Home Inspections: Top Ten Problems
Here is the last of my series on Home inspections: Top Ten Problems
7. Poor Ventilation:
Unvented bathrooms and cooking areas can become breeding areas for mold and fungus, which, in turn, lead to air quality issues throughout the house, triggering allergic reactions. Mold may additionally cause damage to plaster and window frames. These problems should be identified and taken care of before any permanent damage is caused.
8. Air Leakage:
A cold, drafty home can be the result of any number of problems, such as ill-fitting doors, aged caulking, low-quality weather strips, or poor attic seals. This nature of repair can usually be taken care of easily and inexpensively.
9. Security Features:
An inspector will look at the standard security features that protect your home, such as the types of lock on the doors/ windows/ patio doors, and the smoke or carbon monoxide detectors and where they’re located throughout the home. Check with an expert if your home is lacking in any of these areas, in order to determine what costs to expect.
10. Drainage/ Grading Problems:
This may be the most common problem found by home inspectors, and is a widespread catalyst of damp and mildewed basements. Solutions to this problem may range from the installation of new gutters and downspouts, to re-grading the lawn and surrounding property in order to direct water away from the house.
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
HST - Not Good for Real Estate
Unless you have been living under a rock the past few months I'm sure you have heard the Ontario government will be implementing a Harmonize Sales Tax (HST) in July of 2010. The HST will combine the federal GST with the provincial sales tax(PST). Now because the GST covers many thing that the PST doesn't, it will result in you paying more taxes.
When you pull up to the gas pumps you will pay more in taxes. Heat and hydro for your home you will pay more taxes. Home ownership, buying and selling real estate will also be negatively affected. Since this is a real estate blog lets look at how it is going to affect you when selling your home.
Do you know that when buying a new home you pay GST of 5%? Now you will pay 13%. Homes under $400,000 will receive an exemption from the new tax and in our area (Stratford) most new homes will be not be affected as most are still under the $400,000. For now.
But remember that the house price is only part of what you pay when buying a home. Home inspection fees, legal fees, realtor commissions, moving fees, appraisor fees, suryvor fees, contractor fees for any renos you want to do will all now cost you more in taxes. Home buyers will be looking at on average about $2,000 in new taxes when paying or selling a home. New home buyers will be thousands more than that.
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
When you pull up to the gas pumps you will pay more in taxes. Heat and hydro for your home you will pay more taxes. Home ownership, buying and selling real estate will also be negatively affected. Since this is a real estate blog lets look at how it is going to affect you when selling your home.
Do you know that when buying a new home you pay GST of 5%? Now you will pay 13%. Homes under $400,000 will receive an exemption from the new tax and in our area (Stratford) most new homes will be not be affected as most are still under the $400,000. For now.
But remember that the house price is only part of what you pay when buying a home. Home inspection fees, legal fees, realtor commissions, moving fees, appraisor fees, suryvor fees, contractor fees for any renos you want to do will all now cost you more in taxes. Home buyers will be looking at on average about $2,000 in new taxes when paying or selling a home. New home buyers will be thousands more than that.
If we look beyond real estate almost everything you buy will cost you more in taxes. Everything from gas to the fees you pay for your kids to play hockey will go up. This will be the greatest tax hike in Ontario's history.
Please take a minute and let our MPP John Wilkinson, who is in charge of implementing this new tax on everything, that you are against it and it will damage our fragile recovery. His contact information is below.
Constituency Office:
55 Lorne Ave E,
Stratford, ON, N5A 6S4
519 272 0660
Tel: 1-800-461-9701
Fax: 519-272-1064
Email: jwilkinson.mpp.co@liberal.ola.org
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
Home Inspection: Top Ten Problems
Here's the next part of the Home Inspection: Top Ten Problems
4. Older/ Unsafe Electrical System:
In older homes, it is common to find undersized services, aluminum wiring, knob-and-tub wiring, or insufficient/ badly-renovated distribution systems. When an electrical circuit is over-fused, more amperage is drawn on the circuit than what the circuit was intended to bear, creating a fire hazard. You’ll typically find a 15 amp circuit in a home, with increased service for larger appliances such as dryers or stoves. If replacing your fuse panel with a circuit panel, expect a cost of several hundred dollars.
5. Older/ Leaking Roof:
An asphalt roof will last an average of 15 to 20 years. Leaks through the roof could be a sign of physical deterioration of the asphalt shingles caused by aging, or could indicate mechanical damage caused by any number of factors, such as a heavy storm. If you decide your roof requires new shingles, you’ll first need to know how many layers are beneath, in order to determine whether the roof must be completely stripped before installing the new shingles.
6. Minor Structural Problems:
Common in older homes, these problems range from cracked plaster to small shifts in the foundation. While this variety of problem isn’t large enough to cause any real catastrophe, they should be taken care of before they grow.
The last 4 will follow in a day or two.
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
4. Older/ Unsafe Electrical System:
In older homes, it is common to find undersized services, aluminum wiring, knob-and-tub wiring, or insufficient/ badly-renovated distribution systems. When an electrical circuit is over-fused, more amperage is drawn on the circuit than what the circuit was intended to bear, creating a fire hazard. You’ll typically find a 15 amp circuit in a home, with increased service for larger appliances such as dryers or stoves. If replacing your fuse panel with a circuit panel, expect a cost of several hundred dollars.
5. Older/ Leaking Roof:
An asphalt roof will last an average of 15 to 20 years. Leaks through the roof could be a sign of physical deterioration of the asphalt shingles caused by aging, or could indicate mechanical damage caused by any number of factors, such as a heavy storm. If you decide your roof requires new shingles, you’ll first need to know how many layers are beneath, in order to determine whether the roof must be completely stripped before installing the new shingles.
6. Minor Structural Problems:
Common in older homes, these problems range from cracked plaster to small shifts in the foundation. While this variety of problem isn’t large enough to cause any real catastrophe, they should be taken care of before they grow.
The last 4 will follow in a day or two.
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
Home Inspections: Top Ten Problems
Home Inspections: Top Ten Problems
Over the next few days I'm going to cover Home Inspections: Top Ten Problems. Here's the first 3.
1. Damp Basement:
If a mildew odour is present, the inspector will be able to detect it, as this smell is impossible to mask or eliminate. Mildew odour is often the first indication of dampness in the basement. The inspector will also examine the walls, checking for any signs of whitish mineral deposit just above the floor, and will note whether you feel confident enough to store items on the floor.
Repairs can run anywhere from $200 to $15, 000, this cost ultimately influencing the calculation of your home’s value, so consider enlisting the help of an expert to ensure you have a firm grasp on the bottom line before moving forward with the sale of your home.
2. Poorly Installed/ Defective Plumbing:
In older homes, plumbing problems and defects are very common. The inspector will determine whether your home’s plumbing is subject to leaking or clogging. Signs of leakage can be visibly detected. The inspector will test water pressure by turning on all the faucets in the highest bathroom and then flushing the toilet. If the sound of water is audible, this indicates that the home’s pipes may be too narrow. The inspector will also check for signs of discolouration in the water when a faucet is first turned on. The appearance of dirty water is usually an indication that the pipes are rusted—a water quality problem that should be dealt with immediately.
3. Older/ Poorly-Functioning Heating and Cooling Systems:
Heating/ cooling systems that are older or haven’t been properly maintained can pose serious safety and health problems. An inspector will determine the age of your furnace and, if it is over the average life span of a furnace (15-20 years), will likely suggest you replace it, even if it is still in good condition. If your heating system is a forced air gas system, the heat exchanger will be examined very closely, as any cracks can result in the leak of poisonous carbon monoxide gas. These heat exchangers are irreparable; if damaged, they must be replaced. While replacing these components may seem expensive, a new system will yield heightened efficiency, reducing monthly heating/ cooling costs substantially, and benefiting your long-term investment.
The next 3 in a few days.
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
Over the next few days I'm going to cover Home Inspections: Top Ten Problems. Here's the first 3.
1. Damp Basement:
If a mildew odour is present, the inspector will be able to detect it, as this smell is impossible to mask or eliminate. Mildew odour is often the first indication of dampness in the basement. The inspector will also examine the walls, checking for any signs of whitish mineral deposit just above the floor, and will note whether you feel confident enough to store items on the floor.
Repairs can run anywhere from $200 to $15, 000, this cost ultimately influencing the calculation of your home’s value, so consider enlisting the help of an expert to ensure you have a firm grasp on the bottom line before moving forward with the sale of your home.
2. Poorly Installed/ Defective Plumbing:
In older homes, plumbing problems and defects are very common. The inspector will determine whether your home’s plumbing is subject to leaking or clogging. Signs of leakage can be visibly detected. The inspector will test water pressure by turning on all the faucets in the highest bathroom and then flushing the toilet. If the sound of water is audible, this indicates that the home’s pipes may be too narrow. The inspector will also check for signs of discolouration in the water when a faucet is first turned on. The appearance of dirty water is usually an indication that the pipes are rusted—a water quality problem that should be dealt with immediately.
3. Older/ Poorly-Functioning Heating and Cooling Systems:
Heating/ cooling systems that are older or haven’t been properly maintained can pose serious safety and health problems. An inspector will determine the age of your furnace and, if it is over the average life span of a furnace (15-20 years), will likely suggest you replace it, even if it is still in good condition. If your heating system is a forced air gas system, the heat exchanger will be examined very closely, as any cracks can result in the leak of poisonous carbon monoxide gas. These heat exchangers are irreparable; if damaged, they must be replaced. While replacing these components may seem expensive, a new system will yield heightened efficiency, reducing monthly heating/ cooling costs substantially, and benefiting your long-term investment.
The next 3 in a few days.
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
Buy or List a House and Get a Free Cruise
Buy or List a House and Get a Free Cruise
That's right! If you buy or list your house with me I'll give you a FREE cruise. It's that simple.
So here is the fine print. I have partnered with Carnival Cruises for this promotion. You have the choice of 3 trips, each is 5 days and 4 nights long. Nassau, Cozumel & Ensenada are the three destinations. The trip vouchers, which are for two people is good for two years, with travel periods September to March (except Christmas week). All you pay is your own way to the Port, (LA, Port Carnaveral, & Miami) and port taxes. The trip includes most on-board activities, food and entertainment. It does not include drinks or gamble in the casinos.
If you are thinking of buying or selling now is the time to take advantage of the great fall market and a free trip to the south!
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
That's right! If you buy or list your house with me I'll give you a FREE cruise. It's that simple.So here is the fine print. I have partnered with Carnival Cruises for this promotion. You have the choice of 3 trips, each is 5 days and 4 nights long. Nassau, Cozumel & Ensenada are the three destinations. The trip vouchers, which are for two people is good for two years, with travel periods September to March (except Christmas week). All you pay is your own way to the Port, (LA, Port Carnaveral, & Miami) and port taxes. The trip includes most on-board activities, food and entertainment. It does not include drinks or gamble in the casinos.
If you are thinking of buying or selling now is the time to take advantage of the great fall market and a free trip to the south!
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
Buying a Home: What Expenses to Expect
Buying a Home: What Expenses to Expect
Budgeting for a new home can be tricky. Not only are there mortgage installments and the down payment to consider, there are a host of other—sometimes unexpected—expenses to add to the equation. The last thing you want is to be caught financially unprepared, blindsided by taxes and other hidden costs on closing day.
These expenses vary: some of them are one-time costs, while others will take the form of monthly or yearly installments. Some may not even apply to your particular case. But it’s best to educate yourself about all the possibilities, so you will be prepared for any situation, armed with the knowledge to budget accordingly for your move. Use the following list to determine which costs will apply to your situation prior to structuring your budget:
1 - Purchase offer deposit.
2 - Inspection by certified building inspector.
3 - Appraisal fee: Your lending institution may request an appraisal of the property. The cost of this appraisal is your responsibility.
4 - Survey fee: If the home you’re purchasing is a resale (as opposed to a newly built home), your lending institution may request an updated property survey. The cost for this survey will be your responsibility and will range from $700 to $1000.
5 - Mortgage application at your lending institution.
6 - 5% GST: this fee applies to newly built homes only, or existing homes that have recently undergone extensive renovations.
7 - Legal fees: A lawyer should be involved in every real estate transaction to review all paperwork. Experience and rates offered by lawyers range quite a bit, so shop around before you hire.
8 - Homeowner’s insurance: Your home will serve as security against your loan for your financial institution. You will be required to buy insurance in an amount equal to or greater than the mortgage loan.
9 - Land transfer (purchase) tax: This tax applies in any situation in which a property changes owners and can vary greatly.
10 - Moving expenses.
11 - Service charges: Any utilities you arrange for at your new home, such as cable or telephone, may come with an installation fee.
12 - Interest adjustments.
13 - Renovation of new home: In order to “make it their own,” many new homeowners like to paint or invest in other renovations prior to or upon moving in to their new home. If this is your plan, budget accordingly.
14 - Maintenance fees: If you are moving to a new condominium, you will likely be charged a monthly condo fee which covers the costs of common area maintenance.
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
78 Inverness Street Stratford
78 Inverness Street Stratford
Lots of room in this centrally located 3 bdrm century home. Lots of updates have been done including most windows, livingroom, diningroom & family room; private drive & a large fenced backyard for children & pets to play in; right across from a small park, close to school and an easy walk to downtown. Also close to the proposed site for the new university; this home is just right for a growing family to move right in;
Lots of room in this centrally located 3 bdrm century home. Lots of updates have been done including most windows, livingroom, diningroom & family room; private drive & a large fenced backyard for children & pets to play in; right across from a small park, close to school and an easy walk to downtown. Also close to the proposed site for the new university; this home is just right for a growing family to move right in;
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
New Website - www.stratfordhomes.ca
www.stratfordhomes.ca has been totally redesigned and relaunched. Click the link and check it out.
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
Oldest House in Canada
Oldest House in Canada
On a recent trip to Quebec City I came across this house (now being used as a restaurant) in the heart of the old city. According to the tour guide this is the oldest house in Canada, built in 1647.
On a recent trip to Quebec City I came across this house (now being used as a restaurant) in the heart of the old city. According to the tour guide this is the oldest house in Canada, built in 1647.
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
The Best Asking Price for your Home
The Best Asking Price for your Home
Setting a realistic price for your home that reflects current market values will help sell your home quickly and for top dollar. When you price your home properly, you increase the chances that the offer you receive will nearly match your asking price, and that there will be competing offers—which may net you even more in the long run.
Your property has the best chance of selling within its first seven weeks on the market. And, studies indicate that the longer a property stays on the market, the less it will ultimately sell for. A property priced 10 % more than its market value is significantly less likely to sell within this window than a property priced close to its actual market value. About three-quarters of homes on the market today are 5-10 % overpriced. Sellers will usually over-price their homes by this margin if, either, they firmly believe the home is worth more than what the market indicates, or if they want to leave room for negotiation. Either way, if you choose to over-price your home by this amount, you run the risk of increasing the amount of time your home spends on the market, and decreasing the amount of money you’ll ultimately receive.
At the other end of the selling spectrum are houses that are priced below a fair market value. Under-pricing often occurs when the owner is interested in a quick sell. You can bargain on these homes attracting multiple offers and ultimately selling quickly at—or above—the asking price.
The knowledge and skills of an experienced Realtor will be invaluable when determining an appropriate asking price. It is the job of your Realtor to know the current market and market trends inside and out, to be closely connected to the real estate market at large, and to be aware of other properties currently for sale in your particular area. Based on this range of connections and knowledge, your Realtor should counsel you on how to price your home properly in order to attract the highest price possible, in the shortest period of time.
Before approaching this process, you should first do some homework yourself. You’ll need to know the workings of the current market before you even begin to think about setting an asking price. The market will always influence a property’s value, regardless of the state of a home, or its desirability. Here are the types of market conditions and how they may affect you:
Seller’s Market:
A Seller’s market is considered a “hot” market. This type of market is created when demand is greater than supply—that is, when the number of Buyers exceeds the number of homes on the market. As a result, these homes usually sell very quickly, and there are often multiple offers. Many homes will sell above the asking price.
Buyer’s Market:
A Buyer’s market is a slower market. This type of market occurs when supply is greater than demand, the number of homes exceeding the number of Buyers. Properties are more likely to stay on the market for a longer period of time. Fewer offers will come in, and with less frequency. Prices may even decline during this period. Buyers will have more selection and flexibility in terms of negotiating toward a lower price. Even if your initial offered price is too low, Sellers will be more likely to come back with a counter-offer.
Balanced Market:
In a balanced market, supply equals demand, the number of homes on the market roughly equal to the number of Buyers. When a market is balanced there aren’t any concrete rules guiding whether a Buyer should make an offer at the higher end of his/her range, or the lower end. Prices will be stable, and homes will sell within a reasonable period of time. Buyers will have a decent number of homes to choose from, so Sellers may encounter some competition for offers on their home, or none at all.
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
Setting a realistic price for your home that reflects current market values will help sell your home quickly and for top dollar. When you price your home properly, you increase the chances that the offer you receive will nearly match your asking price, and that there will be competing offers—which may net you even more in the long run.
Your property has the best chance of selling within its first seven weeks on the market. And, studies indicate that the longer a property stays on the market, the less it will ultimately sell for. A property priced 10 % more than its market value is significantly less likely to sell within this window than a property priced close to its actual market value. About three-quarters of homes on the market today are 5-10 % overpriced. Sellers will usually over-price their homes by this margin if, either, they firmly believe the home is worth more than what the market indicates, or if they want to leave room for negotiation. Either way, if you choose to over-price your home by this amount, you run the risk of increasing the amount of time your home spends on the market, and decreasing the amount of money you’ll ultimately receive.
At the other end of the selling spectrum are houses that are priced below a fair market value. Under-pricing often occurs when the owner is interested in a quick sell. You can bargain on these homes attracting multiple offers and ultimately selling quickly at—or above—the asking price.
The knowledge and skills of an experienced Realtor will be invaluable when determining an appropriate asking price. It is the job of your Realtor to know the current market and market trends inside and out, to be closely connected to the real estate market at large, and to be aware of other properties currently for sale in your particular area. Based on this range of connections and knowledge, your Realtor should counsel you on how to price your home properly in order to attract the highest price possible, in the shortest period of time.
Before approaching this process, you should first do some homework yourself. You’ll need to know the workings of the current market before you even begin to think about setting an asking price. The market will always influence a property’s value, regardless of the state of a home, or its desirability. Here are the types of market conditions and how they may affect you:
Seller’s Market:
A Seller’s market is considered a “hot” market. This type of market is created when demand is greater than supply—that is, when the number of Buyers exceeds the number of homes on the market. As a result, these homes usually sell very quickly, and there are often multiple offers. Many homes will sell above the asking price.
Buyer’s Market:
A Buyer’s market is a slower market. This type of market occurs when supply is greater than demand, the number of homes exceeding the number of Buyers. Properties are more likely to stay on the market for a longer period of time. Fewer offers will come in, and with less frequency. Prices may even decline during this period. Buyers will have more selection and flexibility in terms of negotiating toward a lower price. Even if your initial offered price is too low, Sellers will be more likely to come back with a counter-offer.
Balanced Market:
In a balanced market, supply equals demand, the number of homes on the market roughly equal to the number of Buyers. When a market is balanced there aren’t any concrete rules guiding whether a Buyer should make an offer at the higher end of his/her range, or the lower end. Prices will be stable, and homes will sell within a reasonable period of time. Buyers will have a decent number of homes to choose from, so Sellers may encounter some competition for offers on their home, or none at all.
Jamie Woodend
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
Remax Balloon Ride
I finally got a chance to ride the Remax Balloon. If you ever get a chance to go up in a hot air balloon go, what a ride!!!!
Sales Representative
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
Remax a-b Realty Ltd Brokerage
88 Wellington Street
Stratford, Ontario, N5A 2L2
519-273-2821 ext 229 Office
519-949-0345 Cell
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