and Aspen. In fact, Whistler is currently less expensive than Sun Valley and Aspen and Park City is higher priced.Whistler is currently a good buy for resort property,” says Klimock.

Klimock predicts that the current sales volume in Whistler will continue throughout the year with a fairly active winter season. He believes the Olympics will be good exposure for the resort, but through the long term rather than the land rush that occurred in 2002 because speculative buying due to the Olympics has been virtually non-existent. The market will take 6 to 8 months to increase in sales, with more destination travelers arriving to the resort in March and April; after the Olympics, but prices may increase after next year.

Ultimately, Klimock believes that sales volume in Whistler will gradually increase, but Olympic success is a non-issue. “Buyers are still interested in Whistler, with or without the Olympics. As a world-class resort, Whistler has unparalleled world access and is in close proximity to a major city, Vancouver. No other resort in North America can claim that. Having the Olympics is great marketing for Whistler, but I don’t think it would have any major effect on prices or the amount of people buying.”

The message is, if you’re waiting for prices to drop before purchasing property in Whistler, you may be too late. The time to buy is now.

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Improving your home’s curb appeal is real estate lingo for a house that looks so spectacular on the outside that people can’t wait to come inside. Remember that the exterior is the part of the house that the most people will see and it is the first impression that anyone who visits will have of your home. To make a spectacular impression on potential homebuyers, here are a few simple steps to turn your home into an outdoor haven in no time:

Take a ‘Before’ Photo

Taking a photo of the front of the house allows you to see firsthand what everyone else looks at when they arrive at your home and critically examine what should be done to improve the appearance.

Evaluate the Basics

Does the house need painting? Check if your doors are energy efficient and if they add or take away from the appearance of your home based on color etc. Sometimes simply updating your front entrance is enough to boost the curb appeal. Refurbishing your windows can add new life and sparkle to your entire home too.

Take More Photos and Use Programs to Help

Take your original photo to a copy shop and have them enlarge it and make several copies for you to experiment with. Try different paint colors or accessories like shutters or moldings over the windows in the photos. Don’t forget to draw in shrubs and any other landscaping. Try some interlocking brick patterns or stamped concrete on your walkway. Try websites like www.canamould.com or www.fypon.com for inspiration and Adobe Photoshop is a great program for you to experiment with different elements in your photos.

Check Out Hardware Stores

Once you’re satisfied with the results you’ve achieved in experimenting with your photos, check out your local hardware stores. Maybe they have that paint color you’re looking for or the new brick pattern that you were interested in. You might even discover new ideas to boost your curb appeal like old wrought iron for door grills or roof rails or awnings.

It’s easy to overlook the outside of your home when you are busy improving and updating the inside. But take a moment to look at the exterior of your house. You’ll be surprised at how easy it is to boost your curb appeal and have many more potential homebuyers clamoring to see your home.

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So you’ve discovered your perfect dream home and you’re wondering how much time you have to think about it before making your offer. Problem is, there are three other people interested in the exact same property and you’re not sure what to do. What do you need to know in order to stand the best chance at signing on the dotted “sold” line? Keep reading for the real deal on how to prepare before entering the multiple-bid realty trenches.

Loan Logic

Get pre-approved financing so you know the maximum amount of funds available to you. By doing that, you’ll be aware of the maximum amount you can bid and it allows you to shop around accordingly. An agreement to put down the largest down payment or deposit you can afford, along with a thumbs-up from the bank also helps to establish to seller’s that you’re serious about buying the property.

Keeping Up With the Market

Learn what the fair market value is considered to be for property you’re interested in; as well as for the similar homes in the neighborhood. When you find out what comparable homes are going for, you’ll know if you’re shopping beyond your means or within them.

Play Clean

Avoid adding unusual terms and conditions to your bid, like buying someone’s home on the off-chance that you’ll sell yours first.Additional clauses that depend on other circumstances will give vendors headaches and they may have another offer at your price, but without all the loopholes. By making a ‘clean’ offer, you stand a better chance at getting what you want.

Inspect the Home

Set aside money for pre-buy home inspections. If it turns out that the house you want to buy has a roof that’s about to fall in, better to find that out before you bid — especially since it might make you look twice at a similar property around the corner that is going for the same asking price, but with a recently renovated roof.

Don't Get Bogged Down by Decor

Fancy art may make a formerly drab house look fab, but none of these things will be there when you buy the house. Also, the color of the paint in the bedroom might look impressive, but might not suit your furniture…at all. Make sure you’re not being taken in by the smoke and mirrors of objects that are not part of the home’s architectural charm.

Uneven Steven
Don’t bid $250,000 on a house when you’re in a bidding war and your budget could easily permit you to extend $251,200. Bidding an odd number might seem strange, but your bid will stand out from the rest and may just beat an offer that came in at a slightly lower figure with a more common-sounding bid.

Revisit Kansas
Go back to see the house that felt so magical to you on the first visit more than once. One reason is that what strikes you as a great first impression may make a less favorable second or third impression. Another reason is that more than a few sentimental homeowners have sold their house to a young family that somehow reminds them of themselves. If you are able to meet the homeowner and they establish a connection with you, they may look upon your offer more favorably than that of another bidder — even if your competitor’s bid is higher.

Pull the Trigger
Figure out the vendor’s “trigger” — what would make them sell. If you know that the homeowner has a certain closing date in mind which is slightly different from yours, offer to meet their terms —sometimes that’s all it takes to be selected over another bidder, even if the competing offer is higher. And if you know the sellers are not looking forward to moving basement-assembled pool table because it’s expensive to move, ask about buying it to see if that will sweeten the deal.

Hide Your Hand
What helps is knowing the true value of the house. Let’s say you’re pre-approved for a $400,000 loan and the house you’re interested in bidding on would be fairly priced at $350,000 according to your Realtor's estimation, compared to other similar houses in the same neighborhood. You may be smart to bid higher than their asking price and more than fair market value but still less than $400,000.

Know Right from Wrong
There’s an age-old maxim: “buy the most expensive house you can afford.” This is a savvy real estate suggestion, because if you can afford a $325,000 three-bedroom home but instead settle for a $275,000 one-bedroom home thinking you’ve saved some money, you could regret it sooner than you think. In bidding wars, there’s a grave danger of overpaying if you get swept up in the auction-like fray — know when to fold ’em, walk away and run.

So before you engage in battle, arm yourself with credit pre-approval, a little research, an arsenal of financial strategies, heightened market value awareness and a great Realtor. Then cross your fingers and go forth to find your own home sweet home.

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Continuing with our regular monthly feature, here are the top ten property listings on Realestock that achieved the most popularity with motivated buyers over the holidays.

1. Mountain Spirit Resort and Spa, Kimberley, BC

For the third month running, Kimberley B.C.’s luxurious Mountain Spirit Resort and Spa has topped our list of most viewed listings. The combination of a four-season skiing mountain residence with a luxurious world-class spa and four-star slope-side restaurant is among the most exclusive of mountain resorts. And if that weren’t enough, it allows access to Trickle Creek’s championship golf courses, 1800 acre natural park with over 100 km of trails to explore, mountain biking, fly fishing and much more. With activities for everyone, Mountain Spirit is truly a winning destination.

2. 1235 East Lake Drive, Fort Lauderdale, FL

This spectacular estate in Florida has made several jumps in our list in recent months. It includes 9 bedrooms, 9 full and 4 half bathrooms. Spectacular features include a state-of-the-art nightclub, putting green, gym, massage room and spa, wine cellar, infinity pool and 9-car garage. A vantage light system, top grade impact glass, limestone floors, clay barrel tile roof and Pecky Cypress balconies embellish the luxurious feel of the estate.

3. Cannery Lofts Condominium, Astoria, OR

The best river view in Astoria has jumped to number 3 on our list. It offers 10’ ceilings, loft design, granite counters, bamboo floors, gourmet kitchens, glass window walls and gas fireplaces. With easy access to the river walk, quaint shops and amazing restaurants, Cannery Lofts Condominiums is the ideal location for luxury living.

4. Dockside Green, Victoria, BC

A name synonymous with green living, Dockside Green is a LEED® Platinum-targeted project. All of the community’s luxury condominiums feature renewable bamboo floors, low-flow toilets and energy efficient appliances. Dockside Village itself offers even more features, with solar-water heating, small building wind turbines, floating dock with a launch area for canoes and kayaks and a community amphitheatre.

5. Landings at Las Olas, Fort Lauderdale, FL

Number five is a new entry on our list from Fort Lauderdale, Florida. The Landings at Las Olas is a brand-new waterfront corner residence located on Hendricks Island. With spectacular water views, exquisite marble flooring and a separate breakfast and dining room, the Landings at Las Olas has everything you could want in a waterfront home. What’s more, there’s also a swimming pool and central air conditioning for your enjoyment, all year round.

6. Highbury-Tower Residences at Fish Creek, Calgary, Alta.

Quality building materials blend with simple contemporary forms to convey a certain level of sophistication. Its vertical planes of brick and glass work together to create a sense of grandeur; one that brings to mind thoughts of a modern day castle. Highbury's private amenities building is complete with spa & fitness facilities, theatre with tiered seating, an entertainment lounge, hobby rooms and meeting rooms, plus an in-building carwash.

7. Motif at Citi, Burnaby, B.C.

Citi is a combined commercial and residential development located in the heart of the lower mainland's fast growing urban centre, the Brentwood community of Burnaby. Motif, the residential tower, is a pinnacle of contemporary elegance. Rising 30 storeys, it showcases stunning panoramic views day and night. In total there are 148 spacious suites and 5 multi-level townhomes, all of which are exquisitely finished.

8. February Point Resort Estates, February Point, Exuma, Bahamas

February Point Resort Estates is among the most coveted oceanfront properties of the Caribbean. It comprises an exclusive private, 80 acre peninsula on the unspoiled Bahamian island of Great Exuma. Enjoy your luxurious villa right on a pristine, powder-white, sandy beach. Luxurious living space and grand ocean-facing verandas, simply spectacular ocean, beach, sunrise and sunset vistas from every room combine to make the purchase of a dream oceanfront home at pre-construction prices, truly a once-in-a-lifetime opportunity.

9. Vista Lago at the Hammock, Kendall, FL

An amazing location with beautiful hardwood and marble floors, swimming pool and separate breakfast and dining area is one of the best kept secrets in all of Florida. A luxurious living space in a gated community, Vista Lago at the Hammock has everything you’re looking for in a dream property.

10. Sullivan Stone Lodge, Kimberley, BC

This luxury mountain chalet at Sullivan Stone Lodge is mountain living at its finest! With spectacular windows overlooking 50 miles of The Rocky Mountains, 2 spacious decks, a private heated garage, and your own private out door hot tub, you'll want to return again and again! The spacious open plan lounge and dining area with large table and 6 chairs makes this a great place for entertaining. The lounge is complimented with a stone gas fireplace and large TV with DVD and surround sound theatre system.

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Choosing a mortgage can be an incredibly complicated process. Fixed rates, variable rates, deposit percentages and repayment plans options can make your head spin. Check out these expert tips on getting through the mortgage minefield with your dreams-and your sanity-intact!

Choose a Broker or a Bank
Brokers operate independently from banks and have access to many different lenders and borrowing programs – which means he or she may often be able to find you the best bang for your buck. A broker will create a loan, process it and then pass it along to the lender, who will sell it to you for the negotiated rate.

Plan Ahead
Get pre-approved, the current rate will be protected for 120 days while you look for a home. Just contact your broker or lending institution. Don’t worry – you’re not under any obligation and if the time limit on your pre-approval runs out, you can simply sign on for another one.

Find Your Dream Home
The value of your home may dictate your financial security in the future, so choose this purchase carefully. If you choose to renovate, talk to your broker or lender about working the costs into a mortgage. Many institutions offer lines of credit for renovations.

Determine What You Can Afford
Most lenders set lending ratios that guarantee the mortgage payments never exceed more than 1/3 of a person’s income. Once you find a home you love, start crunching numbers. Can you really afford the mortgage payments? Mortgage rates fluctuate and life situations change so strapping yourself with debt may not be the best move.

Think About the Consequences
Review your current mortgage situations before entering into a new agreement. Before you jump into a new mortgage, it’s crucial to understand how your next move may affect agreements you may have with other lenders.

Learn About Fixed Mortgage Rates
The first and most conservative option for investors is a fixed mortgage rate, which means monthly mortgage payments on interest and a principal balance that doesn’t change. The interest rate is set for a defined period of time so homebuyers can rest easy if lending rates start to climb. If lending rates fall, though, those bound in a fixed rate agreement won’t benefit.

Learn About Variable Mortgage Rates
Investors who choose a variable rate agree to pay the current lending rate, which changes often. If you set up payments at a higher rate, you build a cushion in case rates go up. In the long run, you may be able to pay off your mortgage faster this way. But, it’s impossible to predict what the next 15 years will bring in terms of rate fluctuation – so if you can’t stand the uncertainty, it’s better not to gamble.

Make a Decision

Brokers and banks will lay out the pros and cons of each option, but they won’t lead you in one direction or the other. Remember, you don’t have to lock into one type of mortgage rate for the rest of your life. You can try out one option for a year or two, and then switch over if it isn’t working for you or lending rates appear to be taking a turn for the worse.

Establish a Deposit and Repayment Plan
Often, the best move is to put down as large a deposit as you can afford. This will lower your interest payments and get you started off on the right foot when it comes to paying off debt. It’s also a good idea to think seriously about a long term repayment plan rather than paying the minimum each month.

Relax!
As the years go by, be sure to stick to your repayment plan and apply cash windfalls to your mortgage whenever possible, thereby shortening the length of your days in debt.

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A few weeks ago, we posted an entry with 10 tips on what to include-and how you should take a great set of photos to showcase your property for sale.

While I was writing that particular blog post, I stumbled upon a website known as Lovely Listing.com. Their tagline is ‘Odd Finds in Real Estate’.

After taking a look at the website, I would say that it’s definitely ‘odd finds’ in real estate.There are features, items and issues that should never be showcased in photos to sell a home and yet, are taken by actual real estate agents and homeowners wanting to sell their properties.

As a tribute to Lovely Listing.com, here’s a list of the top 10 features you should never include in photos of your property.

1. Bathrooms with uncovered windows. Now, there may be prospective home buyers who desire to have natural light and air circulating through their bathrooms. That being said, I don’t think they would appreciate having an open window in their bathroom that faces the neighbors and allows them to share the intimacy.
2. Kitchens under renovation. Understandably, many homeowners want to renovate before putting their homes on the market to boost its value. But is it necessary to include a photo time line of every step of the renovation? Buyers want to see the finished product, not the process.
3. Bedrooms with lava-colored carpeting. Now, we understand that that particular carpet color was all the rage back in the 80s. Nowadays though, buyers are interested in modern and contemporary features and lava-colored carpeting just doesn’t cut it.
4. Guns hanging next to the kitchen window. Everyone has their own interests and we’re not discriminating against anyone. But, really, guns? What if the potential homebuyer has children? Not the safe haven we all imagined our dream home would be….
5. A family barbeque on the back patio. Homeowners have lives and the right to enjoy their homes with anyone they wish. But, personal photos of your family memories really have no business being in the real estate listing to sell your home. After all, people want to imagine their family having a meal in the backyard, not yours.
6. Mold in the basement. Common sense tells us to remove all harmful substances or debris from our homes for our family’s safety. Why would you want a picture of the evidence to end up in your listing?
7. House in a bubble. I understand the desire to be creative with your photos. Really I do, but how is putting your house in an actual bubble adding to the appeal? If anything, it does lend itself quite well to jokes about the current housing market.
8. Dark photos of people. I mentioned in the previous post about being careful in including people in your photos. It doesn’t help for a prospective buyer to imagine what their new home may look like with people breaking in.
9. Outhouses in the backyard. See my above comment about the lava carpet, it still stands for this.
10. Living rooms with couches on the ceiling. Remember what I wrote in the previous post about taking a lot of photos so you can fix what’s wrong in the room? This is exactly why you should do that.

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