September 03, 2014

2014-2015

The Key to

REALESTATE Your complete resource guide for everything real estate.

What you need to know to make good decisions for your greatest asset.

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REAL ESTATE

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The Chilliwack

Progress

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LOCAL REALTORS® HELPING TO CREATE LOCAL DREAMS PERSONAL SERVICE LOCAL PRODUCTS

Local REALTORS® work in the area and know the local market best.

ENERGY EFFICIENCY

Local REALTORS® know the area and can help you find the home you want, avoiding endless trips from outside the area, lowering your carbon footprint.

COMMUNITY SUPPORT

Local REALTORS® work with many local charities and chapters. Local REALTORS® know the local city government and regulations for the area. Local REALTORS® know the local trades, to help when you need them.

Local REALTORS® work with other Agents in the area who may have the “just hit the market” listing, or new buyers that will meet your goals in the quickest amount of time. Local REALTORS® know what areas are the best to suit your needs.

SUSTAINABILITY HOMETOWN PRIDE ECONOMIC IMPACT

Local REALTORS® have been serving the market for 50 years.

SOCIAL CONNECTIONS

Local REALTORS® know the community events, attractions and activities. Local REALTORS® know where everything is, from the best cup of coffee, to the best place to shop.

Local REALTORS® “Live Work and Play” in the area. Local REALTORS® live here for the lifestyle and raise their families here.

It is estimated that a total of $64,500 in ancillary spending (i.e. spending by purchasers on items other than the actual house and land) was generated by the average housing transaction. Bringing the total impact of $809 million dollars to the area’s economy, from yearly sales of 2,132 single family, apartments, townhouses and mobile homes.

www.cadreb.com

50 Years 1964-2014

REALTORS® ARE SOUGHT OUT AND CHOSEN AS THE SOURCE OF REAL EXPERTISE AND SUPPORT IN OUR COMMUNITY.

On the cover: Hillcrest Lane luxury townhomes by Westbow Construction located at 6026 Lindeman Street on Promontory

2014-2015

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Chilliwack One of the top 10 cities to invest

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houghtful homebuyers and wise investors are finding a lot to choose from when they take a closer look at Chilliwack.

Economic stability, affordability, tax incentives, and a promising future, for example, all combined to rank Chilliwack eighth in the province, according to the Real Estate Investment Network – (REIN) described as ‘Canada’s leading resource center for real estate investors’.

The city had been on the association’s radar before, but this is the first time it has cracked the Top 10. The study cited low taxes, a comprehensive downtown plan with incentives, and impressive GDP gains.

Chilliwack Mayor Sharon Gaetz welcomed the news, pointing out that being named as one of the Top 10 cities for investment is something Chilliwack can build on. It’s the kind of independent endorsement that can get investors looking to Chilliwack as the city works to reshape its downtown core, she said. And there’s lots they will find. Aside from investment incentives

downtown, there are also incentives for development in the city’s industrial properties.

Chilliwack’s retail landscape, meanwhile, continues to evolve, with substantial redevelopment taking place at Cottonwood Mall and the continued build-out at Eagle Landing.

Residential construction continues in several quarters, including growth in the awardwinning Garrison Crossing, the new River’s Edge subdivision, and development in the Eastern Hillsides. The expansion of the agriculture department at the UFV campus in the Canada Education Park (which includes the B.C. Centre for Agriculture Excellence), coupled with a $19 million federal investment in a new enclosed RCMP weapons training facility, is further evidence of sustained growth in education.

But there are other, less tangible, reasons why people are choosing Chilliwack – like the weather. Chilliwack is ranked as having the warmest average annual temperature (10.5 celsius) of any city in Canada.

from Taking your home

Its proximity to lakes, rivers and mountain trails also make it an ideal location for anyone who appreciates the outdoors or an active lifestyle.

And the recent construction of amenities like the Sardis Library in the south, and the new Chilliwack Secondary School in the north have enhanced livability.

That lifestyle inventory now includes the Chilliwack Cultural Centre, the Cheam and Landing Leisure Centres, the Prospera Centre, Twin Rinks several all-weather playing fields, plus a host of parks, hiking trails and golf courses.

City officials have made a point of saying Chilliwack is “open for business,” in recent decades, but it’s gratifying to have it recognized,

by REIN and future investors seeking cash flow investments, local officials say.

The four business parks and tax exemptions for industry didn’t go unnoticed by the study authors, nor did the fact that Chilliwack is home to one quarter of the province’s farm operations, with an estimated 900 farms. (continues on page 18)

“FOR SALE” to...

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PROFESSIONALS P over

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Sutton Group - Showplace Realty 2014

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Crystal DE JAGER

Personal Real Estate Corporation

Jim ADAM

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CrystalDeJager.com

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safety first Tips on how to make your life safe at your new home

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he ďŹ rst item of business when moving into a new home is security. Even if your home is newly built, it is highly recommended that you rekey all locks, and change alarm and garage codes. If you do not have a monitored home alarm, consider installing one.

Moving usually results in a considerable amount of garbage and recyclables which are usually piled up outside waiting for pick up, while you are getting settled. This is inviting to thieves who are looking for your new purchases such as TV, computer, stereo. Ensure that empty boxes are not sitting for all to see on the street. Instead, cut them, and turn them inside out and keep them inside until they can be removed.

provide a concealment area for thieves to hide around your windows and doors.

Windows and patio doors are a weak link when it comes to home security and may facilitate break and enters. Windows and patio doors can be lifted from the tracks, pried open, broken etc.

Consider some strategies to assist with your security

Always lock all windows and doors when you are not home or in the immediate area. Even if you are in the backyard, make sure your front doors and windows are locked. Protect your windows, Stand outside your new home and observe what patio and entry doors by installing secondary can be seen through your windows during the day locking devices, this includes all access points on and night. What is in plain sight? TV, computer, and above the ground level. valuables? If you can see them, so can thieves. Get to know your neighbours and connect You may want to consider blinds, curtains or with the local residents. By working together, lighting changes. You will be amazed what others neighbours can increase their home and may see from the street. neighborhood safety and security. Implementing Check the trees and shrubs around your property.

Privacy is important, but should not have a negative impact on you and your neighbours home security. The trees and shrubs must be pruned to allow a clear view of the property. Pay close attention so that your landscaping does not

the Block Watch Program on your street is a good way to communicate with neighbours and police about suspicious or criminal activity. The cohesiveness of a neighbourhood coupled with a partnership with your local police department contributes to a successful and safer community.

Don’t wait to buy real estate... buy real estate then wait!

Shelby &Kelly Mendonca

CALL US FOR ALL YOUR REAL ESTATE NEEDS.

Cell: 604-798-9197 Office: 604-793-9900

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Sutton Group Showplace Realty 2014

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604-792-8055 www.contactsecurity.com

2014-2015

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best price Get the best price when selling your home in 5 steps With sellers hoping to get the most possible for a home and buyers interested in spending the least, it’s sometimes a battle of wills when it comes to hashing out a confirmed price in the world of real estate. Sellers who wonder whether they’ll struggle to get a good offer can hedge their bets in the right direction by employing a few strategies

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WHAT YOU SEE IS WHAT YOU GET It's difficult to change first impressions. If a potential buyer pulls up to your home and it doesn't give them "warm and fuzzy" feelings immediately, it may be hard to eventually sway their opinion of the home - even if it's pristine on the inside. Individuals do judge a book by its cover, which means that effort should be put into making your home's exterior as appealing as possible. Landscaping should be neat and lush. There shouldn't be any obstacles leading to the front of the home. Items that look in disrepair should be mended. Curb appeal does matter.

USE A REAL ESTATE AGENT Some people think they can sell their home just as well without an agent and not have to pay commission in the process. A real estate agent is schooled in the process of negotiating the price of an offered home. Furthermore, agents know the average sale prices of similar homes and can help a seller price and market a property correctly. This may add up to a faster sale (and a better offer).

PRICE YOUR HOME COMPETITIVELY Some sellers think the higher they price their home the more money they'll get for it. The fact is, the longer an overpriced home sits on the market, the less appealing it will appear to buyers.

Individuals looking for a home may repeatedly see the listing and wonder what's wrong with the home. Even if your home is one of the best in the neighbourhood, it may be seen as a red flag that's best avoided.

GIVE PEOPLE WHAT THEY WANT Buyers often prefer updated kitchens and bathrooms. Most buyers are not looking for "handyman specials." They want a relatively turn-key property. A kitchen or bathroom that is an eyesore can repel potential buyers. Home shoppers may be more inclined to go closer to asking price if some of the bigger-ticket items are already completed.

y a H Dixie DON'T BE AN OPEN BOOK

If a buyer knows that time is of the essence or the home is "priced to sell," they may sense that desperation, almost guaranteeing a low-ball offer. Do not make it seem like you will be in dire straights if your home doesn't sell quickly. Selling a home under duress is not likely to cause prospective buyers to pony up.

REALTORS® are educated, experienced, and licensed to show your home in a PROFESSIONAL MANNER. Do you know why you should leave your home while it’s being shown to prospective buyers? Read on...

• Homebuyers may feel like intruders if you are home when they visit, and they may not be as comfortable and receptive toward viewing your home.

• Buyers can converse freely with their REALTOR® about 1st impressions, how they would use the space, and any potential improvements or updates that are on their mind. They can also discuss list price and other concerns without feeling inhibited.

• Buyers will have the FREEDOM TO IMAGINE THEMSELVES LIVING THERE! This is KEY to encouraging buyers to make an offer!

So, why not use the time to visit the local coffee house, book store, or take the kids and pets to the park. If you absolutely cannot leave, try to remain out of the way. Try not to not volunteer any information, but do answer any questions the agent may ask. ~ Call me anytime for help in listing your home for sale.

You can expect great service and lots of helpful information, with no obligation or pressure...JUST the way I would want it! ~

HomeLife Glenayre Realty Chilliwack Ltd. 8387 Young Road

CELL DIRECT: 604-799-4955 OFFICE: 604-795-2955 EMAIL: hdixie@gmail.com WHERE GOOD CHOICE GETS GREAT RESULTS! www.homesbydixie.com

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today’s I seniors Real Estate for today’s seniors

f the kids are gone, and the nest is feeling decidedly empty, you might be thinking of a new home. But before you do, there are a couple of important things to consider. First of all, you’re not alone. More than half of the baby boomers responding to a recent survey said they plan to relocate when they retire.

They represent a growing and influential demographic that is reshaping retirement living. One of the biggest factors working in your favour is the equity you’ve built up in your existing home. Coupled with secure savings, that equity gives you more choices and better options as you look for a new home.

It also means that downsizing does not mean downgrading. It’s estimated that one-fourth of homebuyers aged 50 and older are paying more for the home of their golden years than for their previous house. They want to live in residences that are both comfortable and elegant, allowing them to maintain a selfsufficient lifestyle with dignity.

Still, it is a big decision. Getting professional guidance can help ensure the home you buy meets your needs today and tomorrow. Location is an important factor. Finding a home close to shopping, leisure activities and medical services can reduce driving and transportation costs (maybe even eliminate the need for second vehicle).

Other factors you might consider are safety and

security – two issues your REALTOR® can help identify. If you are thinking of a single family home, think long term. With a little remodeling, a house can be modified to meet your needs and keep you at home as long as possible during your retirement years. REALTORS® are experienced in serving mature homeowners and homebuyers and will recommend reputable home design experts and contractors who are qualified to make handy adjustments to your home.

For example, you might want to consider ensuring the master bedroom and bathroom are on the ground floor of a house, and at least one entrance does not have steps. Building additional space into the home design, such as extra-wide hallways and doors, allows those with wheelchairs, walkers or crutches to get around more easily. You might also want to consider extra large bathrooms with safety features such as grab bars that help prevent falls, lever door handles that are easier to operate, and electrical switches and thermostats that are positioned lower than usual.

Many newer multi-unit complexes are integrating more “aging in place” features. These properties often require less maintenance and are better geared toward an older demographic. Your REALTOR® can help narrow your choices. Buying a new home is always a big decision. But with a little research, and some helpful advice, your new nest can be just the right fit for your new lifestyle.

Furnishing homes for over 50 years A long history of furnishing homes for generations is synonymous with both Ballam Furniture and Lazboy.

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nearby school School districts a big factor with home buyers

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here are many factors you should consider when shopping for a home. From the number of bedrooms to the size of the backyard, you will have your priorities when looking for a home. If you have young children or are planning to start a family soon, you should also consider the school system.

rank better than others. These are essential factors to think about when looking at homes.

Although real estate agents can offer some basic information about what schools are in the area, legally they may not be able to share opinions on how "good"the schools are or be able to break down the demographics of student populations. It is Although granite countertops and interior living typically up to you to do your own research. areas may be foremost on the minds of house You also may want to make a trip to visit the area shoppers, you also have to take school districts into you are considering during school hours. You consideration when looking at homes, particularly also may want to set up a brief meeting with the if you are concerned about giving your children principal to learn more about the ideals of the the best education possible. You might be willing school and its goals. Some schools offer French to pay more for a property if it is near a good immersion, while others focus on arts or athletics. school, and even if you do not have children, a good It's also necessary to look at the proximity of the school helps a home remain attractive. school to the house. Students who live within a

their own transportation to and from school.

Families that are interested in a host of extracurricular activities can also evaluate the school based on the sports or other opportunities offered to students.

Be advised that the school closest to a home might not be the one your children will attend. School capacity, and not necessarily catchment area, often dictate where new students will attend school. Therefore, it is important that you check with the school district and do some homework regarding neighbourhood schools.

If you prefer that your children go to a private school, Chilliwack has a number of options. In addition to the public schools, agents will be able to Not all schools are created equal, and some certain distance from the school may have to find point you towards the private schools in the area.

Call

B

Mrs.

. . . u o y r o f g n i k Wor nd the sale Beyo

HomeLife Glenayre Realty Chilliwack Ltd.

Stephanie President’s club since 2009

ASSISTANT

Bonnie Radke 604-799-0475 bonnieradke.com

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Commissions

listings, and also keep in touch with their network of REALTOR® colleagues.

Why REALTOR® Commissions are REAL value

What does this have to do with Selling your home?

Everything!

W

e have all heard the following, or some version of the following when it comes to paying a REALTOR® a commission for selling your home. “Why pay so much? They just put a sign in the lawn and an ad in the paper?” or “REALTORS® get paid far too much for selling your home.” There may be a misconception about what actually gets done behind the scenes of marketing your property, and the responsibilities to make sure that a smooth real estate transaction happens to avoid potential pitfalls.

REALTORS® are constantly gathering accurate data so that they have the latest housing information to properly market a property long before you ever contact them. Most REALTORS® attend their real estate office every day, researching the market place for homes that have just been listed & sold, attend office meetings to get up to date educational information, take Professional Development Courses, go on office tours to preview homes for their clients in various neighbourhoods, attend REALTOR® open houses as well as developments, to preview the new

This makes your REALTOR® more knowledgeable about what is happening currently in the market place, so that they can give you better advice in respect to your property.

When you call a REALTOR® to list your home, prior to meeting with you, they will research the MLS® system to find properties that are similar to your home in size, age, and location, looking for homes currently for sale that are going to be your competition, or recently sold homes that indicate what buyers paid for similar homes, as well as homes that did not sell, indicating what buyers won’t pay for similar homes. Your REALTOR® also does a search of tax records so that they have accurate information as to your assessed value, legal description and property tax amounts.

With this information in hand, your REALTOR® can prepare a Competitive Market Analysis which shows you the price range your home should sell for given your motivation and the expected time frame for the sale to take place.

KATHY RANDAL

Your REALTOR® can also advise you on how you can make your home more presentable to the buyers, by suggesting any or all of the following; minor repairs, painting, de-cluttering, staging, lawn or garden suggestions etc.

After you and your REALTOR® decide upon an acceptable listing price using the information and knowledge that your REALTOR® has provided you with, your REALTOR® will start to represent your property to their REALTOR® network and to the public. Your REALTOR® will measure your home and all habitable rooms so they have accurate information in respect to square footage of your home and room sizes. Your REALTOR® may take pictures of your homes exterior, interior and outdoor spaces, so that your home is represented in a pictorial manner that best shows your homes various features. They will place a sign on your property so that any buyers or REALTORS® who are driving through the neighbourhood will know your home is for sale.

Your REALTOR® will prepare a description of your property ensuring that they portray the best information about your home including its neighbourhood, amenities and special features so that buyers and other REALTORS® can understand what is being offered for sale.

Your REALTOR® will submit your listing and all information to the Multiple Listing Service so that all REALTORS® that are members of a

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did you know?

Real Estate Board in British Columbia which is approximately 18,000, can have access to the information. Your REALTOR® will also place your listing information on their website and others they may use. Your REALTOR® will write advertisements for placement in various real estate newspapers as their marketing program dictates.

Your REALTOR® can discuss the availability of your property at their office meetings to their fellow REALTORS® and arrange to have them attend your home on an office tour so that after viewing your home, they all will be able to intelligently represent your home to their potential buyers. In conjunction with you, your REALTOR® will determine acceptable times for showing your home, and discuss the value of having a lock box on your home for showings.

Your REALTOR® will field calls from potential buyers, who they usually will advise to be pre-qualified financially, prior to booking a showing of your home. Your REALTOR® will also book showings from other REALTORS®, in conjunction with your schedule.

Your REALTOR® can follow up with all buyers and REALTORS® who viewed your home to get their input about your property, regarding price, condition or any other factors of note, and also to see if they can stimulate an offer on your property. Your REALTOR® can provide you with information as to what is currently happening in

the market place while your home is for sale, so that you can reposition your price, if necessary, based on activity.

Once an offer is received on your property your REALTOR® will set up an appointment to go over the offer with you. Your REALTOR® will explain the various clauses within the contract to you, ensure any included or excluded items are addressed within the contract, verify that the completion and possession dates are satisfactory, ensure the appropriate clauses are in the contract to protect your interests, and most importantly give you advice on negotiations with the buyer.

After you have an agreed Contract of Purchase & Sale, your REALTOR® will work with the buyer or buyer’s REALTOR® to ensure that the financing, inspection and other required documents are done in a timely manner, in order to remove any subject clauses as agreed.

Your REALTOR® will ensure the documents required by your lawyer or notary are delivered in a timely manner to complete the sale as per contract, and they will make arrangements for delivery of the keys to the buyer.

There is so much more than meets the eye. The hours your REALTOR® puts in behind the scenes can be tremendous. Discuss the marketing plan your REALTOR® has for you, in order to better understand the value you are getting for their service.

-Courtesy of Jim Adam / Sutton Group - Showplace Realty 2014

Many parents of young children and family members of senior citizens may not know that if a loved one goes missing, police are not the only resource engaged in the search.

Nearly 14,000 REALTORS® across the lower mainland make up Realty Watch, a community crime prevention program that police can activate in the event a child, senior or vulnerable person goes missing.

After police make a request, a Realty Watch fan-out alert is texted simultaneously to REALTORS® across the Lower Mainland. Fanouts can only be initiated by police and are sent by participating real estate boards.

REALTORS® receive a description, location last seen, and wherever possible a link to a photo. They are a perfect resource for police, because unlike many professionals who are office bound, REALTORS® are mobile. They are in and out of homes and neighbourhoods and always on the move as their work brings them into communities daily. They are all connected via mobile devices, and can receive instantaneous messages from their professional associations. Realty Watch is credited with finding three missing people, locating a fraudster and has been relied on by police for reports of suspicious activity in neighbourhoods since the program began.

REALTORS® within Vancouver, the Fraser Valley and Chilliwack receive approximately 20 fan-out requests every year to help find missing children and vulnerable adults.

For more info: www.realtywatch.net

M A R K ANDERSEN I have a deep love for our community. Working as a full-time RE/MAX REALTOR® has given me the opportunity to help many wonderful people to fulfil their real estate dreams. View my listings at:

www.markandersen.net

604.858.7179 604.819.1422 mark@markandersen.net ®

Nyda Realty Inc.

Making your dreams reality

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Wheeler Cheam Realty

2014-2015

credit

Improving your credit score

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hen you are buying a home, your credit rating (or score) is very important in the approval process.

The better your score will also mean you can receive the best interest rates available to you.

Many buyers are unaware of their score – good or bad. A good first step is to check into your credit to make sure it is accurate, and secondly what your rating actually is. You can obtain

expert tip Is your home in shape to sell?

your credit information on line, or through your financial institution. If you have had issues in the past which have affected your credit rating, here are a few ways to bring it to a better standing.

Make all your monthly payments no matter how small. Many people think that if they make a larger payment then necessary in one month then they are not required to make a payment the following month – this could not be further from the truth – you must make a payment each and every month unless your balance owing is paid in full.

Always make your payments by the date required. Any day after that may result in a mark against your credit.

Do not go over the limit that has been set by your

The Key to REALESTATE ESTATE

creditor. This will automatically result in a credit score reduction (this also includes any interest that is being charged to your account).

Keep credit seeking to a minimum . Each time you fill out a credit application the creditor will do a credit check - multiple checks in a short period of time, may lower your credit score.

If you have never obtained a loan, or a credit card, you will need to find a way to establish credit. This can be done by either using a cosigner for a loan, securing a credit card with cash, or taking a credit card with a low limit until you have proven yourself as credit worthy. Contact a financial institution to discuss your options.

- Courtesy of Vancity Credit Union

Take a look around your house. If you were a prospective buyer, would you be interested? A Comparative Market Analysis (CMA) will compare your home to similar homes that have recently sold in your neighbourhood in order to calculate your homes value in your market. However, the shape your home is in, will also help determine its value in the eyes of prospective buyers. It's sometimes difficult, but you must see your home through a buyers eyes and address the imperfections. Before you embark on significant renovations, your REALTOR® will help you answer these two questions: Will this make my home more desirable to buyers? Will this increase the value of my home more than it costs to do it?

Some repairs are absolutely vital. It's against the law to knowingly sell your home with a material latent defect and not disclose it to the buyer. However, it is not against the law to leave a visible defect un-repaired; it just may not be smart. But how do you know which home improvements will make your homes value jump, and which won't? It’s well documented that the best return on your remodeling dollar is in the kitchen, bathrooms and landscaping the front yard.

Basements and bedrooms can be a waste of time and money. Work with your REALTOR® to determine what is essential to complete, go through all the pros and cons, and then set a budget.

KYLE Hislop

WHEELER CHEAM REALTY

Social Media Digitally Enhanced Photos

Aerial Video Tours Personal Website

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Walk-through Video Tours

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closing costs Mortgage Closing and Other Related Costs

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losing costs are the legal, administrative and disbursement fees associated with buying a home. Understanding these fees will help you budget more accurately.

Remember, these are additional costs over and above the price of the home.

HAVE YOU BUDGETED FOR THE ASSOCIATED LEGAL COSTS? Legal costs are your lawyer or notary fees.

These may include: > Reviewing the terms of the offer > Conducting a title search on the property > Registering a new title > Obtaining relevant documents, such as surveys and evidence of liens on the property > Checking the statement of adjustments for

did you know? taxes, utility and fuel bills, and other costs that have been pre-paid by the seller at the date of closing.

WHAT OTHER COSTS CAN YOU EXPECT? > Interest adjustments between date of closing and the first mortgage payment > GST on a new home or a home that’s been extensively renovated > Land Transfer Tax > Service charges from utility companies for hook-ups on electricity, gas, internet and telephone services > Appraisal fees > Home Inspection > Title insurance > Property and content insurance > Moving costs > Storage costs if you must leave your current residence before you are able to move into your new home > Furniture and appliances > Real estate commissions if you are the seller While purchasing real estate has a variety of costs associated with it, home ownership is a secure investment that appreciates in value over the long-term.

- Courtesy of CREA & the Financial Consumer Agency

Land Transfer Tax The land transfer tax or Property Transfer Tax (PTT) is a one time tax levied by your province when you purchase a property.

The tax is based on a percentage of the purchase price of the property, and varies from province to province. In BC the transfer tax rate is 1% of the first $200,000 and 2% on the remaining balance of the purchase price.

This tax applies to all homes purchased, both new and used. If you are a first time buyer, check with your lender, you may be exempt from this tax.

Home Inspection A home inspector assesses a property’s condition and can tell you if something is not working properly, needs to be changed, or is unsafe. They may be able to identify where there have been problems in the past, such as a leaking basement or insect damage.

When purchasing properties such as acreages or farms, they frequently are serviced with wells and septic systems.

Inspection of these services is advisable and is often required by lenders.

CHECK OUT C MLS LISTINGS ON M YOUR CELL! Y O

Searching for your dream home?

Hanne SELBY

Download D o the FREE app a p TEXT 65656 and a nd type in “LOOK1” Get G et full details on ANY Y listed home and give me a call!

Specializing in Residential, Relocation, Investment & Development Real Estate

HomeLife Glenayre Realty Chilliwack Ltd.

WHEN YOU BUY OR SELL YOUR HOME WITH HANNE SELBY

WORKING FOR YOU FROM “SIGN-UP TO SIGN DOWN”

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mortgage freedom The fast track to mortgage freedom

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low interest rate is often seen as the best way to save money on a mortgage and the quickest route to becoming mortgagefree. But that’s only one part of an effective strategy. Don’t focus all your time and energy on rate comparisons. It is equally important to look for a mortgage with flexible terms.

The average Canadian homeowner will pay his or her mortgage off in approximately 25 years. Less than half (42 per cent) of homeowners are taking advantage of options that allow them to shave years off their mortgage and save on interest costs.

Here are three tips to get you on your way to mortgage freedom:

1. ADOPT A BI-WEEKLY PAYMENT SCHEDULE A bi-weekly payment is often the easiest adjustment you can do to help you save on mortgage interest - especially if you line it up with your pay cheque. You end up making 26 smaller biweekly payments a year, versus 12 large monthly payments resulting in interest cost savings as you pay down your principal faster. Bi-weekly payments will shave years off your mortgage.

2. TAKE ADVANTAGE OF PREPAYMENT PRIVILEGES A flexible mortgage may include features such as

doubling up a payment or putting down a lump sum at the end of the year. These additional payments are applied directly to your mortgage principal and will reduce your amortization period. Consider putting a work bonus, tax refund or extra savings towards your mortgage balance.

3. ROUND UP YOUR PAYMENT You can chip away at your mortgage without missing a beat by rounding-up your payment amount. For example, if your bi-weekly mortgage payment is $557, by rounding up your payment to $600, you could put an additional $1,000 per year towards the principal and be mortgage-free faster.

RICK TOOR

Commercial & Residential Realtor

HomeLife Glenayre Realty Chilliwack Ltd.

Call Rick Toor for all your commercial real estate needs!

OFFICE: 604-795-2955 CELL: 604-897-0260 EMAIL: ricktoor@shaw.ca

www.ricktoor.com

• Retail, Ofõce & Industrial Leasing • Investment Buildings • Commercial, Industrial & Development Land • Businesses For Sale • Relocation Of Businesses • Negotiating Leases

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The Key to REALESTATE ESTATE

2014-2015

curb appeal W

hen selling a home, you can employ a number of tactics to improve your home’s curb appeal. Curb appeal is similar to getting ready for a big date, only you’re not dressing yourself up to make a strong first impression, instead, you are dressing your home up to make a strong first impression on prospective buyers. Many buyers will form an opinion about your property before they even get out of their car.

A home with strong curb appeal can entice buyers who are likely to believe that a home with a wellmaintained exterior is likely to have an equally

No Money down still available

- Courtesy of Vancity Credit Union

yo u r R e a l E to

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te success!

Buy Smart.

Sell Smart.

Many homeowners grow accustomed to overgrown trees around their property and may not notice that low-hanging branches are hiding the home from view. Buyers want to see the house, so trim any branches that hang too low or obscure your home.

Clean the gutters thoroughly before putting your home up for sale and keep them clean throughout the selling process and pressure wash your walkways and deck.

Many homeowners enter their home through a side door or through their garage. If you fall into this category, keep in mind that prospective buyers will be entering through the front door, so make this area accessible and appealing.

Also take a close look at your front entry. Does it need a touch up of trim paint, perhaps a new mail box, door bell or a door handle? Make the entry sparkle and be sure to put out the welcome mat to greet potential buyers.

Although the Federal Government has withdrawn many of the mortgage products that were available to consumers, the No Money Down product is still available. One example is the CMHC Flex Down Product which allows you to borrow the required 5% down for residential purchases. This product is intended for first time buyers who may lack a cash down payment but have a good credit history and sufficient income for the mortgage payment.

In order to qualify, the applicant must have a strong history of managing credit and good job stability. The applicant must be able to service the mortgage debt as well as all other debts including the new loan/line of credit or credit card payments for the borrowed funds for the down payment. Talk to your financial institution to see if this is an option for you, which will allow you to purchase a home sooner instead of later when you save up a down payment.

Committed

expert tip

impressive interior. If you want the process of selling your home to go smoothly, you can improve the property’s curb appeal in a number of ways, many of which don’t necessitate a substantial home improvement budget.

The most effective way to improve curb appeal is to clean up the property. Remove toys and other items from the yard before showing your home. Make sure all hedges are trimmed and remove weeds, from any flower beds and lay fresh mulch. Make sure all plants, are living. Dehydrated or dead plants and flowers are eyesores, and they will give buyers the impression that you didn’t pay much attention to your property.

Add pots with colourful seasonal flowers by the front door. It adds a spark of life to the exterior and the beauty of it is, you can take them with you when you move.

Edging is another easy and effective way to improve curb appeal. Edge your lawn and gardens around driveways, sidewalks and other walkways on the property.

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2014-2015

did you know?

Interest vs Principle For each mortgage payment you make, the money is first used to pay the interest on your mortgage loan. The remaining portion of your payment is then used to reduce the principal, which is the amount that you borrowed from the lender.

In the first years of the mortgage, most of the payment is usually required to cover interest costs. As a result, the principal, or the amount that you owe, may decrease by only a very small amount. As the mortgage balance decreases over the years, more of your payment is used to pay off the principal.

During a 25-year mortgage, depending on the interest rates charged on your mortgage, the total amount of your payments could be double the amount that you originally borrowed or more.

The key to saving money on your mortgage is to pay off the principal as fast as possible. If your household budget allows you to reduce the time you need to pay your mortgage in full, you could save thousands, and even tens of thousands of dollars in interest charges.

There are various payment options that will help you pay off your mortgage faster. Talk to your lender to go over some of the options that may work for you.

first home

Tips on how to survive buying your first home

A

ffordable home prices and the lowest interest rates in decades, are driving many people to purchase their first home. Few things are simultaneously as exciting and nerve wracking as becoming a homeowner. Preparation can make sure individuals are covering all of the bases. First time home buyers easily can be overwhelmed by the process of buying a home.

In addition to the legal hurdles associated with purchasing a home, the stress of committing such a substantial amount of money can lead to some sleepless nights. However, first time home buyers in the market for a home can prepare themselves for the process ahead of time. Though the following tips might not guarantee a smooth and stress-free home buying experience, they can answer a few questions and facilitate the process.

The Key to REALESTATE ESTATE

ESTABLISH YOUR PRICE RANGE Visit a mortgage lender and find out just how much house you can afford. First time buyers need to honestly assess what they can afford and search for homes within their price range.

RESEARCH INTEREST RATES & TAXES Certain external factors beyond the price of the home will factor into a homeowner's monthly financial commitment. Property taxes and homeowner's insurance can vary greatly depending on the home and a home's location.

Shop around for the best mortgage interest rate with the best terms.

EXPECT TO PAY COSTS Closing costs are often a big shock to first time home buyers. Closing costs can include lender fees, legal fees, taxes, and homeowners insurance. Your mortgage lender can also give you an estimate of what the fees may total.

CONSULT THE PROFESSIONALS. Real estate professionals in the area will be able to paint a picture of what the real estate market is like at the moment and can answer all your real estate questions to help settle your case of the jitters. When shopping for a home for the first time, the surprise element can be reduced if you do your homework before beginning the buying process, and follow the advise of your lender and your REALTOR®.

...Higher Standards ...Higher Results “NO ONE TREATS YOU LIKE THE FOLKS AT HOME”

HomeLife Glenayre Realty began in 1992 and has since grown to 95 REALTORS® making it the largest real estate firm in Chilliwack.

Our REALTORS® specialize in all areas of the industry from home sales, to leasing, to industrial sales.

With the uniqueness of the Chilliwack real estate market, HomeLife REALTORS® have become among the best informed and most professional REALTORS® in the province and are more than capable of handling any questions or concerns regarding our area.

HomeLife offers in-house mortgage services and property management services to complement all aspects of real estate business.

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HomeLife Glenayre Realty Chilliwack Ltd. • 604-795-2955 • 1-800-795-2955 • 8387 Young Road

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The Key to REALESTATE ESTATE

2013-2014

mortgage options

A

mortgage is a loan, generally used to buy a property. How much you pay depends on how much you borrow (the principal), the loans interest rate, and how long you take to pay it back (the amortization period). Do not be afraid to negotiate interest rates and mortgage terms with different lenders. They are offering you a "product" and talking to more than one lender will help you make an informed decision.

SO WHAT TYPE OF MORTGAGE IS BEST FOR YOU? Fixed rate mortgages: Your interest rate is locked in for a specified period called a term. Your payments stay the same for the mortgage's term so you will not pay more if interest rates increase over time.

Variable rate mortgages: The mortgage rate of interest you pay will change if the rates go up or down.

Conventional mortgages: Require a down payment of more than 20% of the property's value.

You are not required to get mortgage default insurance with a conventional mortgage.

did you know?

Closed mortgages: The mortgage cannot be paid off early during its term, without paying a penalty.

Open mortgages: A mortgage that can be paid off at any time during the term, without having to pay a penalty. The interest rate for an open mortgage may be higher than a closed mortgage with the same term.

WHAT MORTGAGE FEATURES ARE BEST FOR YOU? Portable mortgages: If you sell your existing home, you can transfer your mortgage to your new home while keeping your existing interest rate. You may be able to avoid prepayment charges (penalties) by porting your mortgage.

Prepayment privileges: You can make lumpsum prepayments or increase your monthly payments without having to pay a charge. This can help you pay off your mortgage quicker and save on interest charges.

HOW OFTEN CAN YOU MAKE YOUR PAYMENTS? By switching from monthly payments to accelerated weekly or bi-weekly payments, you can pay off your mortgage much quicker. Explore all your options for mortgage payments with your lender and see just how much interest you could save.

- Courtesy of CREA & the Financial Consumer Agency

Smaller Homes From the early 1990s to the beginning of this century, "bigger is better" certainly was the mantra of the home-building industry.

But according to new data, home buyers are seeking less space today, but more in green amenities.

Research by the Canadian Home Builders' Association has found that many people now desire smaller homes with multipurpose rooms and energy saving features. Family rooms have grown larger, as well as kitchens. Other rooms in new homes are disappearing, including the living room and the formal dining room.

Todays homeowners and potential home buyers realize that with girth comes a cost, and the ability to cash in on the dream of homeownership may come at the compromise of a smaller, but betterplanned home.

While many consumers are willing to forgo space, they are not willing to forfeit functionality. Part of what is driving this trend is the cost of land in relation to the space required to build a sprawling home. Smaller, more efficient homes also require less in terms of heating and cooling energy. Energy efficient homes are now a priority for buyers.

Although the homes may be smaller, they come with a host of amenities today, that will make the smaller size barely noticeable.

“The name friends recommend to friends” Janet Kirkpatrick is pleased to welcome elcome her husband, CRAIG onto her team as her assistant/partner . stant/partnerr . . .

Craig has recently retired from a career with the RCMP and ndd iiss cu curr currently rren rr entltltlyy ta en ttaking taki aki king ngg tthe he he th and and assist ass ssis istt Janet. is Jane Ja nett. ne t. Craig Cra raig ig Real Estate Trading Services Course to work part-time with & Janet have taken several physical relocations over the years as a result of his rairies. As a result they RCMP service, including moves throughout BC and the Prairies. have a keen understanding of what it means for a family to “pull up stakes” ommunity and need and move on short notice or to be dropped into a new community mbined with Janet’s to search for and purchase a residence quickly. This, combined significant real estate experience and knowledge since becoming a eneficial licensed REALTOR® in 1990, gives them a unique and benefi rchase. insight into assisting you with your next home sale or purchase. ow They have personally “been there and done that” and know be! be! how important, stressful, challenging and exciting it can be

Give us a callll at RE/MAX Gi RE/M RE /MAX AX X anytime i to di discuss any off your our real estate needs, we would be happy to serve you!

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2014-2015

The Key to REALESTATE ESTATE

17

R

egardless of the current housing market, if you have decided to sell, there are always buyers out there looking for a place to call their own. There are easy ways to boost your home's value and some minor changes to a home can add to your asking price. The following tasks might not take much effort, but they pay dividends.

WORK ON THE YARD An appealing lawn is still a great way to catch a prospective buyer's eye. When a home boasts a lush lawn and well-manicured trees, it's hard to ignore that For Sale sign out front. If landscaping has proven an Achilles' heel in the past, make an effort to take better care of your property in the months ahead. It doesn't take long for even the most neglected lawn to rebound from disrepair.

UPGRADE APPLIANCES Prospective buyers won't be thrilled if they walk into a home and see outdated appliances. Some might even see older appliances and begin to wonder if there are any additional areas that might have been neglected around the house. Stainless steel appliances in the kitchen and even new fixtures in the bathroom are aesthetically appealing and tend to excite buyers.

REPLACE THE CARPET

boost value

Easy ways to boost the value of your home

A clean carpet might make a world of difference to those living in your home, but a new carpet will be even more appealing to prospective buyers. Choose a neutral-toned carpet that will boast a more universal appeal.

PAINT THE HOME A fresh coat of paint or new siding is always attractive to prospective buyers. Many buyers judge a book by its cover, and you want your home's exterior to be as attractive as possible. You can also paint rooms inside the home to give it a fresh and welcoming feel.

CLEAN UP AROUND THE HOUSE A cluttered house will almost certainly repel buyers. Buyers want a home that's roomy and well kept, but clutter creates the opposite impression. Organize the closets to make them appear more roomy and clean up any areas that have become cluttered -- consider temporarily renting a storage unit to house your excess belongings. Basements or utility closets might be handy for storage, but they should be open and clean before viewings begin. The less clutter a home has, the more spacious it will appear and the more money you can likely demand for your home.

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The Key to REALESTATE ESTATE

2013-2014

(continued from page 3)

Its proximity to Vancouver, the Interior and the U.S. are a big draw for some businesses seeking to relocate. The average commute for a Chilliwack resident is only about six kilometres. It also helps that Chilliwack is increasingly the place in the Lower Mainland that most people are moving to. “We’re noted for having the largest net migration into Chilliwack of all the cities,” said Gaetz.

What the report also points out is that people are moving to Chilliwack from other parts of B.C. because housing is half the price of a house in Vancouver and 30 per cent less than that in Abbotsford. For REIN the recent growth is duly noted. “REIN believes the major expansion of commercial and industrial lands along Highway 1 and the Evans Road Corridor will further shine a light on Chilliwack’s potential in the eyes of potential homeowners and business owners,” reads the REIN study release. Melanie Reuter, REIN’s director of research, pointed out that rent levels are just starting to come up in price to the point where it makes sense and investors can break even or make money.

Another factor is jobs. “The GDP in Chilliwack is great. That’s the bottom line. So if a community can provide jobs, coupled with affordable housing, it’s a home run,” Reuter said. “If there’s nowhere for people to work, it doesn’t matter how low the real estate prices are.”

City policies, like those offering incentives to develop, make a difference. “Mayor Gaetz has a done a good job bringing jobs to Chilliwack.” And the other thing is a shorter commute, for those who do travel outside the city for work. “You’re that much closer because traffic is so much better since the project on the Port Mann bridge and the highway.” Real Estate Investment Network’s (REIN) 2013 edition of its Top British Columbia Investment Towns report analyzes the current and future prospects for real estate investment in the province over the next decade. Find the report at www.topbctowns.com.

recreational property

O

ne of the growing trends in real estate is in the recreational property market.

Two factors are driving the trends, according research done by RE/MAX. Young families are using the equity built up in their primary residence to buy nearby vacation property. As well, near or recent retirees are purchasing recreational property with a plan to use it as a primary summer residence and launching pad for winter travel.

Contributing to this trend is the hot residential real estate market in urban centres, like the Lower Mainland. The strength of that market is helping vacation home buyers find properties within easy driving distance and at prices they can afford.

“We see momentum in recreational property sales, especially near urban centres where local residents had experienced several years of economic growth,” says Elton Ash, regional executive vice-president, RE/MAX Western Canada. “This year we are

seeing the effects of buyer confidence in some regions thanks to built-up equity gains and strong job markets across the West.” Chilliwack seems particularly well positioned to take advantage of this trend. Not only is it within easy driving distance to one of the most expensive markets in the province, the region is seeing a growing number of recreational opportunities.

Not only is there an increasing selection of resort properties, there are additional options like club memberships at local resorts that provide greater flexibility.

The way people are using their recreational properties is also changing, says the RE/MAX study. While in the past, properties were largely used for weekend getaways and a week or two of summer vacationing, today many are purchasing a property from which they can work throughout the summer.

A weaker Canadian dollar has also prompted buyers to remain in Canada rather than buying south of the border.

Consumer confidence is high, the study adds, and motivated buyers are seeking out their dream vacation homes, with some markets reporting the most activity since the recession.

WAYNE MASSEY

“A recognized house ‘Sold’ name” Wayne is a multiple award-winning REALTOR® including the RE/MAX Hall of Fame Award and the he prestigious RE/MAX Lifetime Achievement Award. rd.

Wayne is focused on his clients’ needs and enjoys giving his clients exceptional service.

“

First, we discuss the situation, set the objectives, determine ermine the means, and then I devote the time and resources needed to achieve the desired results. Making the customer happy appy is my ÀrstTo priority. ll Free: 1-800-830-7175

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The Key to REALESTATE ESTATE

2014-2015

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The Key to REALESTATE ESTATE

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2014-2015

HAVE YOU

The Key to REALESTATE ESTATE

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YOUR HOME?

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Call Mike 604.703.6453 and let’s find your next home today!

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604.793.9900 Sutton Group Showplace Realty 2014

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The Key to REALESTATE ESTATE

2014-2015

Enhance your curb appeal

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2014-2015

family 1 5 tips for relocating your family

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Whether you are moving to a new community or a just a new neighbourhood, moving can be very stressful on the entire family. To make the process go more smoothly, consider the following tips.

GRADUALLY INTRODUCE THE CONCEPT OF MOVING Moving is a decision to be discussed with the whole family, even with young children who may not fully understand the process. Kids who are involved in looking at new homes or voicing opinions about which amenities they desire in a new neighborhood will feel empowered and in control.

RESEARCH POTENTIAL NEW NEIGHBOURHOODS CAREFULLY Finding a new residence is not entirely about buying a home that fits the family and its needs. It also is about finding a desirable neighbourhood. A good school district is an important factor, as is proximity to recreation, local culture and transportation. Drive around a neighbourhood during different times of the day to gauge how active it is.

WORK WITH AN EXPERIENCED REALTOR® A real estate agent who is familiar with the community is a great asset. In addition, the agent will handle many of the tasks that may be overwhelming if you were doing them on your own, such as scouring available listings, waiting for inspections or filling out pertinent paperwork. With a real estate agent handling these tasks, families can remove some of the stress from the moving process.

PACK CHILDREN’S ROOMS LAST Young children who see favorite items disappearing into bubble wrapping and boxes may start to feel anxious. It’s not uncommon for preschoolers to act out or experience nightmares during the moving process. Maintain a sense of normalcy in the home as long as possible. Begin by packing nonessential items, only packing kids’ items when your moving date is right around the corner. Let children say good-bye to familiar haunts and even to their old home.

PLAN A SCHOOL ORIENTATION Take advantage of any programs schools offer to acclimate kids to their new environment. Kids also leave friends behind when moving to a new home. The faster they get back to a normal routine, the better it will be for them. Schools are where children will make new friends and participate in social occasions, so tour their new schools before the school year begins, and meet with a few residents and current students to learn about special programs that may make a move less stressful for youngsters.

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The Key to REALESTATE ESTATE

2014-2015

did you know?

secrets to sell 15 secrets that will help your home sell

T

here are some quick and inexpensive ways to make your home shine. As anyone in the real estate industry will tell you, it's important to make your home look its best when it comes time to show it. That first impression is everything and even if you are in a great market, its still key to tidy up your home and prove that its worth every penny you are asking for. If done well, these steps will make a remarkable difference, and do not cost a fortune.

1. Stay on top of your lawn mowing and front landscaping.

2. Embellish your front door area with potted plants, a welcome mat and a fresh coat of paint on the door and trim.

3. Move all toys, bicycles etc. away, and keep them away from the front of the house.

4. Clean your windows and fireplace.

5. Check and roof and repair or replace any loose shingles or gutters.

6. Remove all the clutter. Make sure kitchen and bathroom counter tops are as clear as possible, keep toys organized and contained, remove excess collectables and the family photo "wall of fame".

7. Hang fresh colour coordinated towels in the bathrooms.

8. Vacuum everyday and clean the carpets.

9. Make sure all your facets are drip-free and replace all burnt out light bulbs.

10. Clean all your appliances thoroughly including the inside of your oven and microwave. Yes, buyers will look in there.

11. Place a decorative arrangement in the center of your table.

12. Eliminate odors using odor neutralizing products, do not try and mask smells with another smell, it will only compound the problem.

13. Let the light shine in. Open all blinds and curtains when the house is being shown.

14. If your rooms are filled with oversized, or simply too much furniture to move around freely, place some of it in storage.

15. Add a few final touches like fresh flowers, or potted plants in decorative containers, they can do wonders. Just remember that everyone has their own style and you are not trying to impress buyers with your decor. Rather, you goal is to present a clean and attractive home, oozing with potential for your homes next owners.

Mortgage Default Insurance When you are planning to buy a home with less than a 20% down payment, the mortgage needs to be insured against default. This type of insurance protects the mortgage lender in case you are not able to make your mortgage payments. It does not protect you.

If you are planning to purchase a property with less than a 20% downpayment, you will require mortgage default insurance.

This generally adds a premium of 0.6% to 4.9% to the cost of borrowing, based on the percentage of your homes value that you need to finance. This premium can be added to your mortgage balance.

Mortgage default insurance enables you to purchase a home with a minimum downpayment of 5% with interest rates comparable to those of a conventional mortgage.

Major providers of mortgage default insurance include Canada Mortgage and Housing Corporation (CMHC), Genworth Financial Canada, and Canada Guaranty Mortgage Insurance Company.

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2014-2015

The Key to REALESTATE ESTATE

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Scott McVetty

fence etiquette

Fence etiquette prevents disputes

P

eople fortunate enough to own their own plots of land often choose to fence in their pieces of paradise. Although installing a fence may seem like the right idea for you, going about it the wrong way may lead to problems among neighbours, particularly if you live where the houses are relatively close to one another. Some homeowners find fences become the final point of contention among disagreeable neighbours or create tension with a neighbour with whom you previously had a good relationship. Being courteous with fence plans is the best way to avoid any animosity along the way.

Most people find neighbours appreciate being informed of any decisions you are thinking of making to the property that can affect their views or their adjoining property. Before drawing up fence plans, talk to the neighbours on either side of your home and gauge their receptiveness to a fence.

Once you notify your neighbours as a courtesy, there are certain steps to take that will prevent any legal disputes down the road. Even the most easy-going neighbour could grow aggravated if the fence is put up carelessly or ends up partially on his property. The best way to prevent this is to apply for a new, professional property survey and have your property lines clearly indicated with markers.

Each city has different regulations with regard to fencing, so it is important to learn the ropes or hire a contractor who is familiar with the rules.

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Find out where the fence can be installed in relation to the property line There also may be rules about how high fences can be in the front of the home, sides and back. Corner lot properties may have added regulations depending on whether the fence could prove a visual obstruction to drivers.

It is your job to find out the guidelines for any home improvements.

If the fence is installed by code, there is little chance it will have to be torn down or changed in the near future. Also, doing it by the book means that a neighbour can be unhappy about a fence but not have legal recourse to ask you to remove it.

Remember, it is your fence so you are also responsible for its maintenance - on all sides. Just because your neighbour also will be benefitting from your fence, doesn't mean he will have to care for it.

RE/MAX Nyda Realty

Scott@ScottMcVetty.com

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The Key to REALESTATE ESTATE

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right agent

How to Find the Right Real Estate Agent

B

uying a home is often a difficult thing to do.

The stress of making such a big financial commitment is a struggle for many home buyers, whether you have purchased a home in the past or are doing so for the first time. One way to make the process a lot less anxiety-ridden is to work with a real estate agent you can trust.

expert tip How to flood proof your home

If you are in the market for a real estate agent to help navigate the home buying process, you should consider the following tips.

AGENT FIRST, THEN A PROPERTY This allows you to choose your agent based on their merit and not due to the houses he or she may have listed.

A TRACK RECORD When interviewing real estate agents, inquire about their history in the business. A more experienced agent will make things far less stressful and easier, and a long career indicates they are good at what they do.

FULL-TIME AGENT A real estate agent with a long history in the business will likely be a full-time agent as well.

Prospective buyers should look for a full-time

agent, which is not as common as some buyers might think. Many agents work part-time, and buyers could receive less attention as a result.

AGENCY SIZE Don't place too much emphasis on agency size. Real estate agencies come in all shapes and sizes. When it comes to ability, the size of the agency should not factor in. A smaller independent agency can be just as qualified and reliable as one of the major franchise agencies. Buyers who find someone they trust should go with that person, regardless of how big or small their agency is.

GET A REFERRAL. Friends and family members who have been through the buying process before are great resources. If you are relocating because of work, you should ask your company to refer an agent or ask to be referred by your hometown REALTOR®.

Any home with floor drains or plumbing fixtures below street level can flood, and this can be due to inclement weather, such as heavy rain, local sewer system backup, or groundwater swelling. Flooding can even occur in the spring when melting occurs. While homeowners won't be able to control the weather, they can take steps to flood proof their home. If the ground around your home's foundation slopes toward the house, make some grading changes so that the ground slopes away from the home. Clean gutters and downspouts in the spring and late fall of all debris, to ensure water is effectively being diverted away from the home. You should inspect your home's foundation, chimney, etc for cracks at least once a year. If any cracks are discovered, consult a professional immediately. When leaving your home for an extended period of time, turn the main water valve off to prevent flooding should a line break.

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home renos

Some renovations can make your home less appealing

H

ome improvements are typically made to improve the functionality and look of a home, but renovations also can increase the value of a home. Certain changes to a home can make it more attractive to prospective buyers, while other renovations may make a home less appealing.

For example, a complete overhaul of an outdated kitchen is often a smart financial move, while installing a pool or hot tub may not be worth the cost to homeowners. Separating the good from the bad renovations makes smart financial sense, and homeowners looking to improve their homes resale values may want to avoid the following projects.

BEDROOM/GARAGE CONVERSIONS Changing a rooms traditional function often turns off buyers. For example, turning a garage into a home gym might seem like a great idea for you, but it may not be so appealing to prospective buyers.

Buyers can certainly reconvert the space, but they would consider the costs of such a conversion when making their offer on your home.

STYLIZED COLORS Painting over unappealing colours is a project many homeowners can handle. However, some may be discouraged by a home that has too many bright colours or textures on the walls and trim. Buyers often want homes that are move in ready, meaning they can get settled in before taking on large projects. Dark colours do not easily disappear, and taping off and painting trim work or changing it entirely can be equally time

The Key to REALESTATE ESTATE

consuming. Stick with neutral colors when selling your home, even if this means giving your rooms a new coat of paint before putting it on the market.

OUTDOOR HOT TUBS AND INDOOR SPA TUBS Many people find soaking in a bubbling brew of hot water quite inviting. But buyers often do not want to inherit a used hot tub. Although hot tubs are cleaned and maintained with sanitizing chemicals, some people still view them as unsanitary. Removing a hot tub can be labour intensive. And much like a pool, a hot tub may not be appealing to buyers with young children.

REMOVING CLOSETS Closet space is often high on a buyers priority list. Turning closet space into an office or removing a closet to make a room bigger may be fine if you are staying put, but can be a turn off for prospective buyers.

TOO MANY FEATURES Some homeowners over improve their home to the point that it outshines all others on the street.

Homeowners may struggle to sell a home that is disproportionate to other homes in the area.

Practice moderation when making improvements to attract more buyers.

Making informed choices before renovating can help homeowners recoup the largest share of their investments. So if resale value is on your mind, consult with your REALTOR® before starting a project.

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self movers Essential packing tips for self-movers

N

ot all of us can afford to hire professional movers and it can be hard to justify if your move is local. However, there are some things that will make moving day much less stressful and easier on your back.

One investment that is worth it’s weight in gold is the rental of a storage locker. Once you decide to list your home you can begin your packing and start moving seldom used items to the storage locker right away. This will take a lot of pressure off of the moving day as you can get moved in first, and only empty the storage unit when things are more organized in your new home. Think seasonally. If it is summer pack up your winter clothes, Christmas décor, snow shovels and put them at the back of the storage unit. Also box up most of your books, record collections, and seldom used tools and small

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appliances. These are some of the heavier items that you can move over to the locker just a few at a time. Think first in, last out. This has the added bonus of making your home less cluttered and easier to keep in order once potential buyers start coming through.

Remembering what is where, is also a big unpacking challenge. Nothing is as frustrating as having to tear open 10 boxes just to find a can opener. This might seem a bit nerdy but if you put big numbers on all sides of the boxes and keep a notebook with what is in each box you will be able to find those items quickly as you unpack.

Also it adds a layer of security if you are hiring help for moving as the box contents i.e. coin collection, aren’t labelled on the outside making valuables easy to identify.

On your moving day, if it is in your budget, rent a cube truck that has a ramp that lowers for safety of items and your back. Be sure to book

expert tip Colour

The Key to REALESTATE ESTATE

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it early particularly if you are moving at month end. Also rent or borrow a heavy duty dolly again for speed and ease.

If you have pets find a friend or family member who can take your pets for moving day and perhaps the day after. Moving can be very stressful for them and keeping track of them with all the in and out of house and yard is difficult. More than one furry loved one has gone missing on this day. Don’t let it happen to you.

Just before the big day put together a moving day bin. This will go in the car with you, and be the first item brought into your new house. It should include cleaning products, paper towel, light bulbs, a roll of toilet paper, bottled water or other cold beverages, snack foods, a small first aid kit, your box inventory notebook and phone chargers. Just a little pre-planning makes all the difference. Happy packing!

- Courtesy of Kelly Lerigny & Anita Lloyd RE/MAX Nyda Realty

Colour is the most important tool in the toolbox, and one of the most inexpensive ways to infuse the home with colour is with paint. Although staying neutral is a good idea when selling your home, if you have just purchased a home, you may want to add some of your personality to it. Start small with paint or decor accents that are inexpensive. This way, you can always change your mind if you feel you made a mistake.

Chris Kloot

CLARKE MALLORY

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first time R investor Real Estate Investing for Beginners

eal estate has historically remained a sound investment, boasting a longterm appreciation rate that makes it a worthwhile investment if you can withstand temporary setbacks in housing prices and hold on to your investment over the long haul. But investors are often nervous as they look for their first properties. Uncertainty about future housing prices aside, investing in real estate is not without risk, and first-time investors need to be comfortable with such risk in order to make the most of their investment. The following are a few things you should consider as you decide if investing in real estate is right for you.

PERSONAL ABILITY Real estate investors typically have tenants, and those tenants inevitably have needs. Investors who have handyman experience may not find it quite as difficult to repair or renovate a property and make it more attractive to tenants, nor are they likely to be inconvenienced when minor issues on the property need to be addressed.

However, if you are about to become an investor with no such experience, you will need to hire contractors to do the work for you, cutting into your potential profits down the road. If you don't have the ability and/or the time to address minor issues like a clogged drain, or a drafty window, you should consider hiring a property management company to tend to such needs.

Such firms are effective, and although they do

charge a fee to manage your property, it could be worth you while. Your property manager will deal with all issues in a timely manner, and they have a host of trades available to take care of any repairs, giving you peace of mind. They also offer inspections of your rental property on a regular basis which protects your investment and you as an owner. The fees paid for property management are also a tax write off against your rental income along with your other rental expenses.

Even those investors with handyman experience may have little or no knowledge of how the leasing process works, or landlord and tenants rights etc., and may still have to rely on a property management company. A licensed property management company can alleviate the challenges of tenancies, evictions and arbitrations, and the ever changing laws that are associated with tenants.

TIME Real estate is often a time consuming investment. Tenants pay good money to live in rental properties, and those tenants will have a host of needs that must be met. Investors must be sure they have the time to address their tenants concerns, especially investors with no plans to hire a property management company, and want to go it alone.

Potential investors who already have full plates at work and at home may not be able to devote the

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home value

time necessary to make the most of their real estate investments. Time must be considered when considering profits. Real estate is not the type of investment that turns a profit overnight. Even investors who are looking to invest in a up and coming neighborhood must be prepared to hold onto their properties for several years to maximize their investments.

Though real estate is a sound investment, it is not a get rich quick scenario, so if you are looking to make a quick buck, you should consider an alternative investment.

Factors that might hurt your home’s value

SIZE First time real estate investors might be wise to choose a smaller property for their initial investment. Larger properties can be overwhelming to manage. You should only consider moving on to larger properties once you are fully comfortable with all that comes with investing in real estate.

LOCATION Your home's location is arguably its best or worst selling point. A home in a great location won't be as difficult to sell as a home in a less desirable neighbourhood.

APPEARANCE

COSTS

Your home's appearance is another obvious variable that might affect its resale value. You might want your home to reflect your own individuality, but that's not going to help when it comes time to sell. If the exterior paint is out of the ordinary, then it might be wise to choose a more traditional or conservative colour before erecting the "For Sale" sign out front. The same goes for your home's interior. A more traditional interior decor might help your home sell faster.

The cost of a real estate investment goes beyond the purchase price of the property and the rental income you may expect to collect. In addition to the mortgage on the property, investors must pay the taxes and insurance on the property, as well as any cost associated with maintaining and managing the property. Talk with your lender and your REALTOR® to make sure you understand all the costs involved in becoming an investor.

Neil Sulkers

NEIL

The Key to REALESTATE ESTATE

SIZE AND STYLE Another thing to consider when selling your home is its size and style. A home that stands out on the block might be an attentiongrabber, but that's not always attractive to prospective buyers. For instance, a colonial sitting in the middle of a street filled with contemporary homes will stand out, but likely for all the wrong reasons. It will likely appear dated and out of place, which is something buyers might not want.

NON-CONFORMITY When selling your home, conformity could make the difference between it selling quickly or remaining on the market for months and months. For instance, if you are trying to sell a two bedroom rancher in a neighbourhood filled with three plus bedroom two storey homes, you might notice your home's value is not as high as that of surrounding homes, regardless of the neighbourhood or how similar your home's exterior is to the surrounding homes.

AGE Older homes might have character and a sense of nostalgia, but appraisers take age into consideration when determining a home's value.

Your REALTOR® will consider all factors of your home, both positive and negative when preparing your market evaluation.

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P

pet peeve Dealing with Pets when selling your home

ets can present a real challenge when it comes to selling your home. Many people work and their pet remains home alone. For many pets, having strangers invading their space can be frightening for them causing abnormal behavioural responses. Dogs will bark or growl. Cats will hiss, swipe out, even attack or simply bolt leaving a trail of hair streaming behind them. Even caged pets or birds will become frightened and toss their bedding around. These responses can be disconcerting and distracting to buyers and stressful for the animals.

REALTORS® over the years have experienced dog attacks, escaped pets and freaked out buyers.

Frankly, based on these experiences, if a REALTOR® is not told in advance by the listing agent that the “owners are out, but the dog is in a crate in the garage” and there is barking or growling coming from inside a home when the door bell rings, a REALTOR® will most likely not show that home so as not to put themselves and especially their clients at risk. There are a number of other considerations that have to be taken into account when you are selling a home as a pet owner. If you ignore these issues it could cost you literally thousands of dollars as the result of lower offers. Here are some recommendations:

RE-LOCATE PETS If at all possible while your home is on the market take your pet to a close friend or family member to care for until the home is sold. It will generally be the most humane thing you can do and will make having your home "show ready" and less stressful for

you and your pet. Pets in homes on the market can interfere with showings and can prolong your time on the market. Longevity on the market translates into a lower selling price.

REMOVE PETS FOR SHOWINGS Another option is to see if a neighbour would be willing to keep your pet at their home during the day while you are at work. Prospective buyers who see pets will be consciously looking and smelling for pet damage to woodwork, carpets, and walls; again not focusing on the positive features of your house.

SECURE YOUR PETS If removing your pet is absolutely not feasible, at the very least have your pet in a crate during showings with a sign that asks people to not disturb them. Loose pets in a home can make people very nervous and puts a big responsibility on the buyer’s agent to manage the pet situation i.e. making sure the pet stays in the house, keeping the buyer’s attention on the viewing, and dealing with people’s fear of animals.

REMOVE THE EVIDENCE For some people, particularly those with allergies, just the fact that pets live in a home de-values it. So it is a good idea to de-pet your home for showings by removing food dishes, pet toys and beds, leashes, pet food bags, etc.

DEEP CLEAN & REPAIR DAMAGE Although pet owners in our love for our pets may overlook and ‘under-smell’ the evidence that we are

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sharing a home with furry animals, most buyers, even other pet owners, rarely do.

If there is any damage caused by scratching or chewing of walls, doors and door frames, floors or carpets, it should go without saying that those repairs must be done. Pet odors and stains can be very insidious and it is usually a good idea to have carpets professionally cleaned prior to listing your home. If the cleaning is not successful consider replacing the carpet and underlay. You may even want to paint the wood underneath just to make sure that the smell does not escape again. After that, daily vacuuming and dusting is highly recommended to keep hair and pet dander at bay.

If there is a litter box, daily cleaning is a must. Do not use masking chemical fragrance products like fabric sprays, plug-in types or air freshener sprays as the end result smells like a lavender wet dog.

Also, don’t forget the yard. Repair any damage to lawns or gardens like holes or burnt spots on the grass and be religious about picking up the feces.

Deep cleaning applies to the pets too. Bathing and brushing them frequently, and washing their bedding while your home is on the market will keep your home smelling pet free and keep the loose hair at bay. As much as we love our pets, sellers have to face the truth and consider the fact that they may be costing us much more than we think when it comes to selling our homes.

home inspection our REALTORS® job is to find the perfect home, in the right location and with all of the amenities you want - and at the right price. However, you may have questions about the structure and condition of the home and it may not be perfect. A home inspection is the best place to get answers to your questions.

You should have a home inspector go over the house from the foundation to the roof so that you can make an informed decision.

They can give you crucial information about the plumbing, wiring, heating and air-conditioning systems. They will check the roof, give you an indication of the condition of the appliances, and inform you about replacement or repairs. The inspector can also show you where the water and gas shut-off valves and circuit breakers or fuse box are located.

The inspector won’t pass or flunk a house based on what they find, but will go over the house thoroughly to help you understand what it is you are buying. If there are any

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serious problems, and if they are reflected in the price, your inspector can give you an idea of how much the repairs may cost. If there are major surprises, you will have the opportunity to re-open negotiations with the sellers before you commit to the purchase.

What if your perfect house isn’t really perfect after all?

Its ‘Old World’ charm extends to the heating and plumbing systems and the roof leaks when it rains. What should you do? Your strategy should depend on several things. Did you know about the problems when you made your offer? Did the sellers build some room into the asking price with the understanding that their house was a handyman’s dream?

Most inspections turn up at least a few items that need attention, but they can occasionally reveal major defects. The inspection clause in your contract has a time limit. If you really like the house, you should consider renegotiating with the sellers.

Your REALTOR® can advise you about how to include an inspection in your offer to purchase and give you the names of inspectors in your area. The purchase of a home is a major investment, and the cost of an inspection is well worth the peace of mind it provides.

WAAL&CO. - Courtesy of Kelly Lerigny & Anita Lloyd

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lease land

Is buying on First Nations lease land wise?

C

hilliwack has many great housing options particularly for retirees. Many seniors are drawn to rancher communities for the lifestyle and security they provide. However, as a city hemmed in by mountains, waterways and protected agricultural land, there isn’t a large amount of freehold land to build these large communities. Hence the emergence, just over 20 years ago, of leasehold developments on First Nations lands. There are at least 9 of these retirement projects in Chilliwack at present and we are certain that we will see many more as the years progress. These properties are generally considerably less expense to purchase than the equivalent freehold home, many are gated, and they are often located close to desired amenities and some of the nicest settings in town on the valley floor. So is it a smart choice for you?

As with all of life’s major decisions it is important to be well informed. On this topic there has been much misinformation causing many people to believe that buying on lease land is not a good idea. So let’s clarify some facts about buying leasehold property and deal with some of the myths. Leased lands are located on reserves which are owned by Her Majesty the Queen, in Right of Canada.

Certain band members, called Locatees, had possession of these lands for their family’s use. To create a new development the Locatees request that the Federal Government enter into a lease, say 99 years, with the Developer on behalf of the Locatee. These band members suspend their right to use the land for the lease term in exchange for prepaid rent for the term of the lease. This is a direct contractual agreement between the Federal Government and the Developer only. This is what is described as the Headlease.

The Developer can now subdivide the lands and issue Subleases to those who wish to purchase a home in the development. The Sublease gives you the right to occupy and use the premises for the length of time set out in the sublease document.

As long as you make your lease and common area maintenance payments you can live there just as you would in a similar freehold strata community, undisturbed.

You can resell your interest by assigning the

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sublease to a buyer. Subleases come in two forms, pre-paid or pay-as-go. Pre-paid means just that, that there is a dollar value at the initial purchase to pre-pay the lease up front. However, in Chilliwack the majority of homes are pay-as-you go which means you make a lease payment each month. It is important to review how this lease payment is determined each year. Most of our lease increases are based on a formula around the Consumer Price Index (CPI). The myths:

Myth 1

My property can be taken away

These are already reserve lands and are not involved in any land claims or land claim settlements. In the past there were some badly constructed lease agreements that caused some issues. Many of these conflicts arose because a Developer had failed to make payments for the Headlease. It is always important to review the Head and Sublease carefully preferably with a lawyer or notary well versed in First Nations leases to make sure that everything is in order.

Myth 2

If the First Nations is the tax authority they can increase my taxes to anything they want Just not true. In establishing the right for a Band Taxing Authority certain controls were put in

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2014-2015

place. They must use the same guidelines and methods of assessment that the B.C.Assessment Authority uses for freehold lands and the mil rate applied is approved by the Federal Government annually and is required to be consistent with mil rates charged in the surrounding area.

Myth 3

A Home on Lease Land is not a good investment While you can expect to pay less for a home on lease land, a big benefit to most people, which we have noted over the roughly 24 years that Chilliwack has had this product, is that their values have followed the same cycle of appreciation as freehold properties in the city.

expert tip Save your downpayment faster

The Key to REALESTATE ESTATE

35

Myth 4

You Can’t Get a Mortgage on First Nations Land It is true that not every financial institution will grant mortgages on lease land. However, there are banks and credit unions that have a very good programs for financing in these communities.

Talk to your REALTOR® or a mortgage broker or lender to find out the best options.

Buying on lease land can be a wise and secure decision. The long and short of it is, that like all real estate transactions, buying on lease land requires you to do your homework and engage a knowledgeable local REALTOR®, lender and legal advisor.

-Courtesy of Kelly Lerigny & Anita Lloyd RE/MAX Nyda Realty

While saving for a down payment can be challenging, you can save for a down payment a lot quicker by following a few simple rules. First, examine your budget and set a savings goal. Make up a monthly budget, recording all your expenses to gain insight into where you spend your money. Next, curb your spending, ask yourself if the item your are about to purchase is something you need to have, or is it something you just want to have. Even a small adjustment in your spending habits, such as packing a lunch and making your own coffee everyday, can go a long way toward helping you save a bigger down payment.

One of the most effective strategies is to put money aside before you can spend it. Set up a scheduled, pre authorized transfer at your financial institution, that moves a specific amount of money from each pay cheque into a savings account that you cannot access with your debit card. Stay disciplined and stay away from the account, as your good intentions to pay withdrawn money back will most likely remain just that. Making savings automatic is the simplest and most effective way to stay disciplined while saving for a down payment.

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The Key to REALESTATE ESTATE

2014-2015

did you know?

bank appraisal What a bank appraisal means to your Real Estate purchase

M

any sellers think that the price they can get for their home is determined solely by the amount they are willing to accept and the buyers are willing to pay. There is one more variable that can influence the sale of a home – the lender’s appraisal. To protect their investors, mortgage lenders may hire an appraiser to give an independent, objective evaluation of what the property is worth. Predominant value, facilities and improvements are all considered in the appraisal of a property. They may also use electronic appraisals from CMHC (Canada Housing and Mortgage Corporation) called Emili.

Buyers and sellers look at a property as a home, or an investment, but lenders see the same real estate in different terms. To a lender, the property is security in the event that a borrower fails to repay a mortgage.

It is the collateral to be recovered and liquidated in this event. If you get a $280,000 loan secured by your $300,000 home, the lender does not want to find out later that the house is worth only $250,000.

To limit their risks, lenders want a precise, but conservative, estimate of value before making a loan. So lenders get an appraisal to make an objective evaluation of the property’s worth. The appraisal provides to the lender several key pieces of information in addition to a replacement cost estimate and market analysis.

If an appraiser is used, their job is to come up with an objective opinion of the property’s value. The principal tools used in an appraisal are recently sold comparable properties in the same area. After inspecting the “comparables”, the appraiser adjusts the value of the house, by evaluating the condition of the property, the number of bedrooms and bathrooms, the size of the lot, and any unique features.

Lenders use the appraisal to cap the loan amount, and they rarely lend more than appraised value.

If your loan request has been denied, one of the possible reasons for rejection could be that the appraised value of the property is too low. Your alternatives in this situation will depend upon the reasons for the low appraised value. If the purchase price is higher than the prevailing prices in the area, you can try to renegotiate the price with the seller. If this is not possible and you really want the house, your only solution may be to accept a lower loan amount and come up with the difference.

It is also required by lenders to have a current property appraisal when you are refinancing your home. Your ability to borrow money to pay off other debts or get cash out is also affected directly by your home’s appraised value.

Pre-approved/Pre-qualified Did you know that there is a difference between being pre-approved and prequalified for a mortgage by a lender?

Most lenders in the initial appointment go over numbers based on information you tell them. In this initial appointment they will pre-approve you for what you can afford to buy based on your income, debts and down payment. With that said however, quite often this information does not match the final paperwork that is issued to the lender which could mean you are house hunting in a price range you are not qualified to purchase.

In order for the lender to pre-qualify you, you will need to bring the required documentation to support the information you have relayed. Also, bring in verification of where your downpayment is coming from. Know what you owe so the lender does not discover unmentioned debt when an actual credit report is requested.

Be aware that although you may be prequalified, the financial institution still needs to approve the property either through an internet appraisal system, or an on site appraisal. If it is a high ratio mortgage, the high ratio company has the final say. So if you require financing, always make your contract of purchase and sale subject to financing to protect yourself.

– Courtesy of Vancity Credit Union

With exposure to many banks, credit unions & trust companies...

We can offer you the best mortgage option to suit your needs.

Robin Klassen

Laura Belyea

cell: 604-819-1525 robin@entrustmortgage.ca

cell: 604-793-8088 laura@goldfinancial.ca 08/13_key

2014-2015

home insurance When you are in the process of purchasing a home, your mortgage lender will require proof of insurance before your mortgage funds are disbursed. Home insurance coverage can vary from one company to another and from one policy to another so it pays to ask your insurance representative questions about which policy is right for you and are there any specific limitations and/or exclusions in your policy.

What does my home insurance policy cover?

Some policies cover only 'named perils' - in other words, if the cause of the damage isn't listed in your policy, it isn't covered. This is generally referred to as a 'standard' policy. Other policies cover 'all risks' on the buildings and named perils on the contents of your home. This is generally referred to as a 'broad form' policy.

There are policies which cover all risks on both the building and its contents, but are subject to some exclusions. These are generally referred to as 'comprehensive' or 'special' policies.

Is there a specific kind of insurance for the type of home I live in?

Yes. Speak with your insurance representative about tailored package policies. If you own a

THE

house, homeowner's insurance is available to protect your property and liability of you (policyholder), your spouse/partner and your children.

If you own a condominium, there are specific types of coverage you can purchase in addition to liability and contents coverage. If you rent, tenant's insurance is available to help you replace your belongings after an insured loss.

Are there certain risks or potential perils to my home for which I can't buy insurance?

Because premiums for an 'all inclusive' policy would be impractically high, no policy covers everything that can go wrong. Insurance is intended to cover losses caused by unforeseeable events. Losses that are predictable and/or inevitable are typically not covered by insurance. Overland flood damage, for example, is not insurable because houses that flood are typically located in flood-prone areas.

Is optional coverage available for perils that are not normally included in my homeowner's policy?

Yes. For example, you might consider buying optional earthquake coverage. If you are worried about water damage from rainstorms, you might want sewer back up coverage.

What things could happen to my property that won't be covered unless I make special arrangements?

Here's one example: damage arising from the freezing of indoor plumbing is seen as preventable.

So, if you are away from home for more than three consecutive days (be sure to verify your insurer's

The Key to REALESTATE ESTATE

37

stipulations) during the normal heating season, you must drain the plumbing or arrange to have your home checked daily by a knowledgeable person to ensure that heat is maintained. If you do not make these arrangements and your pipes burst, you may end up covering the clean-up bill.

What are some items that might require additional insurance?

The standard dollar limits to replace stolen cash, garden tractors, watercraft and computer software are relatively small, so you may want to buy additional coverage for these items. Coverage limits may also apply if the following items are stolen: bicycles, jewelry, watches, furs, coin, stamp and card collections. Reasonably priced supplementary insurance is usually available. This supplementary insurance, often called a 'rider' or 'floater', provides extended coverage for these specific items.

What is the difference between replacement cost and actual cash value?

Most claims on home insurance policies are paid on a replacement cost basis, meaning that the insurance covers the cost of replacing a damaged or lost item with a new one that is as close to the original as possible in functionality and quality.

If you choose not to replace a damaged item, your insurer will pay only the actual cash value of that item - that is, the replacement cost less any depreciation in the value of the item.

SEXSMITH TEAM

BE REPRESENTED -

Joel Westeringh

Sophia Ji 604.779.2680

IT’S WORTH YOUR WHILE!

Full Scale Service from Your Real Estate Professionals

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Personal Real Estate Corporation

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Personal Real Estate Corporation

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Experience! Over 40 years with the Chilliwack & District Real Estate Board.

Dedication! We are here for you 24/7.

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We offer competitive rates, extensive marketing, and ALWAYS work in our client’s best interest.

38

The Key to REALESTATE ESTATE

2014-2015

strata Understanding strata

I

f you would like to own a piece of real estate, but without the responsibilities of yard work and maintenance, you are likely going to purchase a property in a strata. There are various types of properties that are stratified and many terms you should familiarize yourself with if you are thinking about becoming an owner in a strata.

The rules and bylaws of any strata are in place for the common good of all homeowners and reflect its common values as a whole. The bylaws regulate how owners and tenants may use their strata lot, the common property and the common assets.

Monthly strata fees vary depending on the type of strata lot, the amenities and buildings belonging to the strata (clubhouse, swimming pool etc.) and the services and repairs and maintenance that the strata corporation is required to fund.

The strata property act applies to all types of strata.

Whether it is a duplex, 10 bare land lots, 100 town homes, or 50 units in a condo property, the legal fundamentals remain the same.

There are 2 types of strata plans – those that subdivide buildings and those that stratify land.

Owners of the strata lots make up the Strata

Corporation. Every strata lot has a vote.

BARE LAND STRATA PLANS Strata plans that subdivide land are called bare land strata plans and boundaries are defined by reference to survey markers the same way a standard subdivided lot is identified. The difference being is the presence of common property in the bare land strata plan, such as the road or street lighting in the subdivision.

STRATA DEVELOPMENT In a strata development, an owner buys an interest in a strata lot. He or she owns real estate. Strata developments can consist of as few as two strata lots or hundreds of strata lots. Typically, strata developments often involve buildings. Unless otherwise indicated on the strata plan, the boundary of a strata lot in a building is between the structural portion of each wall, floor or ceiling that separates one lot from another.

COMMON PROPERTY Common property includes but is not limited to; pool & recreation facilities, party rooms, guest suites, sidewalks and stairs, elevators, hallways, and so forth.

LIMITED COMMON PROPERTY A strata development can designate an area of common property for the exclusive use of one or more strata lots. This designation is called Limited Common Property. For example, in a strata apartment building, the strata plan may show that

a strata lot’s balcony is on limited common property for that specific strata lot. This means that the balcony is common property, owned by all the strata lot owners as tenants in common, but the balcony is for the exclusive use of that strata lot owner.

THE STRATA CORPORATION The owners of the strata lots are members of the strata corporation, and it has the legal capacity of a natural person. The corporation can enter contracts to buy or sell property or services. It is responsible for repairs and maintenance of its common property and common assets and must obtain and maintain property insurance on the common property.

THE STRATA COUNCIL The Council is like a board of directors. Eligible voters in the strata corporation elect a strata council to carry out the day to day work of the strata corporation. Major decisions that affect the strata owners or their lots must be made by the eligible voters in general or sometimes special general meetings. Yearly, at the annual general meeting, the eligible voters must elect or re-elect the members of the strata council from among themselves. The Strata Property Act permits eligible voters, by a majority vote, to direct or restrict the strata council in exercising its powers and performing its duties where their instructions do not contravene the act.

- Courtesy of Lisa Kalinski - Sutton Group - Showplace Realty 2014 References and Resources: The Condominium Manual, 2004 Strata Property Act, Strata Property Regulations

• Property Transfers • Mortgage Preparation

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201-7408 Vedder Road | P604.824.5500 F604.824.5521 Einfo@simpsonnotaries.com www.simpsonnotaries.com

2014-2015

The Key to REALESTATE ESTATE

NO TWO HOMES ARE THE SAME.

Why market them the same?

We create a unique marketing plan for each home, because every home has a different target buyer. Identifying that buyer and tailoring a marketing plan is your best chance for success. We believe in working with you to sell your home.

what makes the

Pinnacle Team Different • Full colour newspaper advertising • Comprehensive website • Oversized lawn sign for better visibility • Professional real estate photography equipment • Feedback on showings

Selling Made Simple, Strengthened by Experience & Expertise!

• Updated market analysis

SUPPORT - when you need it!

The right REALTOR® makes all the difference!

• True agency support and client care

Lisa

KALINSKI

• Open house follow up • Weekly web traffic stats • Weekly activity summary • Hand delivered feature sheets • Search engine optimized • Marketing on dozens of websites to maximize the exposure of your home

Trish TARONI

604-316-3411

604-845-0216

lisakalinski@gmail.com

trishtaroni@shaw.ca

www.pinnacleteam.ca

Sutton Group - Showplace Realty 2014

39

Matheson Team

BUYING SELLING INVESTING

Peter ALEXANDER

Michelle VAN TONGEREN

Dan MATHESON

Alison PARVIN

Scott DAVIDSON

604-997-0823

604-798-6626

604-791-3211

604-393-7856

604-798-1166

peter@mathesonrealestate.ca

michelle@mathesonrealestate.ca

dan@mathesonrealestate.ca

alison@mathesonrealestate.ca Administrative Assistant

scott@mathesonrealestate.ca

Your Community Minded REALTORS速

Sutton Group - Showplace Realty 2014

mathesonrealestate.ca

PUT US TO WORK FOR YOU... YOU WILL BE GLAD YOU DID.