Real Estate Guide - Key to Real Estate 2016-2017

Smart

The Key to

2016-2017 2016 2017

REALESTATE REAL ESTATE

The Chilliwack

Progress

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COMPETING offers in a sellers market Trying to buy or sell a home can be a nerve wracking endeavour for you and your REALTOR® in a heated seller’s market. In a seller’s market, it is an excellent time to sell, but buying in a seller’s market can be difficult without proper preparation. Getting your offer accepted is like winning a lottery when there are multiple offers competing for the same home. Then there are the seller’s, who would like to sell but are afraid they will get stuck without a home.

The first step is to call a REALTOR®.

REALTORS® must hold their licences through a brokerage/company and adhere to the Code of Ethics. Despite this, they all run their individual businesses differently, have their own marketing plans, and unique personalities.

Choose someone you are comfortable with.

This is a team effort. You will need to be able to work closely with your REALTOR® and talk openly and honestly in order to reach your goals.

The next step is to talk to your mortgage professional and get a mortgage pre-approval

in place. This will help you know what price range you can afford to consider and eventually buy. Consider and discuss your options. Can you buy before selling? If so, what are the additional costs involved? If you are selling first, try to have a backup plan in case the dates of your sale and purchase aren’t able to line up exactly. If you can be more flexible with your completion date when buying it may increase your chances of getting the home you want. If your home sale completes earlier than your purchase, you may have to stay with friends, or family.

Being as prepared ahead of time as possible is the key to success in a seller’s market. Once you find the home you want to write an offer on, your REALTOR® will find out if there are other offers being presented and when this is happening. Listing REALTORS® have a legal obligation to disclose if there is more than one offer on the table. This means you will know if you are in a multiple offer situation before your offer is presented to the sellers which allows you to adjust your offer accordingly. When there is more than one offer on a home, each buyer wants to make their offer look more

attractive to the seller. The amount you are offering is very important. But other items in the contract such as the amount of the deposit, completion and possession dates, and any other “conditions” also play a big role in the overall contract.

The Contract of Purchase and Sale will typically contain “conditions” that need to be met prior to that contract becoming firm. Clauses such as the final approval of your mortgage, conducting an inspection of the home, obtaining documentation and information about the home, and doing your research to ensure you really know the home you are buying.

However, in a hot seller’s market “subject free CONTINUED ON PAGE 4

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Thinking of Buying or Selling?

COMPETING offers in a sellers market CONTINUED FROM PAGE 3

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offers” suddenly begin to appear. In a “subject free” offer, conditions are not included, or are waived by the buyer in the Contract of Purchase and Sale, which exposes you as the buyer, to more risk. Remember, buying a home is the largest purchase of one’s lifetime and you need to be sure you know what you are getting into. So how do you compete and get the home you want to buy, but not put yourself at risk?

This is where the “team effort” with your REALTOR® comes into play.

Documents such as the Title Search, Property Disclosure Statement, and Strata Documents if applicable, may be available prior to presenting your offer. In some cases, hiring a qualified Home Inspector to view the home with you and your REALTOR®, before presenting your offer, might uncover defects that the average buyer could miss. Discuss this with your REALTOR® and obtain

their advice and guidance. Every situation is different and will require a unique strategy. You need to work closely with your REALTOR® to put together an offer that puts your best foot forward but doesn’t expose you to unnecessary risk. The more attractive you can make your offer and the more flexible you can be on the dates and conditions, the higher your chances are of having your offer accepted.

At the end of the day, you are the one that has to live in the home, make your mortgage payments and do the home maintenance. So make decisions with that in mind. Making a subject free offer in order to have the “winning” bid, when the largest purchase of one’s lifetime is at stake could turn your dream home into a nightmare. So plan ahead, work closely with your REALTOR®, and always do your due diligence, so you can make an offer that you are comfortable with.

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MAKING AN OFFER witxhout subjects because you are pre-approved In a fast paced market you have to be very competitive if you are going to come out as the winner in a multiple offer situation. You have been pre-approved so it just makes sense to make an offer without a subject to financing clause – right?

Wrong - there is no such thing as preapproval. At least not in the sense that you can write the offer with 100% confidence.

So then, what is pre-approval. It is little more than a glorified rate hold in most cases, perhaps a cursory review of your own personal good standing in very few cases. The missing ingredient from a pre-approval is the property.

Without the property details, documents and appraisal, there is nothing to approve or preapprove.

Be certain that your lender or broker, and your REALTOR® are having conversations with each other. These two should be speaking directly.

They are the licensed professionals in the equation. However, neither fully understands the nuances of the other’s job. REALTORS® are not current on various lending guidelines and

lenders are not current on all contract updates.

Understand that no matter what your lender, REALTOR®, appraiser, lawyer or accountant says, at NO time are you guaranteed financing until the lender reviews and approves 100% of all related documents.

That is all part of the entire financing approval process. If you do not have a ‘subject to financing’ clause in your offer, and your lender assesses the homes value to be much lower, you are on the hook for a much higher down payment. And what if you don’t have it?

The subject removal period is when solutions are found for various wrinkles which can come up with any home purchase contract. It is the period where all too often, REALTORS® and lenders discover something about your, or their limitations. Without that subject removal period, there is no safety net. If you could not, or did not want to proceed with the purchase after all, too bad. With a financing subject on your contract to purchase, you can easily back out.

Without any subjects, you are legally bound to go ahead with the sale.

Certainly in a sellers market, try to minimize the number of subjects written into an offer by doing as much preliminary investigation and due diligence as you can before your offer is presented. But having at least one subject for financing in that offer will protect you from any legal recourse should you change your mind or encounter a glitch with your financing.

Courtesy of Dominion Lending/Donna Phillips

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5 TIPS FOR relocatxing your family Whether you are moving to a new community or a just a new neighbourhood, moving can be very stressful on the entire family.

Did you know the average person moves 11.4 times in his or her lifetime?

Various factors prompt people to move, from job opportunities, to the desire to be closer to family members, to live in a nicer climate, or simply to a home more suitable for their current family situation.

Moving is seldom an easy task, and is often ranked among the most stressful events in a person’s life, following only death and divorce. To make the process go more smoothly, consider the following tips.

1. 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 neighbourhood will feel empowered and in control.

2. 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.

3. 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.

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4. Pack children’s rooms last. Young children who see favourite 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.

5. 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.

Relocating a family can be stressful.

But involving kids in the process and anticipating an adjustment period can help your family adjust more easily.

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WHAT A BANK APPRAISAL means to your real estate purchase Many 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.

Buyers and sellers primarily 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 $380,000 loan secured by your $400,000 home, the lender does not want to find out later that the house is worth only $350,000.

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, plus or minus, 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.

Sometimes, the joy and anticipation of owning a new home are crushed when the application for mortgage financing is turned down by the lender.

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.

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The real estate FLIP What is a flip? Buy low, renovate and resell for a profit. Sounds pretty simple. However, if you are thinking about embarking on a real estate flip, don’t go into it blindly. Real estate markets can change swiftly.

Purchasing a home “as is” and hedging your bet that housing prices will escalate quickly for a profitable flip is risky. Take the time to learn about the current market, and market trends before you embark on this type of real estate transaction.

In any market, the first step is to find a suitable property to flip. The challenge in a seller’s market, is to find a property at a reasonable price, requiring some renovations, but has great potential to be resold at a much higher price.

You also need to know the current market in order to identify what constitutes a reasonable price. After all, the purchase price largely determines the achievable profit on resale.

Before you buy, you should evaluate all expenses, including the costs of purchase (purchase price, inspection, lawyer fees, transfer

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taxes), possession (mortgage, property taxes, utilities, insurance) and real estate fees when you sell.

You should also evaluate the cost of the renovations. To do this properly, ask a general contractor to visit the property with you. They will estimate the work required and the associated costs.

However, bear in mind that renovations usually involve a few surprises, so leave some leeway in your budget for unforeseen expenses. Also, be careful not to go overboard in the way of renovations; if you want to recover your investment when you sell, don’t exceed the potential value of the property.

An appraiser and a REALTOR® can help you evaluate the resale value of the property once it has been renovated.

Next contact a mortgage lender or broker to determine your borrowing capacity. Do you have the required down payment for an investment purchase? Can you get a loan to finance the renovations?

Make sure that the work you want to undertake will be accepted by the municipality concerned.

Ask about any necessary permits, and make sure you understand the impact of the flip on your income tax.

Your project will be more profitable if you do as much of the work yourself as possible.

However, you must be able to acknowledge your limitations and find competent professionals for tasks requiring special expertise, such as electricity or plumbing.

Finding the right property for a real estate flip in any market can be demanding and stressful, so be sure you are prepared for the challenge.

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Is a reverse mortgage

A GOOD IDEA? If you are 55 or older, and if you own your home or condo, you may be eligible for a reverse mortgage. If your retirement funds aren’t stretching out as well as you hoped they would, a reverse mortgage can seem like tempting relief.

However reverse mortgages are complicated products to understand. If you want to borrow money by tapping into your home equity in this way, you should get legal advice before seeking approval for a reverse loan mortgage.

Unlike a traditional mortgage, after you are approved for a reverse mortgage loan, you are no longer obligated to make monthly payments.

When you don’t, interest is added to the balance of your loan. You can choose to make monthly interest payments, however most people choose to pay back the mortgage

when they sell the home. The amount of money you will qualify for depends on your age and the appraised value of your home. A reverse mortgage is registered on title, but your home always remains in your name. You can sell or move anytime, and you can also pay back the reverse mortgage anytime you want to.

The reverse mortgage is due when you sell your home or, if you pass away and your estate sells your home. You, as the homeowner are still responsible for paying all home insurance costs and property taxes.

The reverse mortgage is very conservative and, in most cases does not exceed 40% of your homes appraised value. Don’t forget, the “honest” intention of the reverse mortgage is to help senior citizens supplement their income and to gain financial freedom. If any individual or institution puts pressure on you to agree to such a plan, seek legal advice immediately.

Are you ready to

DOWNSIZE? If you are an empty nester or approaching retirement age, you may have considered downsizing to a smaller home in a gated complex, a rancher style development, or a condo. Such a decision can drastically lower your monthly living expenses, while also liberating you from the hassle of maintaining a large home which you no longer need.

Downsizing to smaller homes or condos is a significant step, one that should be given ample consideration before making a final decision.

Downsizing means smaller, much smaller in many cases. So the first step is to take inventory of what’s in your house. Empty nesters often find that their homes are still filled with their children’s possessions, even

long after they have left home.

If the storage in your home is dominated by items that belong to your children, or an accumulation of items you no longer use, then downsizing might just be right for you.

Also take note of items and furnishings currently in use in various rooms throughout your home now. What can you do without and what do you want to keep. If the list of items you can live without is extensive, then you probably won’t have a problem moving into a smaller home.

You also need to take into consideration your retirement lifestyle. If you have already retired, or on the verge of retirement and plan to travel, then downsizing to a smaller home will not only be a benefit for you financially, it will also give you the freedom to travel for extended periods of time.

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HOME IMPROVEMENTS txhat can lower your homes value Home improvements are typically made to improve the functionality and look of a home, but some renovations also can decrease the value of a home.

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 if you are looking to improve your homes’ resale value, you may want to avoid the following projects.

Changing a room’s 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 the home.

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 trims. Buyers often want homes that are move-in ready, meaning they can get settled in before undertaking large projects. A living room painted in purple or zebra print may not fit the design

scheme of many buyers. Dark colours do not easily disappear, and taping off and painting trim or changing it entirely can be equally timeconsuming.

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 may view them as unsanitary. Removing a hot tub can be laborintensive. And much like a pool, a hot tub may not be appealing to many buyers.

Turning closet space into an office or removing a closet to make a room bigger may be fine if you are staying put. But these modifications can be a turn-off to future buyers.

Some homeowners over-improve their home to the point that it outshines all others on the street, but you may struggle to sell a home that is disproportionate to other homes in the area. Practice moderation when making improvements.

Making informed choices before renovating can help you recoup the largest share of your improvement investment.

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How to get vacant possession of a

TENANT OCCUPIED HOME When you are buying a property that is tenant occupied and you or your immediate family are going to occupy the space now used by tenants, you can ask the seller/landlord to serve the official ‘Notice to End’ the tenancy on your behalf. This is based only on month to month tenancies where the rent is payable on the 1st of each month.

1. The first is that you write a clause in your contract asking the seller/landlord to serve the official ‘Notice to End’ if so requested by you. If you do not ask the seller/landlord to do this then they do not have to serve the tenants notice so make sure you always include this statement. Your REALTOR® will assist you with the correct clause.

This is the only reason you are allowed to have the seller/landlord serve the notice unless you and/or the seller/landlord come to a mutual agreement with the tenants to mutually agree to end the tenancy. This usually involves some kind of monetary compensation to the tenants. If this is the case, make sure you confirm this by having a statement in your offer and you could also ask for a copy of the ‘Mutual Agreement to End’.

3. Once steps one and two have been completed you as the buyer give the seller/ landlord written notice that you and/or your family are moving in. The seller/landlord will then serve the official ‘Notice to End’ to the tenants as per the Residential Tenancy Act. There are severe penalties if you do not move in and occupy the space used by the tenants, so be sure to follow the rules of the Residential Tenancy Act.

When you make your offer there are three items you must always consider in order to make sure you do receive vacant possession.

2. The second item is that you must have removed all your subject clauses. In other words, your offer must be subject free.

Because notice cannot be served to the tenants until all subjects are removed a seller/landlord will often serve the official ‘Notice to End’ on the subject removal date.

The official notice period for month to month tenants who are paying rent on the 1st day of the month is 2 months ending on the last day of the tenancy period; not the first day of the month. Tenants have to vacate at 1:00 p.m.

Calculating the date and time you as buyers can move in is critical. The tenants must vacate on the last day of the monthly tenancy period [not the 1st of the month] and they have to leave by 1:00 p.m. You don’t want two moving vans at the same time; therefore, make your possession time around 4:00 p.m. or so.

Your REALTOR® is familiar with the Residential Tenancy Act rules and regulations when asking tenants to vacate and will make sure your offer contains all the correct statements and subjects. They will also assist you with calculating the date and time you can move into your new home.

Courtesy of Barbara Bell-Olsen Author of ‘Stay out of Real Estate Jail’ And ‘The Ultimate Collection‘

KYLE Hislop

WHEELER CHEAM REALTY

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2016-2017

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604-393-7880 • selectrealestate.ca #520-45715 Hocking Ave.

Michelle Van Tongeren 604-798-6626 michelle@selectrealestate.ca

2016-2017

IS BUYING ON Fixrst Natxions lease land wise?

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.

2016-2017

The Developer can now subdivide the land 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 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 a 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 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, is that their values have followed the same cycle of appreciation as freehold properties in the city.

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 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

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Chilliwack 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 several of these retirement projects in Chilliwack at present and 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 on the valley floor.

(across from the library)

604-792-8061 Ray Wolbers Store Manager

Mark Blessin President

w w w. w a g n e r a p p l i a n c e s . c a w w w. w a g n e r a p p l i a n c e s . c o m

Remember when you shop.... we service what we sell.

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Is txhere an

UNDERGROUND FUEL TANK on your residentxial property?

Prior to the mid 1970s many homes in BC were heated with liquid fuels stored in metal storage tanks underground.

These tanks were often left ignored, resting underground for decades. There are a number of these orphan tanks in Chilliwack. Over time, moisture builds up between the fuel and roof of the tank leading to rust, metal degradation, and eventually large gaping holes. Ultimately, many of these tanks failed. The fuel/condensation/ groundwater mixture would leak from the tanks, causing surrounding soils to become contaminated. One litre of petroleum can contaminate one million litres of water. One drop every two minutes will amount to 130 litres a year.

With tighter Provincial environmental laws, and general environmental conservation, the need to

locate and deal with underground storage tanks has become a priority and more often now than ever, a deciding factor when buying a home.

No one wants to end up purchasing a property with contaminated soil, not to mention the future legal implications involved in further migration and property clean up. Many insurance companies, mortgage companies, and banks require verification that a tank does not exist on site for this very reason. The prospect of a tank lurking underground is enough for a potential buyer to walk away from purchasing a home. Simply put, the tank needs to go.

When you are preparing to sell your home, the first step is to have your property scanned for an oil tank if you suspect that one might be present. Secondly, if there is a tank underground, it needs to be pumped and removed. You will be asked this question on the Property Disclosure Statement when you list your home so the issue

cannot be side-stepped. Soils are then tested.

If the lab results come back clean, the exposed hole is backfilled with approved fill, topsoil placed, seeded and the job is complete. This process can take as little as two days.

If lab results fail, soils are sent to an approved facility for disposal. The tank nest is retested once it’s deemed clean, and the site is backfilled. With lab results in hand, the transfer of property will progress smoothly.

The fact is the majority of sites are clean, free of contamination. Most dirty site clean-ups are relatively small, minor jobs. The key factors in dealing with oil tanks and leakage is to hire a reputable company to run the job site legally, following BC environmental guidelines, WCB protocol and municipal guidelines.

Knowing that a property is free of any oil storage tank and contaminated soils one can rest assured the property will be environmentally sound for future buyers and future generations.

Courtesy of Action Oil Tanks Ltd.

YOU

Would like Professional Representation with Buying or g yo Selling your al Estate?

Real

“LET’S LET’S MEET”

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HomeLife Glenayre Realty Realtty Chilliwack Ltd Ltd.

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email: vichl@telus.net 2016-2017

Diane LOTHIAN Real Estate Team

2 REAL ESTATE OFFICES TO SERVE YOU BETTER! g

Buyin

ORng?

Selli 285 WALLACE ST., HOPE PE

S

#100-7134 # 100-713 VEDDER RD., CHILLIWACK

earching for a new home or selling your current home can be a complicated and exhausting experience. It is absolutely essential to find a real estate agent that is deeply involved in the businesses, and loves what they do to show you the way. Along with my husband Shane and daughter Laina, we are here to do exactly that.

Our understanding of the real estate market, high degree of integrity, business sense and familiarity of the Lower Mainland make us a natural fit for providing excellent service to home buyers and sellers. Providing the best in representation and negotiation power is our commitment to you.

Because every needs great

Diane

Lothian

Sutton Showplace Realty 2015

DIRECT

2016-2017

Shane Bogle

Laina

Lothian

Jillian

Fraser (Admin.)

www.dianelothian.com 604-869-1010

OFFICE

604-858-1800 • dianejlothian@gmail.com THE KEY TO SMART REAL ESTATE

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The benefixts of

BURGLAR-PROOF WINDOWS

Do you know about txhe FIRST-TIME HOME BUYERS TAX CREDIT? Do you know that the Canadian government has been helping first-time home buyers with a $5,000 nonrefundable tax credit since 2009? The new owners of an eligible home can claim the First-Time Home Buyers Tax Credit (HBTC) by including this amount on line 369 of Schedule 1 of their tax return. The credit is calculated by multiplying $5,000 with the lowest personal income tax rate. On average, the HBTC enabled homeowners to save $750 ($5,000x15%) on eligible properties acquired.

For more information, visit www.cra-arc.gc.ca.

As the old saying goes, a chain is only as strong as its weakest link. Your home’s windows are an accessible point of entry for would-be burglars and could be your weakest link regardless of your added security measures.

Many homes have glass windows on one side or both sides of the front door. Although it might come in handy to see who is standing on your front stoop, it takes little time and minimal effort to break the window and open the door lock from the inside.

Most window manufacturers now offer a range of burglar-proof windows that will discourage even the most ambitious of thieves from gaining entrance to your home.

These windows are made from either single, or double-glazed safety glass that has been reinforced with several layers of durable transparent film. This process makes the window very resistant, with the added bonus

of soundproofing at the same time.

They will certainly help to delay and even debar an attempt to enter your home.

On average, the process of breaking into a home usually takes a burglar between two and four minutes. It can be even quicker if the thief enters through a window. However, it can take five times longer to break a burglar-proof window, and that’s also using special tools. This added security helps to discourage most burglars, who will likely leave your house untouched in favour of an easier target.

Contact local window manufacturers and installers to obtain more information about these types of windows. They’ll be able to answer any questions you may have with regard to your current needs. And if you’re somewhat restricted by your budget, think about changing only the most accessible windows of your home, like those in the basement, beside your doors, or on the ground floor.

604.792.7877

8753 Young Rd. Chilliwack

Quality work by people who care.

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2016-2017

We are the largest real estate office in Chilliwack With 90 plus Agents, we are ready to talk real estate with you.

We have REALTORS® who can speak the following languages...

• English • Cantonese • Danish • Dutch • Figian

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Homelife Glenayre Realty Chilliwack Ltd. 8387 Young Rd. Chilliwack • #ChilliwackRealEstate

HomeLife e

2016-2017

Chilliwack HomeLifeChilliwack.com THE KEY TO SMART REAL ESTATE

21

Buying a

RENTAL PROPERTY Selling to family?

BE CAUTIOUS & CLEAR There’s nothing wrong with selling your property to a family member. Just be sure to exercise caution and be clear about all the details.

If your family member expects the sale to be something like a donation in disguise, it can create a lot of friction and misunderstandings.

It can also cause inheritance problems between siblings. The solution is simple. Before selling, make sure that all the members in your family are aware, and agree with what you intend to do.

There are many reasons why you might want to buy a rental property.

For starters, if you have several properties, it can be a way to create passive income; it can also be a good way to diversify your investment portfolio. Depending on what kind of investor you are, there are several routes you can take once you establish your goals.

Either way, you’ll need a savvy REALTOR® to help you make the wisest choice possible.

If your goal is long-term security, your REALTOR® can help you find a rental property at current market price. Your purchase options could include a house where you can live and where there is a separate dwelling you can rent out; a multiresidential building such as a duplex, or a single-dwelling house.

The advantage with purchasing at current market price, you’re more likely to find a

property thats been maintained, in a good neighbourhood. The disadvantages of paying top dollar for your investment property is you may not see stellar returns from month to month. Just be sure your rental income covers all maintenance costs and that you are prepared for unforeseeable expenses.

If you’re prepared to search for a bargain, your REALTOR® can help you find a property that may need extensive renovations. In this case, until the renovations are complete, you will have to be prepared to cover the monthly mortgage payments while the property undergoes its transformation as well as foot the bill for the repairs.

If you’re busy and don’t want to be bothered with the mundane tasks associated with being a landlord, ask your REALTOR® about property management services. A property management company will take care of leasing, rent collections and maintenance on your behalf.

SERVICE IS KEY!

Call Laura for all your real estate needs

604-795-2955 www.lauranisbet.com

HomeLife Glenayre Realty Chilliwack Ltd.

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THE KEY TO SMART REAL ESTATE

Happy HomeLife!

2016-2017

PROTECT YOUR HOME during a long absence Are you going away for a few weeks or even a few months?

In the excitement of all the travel arrangements, many people forget the importance of protecting their home while they are away. There are a few simple things you need to do to protect your home, and make it look like it is occupied to deter burglars.

Before departure ask a friend or family member to visit your home regularly during your absence and remove flyers and newspapers, collect your mail, water plants, mow your lawn, etc. You should also install outdoor lights with motion detectors in less visible areas of your property to surprise intruders and alert your neighbours.

It is also a great idea to ask a trustworthy neighbour to park their vehicle in your driveway to give the impression that the house is occupied.

In addition, be sure to put timers on some of the interior lights; and set them so they go on and off at various times. Lights that are turned on all the time, or not at all, will attract attention for all the wrong reasons.

On departure day, unplug electrical appliances inside your home and move any plants away from windows so they will not dry out as quickly. Ensure that garbage cans are empty and that the windows and doors are locked.

Set the air conditioner or heating system to economy mode and activate the timers on the lights. Turn off the water supply to appliances such as the washing machine, or better yet, turn off the main water valve for your entire home. Check and double check that everything is locked, including the garage door. Be discrete about putting your luggage into the car in order not to draw attention to the fact that you are going away.

HELPING YOUR CHILD

buy a home With escalating prices of homes in the Fraser Valley, some parents may have to consider helping their children buy their first home.

A word of advice: helping your child purchase a home is a big investment, over a very long term, so take the time to weigh your options and your finances before committing to anything.

If you feel it is within your means, there are several ways you can make it happen.

You can help your children purchase their first home by assisting them with the down payment by gifting either a portion, or the total amount of the down payment required, which depends on the purchase price of the home.

You can become a co-owner, however, this option can be a bit more complicated if you yourself are already a homeowner. If you are on title and your children sell the home, you may have to pay capital tax gains if it is considered your secondary residence. Speak to your accountant or your lawyer or notary for advise beforehand.

Co-signing is another way to help out. Qualifying for a mortgage can be a big hurdle for many first-time buyers, so it is quite common for parents to add their names to their child’s mortgage by co-signing. Know that you become equally responsible for the entire debt, so this might not be the best option if your child does not have a stable income, or has difficulty managing his or her finances.

• Property Transfers • Mortgage Preparation

201-7408 Vedder Road | P604.824.5500 F604.824.5521 Einfo@simpsonnotaries.com www.simpsonnotaries.com 2016-2017

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9/16KRE

• Wills • Powers of Attorney • Notarizations

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the

SABRINA

VANDENBRINK

Team ... together we can do more!

#201-5580 Vedder Rd, Chilliwack AWARD-WINNING, COMMUNITY MINDED REALTORS®

Friendly • Approachable • Experienced

HomeLife Glenayre Realty Chilliwack Ltd.

Why list with us?

$1000 BCAACSKH When you buy + se

•• Approachable & professional • We are passionate about what we do • 2 full time administration staff • Available 7 days a week Closely associated with trades: ie: financing, staging, renovations, builders, landscaping, etc.

ll with us!

trailer available for • Moving our clients minded - we • Community proudly sponsor...

• Salvation Army Kettle Drive • Party in the Park • BC Children’s Hospital • Graduate scholarships: Sardis Sr. & Chwk Sr.

• Cultus Lake Fire Dept.

• Hobby Hill Preschool • Ducks Unlimited • Pee Wee Hockey • Recreational Volleyball

Louise Lavoie

Kellee Joanne Sabrina Romaine Smith vandenBrink Call us, we want to work with you!

Kristina Legault

604-858-1857

sabrinavandenbrinkteam@gmail.com 24

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2016-2017

2016-2017

THE KEY TO SMART REAL ESTATE

25

the

SABRINA

VANDENBRINK

Team ... together we can do more!

#201-5580 Vedder Rd, Chilliwack AWARD-WINNING, COMMUNITY MINDED REALTORS®

Friendly • Approachable • Experienced

HomeLife Glenayre Realty Chilliwack Ltd.

Why list with us?

$1000 BCAACSKH When you buy + se

•• Approachable & professional • We are passionate about what we do • 2 full time administration staff • Available 7 days a week Closely associated with trades: ie: financing, staging, renovations, builders, landscaping, etc.

ll with us!

trailer available for • Moving our clients minded - we • Community proudly sponsor...

• Salvation Army Kettle Drive • Party in the Park • BC Children’s Hospital • Graduate scholarships: Sardis Sr. & Chwk Sr.

• Cultus Lake Fire Dept.

• Hobby Hill Preschool • Ducks Unlimited • Pee Wee Hockey • Recreational Volleyball

Louise Lavoie

Kellee Joanne Sabrina Romaine Smith vandenBrink Call us, we want to work with you!

Kristina Legault

604-858-1857

sabrinavandenbrinkteam@gmail.com 24

THE KEY TO SMART REAL ESTATE

2016-2017

2016-2017

THE KEY TO SMART REAL ESTATE

25

Keep your

Wheeler Cheam Realty

THINKING OF BUYING OR SELLING YOUR HOME? DISCOVER WHY I AM THE BEST AT WHAT I DO.

Steve Davies SELLING CHILLIWACK SINCE 1987

stevedavies.ca • 604-316-2456

NEIGHBOURHOOD SAFE Property crime and acts of violence such as grow ops, drug dealing, theft, home invasions and assault, can happen anywhere. It could be happening in your neighbourhood right now!

By being more vigilant and reporting acts of crime or violence, you can help protect your family, your home and your neighbourhood. If you see something suspicious, call the police. If want to remain anonymous, call Crime Stoppers.

Crime Stoppers is a non-profit society and registered charity that receives anonymous tip information about criminal activity and provides it to investigators.

There are many incidents where

people do not come forward with key information because they are afraid to “get involved”, due to a concern for their safety, or they are afraid of being identified by the accused.

The Crime Stoppers program provides you with the opportunity to relay criminal information without being involved. Your information is protected, you are never identified, or made to testify in court. You will remain absolutely anonymous. They do not want to know who you are, they only want the information you can provide.

There are numerous ways to contact Crime Stoppers with your anonymous tip or information.

Crime Stoppers accepts tips in 115 different languages.

CALL: Crime Stoppers at 1-800-222-8477 available 24/7 OUR WEBSITE: www.solvecrime.ca FACEBOOK PAGE: www.facebook.com/metrovancouvercrimestoppers/ following the link “Contact Us” or Text a message to CRIMES (274637)

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www.contactsecurity.com 26

THE KEY TO SMART REAL ESTATE

2016-2017

ESSENTIAL PACKING TIPS for self-movers Not 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 its 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 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 the 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.

Put big numbers on all sides of the boxes and keep a notebook with what is in each box so 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. jewellery, 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 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

THE R RI RIGHT IGHT AGEN AGENTS FOR TODAY’S MARKET

You deserve a full time professional Nyda Realty is recognized as one of

SOLD

contributing offices in British Columbia to

3 MODERN OFFICES & OVER 70 PROFESSIONALS FOR ALL YOUR REAL ESTATE NEEDS! CHILLIWACK #1-7300 Vedder Rd

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AGASSIZ #2-1824 #9 Hwy

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HOPE 287 Wallace St

604-869-2945 THE KEY TO SMART REAL ESTATE

27

The Inspection Advantage If you’re buying a home, a Pillar To Post home inspection will give you peace of mind about its condition.

Even after the sale has closed, it’s not too late to learn about your new home so you can make informed decisions about needed repairs and future upgrades. · Choose from our exclusive Home Inspection Packages · Your report is produced on site, the same day · Pre-listing inspections available

Request an inspection today!

Roger Rygg

Accredited Home Inspector

604-792-6442

Buying a home:

WHY HAVE IT INSPECTED? You’ve found a house you’d like to buy. But what is the condition of the roof, foundation, heating and air conditioning systems, electrical, plumbing, insulation, ventilation, interior and exterior walls and ceilings? That is what a home inspection is for. It tells you what kind of shape the physical structure is in, as well as the condition of the systems installed in it.

The most important thing is to detect major flaws that could reduce the building’s value or pose a risk of danger in the future.

roger.rygg@pillartopost.com

Consequently, when the inspector gives you this report, you’ll know the exact state of the home you’ve set your heart on, and you can predict the cost of any necessary maintenance work that needs to be done in the foreseeable future. If the house will require some urgent and expensive work, such as re-roofing, you can use the report as leverage in negotiating the selling price.

If you made an offer conditional to a satisfactory inspection which then reveals a major defect, you can withdraw from the transaction without a problem. In the case of a hidden defect, the inspection report will show that you took all the necessary precautions at the time of purchase. Buying a home, is usually by far the largest purchase in one’s lifetime, so why would you ever consider spending hundreds of thousands of dollars without thoroughly expecting it?

Having a home inspected before you buy can ensure your dream home doesn’t turn into a nightmare.

pillartopost-chilliwack.com Each office independently owned and operated. CPBC 47391

Michael HENSHALL “Out to serve...”

Your Real Estate Sales & Investment Property Management Specialist!

Your Real Estate Sales & Property

HomeLife Glenayre Realty Chilliwack Ltd.

om

realestateinchilliwack@gmail.c

604-791-8323 • 1-800-795-2955 28

THE KEY TO SMART REAL ESTATE

2016-2017

What informatxion may a TITLE SEARCH REVEAL? If you are thinking about purchasing a property, it is very important to obtain a land title search. Any lawyer or notary can conduct a title search for you, or your REALTOR® can provide you with a copy at the time you make an offer. Make sure your offer allows you time to research any registered interests that appear on the title, and how they may affect your use of the property.

The land title search will provide you with the name of the current registered owner, and any registered interests or legal notations which may affect the title. It will list any mortgages, judgments or other liens registered against the current owner, which must be paid in full and released when the property changes hands to a new owner.

It will also list any registered charges which will stay on title after the property changes hands. These charges are of particular interest to a new owner, because they could negatively affect the way the property can be used, or its value.

There are many types of registered charges, but some of the more common are Statutory Covenants, Restrictive Covenants, Easements, Statutory Rights of Way and Statutory Building Schemes.

If a registered charge appears on title of the property you are planning to purchase, it is certainly in your best interest to find out what these registered charges mean. Copies of the registered charges can be obtained by your lawyer, notary or REALTOR® at a cost of approximately $15.00 to $50.00 each.

These documents are often written in legal language which can be very confusing. Consult a lawyer or notary for interpretation and for advice.

The cost of obtaining copies of these charges, and legal advice to interpret them, is money well spent. When you are spending hundreds of thousands of dollars on what is likely your most valuable asset – your home – it makes sense to spend a few more dollars to ensure that you completely understand what you are buying, and how you can use it.

Courtesy of Jacqueline Tait, Notary Public

Let’s See How I Can Help FR MarkEeEt Sellers Analysis B Consuuyers ltation

HomeLife Glenayre Realty alty td.

Chilliwack Ltd.

•

EXCELLENCE YOU CAN TRUST OVER 20 YEARS OF EXPERIENCE IN THE INDUSTRY MOST UP-TO-DATE EDUCATION

Jacqueline Tait NOTARY PUBLIC

> PROPERTY PURCHASES/SALES > MORTGAGES > WILLS > POWERS OF ATTORNEY > STATUTORY DECLARATIONS > AFFIDAVITS

604-792-2848 102-8645 YOUNG RD, CHILLIWACK jackie@taitnotary.com Mon - Fri: 9am-5pm / Sat: By appointment

2016-2017

THE KEY TO SMART REAL ESTATE

29

DETERMINING THE BEST TIME

to refinance your mortgage

refinance. Conventional wisdom has long suggested that borrowers wait to refinance until interest rates drop several points below their current rate. While a lower interest rate can save homeowners a substantial amount of money over the course of their mortgage, there are other factors to consider.

Refinancing a mortgage is advantageous to homeowners for a variety of reasons. The primary reason most people refinance their mortgage is to reduce monthly payments, or free up equity to use toward home improvements or other necessities.

Lenders will frequently advertise that “now�is the time to refinance, but you may want to get all of the facts before making a decision.

A low interest rate is not reason alone to

Refinancing a home usually includes closing costs. Although a lower interest rate, can lower your monthly payment, there usually is a financial outlay during the process, which varies depending on the lending institution.

You can expect to pay anywhere from 2 to 5 percent of the loans value in closing costs when refinancing. If the finances are simply not there to cover the closing costs, refinancing may not be an option.

If your credit rating is better now than it was with your initial mortgage, then this might be a good time to refinance. Lenders often base their assessments of borrowers reliability and stability on your credit score, so a strong credit score makes you look better in the eyes of lenders. If your credit rating is poor, you may not benefit from refinancing.

Trude Kafka

Providing Dependable and Quality Service since 1993 One Customer at a Time Buying or Selling Real Estate throughout the Fraser Valley

Your debt-to-income ratio is another factor when determining refinancing approval. A positive change in your income status as well as reduction in debt could make it a good time to refinance.

A higher home value means more equity in your home. This money can be used to pay down debt or used for home improvements that further improve the value of your home and property. It is important to speak with a real estate professional to determine your homes current value and to gain an accurate appraisal of your home. This will help determine if refinancing is beneficial.

Certain mortgages have prepayment penalties built in. Should you pay off the mortgage too early, a prepayment penalty may apply.

Refinancing counts as paying off one loan and opening up another. Penalties could deter the borrower from refinancing before the end of your mortgage term. In some situations, it may be possible to take out an additional mortgage with a separate term in order to avoid the prepayment penalty.

ENTRUST US WITH YOUR PURCHASE OR REFINANCE. GET A MORTGAGE THROUGH US.

My clients say...

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DO YOUR HOMEWORK before you book a moving company Moving is a stressful part of anyone’s life and dealing with questionable moving companies can easily add to that stress. The Better Business Bureau of Mainland B.C. (BBB) is reminding consumers to do their homework before booking a moving company.

Your worst nightmare can be trusting the wrong business to move all your prized possessions.

Their has been horror stories involving certain moving companies such as: • Failure to show up; even after rescheduling • Failure to issue refunds when no work performed • Service issues; damaged or missing items • Collection issues; refusing to unload until paid in full or with additional costs • Demanding full payment before starting work, or at least 50% deposit • Loading items into storage and clients forced to retrieve them at their own time and expense The list of consumer complaints in the industry

is lengthy and if there is a move in your future, you need to do your part to protect yourself.

Do your research before hiring. Go to bbb.org and find a reputable mover.

You don’t want your next move to include broken contracts or goods held hostage with little recourse but a legal fight, which could mean more time and more money.

BBB offers these tips on finding the right mover for the job: • Ask for references and get several estimates.

• Find out how much insurance the company carries. Depending on what is being moved, you may have to purchase more.

• Make an inventory of the goods being moved and supervise the loading and unloading.

• If the company does the packing, they are responsible for the goods, if you pack it, you are responsible.

• The peak moving season is May to September – be wary that price may be dictated by this.

• Avoid moving on weekends; this may cost more as companies’ may pay staff overtime.

• Get everything in writing. Make sure the contract specifies times and dates. Make sure you understand the contract before signing. All contracts should be on company letterhead.

• Some companies subcontract other moving firms to do the work. Inquire who they use and research them accordingly.

• Be wary of companies that ask for a large deposit or even request full payment up front.

Find out why. You generally pay after the truck is unloaded.

• Understand movers estimate the weight of your contents. There are several online moving calculators that you can use to estimate the weight of your household contents. It is best to get three estimates from businesses who can come and review your premise in person and ask about other fees like gas surcharges or stairs.

• Avoid cash deals with promises of saving on the GST. This is an unscrupulous practice.

Courtesy of Better Business Bureau of Mainland BC

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STRONG CURB APPEAL a must for top dollar

When selling a home, homeowners can employ a number of tactics to improve their home’s curb appeal.

Curb appeal is dressing your home up to make a strong first impression on prospective buyers. Many buyers will form an opinion about the property before they even get out of their car. Buyers are likely to believe that a home with a well-maintained exterior is likely to have an equally impressive interior. In any real estate market, homeowners who want to sell their home for top dollar, can improve the curb appeal in a number of ways, without a substantial cash outlay.

The most inexpensive and effective way is to clean up the property. Remove toys and other items from the yard, and store

garbage cans out of site. Make sure all hedges are trimmed, remove weeds from flower beds and keep your lawn wellmanicured. If your thumb is anything but green, hire a lawn and garden service to help you establish a lush lawn. Make sure all plants, including flowers, are living.

Dehydrated or dead plants and flowers will give buyers the impression that you didn’t pay much attention to your property.

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. If the boundary between your driveway and lawn is not distinct, consider installing edging materials such as stone or bricks. Adding edging is not a very difficult do-it-yourself project.

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

Make the exterior shine, pressure wash your driveway, clean your gutters and windows, and the exterior walls if necessary, and keep them clean throughout the selling process. Patch, repair or replace any pavement problems as one of the first things buyers will notice when getting out of their cars is the ground they’re walking on.

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. A pop of colour can’t hurt, either. If you do not like the idea of painting the door, dress it up with a decorative accent or a new door handle. Welcoming accents, such as cushioned chairs or potted plants, also add curb appeal. Check the locks and make sure the front door doesn’t stick, forcing the REALTOR® and buyers to struggle before entering the home.

JANET KIRKPATRICK “The name friends recommend to friends”

Janet, assisted by her husband Craig, now retired from rom the the he RCMP, RCM CMPP, P, continues contitinu inu nues es to to er reall est tatte bbusiness. usiiness. offer her clients the highest standard of service withh hher estate ons over the years as a Craig & Janet have taken several physical relocations hout BC and the Prairies. result of his RCMP service, including moves throughout As a result they have a keen understanding of whatt it means for a family to “pull up stakes” and move on short notice or to be dropped into a new community and need to search for and purchase a residence quickly.

This, combined with Janet’s significant real estate experience and knowledge since becoming a licensed REALTOR® inn 1990, gives them a unique and beneficial insight into assisting you with your next home sale or purchase. They have personally “beenn there and done that” and know how important, stressful, challenging and exciting it can be!

Give us a call at RE/MAX anytime to discuss any of your real estate needs, we would be happy to serve you!

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RE/MAX Nyda Realty Ltd.

Janet & Craig Assistant

2016-2017

The forgotten

FOYER The foyer is the first contact, and the first impression your visitors or potential buyers will have with your home. As many foyers are only slightly larger than a hallway, they are often overlooked and less than palatial.

It should be decorated with care to ensure a welcoming and practical ambiance.

Ideally, the walls should be painted the same colour as adjacent rooms or lighter.

A chair, or small cabinet can work well in these spaces. The furniture should not be obtrusive and should be convenient for leaving keys, mail, gloves, etc.

The flooring should be resilient, and above all, easy to clean. Ceramic tile, marble, granite and slate are all excellent choices to portray luxury and practicality. Hardwood or laminate floors are another option.

Proper lighting can transform a dark, uninviting foyer into a beautiful space awash in light. Install additional lighting if necessary in the ceiling, on the wall, or even a table lamp. Installing a dimmer will allow you to adjust the foyer lighting to create an ambience to suit your needs.

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The role of a

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REALTOR The role of real estate agents is not just to facilitate the sale or purchase of a piece of property. Above all, they allow you to avoid a long list of possible problems relative to these very complex transactions.

In any real estate transaction, the advice and expertise of a real estate agent is indispensable. They know the local real estate market intimately and they have the knowledge and the means to give you the best possible service thanks to their network of contacts. Not only do real estate agents help you to save money, they always have your interests at heart and will also help you save a lot of time.

Any individual who decides to buy or sell a property themselves is always motivated by the desire of saving money. However, if you are not aware of all the different steps

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involved, from putting the property on the market to the closing of the transaction, it is very possible that some costly errors could be committed.

You could also be faced with potential judicial problems. A contract signed by two parties, which is not prepared by a real estate agent, could entail provisions and other conditions which may invalidate the contract, render it unfair, or detrimental to you.

A real estate agent will help you to avoid all these pitfalls, to make the transaction easy and enjoyable, to accelerate the entire process and to give you peace of mind. After all, you are participating in the largest purchase of one’s lifetime, so don’t go it alone, always use a professional REALTORŽ.

Relax,

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Thinking green throughout the year can offer some significant benefits. There are some easy ways you can go green in your own home and lower your energy bills.

Invest in a programmable thermostat. It will automatically adjust the temperature in your house, saving you energy while you’re out for the day, away on vacation, or sleeping.

Switch all of your lightbulbs to CFLs (compact fluorescent light) or LED bulbs. They last longer and use up to 75 percent less energy than standard incandescent bulbs, saving you money on your hydro bill.

Check your insulation starting in the attic. For whole home efficiency, ensure other areas of your home are well insulated, such as crawl spaces, basements, walls and ceilings.

Stop air leaks around your home by sealing existing gaps and cracks. Use caulking or weather stripping around doors and windows and replace or install door sweeps.

Replace old appliances with energy-efficient models.

Only do laundry or run the dishwasher when you have full loads.

Remember that many little improvements can add up providing valuable monthly savings for you, while protecting our environment for the future.

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Buying property

FROM A PLAN In a hot seller’s market, supply and demand often limits your options to purchase a previously owned or newly constructed home ready for occupancy. The lack of tangible real estate when listings are low, often means buyers have to look into purchasing a home just under construction, or soon to begin. You need to proceed carefully when buying a property from a plan. If a residential development project has caught your eye, and you love the location, surroundings, and preconstruction price, just be cautious about signing a pre-purchase contract based on a plan. You need to check a few details before buying a property that you’ve never laid eyes on. Many, if not most home buyers, cannot visualize the features, layout, room sizes and functionality of a home simply by looking at a plan.

Your first step is to ask about the developer, and the builder. Do they have good

reputations? How many years have they been in business? Check their permits and licences and don’t hesitate to ask for references from previous clients as well as the location of other projects the builder has previously been involved in.

Go to City Hall to find out about any other projects that are planned for the immediate area where you want to live. Will there eventually be a bigger road, or multi-family buildings that will increase traffic, decrease parking, or tower above your soon to be built home? Will the grove of trees lining the back of your proposed building site be removed, or the current view obstructed by future developments? Don’t rely exclusively on everything you’re told while visiting a show home. Never feel pressured to sign a preliminary contract, and be sure to have a discussion with your REALTOR® and your notary or lawyer.

In other words, it is always a good idea to have objective experts help you fill in the blanks and look out for your interests.

Buying a house WITH OTHER PEOPLE Are you tempted to buy a property with one or more other people so you can access the property market more cheaply? Think carefully before you get involved in this type of real estate transaction. Buying a house with your sister or a friend is a complex project that could easily become disastrous.

Agreeing to share the responsibilities of a house with other people is like committing to a relationship. Even though everyone gets along perfectly now, no one can predict what will happen 5, 10 or 15 years down the road. After all, you won’t be able to just walk away from the project whenever you feel like it.

The first step is to start by using the services of a REALTOR® to discuss the advantages and disadvantages.

When you find a property, hire a certified home inspector for a full pre-purchase inspection report that can protect you in case of later disputes.

Always have a plan for the worst-case scenario. If one partner decides to leave, will you be responsible for his or her mortgage payments? Can you buy your partner out?

What happens if one of you dies? Your notary or lawyer will answer these questions and guide you through the co-ownership buying process.

In short, buying a property with other people can be a great opportunity to become a property owner. Just be sure to make informed decisions.

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MAKING LIFE SAFE in your new home The first 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 the exterior door locks, to ensure that the only people who have keys, are the people that you want to have keys. Also, always change alarm and garage door codes. If you do not have a monitored home alarm, consider installing one.

may see from the street.

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.

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. So 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, patio and entry doors by installing secondary locking devices, this includes all access points on and above the ground level.

Stand outside your new home and observe what can be seen through your windows during the day and night. What is in plain sight? TV, computer, valuables? If you can see them, so can thieves.

You may want to consider blinds, curtains or lighting changes. You will be amazed what others

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

Get to know your neighbours and connect with the local residents. By working together, neighbours can increase their home and

neighbourhood safety and security.

Implementing 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.

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DEPRECIATION REPORTS: every stxrata corporatxion’s favourixte subject As of December 13, 2013, it became mandatory pursuant to The Strata Property Act of British Columbia, that all strata corporations with more than four strata lots, have a common property “depreciation report” completed.

Although depreciation reports are mandatory under the law, the Strata Corporation may defer obtaining a depreciation report by passing a special resolution with a 3⁄4 vote of the strata owners authorizing the deferral (this is commonly referred as “opting out”), although it can only be deferred for a maximum of eighteen months and then it would need to be voted on again.

According to the Act, the depreciation report is to provide estimates for “the repair and replacement costs for major items within the strata corporation’s common property assets, and the expected life of those items”. The main purpose of the depreciation report is to act as a tool to assist the strata corporation in determining the appropriate amount of funds to contribute each year to their contingency reserve fund.

Section 6.2 of the Strata Property Act Regulations, sets out the specific requirements for depreciation

reports and examples of the “major items” which must be evaluated. The depreciation report must be prepared by a “qualified individual”, typically an engineer, architect or appraiser with proper liability and errors & omission insurance, however some corporations have prepared the report themselves as they felt confident that they met the requirements of being “qualified” and that they understood the needs of their strata corporation better than an outside party.

In summary, the depreciation report must contain: • a physical inventory of the common property, including building systems; • anticipated maintenance, repair and replacement costs for common expenses projected over a 30 year period; and • a financial forecasting section that contains at least three cash flow funding models for the contingency reserve fund.

Once the depreciation report is prepared it is only valid for three years, and must be “updated” every three years, as the cost of materials and labor changes over time.

The depreciation report must provide at least three models to fund the long term expenses however it is important to note that the strata corporation is not required to use any of the three funding models, or to fund the report at all. The report can simply be used as a tool to build the strata corporation’s CRF (Contingency Reserve Fund) levels, making it less likely that special levies will be needed.

Owners of strata properties can expect potential buyers, as well as mortgage lenders to ask for a copy of a depreciation report. Lending institutions reserve the right to decline to lend on strata properties that do not have a depreciation report prepared. This would be at the lending institution’s discretion.

Ultimately, having a depreciation report or not, is entirely up to the strata corporation, however it can be very useful and certainly couldn’t hurt, as long as the report accurately reflects the needs of the strata corporation.

For more information on depreciation reports, visit www.housing.gov.bc.ca/strata/regs.

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HOME RENOS txhat add value to your home others. The following renovations can add beauty to your home and generate great returns when the time comes to sell.

Kitchen remodels are a safe bet when it comes to putting money into improving a home. A dated, poorly functioning kitchen can detract from the value of a home, even if the rest of the home is in good shape. A deluxe kitchen renovation may not be necessary, as relatively moderate improvements can create a whole new look for a kitchen, especially if it matches up well with the rest of your home.

One of the least expensive improvement materials, but one that has a significant impact, is paint. Neutral, modern colours can easily liven up any space.

Homeowners choose renovation projects for a variety of reasons.

Although many improvements are made to increase functionality and comfort of a home, several others are seen as worthwhile future investments for a higher resale value when the time comes to sell.

Certain projects provide a greater return than

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Multiple bathrooms are an attractive selling point, particularly in older homes that may not have been equipped with several bathrooms.

Finding extra space for a bathroom, or even a half bathroom can be tricky, but consider closets, or even taking some space away from another room.

Aesthetic improvements are not the only ones that add value to a home. Many home buyers are eager to purchase a home that has a newer

heating and cooling system. Furnaces and air conditioning units are substantial investments that can last for years. Replacing older windows and doors with more energy efficient options, also are smart bets.

Adding illumination to rooms is another wise move as a dark home is a dreary home. Adding light can mean including more overhead and accent lighting. Under-cabinet lighting is also a nice touch. Inclusion of skylights can bring natural light into areas that may not have windows.

Outdoor living spaces have become more desirable, especially as the “staycation” has grown in popularity. Decks and patios can make backyards more appealing. The scope of your investment will depend on the size and design.

Adding attractive landscaping and freshening up the entryway to a home can also add considerable value to your home. Completely renovated interiors may never be seen if buyers pass up your home because of a less attractive exterior. Classy, subtle changes, like well-placed shrubbery and a green lawn, can work wonders. An inviting front door and well-lit entryway will also add curb appeal to your home.

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Since 1999 we have been a registered builder in good standing with the Homeowner Protection Office of BC, as well as our warranty provider, Travelers Canada. As an active member of the Fraser Valley chapter of the Canadian Home Builders Association, we are able to provide the highest of standards to our homeowners through education that is current and applicable.

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Buying a home

UNDER FORECLOSURE

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Buying a home under foreclosure is not always like finding a gold mine. Before a lending institution is declared the owner, the home owner must have defaulted on their mortgage and could not remedy the situation. If the owner cannot quickly sell the home to cover the outstanding mortgage arrears and any other charges, the lender becomes the owner and will sell the home. While this doesn’t always result in a great ‘deal’, a well-informed and prudent buyer, with the right REALTOR® just might find what they’re looking for.

A foreclosure is offered for sale by the lender at fair market price.

Also, it is normal to find clauses such as: as-is, in its current state on possession date. This increases the degree of risk when purchasing a foreclosure as the home may not be in the same condition, or contain any of the fixtures it had when you first viewed the home and made your offer.

If your bid on a foreclosure is successful, you may have to prepare yourself, as the home may be in a less than desirable condition by the time you take possession.

Buying a home under foreclosure is not like a usual real estate transaction. It is therefore absolutely crucial that you work with a real estate agent who is familiar with the types of risks and conditions involving foreclosures, and it is your responsibility as the buyer to make an informed choice.

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SELLING A manufactured home Selling a manufactured (mobile) home is really no different than selling a stick built home, as long as all the requirements and permits are in place. However, here is the sticky part, the problem occurs when selling a manufactured home that someone has made alterations or additions without permit or inspection. Quite often manufactured home owners will add additions or rooms and think that they will not require inspections because the addition is not part of the original home or that it can be removed. There comes a point when they decide they would like to sell the property. They then

contact their local REALTOR® to list the property only to find out they can’t sell the property because the addition did not go through an electrical inspection or that the original inspection label is covered up and/or removed during a renovation.

So what stops me as the homeowner from selling my home?

Well, ANYONE who sells a manufacture home is subject to the Electrical Safety Regulation laid out by the BC Safety Authority, where in it says in part: • Used mobile homes (whether de-registered or not) may only be offered for sale in the Province of British Columbia when they bear an approval label and the wiring has not been altered.

• A new approval label is required where wiring of a used manufactured home has been completely removed and new wiring has been installed under a permit

to an approved unit must be done under a permit and a new approval label is not required • When an approved mobile home has had additions or out buildings installed and wired without a verified permit, an electrical contractor must obtain an installation permit, survey the work and submit a declaration confirming that the electrical installation is adequate for the purpose and in good order in accordance with Rule 2300(1).

So is there a fix for the problem? Yes there is, contact a local electrician and ask for an inspection on the property. This will cost some money and hopefully the inspection is straight forward. If so, the electrician can give you an inspection number and sticker right away and now you can market your property.

Once you have the inspection in place you now can call your REALTOR® and list and sell your property.

• Alterations, including additional wiring,

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JOHNSTON MEIER INSURANCE

www.jmins.com

HOMEOWNERS INSURANCE

We’ve got you covered for all of your personal insurance needs!

Our comprehensive policies include: • All Risk Coverage • Guaranteed Replacement Cost on building • Replacement Cost Coverage on contents • By-Laws coverage • Sewer Backup coverage Discounts: • Savings up to 50% of your premium

Mistakes you shouldn’t MAKE WHEN BUYING OR SELLING A HOME Buying or selling a house is a considerable financial operation that should never be taken lightly. It will probably be the largest transaction in your life, so take the time and necessary measures to do it right. By being properly informed and prepared, you’ll be able to save yourself time, money and a whole lot of trouble.

If you are selling your home, do not attempt to conceal any defects. Not disclosing your home’s latent defects is a deceitful and fraudulent act that could wind up getting you sued and ultimately costing you a lot of money.

We also provide: vice • 24 hour emergency claim service • Monthly payment plans

Inflating your asking price well above similar homes currently on the market is counterproductive. The only thing you’ll accomplish is making potential buyers realize they can get more for their money elsewhere.

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It is also a mistake to be unprepared for showings. If you want to get maximum dollars for your home,

a cluttered, messy kitchen, dirty windows, strong smells and poor lighting are small things that will make a bad impression to potential buyers.

If you are buying a home, always visit the neighbourhood at various times of the day and night, so there are no surprises when you move in. You might regret your purchase if you don’t take the time to visit the area and the amenities surrounding your potential new home.

Never buy on impulse or let your emotions get the best of you when it comes to real estate, especially in a bustling market. Buying a home that’s above your financial means is a recipe for disaster.

Always have your potential home purchase inspected. Not having a proper inspection by a certified professional is a huge gamble. Don’t take any chances when it comes to investing your hard-earned money.

Have your home inspected to avoid purchasing a nightmare or a money pit.

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44

THE KEY TO SMART REAL ESTATE

2016-2017

What is txhe

HOME BUYERS’ PLAN? Are you thinking about becoming a homeowner for the very first time but are concerned about financing this major investment? The Home Buyers’ Plan (HBP) could be the perfect solution.

The federal government’s HBP allows you to withdraw up to $25,000 (which equates to 5% downpayment of a $500,000 home purchase price) from your Registered Retirement Savings Plan (RRSPs) to finance the purchase or construction of a home. You can withdraw a single amount or make a series of withdrawals during the same calendar year, provided that the total of your withdrawals does not exceed $25,000. This plan is available to each person purchasing the property including your spouse.

In either case, you won’t pay tax on the amount withdrawn from your RRSP. However, take note that contributions must have been deposited in your RRSP at least 90 days before they can be withdrawn under the HBP. Typically, you have up to 15 years to repay to your RRSPs amount you withdrew from them under the HBP. You must begin repaying them in the second year following the year of the

withdrawal, according to a determined amount that you will pay annually. If you don’t want to stretch your payments over 15 years, you can repay the full amount of your withdrawal at any time.

To participate in the HBP, you must meet the following conditions: • Be a resident of Canada at the time of the withdrawal.

• Be considered a first-time home buyer; that is to say, you must not have owned a home over the previous four years. You should also not have lived in a property owned by your spouse or your common-law partner.

• Have a written agreement to buy or build a qualifying home. A pre-approved mortgage is not enough.

• Have the intention of using the qualifying home as your main residence during the year following the purchase or construction. You need to build or buy your home before October 1 of the year following the year of the withdrawal. If you build a home, the government considers the date it becomes habitable as the date of construction.

IS MORTGAGE LOAN INSURANCE COMPULSORY? Canadian lenders require mortgage loan insurance if the down payment is less than 20 per cent of the purchase price of the property.

In fact the Canadian Bank Act prohibits most lending institutions under federal jurisdiction from granting an uninsured mortgage if the amount of the loan exceeds 80 per cent of the value of the property, or if you make a down payment of less than 20 per cent of the purchase price.

Mortgage loan insurance (not to be confused with mortgage life insurance) does not protect you; it protects the lender against potential payment defaults by you. But above all, it enables consumers to acquire a property with only the minimum 5 per cent down payment required in Canada (up to a maximum purchase price of $500,000).

The mortgage loan insurance premium with a 5% downpayment is 3.6% of the mortgage amount. The mortgage loan insurance premium can be added to your mortgage, or paid up front.

To learn more about the Canada Mortgage and Housing Corporation, the largest insurer of home mortgages, visit www.cmhc/schl.gc.ca.

For more information, visit www.cra-arc.gc.ca.

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THE KEY TO SMART REAL ESTATE

45

Finding your

Profixtable renos

REAL ESTATE AGENT

THAT WON’T BREAK THE BANK Your house is your very own legacy. It’s important to consider it as both a place to live as well as a long-term financial asset. It is, therefore, essential to equip it with elements which will have a positive impact on your quality of life as well as on the value of your investment. There are several projects that will not break the bank, but will have a direct effect on your legacy.

Buying a home and the stress of making such a big financial commitment is difficult for many home buyers.

One way to make the process a lot less anxiety-ridden is to work with a real estate agent you can trust. If you have previously purchased a home, you might already have a strong relationship with a real estate agent. However, if you are moving out of your current location or buying for the first time, finding the right real estate agent that you feel comfortable with is a must.

The construction of a walk-in closet will help to organize your day-to-day living. In a big bedroom, you can dedicate several metres of space to this desirable project, or an entire room could be converted into a closet. At last you’ll have the pleasure of seeing all your clothes and accessories in one glance!

Go for wood. There’s no doubt that hardwood floors add value to a home. Indeed, nearly 90% of real estate agents in Canada recognize the fact that hardwood floors, banisters and stairs contribute to a home’s market value.

A built-in fireplace will transform any living room into a cozy, inviting and romantic place. This type of investment is both aesthetic and efficient.

Gas fireplaces are powerful heating devices, that create a cozy atmosphere.

Find an 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.

Find someone with a track record. When interviewing real estate agents, inquire about their history in the business. An experienced agent will make things far less stressful and easier, and a long career indicates they are good at what they do.

COVER YOUR

A real estate agent with a long history in the business will likely be 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.

Don’t place too much emphasis on agency size. When it comes to ability, the size of the agency should not factor in. A smaller agency can be just as qualified and reliable as one of the larger 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®.

Working with a REALTOR® is primarily a trust relationship, so choose someone you feel comfortable with.

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604-855-8060 A few words from my clients...

We really want to thank you Sarah for helping us sell our home! Thank you for your recommendations, always being available to answer our questions, & guiding us through the process. It is really a testament to the commitment you make to your clients & we truly appreciate all of your hard work!

Lisa & Matt Working with Sarah these past years has been extremely rewarding! We’ve successfully sold 2 homes with her help & must say that her efforts & marketing go beyond the norm. Sarah’s knowledge of the market is amazing & she really listens and understands what we are looking for. I would recommend Sarah to anyone looking for exceptional service! Thanks!

Larry & Judy Burk

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CADREB President’s Club 2013 - 2015 THE KEY TO SMART REAL ESTATE

47

LOCAL REALTORS® HELPING TO CREATE LOCAL DREAMS PERSONAL SERVICE

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

LOCAL PRODUCTS

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.

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.

SUSTAINABILITY

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

HOMETOWN PRIDE

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

ECONOMIC IMPACT

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 over $1.2 Billion dollars to the area’s economy, from yearly sales of 3,300 single family, apartments, townhouses and mobile homes.

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.

50 Years 1964-2014

W W W. C A D R E B . C O M