What to Know Before You Sell Your Home

General Trish Pigott 1 Mar

So, you are thinking about selling your home? Whether you are down-sizing or upgrading, selling your home can feel like a big project – that’s where we come in. To help make this process as smooth as possible, we have put together a list of a few things to consider before you sell:

Improve Your Curb Appeal: When it comes to selling your home, first impressions matter. If a potential buyer first sees overgrown weeds, clogged gutters or cracked concrete, they may have a negative first impression of the home, making it harder to impress them once they are inside. Investing into your landscaping, any outdoor maintenance or repairs will go a long way in making your home more appealing. A pressure wash and new coat of exterior paint can also do wonders to give your home a facelift!

Get Rid of Clutter: In addition to updating your home’s curb appeal prior to sale, you also want to ensure that you are decluttering, and depersonalizing your space. Removing personalized photos, collectables, memorabilia and other knick knacks will help open things up and allow potential buyers to envision their own belongings in those spaces. Major renovations are not necessary, but fixing any minor repairs and a fresh coat of paint will also help to ensure the best first impression!

Set a Reasonable Asking Price: One of the most important aspects for the successful sale of your home is to price accordingly. Even though it can be difficult, when selling your home it is vital to avoid emotional decisions or anchoring your listing price to your home’s previous value.

Choose the Right Real Estate Professional: A real estate agent can help you maximize the sale of your home by working to get you the best asking price and help you walk through the sales process. Once you have a realtor in mind, it is best to conduct an interview to ensure they are the right fit for the job and that their interests align with yours. We have some great ones we work with and would be happy to connect you.

Understand the Costs: Before you get to the point of reviewing a purchase offer, you should have a reasonable understanding of potential gains (or losses) within your acceptable price range. To do this, you need to understand the costs of selling your home, which include: real estate sales commissions, closing fees, title charges, transfer and recording charges, additional settlement charges if applicable, and debt obligations related to existing mortgages.  We have some great tools in our office and are happy to provide you with these numbers.

If you’re looking to sell your home and need mortgage advice, or want to get pre-approved for your next home, be sure to reach out to us first. We will get you started with all the numbers you need to make the best choice.

Trish & The Primex team 

Change of Address Checklist.

Home Tips Trish Pigott 22 Feb

So, you’re moving! Before you hunker down in your new home, there are a few things you will want to take care of regarding your new address.

Personal Contacts

First and foremost, if you haven’t yet, make sure to tell all your personal contacts about your address change, including:

  • Relatives
  • Friends
  • Employer
  • Schools, colleges, universities, daycares
  • Landlord (if necessary)
  • Clubs, associations and charities

Healthcare Professionals

For the purposes of keeping your health care records up to date, make sure to update your professional contacts:

  • Doctor(s)
  • Dentist
  • Veterinarian
  • Other healthcare specialist(s)

Creditors and Services

If you haven’t yet reached out to your services, you will want to do so as soon as possible for a smooth change of service from your existing address to your new address. These services include:

  • Phone, cable, internet, mobility company
  • Electricity / hydro
  • Natural gas
  • Heating fuel company (ask if you receive a deposit refund)
  • Financial institution
  • Credit card companies
  • Insurance companies / broker(s)
  • Lawyer / notary
  • Subscriptions (e.g., newspapers, books, music, loyalty programs)

Government Services

Lastly, it is vital to inform the federal and your provincial/territorial government if your address changes to ensure all your data and ID cards are updated:

  • Driver’s license
  • Health Card
  • Vehicle registration
  • Canada Post
  • Canada Revenue Agency
  • Canada Pension Plan / Quebec Pension Plan
  • Old Age Security
  • Employment Insurance

Friendly reminder that The Primex Team is always here for you! Our goal is to make the mortgage process as stress free as possible during the crazy times of moving. If you have any more questions, don’t hesitate to reach out!

 

Trish & The Primex Team

5 House Hunting Mistakes to Avoid.

General Trish Pigott 1 Feb

Buying a home is one of the largest investments you will ever make! In order to make your home hunting experience the best it can be, there are a few common mistakes to avoid and be aware of before you start your journey:

  1. Not Getting Pre-Approved: One of the biggest mistakes when it comes to the home-buying process is not getting pre-approved prior to starting your search. The most important aspect of buying a home is the mortgage application and approval process. Getting pre-approved determines the home price that fits your budget as the mortgage process requires submission and verification of your financial history. Not only does it make the home buying process easier, but you can also lock in the rate that you’d like for 120 days while you search for your next home. Getting pre-approved also shows that you are a serious buyer.
  2. Not Setting or Following a Predetermined Budget: Another mistake that people make when home-hunting is not setting, or following a predetermined budget. It can be tempting to start looking at the top of your budget, or even slightly over, but when you consider closing costs and the long-term financial responsibility of home ownership, it is best to avoid maxing yourself out. Talking with your mortgage broker to determine your financial situation and the best options for you now, and in the future as well as getting pre-approved is the best way to understand your budget.
  3. Not Hiring a Real Estate Agent: Your mortgage broker and your real estate agent are two of the most important members of your home buying team! In today’s competitive real estate market, it can be very difficult to acquire property without the help of a Realtor. Which is why it’s important to hire the right real estate agent. One reason is that Realtor’s can provide access to properties that never even make it to the MLS website, or that come onto the market before a listing is even signed. Most importantly though, a Realtor can navigate you to be successful in your journey to purchase a home by being there for you from the first viewing to having your offer accepted.
  4. Focusing Too Much on Aesthetics: We understand that bad interior design can really affect the perception of the home, you don’t want to be blindsided by it. At the end of the day, aesthetics can always be updated! Giving up the perfect price or location or size for a few aesthetic details (such as paint colour, flooring, outdated appliances or light fixtures) is one of the biggest mistakes people make! Most homes have incredible bones that only need some minor modifications to become your perfect space.
  5. Not Thinking Ahead: What you want and need in a house today, could be very different from what you want and need in a house in a few years time. It is important to be able to look ahead – are you planning on having children? Are your parents getting older and in need of a retirement space? These are things that are good to take into consideration when buying a new home. Buying a home isn’t a permanent decision as you can always sell your home later on if it doesn’t work for you in the future. But it is almost always easier to plan ahead so you can grow with—and not out of—your home.

If you are looking to purchase a new home, your first space, downsize or a step-up from your current living situation, we would be happy to help! Please don’t hesitate to contact us to discuss your mortgage options, get pre-approved and talk about everything you need to know before you get started!

Trish & The Primex Team 

Kitchen renovations: Are they worth it?

General Trish Pigott 26 Aug

Thinking of doing kitchen renovations? Although they may add value to your home, it’s worth asking yourself why you want to renovate in the first place. Do you want to sell in the near future and boost the sale price? Or do you want to make changes to better suit your lifestyle? The answers to those questions will make a huge difference in evaluating whether kitchen renovations are the right move for you.

If you’re interested in maximizing your return on investment, here are a few figures to bear in mind before tearing up your kitchen:

  • According to a study by Royal LePage, kitchen renovations can boost the value of a home by 12.5% (Bloomberg)
  • Kitchen renovations can cost anywhere from $15,000 to $75,000+ depending on how extensive your plans are (TheSpruce)
  • The average cost of the renovation is $50,000 (GreedyRates)
  • Prospective sellers are willing to spend up to 5% of a property’s value on renovations on average, prior to listing their home for sale

Now that you have an idea of the numbers you’ll be working with, let’s take a look at two scenarios for your kitchen renovations.

I want to fix and flip it!

If the sole reason for renovating your kitchen is to increase the property value, it might be best to focus on more cost-effective changes such as:

  • Repainting or refinishing cabinets
  • Installing new faucets and new cabinet hardware
  • Installing new lighting
  • Replacing countertops with a higher quality material

It’s important to remember that the value added by a reno needs to be measured against what a buyer would have been willing to spend themselves, or if they would be satisfied with what’s already there. It’s always a good idea to see whether something can be repurposed or refurbished before starting from scratch.

I want my dream kitchen!

Now if you’re more interested in having a beautiful kitchen for you and your family to use, expect to invest a fair bit into it—after all, you’ll be enjoying the space yourself for years to come, so it’s worth paying top dollar. Here are a few things to consider:

  • New appliances will form a large chunk of the overall cost of your renovation—be certain that you’re splurging on the right ones!
  • “Behind-the-scenes” things like proper wiring and plumbing are worth spending money on to ensure good work. Again, you’ll be living with these changes and you’ll get what you pay for.
  • Always plan for an additional 20-30% in unforeseen costs. You never know what issues tearing up your kitchen might uncover, and the last thing you’ll want is to be scrambling to find the funds to cover something you hadn’t expected.

The bottom line on kitchen renovations

Ultimately, a spruced-up kitchen will add value to your home, but only by about 60-65% of what you’ll spend on renovating it. Keep in mind, there are other projects that will still increase your home’s value, while being more forgiving on the wallet. Either way, the satisfaction and enjoyment of being in a space you helped shape is worth it!

Technology Upgrades For Your Home

General Trish Pigott 23 Aug

Are you an early adopter of technology? If you’re not, it can feel as though you’re constantly behind the curve with the ever-evolving startups, apps, and new devices. Trying to catch up can be daunting and very expensive. However, there are quick, reasonably-priced steps you can take in your home to bring it a step closer to the future. Here are four upgrades you can acquire right away, in order of practicality and ease of integration.

USB wall outlets

Oh yes, we’re starting off with real cutting-edge technology here; combination power outlets are the most electrifying innovation to hit the market in recent years! Although it’s a pretty tame entry point, the practicality makes up for the lack of sizzle. If you’ve owned an electronic device in the past twenty years, you likely have firsthand knowledge of the annoyances that come with charging them. Not only do you need to have the right cable and an appropriate adaptor, you also need to find a free (and conveniently located) power outlet to plug into. Wall outlets with USB charging ports have solved the adaptor and free socket issue. They sell for as low as $30 per piece and are fairly easy to install, even with no experience!

Smart appliances

A large majority of the technologically inclined have embraced Alexa, Google, Siri, or Cortana, and are happily integrating them into their homes. Basic smart home setups are getting more affordable by the minute, and you likely own at least three of the foundational pieces already (smartphone, digital assistant, smart TV). This brings us to upgrade option number two: “smart” appliances. If you’re already on your way to having a connected home, why not consider upgrading to appliances with smart home functionality? At best, you can enjoy a greater degree of convenience and control; at worst, you’ll have a feature that you can safely ignore if you so choose.

The fact is, smart functionality will likely become standard sooner or later. Even big-ticket appliances like fridges, dishwashers and washing machines have begun to include wifi-connectivity and apps that let you monitor and remotely control how they operate. Digital assistants are here to stay, so why go out of your way to avoid them? While compatibility isn’t generally an issue, certain appliances work best when paired with specific assistants, so we recommend getting ahead of the problem and planning for the ecosystem you might like to have.

Smart locks

Smart locks, like the smart appliances mentioned above, are also part of the Internet of Things, but they get their own category because of how useful they are.

There are two kinds of people in the world: those who have lost their keys at least once, and liars. We’re all familiar with timeless questions like “Where on earth are my keys?” and “Uh oh, did I lock the door?” Traditionally this meant upending your house until you find them in your pocket or suffering in mild annoyance until you get back home. However, the modern answer is: who cares? You have a smart lock!

What exactly is a smart lock? It’s an evolution of the traditional mechanical lock, using electronics to allow for keyless entry. Smart locks are easy to install, and either replace or upgrade the existing locking devices on your doors. Once that’s done, you can wirelessly unlock your door with a smartphone, combination code or key fob.

To be clear: while there are some security benefits to using smart locks (such as logs that list every time your door was opened, etc.), they’re not necessarily more secure than a standard lock. Really, you’d be upgrading for the convenience they provide, and an improvement to your quality of life. Features like remotely locking or unlocking your door, temporary access codes for guests and digital assistant integration all make the switch worthwhile. Moreover, almost all smart locks can still be unlocked with a traditional key as a failsafe (in case of power outages or depleted batteries).

It’s a small change for your home and the closest thing we have to futuristic Star Trek doors that swoosh open. It’s hard to find a downside here!

Electric vehicle chargers

For those of you trying to be more eco-friendly, there’s a simple argument to be made for installing electric vehicle chargers in your home: pretty soon, you’re going to need one. It’s no longer a question of electric replacing internal combustion engines, but when. The future of automotive technology is electric, and it’s easier than ever to join the revolution.

Electric vehicles (EVs) rely on high-powered chargers to refuel and are consequently most common among people living in or very close to major cities. Drivers have to plan around access to chargers when they’re away from home, so until these charging stations become as common as conventional gas stations, people will still rely heavily on their own homes to get a full charge. Powerful EV chargers for the home aren’t exorbitantly expensive at the moment, are reasonably straightforward to install, and will serve as a source of convenience or potential income.

Bottom line

Fortunately, for those of us frantically running behind the technology curve, we can still make changes. Our recommendations above aren’t from the bleeding edge of technology development, but they don’t need to be. They’re practical, accessible upgrades that could improve your life with minimal intrusiveness. Though we’re looking ahead to the future, there’s no time like the present for the technologically-tardy!

Stay Cool This Summer

General Trish Pigott 28 Jul

Can you believe we are already halfway through Summer?! To maximize your enjoyment for the remainder of the season, we have some great tips for staying cool AND saving money.

1. Cook in the Great Outdoors

Summer is all about enjoying the sunshine, spending time with friends and family, and relaxing in your own personal backyard oasis. Avoid cooking in your house to reduce heat in the kitchen and fire up that BBQ.

2. Take Advantage of Fans

Instead of cranking the A/C (and your electricity bill), consider cooling down your home with portable fans – That is if it’s not too hot! Portable fans work by creating a breeze, helping to circulate the air and causing a wind-chill effect that hits your skin and helps keep you cool.

PRO TIP: For an extra blast of coolness, place a bowl of ice in front of the fan to create a refreshing mist of air!

3. Shut Out the Heat

On days where the temperature is especially warm, keep the blinds and curtains drawn to reduce the heat coming into your home. It will reduce the stress on your air conditioning and portable fans and allow your home to stay cooler and more comfortable.

4. Maintain Your Air Filters

An often-overlooked aspect of home maintenance is changing the air filters. With summer in full swing, we suggest you check the filters in your home. Dirty filters slow airflow and make the system work harder, thereby reducing airflow and causing the heat to build up in your home. Plus, ignoring the maintenance on these can lead to expensive repairs down the road. Replacing your air filters every three months is ideal to keep dirt and dust out of your system and ensure they are working optimally.

5. Swap to Energy Efficient Lighting

You have probably heard some of the reasons why LED lights have become so popular, but did you know that they also produce 75 percent less heat than incandescent bulbs and can help keep room temperature down? This not only keeps your home cooler during those toasty summer months, but it can also help reduce monthly bills!

Whether you implement one or all of these handy cool-down tips, we hope you have an amazing remainder of your summer!

What to Look for During a Home Tour

General Trish Pigott 12 Jul

Have you found your dream home and can’t wait to check it out in person? Here are a few important things to look for when you go for a home tour.

  1. Odor: Unusual smells can indicate problems such as mold or mildew issues.
  2. Plumbing and Electrical: Check water pressure and electrical systems to ensure there is no erosion or exposed wires. You should also check for a properly functioning HVAC system, sealed water heater, etc.
  3. Noise: This can often be overlooked. Pay attention to any noises in the house, as well as the street and neighbourhood.
  4. Home Layout: Does the layout and function of the home suit your needs?
  5. Number of Rooms: Does the property have enough bathrooms and bedrooms?
  6. Wall and Flooring Condition: What is the condition of the walls and floors? Defects such as warping, cracks, watermarks, etc, can be indicative of larger issues.
  7. Additions or Updates: On occasion, you may go to view a home that was listed as having 2 bedrooms and 1 bathroom, only to find that it actually has an extra bathroom. As great as this might be for your needs, you’ll want to double-check that permits were pulled with the city. Construction done without permits can create issues when it comes to insurance coverage and potential structural headaches if not done professionally.

Remember, things like furniture, decor, wall or floor treatments, and fixtures can be easily updated. These are things that can be changed if the rest of the home suits your needs!

In addition to the above items, there are also a few specific questions you should be asking your realtor. These include:

  1. Is there a deadline for offers?
  2. Have any offers been made?
  3. Why are the sellers moving?
  4. What are the sellers’ preferred possession and completion dates?
  5. Do they have any concerns with the property?

It is important that you work with a professional to ensure that they guide you through the home buying process and find answers to all of the questions above. If you do not have a realtor that you are currently working with, we would be happy to refer you to someone in your area.

As always, we are here if you have any questions. Please reach out to us here or by calling 604-552-6190 or emailing support@primexmortgages.com.

5 Tips for Home Staging

Home Tips Trish Pigott 24 Mar

Selling your home depends on many factors. Most importantly, it relies on the feeling it exudes when a potential buyer walks through the door. You want to make them feel welcomed and at ease. This is why home staging is so important. Although the thought of it may be overwhelming, it could help your home move quickly and for top dollar. Some realtors may even offer this service as part of their package, but if not, you can do it yourself with a little inspiration. For starters, we suggest the 3 D’s: depersonalize, declutter and decorate. Then when you’re ready, you can consider some of the DIY home staging tips below.

1. Use your resources

Can you think of an interior designer or realtor within your network? Invite them over to view the home in person and pick their brain. They may be able to direct you to local businesses that offer furniture rentals or moving services

2. Revive your rooms

Take a true and critical look at your place. Does the kitchen look outdated? Are there stains on the upholstery? Does the bathroom look worn out? Making a few changes can help freshen things up.

If your kitchen cabinets darken up the room, consider painting them. You can also update their hardware with something new for the finishing touch. Doing these updates yourself is a great alternative to replacing the cabinets, as it is much more cost-effective.

In the living room, do your rugs and window treatments pass the cleanliness check? If they are old and dirty, it’s best to get them cleaned or replaced.

Next, check out the bathroom(s). Take a look around at the sink and tiles. Re-applying the grout and caulking can make the room look fresh and clean.

3. Change your layout

If your space seems small and crowded, it is likely that you have accumulated too much furniture over the years. Consider donating, selling or storing larger items that you may want to keep for your next home. You can work with virtual room planners to help visualize the best placement for current furniture or future purchases.

Let the home’s unique characteristics do the talking. Is there leaded glass in the living room or vaulted ceilings in the entryway? Keep the curtains pulled back to showcase your gorgeous windows and use decor that accentuates the height in the room. A fresh coat of paint in a warm yet neutral colour can work like magic.

4. Boost your appeal

Ensure the entryway of the home is clean and has a nice doormat. If it’s on the larger side, a pair of outdoor chairs and side table would be a great addition. The property should smell nice when you walk in, but not overly fragrant.

While staging, try to showcase all of the possible amenities that the house can provide. It could be a nursery set up in a small bedroom, or a work from home desk in a multipurpose bedroom. Give potential buyer(s) options of how they can use the space. If your house has an awkward empty space, create a designated “drop zone” for day to day things like keys, mail and device charging.

5. Accentuate your aesthetic

Do you want your home to make a statement? While the safe and neutral choices for paint schemes are welcomed, so are splashes of colour in accessories. Bold hues in accent furniture or throw blankets are great options. Think of a theme and roll with it for select items throughout the home. This is the time to get creative with artwork as well.

On the other hand, if you’re looking to sell to a specific demographic, it’s best to avoid overly themed staging. Test your styling limits by mixing metallics and materials. An office space with leather chairs can be styled with a sheepskin rug and shiny lamp. Mix and match textures, colours, patterns and light until it feels just right.

It’s ready to sell!

Now that you have an idea of what your home needs, it’s time to get started with your home staging! You will feel relief as you begin to declutter. Letting go of things that no longer serve you and likely won’t serve others can be freeing and purposeful at the same time. Good luck on this next step!

It’s Almost Time for Spring Cleaning

Home Tips Trish Pigott 4 Mar

Spring is just around the corner! While nobody enjoys spring cleaning, we can all appreciate having a fresh home.

We have provided some spring cleaning tips below to help you tackle your home and get it looking its best for the season ahead.

Create a Playlist

Everything is more fun with a great playlist! Not only is music great therapy, but it can make the cleaning process more enjoyable.
 

One Room at a Time

Everyone likes seeing their home all sparkly and fresh, but sometimes it can be an overwhelming process to get to that point. It is best to clean one room at a time. Start with the smallest one and work your way up to the larger, project rooms!
 

Declutter as You Go

Spring cleaning isn’t just about shining up the brass on the door and dusting; it is just as important to declutter. Before you start cleaning a room, go through the closets and cupboards to clear out anything that can be donated or discarded.
 

Think Green!

Start the season off on a fresh, clean note; don’t muddy that up with harsh chemical cleaners. In today’s eco-conscious world, there are many eco-friendly and safe alternatives to regular cleaners. For example, vinegar makes a great chemical substitute for the bathroom or kitchen, and a steam cleaner is great for tile, hardwood floors, appliances and some outdoor areas.
 

Don’t Forget The Fridge & Freezer

The best time to clean out your fridge and freezer is right before you do your grocery shop. Dispose of anything that is past its expiration date and any almost-empty items that you won’t use. Before you restock be sure to wipe down the interior of the fridge with disinfectant and a damp cloth. The same can be done for the freezer but you’ll have to defrost it first!
 

Clean Air Reduces Allergies

Replacing furnace and HVAC filters is one of the most overlooked parts of spring cleaning. Consider replacing your standard filter with a more robust one that has a higher rating. This is a healthier option that will catch smaller particles to ensure your home is void of allergens, chemicals and odors. Your allergies will thank you later!

Why You Should Get a Home Inspection

Home Tips Trish Pigott 24 Feb

A home inspection may not be the most exciting part of your home buying journey, but it is extremely important and can save you money and a major headache in the long run.

In a competitive housing market, there can sometimes be pressure to make an offer right away without conditions. However, despite the competition, you should never skip out on things designed for buyer protection.

You may have a good eye for décor and love the layout of your potential new home, but headaches can lie beneath that. We have all heard the expression “don’t judge a book by its cover” so why would you make the most important purchase in your life without checking it out?

In fact, there are five reasons that a home inspection might just be the best $300-$500 you ever spend.

It Provides an “Out”

When buying a new house, it is always best to avoid taking chances. A house may look great on the surface, but there can be hidden structural issues such as a cracked foundation or damaged roof that can easily turn into expensive repairs. A home inspection can help reveal these issues and provide an ‘out’ for the buyer.

If you find something that will cost a considerable amount to replace or repair, you can ask the seller’s agent for a price reduction. For example, a leaky roof may cost a few thousand dollars to replace. It’s worth asking to see if the seller would split the cost with you. If the price cannot be re-negotiated then it is best to just walk away, unless you’re prepared for the expense.

It Confirms Safety and Structural Integrity

A home inspection confirms the structural integrity. During an inspection, the inspector will review everything from the attic to the basement, and will look for things like mold, holes in the chimney, saggy beams or improper wiring.

It Reveals Illegal Additions or Installations

Similar to determining safety and structural issues, home inspections can also reveal hidden additions or DIY installations. These can often cause trouble down the road. If the seller wired the house improperly or used sub-standard materials, it could null and void your home insurance.

It Forecasts Future Costs

A home is an ongoing expense. Unless it is brand new, there will be regular maintenance and updates required to replace things when they become old and inefficient. For instance, water heaters typically last 6-10 years, roofs around 20 years and furnaces up to 25 years. The home inspection report will include a life expectancy for each of these big-ticket items, as well as a replacement estimate.

And Lastly, a Home Inspection Provides Peace of Mind

Finally and perhaps most importantly, getting a home inspection is important for your own peace of mind. A home is a huge investment that you will be paying off for 20 to 30 years. It is much easier to feel good about your investment knowing that the house is safe and there won’t be any surprises. While a home inspection isn’t free, peace of mind is priceless and the cost of an inspection is worth it!

To see the original post shared by Dominion Lending Centres click here.

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