Vessie Chela Realtor Masters Realty 200-1455 Bellevue Ave. West Vancouver, BC
604-913-9000 (office)
778-231-7080 (direct) www.VessieChela.com
Greetings!
Remodeling your home before you sell it - think twice. The first article provides some tips regarding such dilema.
Market activities are not HOT - just like the Summer so far.
Moving to a new house is an exciting life change but it can also be very stressful. The third article outlines some strategies that'll help things go smoothly.
Many of us take vacations this time of year so the forth article offers some tips on how to "Go Green" while on holiday.
Finally, the last article shares some great advice on how to take care of your cell phone.
Thanks for checking out my newsletter. Let me know if you have any questions or comments regarding the articles or real estate in general. I would love to hear from you!
Often sellers ask me if it would be worthwhile to remodel their homes prior to putting them on the market. I recently saw a short blurb on one of the home improvement television shows that mentioned that baths and kitchens had the highest return per dollar invested. However, I also have been reading some reports that echo what I see out in the real world. In only a very few specific markets, do any remodeling projects exceed a 100% return on investment. Even when they do, they are just slightly over that mark. While it is true that a bathroom or a kitchen remodel will increase the value of your home more than, say a home office or a dining room. To me it does not make sense to spend $40,000 when the work will only increase the value of your home around $35,000. Looks to me like you will be losing $5,000 on the deal. Not to mention the stress and headaches that most home projects create. Here are some general guidelines that I think are worth considering:
A remodeling project is more worthwhile if you will not be selling your home for a few years. Here the main goal is to create a space or feature that your family will enjoy for a while, not to immediately increase your home's value. Even if your immediate return on investment is only 80%, over a few years the natural appreciation that will take place should move your return above the 100% mark, and thus help you recoup your costs.
You might want to consider remodeling if your home is not as competitive as others in your neighborhood. If all of the houses around you are 3 bedroom, 2 bath, 2 car garage homes, and yours is a 2 bedroom, 1 bath with just a carport, you might want to try to make yours more like your neighbors'.
The reverse of the previous item is that if your home is unlike your neighbors' because it is the best property on the block, you should think carefully before doing anything more. The danger of "over-improving" your home is very real. If someone wants to buy an expensive luxury home, they usually want the homes around it to be of the same kind. They usually do not want their mansion surrounded by homes of lesser value. If you put in an out door pool in an area of small homes and small lots, your return will be greatly reduced. I am not saying you should never do it, but you should think long and hard before arriving at a decision.
If you are capable of doing the work yourself and will only be paying for materials, you have a better chance of getting your money back when you sell, even if you sell a short time after the work is done. Labor is a large part of any remodeling project. If you can eliminate it, almost any change can pay off. However, if you are not qualified to do the work, it is better that you leave things as they are. Poor workmanship, or what a carpenter friend of mine used to call "cobjobs", stick out like sore thumbs and turn buyers off. And if the buyers do not catch shoddy work, you can be sure their home inspectors will.
Keep in mind that if the changes you make are according to your specific tastes, they may not appeal to the majority of the home buying public. I knew of a lady who spent a fortune on creating a music room, with baffles, sound proofing, a small stage, etc. There was no way she could recover her costs since finding someone who needed that exact type of room was very, very small. Most buyers could only see that they would have to redo the entire room to get back the third bedroom that the home lacked.
If the work you have done requires a building permit, be sure to get it. Sellers will be asked on the "sellers disclosure" to reveal any work that was done without the proper permits. This can be a big problem when buyers find out that your home's new addition may not be legal and has to be brought up to code or torn down. Real estate agents are required to disclose these types of problems if they exist. The law does not allow us to keep our lips sealed. We must tell.
Do not confuse remodeling with "fixing-up". If your home needs repairs, these should be done prior to putting your home on the market. When buyers see problems, they start adding up in their heads what repairs will cost, and they usually double the amount of what the repair costs really will be. If they see a lot of work that needs to be done, they often assume that there are hidden problems that they cannot see and they subtract these costs from any offers they might make. Frequently, they just walk away thinking there is too much that needs to be done. In today's "sellers market" they have many other homes that they can buy. They will not feel forced to take what they see as a "fixer-upper".
"If it ain't broke, don't fix it". It may not be to your advantage to replace all of the flooring, even if it is not perfect. Just as soon as you put in new wonderful wall-to-wall carpeting, some buyer will walk through the door and say "Gosh, too bad it does not have wood floors." And if you put in wood, they will wish it had ceramic tiles. Sometimes it is better to offer a credit and let them put in the flooring they like. Though, steam cleaning the carpets if they need it is a good idea. Dirt anywhere is never a good thing.
Sometimes the cheapest investments will get you the biggest returns. If you have a bright purple wall or there are chips and stains in your walls, a small investment in paint can put thousands of dollars in your pocket. If your carpets are dirty, have them steam cleaned. Get the cobwebs out of the corners. Clean the heating vents. Spray and brush the outside of your home. These items take just a little time and a little money, but the return can be way over 100%. A home that looks and smells fresh and clean will sell faster and for a higher price. Let your home be the shiny apple on the block, not the moldy peach.
These are just general guidelines. Each situation is unique. Rely on the advice of your local real estate professional. He/She has the training, experience, and knowledge of your local market to confidently advise you on the best way to make (or not make) changes to your home prior to marketing it. Feel free to contact me if you have any questions concerning this topic.
The Greater Vancouver housing market experienced steady activity to begin the summer season. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,972 in June 2010, a decline of 30.2 per cent compared to the 4,259 sales in June 2009, which was the second highest selling June on record. “Activity in June marked a healthy balance between the near record setting pace of June 2009 and the considerably slower activity witnessed in June 2008, a period of recession as we all know,” Jake Moldowan, REBGV president said. Compared to June 2008, last month’s sales represent a 22.6 per cent increase over the 2,425 sales recorded that month, but are 30 per cent less than the 4,244 sales in June 2007. June 2010 sales also represent a 5.8 per cent decline compared to the previous month’s sales totals. “We didn’t experience any record-breaking activity in June, but we did see a stable summer market,” Moldowan said. “The number of new listings coming on the market is not as dramatic as we saw over the previous three months and demand remains at a healthy level for this traditionally quieter time of year.” New listings for detached, attached and apartment properties totalled 5,544 in June 2010, a 3.2 per cent increase compared to June 2009 when 5,372 new units were listed, and a 21 per cent decline compared to May 2010 when 7,014 properties were added to the MLS®. At 17,564, the total number of property listings on the MLS® increased 1.2 per cent in June compared to last month, and is up 32 per cent compared to this time last year. “There has been less upward pressure on prices in our market the last few months, which has allowed prices to ease back from the record high numbers seen in April,” Moldowan said. Over the last 12 months, the overall MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 11.8 per cent to $580,237 from $518,855 in June 2009. Sales of detached properties in June 2010 reached 1,139, a decrease of 31.7 per cent from the 1,667 detached sales recorded in June 2009 and a 24.1 per cent increase from the 918 units sold in June 2008. The benchmark price for detached properties increased 13.4 per cent from June 2009 to $795,025. Sales of apartment properties reached 1,258 in June 2010, a decline of 29.7 per cent compared to the 1,790 sales in June 2009 and an increase of 19 per cent compared to the 1,057 sales in June 2008.The benchmark price of an apartment property increased 9.7 per cent from June 2009 to $391,528. Attached property sales in June 2010 totalled 575, a decline of 28.3 per cent compared to the 802 sales in June 2009 and a 27.8 per cent increase from the 450 attached properties sold in June 2008. The benchmark price of an attached unit increased 11.6 per cent between June 2009 and 2010 to $492,861.
It's important to be as organized as possible when you move into your new home. Planning ahead is key to a successful move and you’ll find the more organized you are, the less stress you'll endure.
Start by packing nonessential items like pictures and books and keep them out of sight so you’re not constantly reminded of the move. It's also a great time to donate things you no longer need to charity. Here are a few packing tips for the rest of your stuff:
lay towels between pictures before bundling them up
keep items such as remotes and cables together
pack your sheets and linens into suitcases
water your plants the day before the move
unscrew light bulbs from all your lamps
Pack a box of essential items (sheets, towels, toilet paper, coffee, dish cloths, garbage bags) to see you through the first few days in your new home. Ask your children to add things like stuffed toys and a few books.
Schedule your move with as much notice as possible but try to avoid the last day of the month. Fridays are also very busy and if something goes wrong, you may have to wait all weekend to get it sorted. Here are a few other things to consider when planning your move:
reserve the service elevator if moving to or from a high-rise
ensure your insurance policy covers you during the move
submit a change of address form to the post office
disconnect and reconnect utilities and telephone services
transport photo albums and other personal items yourself
The best way to ensure a smooth move is to write out a plan of action. Make a "to do" list that clearly states what needs to be done and by when. If you follow these tips, you’ll have fond memories of the first day in your new home.
If you’re vacationing this summer, you'll find it's easy to be environmentally friendly even while you’re away. Here are some simple ideas to consider:
Picture This - Take digital pictures and write a journal or scrap book to remember your trip.
Fill Up - Use refillable water bottles instead of buying plastic bottles that end up in landfills.
Buy Local - Purchase souvenirs from local artisans instead of mass produced, throwaway stuff.
Eat Local - To fully appreciate the area you’re visiting, take in the local fare -- it usually tastes much better anyway!
Conserve Energy - Avoid having your towels and linens replaced each day and turn off lights, the A/C and TV when you're not around.
Trains, Planes & Automobiles - Trains are a great way to enjoy local scenery plus they're environmentally friendly. If you rent a car, consider a hybrid.
Tourists often leave huge carbon footprints behind but there are ways to minimize the environmental impact. Now you can enjoy your vacation knowing that you've done your part for the planet!
You’ve probably lost or damaged your cell phone more times than you'd care to remember. It’s important to protect it just like you would a computer so:
regularly back up your data (contacts, music, photos, etc.)
delete personal information before recycling your old phone
purchase a case to protect it from spills and scratches
exercise caution when opening emails and links
always protect your phone with a password
Losing personal information can be devastating! Threats such as loss, theft, damage and accidental erasure are common with mini-computer style smart phones so it’s important to regularly take steps to proactively protect them.
Are you sick of scouring the paper and MLS sites looking for homes? Tired of playing telephone tag with agents only to hear the home's already sold? Sit back, relax and let me do the work for you! Just visit my website and check off the features you're looking for. Whenever a home matching your criteria hits the market, it'll be automatically flagged and emailed to you so you'll never have to worry about missing your dream home. This service is free and there's no obligation! Click here to get started.
Remodeling your home before you sell it - think twice. The first article provides some tips regarding such dilema.
Are you sick of scouring the paper and MLS sites looking for homes? Tired of playing telephone tag with agents only to hear the home's already sold? Sit back, relax and let me do the work for you! Just visit