We are one week into the new year which means many of you have already begun working on your resolutions for 2019. Nearly seventy per cent of Canadians make new year resolutions according to a survey by Tangerine. Whether it is to travel or get into physical and financial shape, it may come as no surprise that only two in ten Canadians successfully achieve their resolutions. Why does this occur? More often than not, Canadians cite a lack of motivation while others claim obstacles such as a lack of time, money, knowledge, and access to resources. Change in your personal life and the achievement of your personal goals will not occur immediately.
You will have to get SMART about your goals: be specific and write an action plan, ensure that your goals are measurable in terms of the concrete steps required to attain your desired end result, that they are achievable given your current circumstances, how your goals related to other relevant goals in your life, and have a target date in order to remain focused and help ensure that your goals are broken down into manageable tasks, so that with small, incremental changes to existing habits over a long period of time, you will see results.
Is one of your resolutions to buy, sell, invest, or lease a home in 2019? If so, we are prepared to help you accomplish your goal whether you are a seller, buyer, investor, landlord, or tenant.
Are you planning on selling your home in the next few months or even in the latter part of the year? Regardless of the season or market conditions, remember that you have one chance to make a memorable first impression on prospective buyers. Before listing your home for sale, commit to these resolutions to ensure you attain the best possible price and conditions for your home at the time in which you sell.
When planning to sell your home, research and interview a team of professionals that will list and market your property. Real estate sales representatives will help assess the condition of your home and suggest repairs to be made before listing that align with your overall timeline and financial and physical wherewithal to complete the work. Burnt-out light bulbs, cracked drywall, chipped paint, stained carpets, and other minor damage is easy to fix and won’t break the bank, but left un-repaired, could impact offers.
A cluttered home can also impact offers. At times this can be a large undertaking. Take it room-by-room and you will get through it. Be honest about what you want, need, what you can do without, and remember to pack up family photos along with personal affections and valuables.
It can be tough at times to list and have people tour your home. List your home with a clear mind and anticipate possible objections from buyers about your home.
Whether it is your first home, an investment property, or a home in which you are smartsizing, start with a list of needs, wants, and which property characteristics you are willing to forego. Speak with your bank and a mortgage broker in order to assess your profile and determine your budget. Getting pre-approved for a mortgage will allow you to lock-in your interest rate and increase your purchasing power by strengthening your offer. Lenders will assess your profile based on the 5 Cs of Credit. You are going to need to prepare a letter of employment, T4 Statement of Remuneration, your most recent pay stubs, two years of Notices of Assessment, and a history of your banking activity.
First-time home buyers can take advantage of the Home Buyer’s Plan by tapping into their Registered Retirement Savings Plan (RRSP) for an interest-free loan up to a maximum of $25,000 per person.
Whether you’re a long-term investor or you are making your first investment in real estate, make sure that your rental property is in a state of good repair and decide whether or not you will decide to work with a professional in the real estate industry or handle the investment strictly on your own.
When the current resident owner or tenant vacates the rental property make sure that it is clean and tidy and that all major electrical, plumbing, and heating, air, and ventilation along with all major appliances are in working order. Remember that any rental expenses, such as maintenance and repairs can be deducted at tax time.
Moreover, there are many tools at your disposal to find the right tenant for your rental property. Firstly, you can enlist the services of a property management company to look after all needs of a residential rental property.
If you have the physical wherewithal to maintain the rental property on your own, you can employ the services of a real estate sales representative to assist with the listing and marketing of your rental property. REALTORS® will list your home on the Multiple Listings Service (MLS) with property details and photos. REALTORS® will collect information about prospective tenants, such as proof of income and a current credit report, to provide you a detailed report in order for you to make an informed decision on their application and offer.
Lastly, there are many websites available for landlords to generate their own tenant leads for their properties. Resources, such as Facebook Marketplace and websites, like Zumper.com, Kijiji.ca, TorontoRentals.com provide you with a platform to advertise your property and receive and screen prospective tenants. REALTORS® are responsible for putting themselves in your shoes when they represent you in a lease transaction, so you will want to perform the same due diligence that they would in order to ensure you find the correct tenant for your rental property.
If you are looking to rent, especially in Toronto, you may already be acquainted with the difficulties of the current rental market or have read about second hand accounts in the news. Last week, Rentals.ca released a report on rental market predictions and major Canadian cities could see a rent increase of as much as eleven per cent.
In order to stay ahead of other prospective tenants in markets that have historically low vacancy rates, you should obtain a credit report, personal references, and proof of income before setting out to tour listings available for lease. If you are self-employed, landlords and their representatives will ask you to submit the last two years of Notices of Assessment with your application.
Make sure that you have enough money saved for first and last months rents. Provincial guidelines also permit landlords to charge a deposit for keys. Familiarize yourself with the Residential Tenancies Act, 2006 which describes the rights and obligations of both landlords and tenants.
Now that 2019 is in gear, work with adept professionals to plan ahead so that you remain competitive, handle obstacles, make the correct choices, and achieve your real estate goals.