What are the most common home renovations you think will add value to homes in 2019?
We reached out to our RE/MAX Influencers – a panel consisting of RE/MAX Sales Associates throughout Canada – to put together some of the home renos they think will come before the rest in 2019.
First Impressions Are Everything
Exteriors are quite literally the first thing that people see when they come to your home. Fresh landscaping, new exterior paint, cleaning and/or painting the siding, or upgrading the outside doors are all good places to start. Outdoor space renovations and covered porches are also high up on the list of must-haves.
Sometimes the less “sexy” upgrades are the most important ones. In this market, people seem to be more concerned with things like the life of the furnace and hot water tank. It’s also important that the utilities are highly efficient. Upgrading to heat pumps instead of the traditional forced air systems that deal more efficiently and economically with changing outdoor temperatures are becoming more important.
Whether it’s to bring in supplemental income or to enjoy themselves, extra space is becoming a priority.
“Secondary suites or in-law suites. With rising interest rates many homeowners may need to bring in additional income to afford their housing costs.” – Loni Hamer-Jackson, RE/MAX Real Estate, Kamloops, BC
Kitchens & Bathrooms
“Kitchens and bathrooms for sure – that never changes regardless of what year it is!” – Lisa Salt, RE/MAX Vernon, Vernon, BC
Kitchen renovations are always a good place to start to add value to your home. Removing walls to design open floor plans in older homes is always good value. Adding an extra bathroom also goes a long way.
New floors is a good starting point as well when trying to refresh the place.
“Removal of carpets for cleaner air” – Judy Gray, RE/MAX Mid-Island Realty, Ucluelet, BC
It’s all in the Details
Most people would know that painting of the inside of the home can help with a sale, but pay attention to the little details. Shortcuts won’t help in the long run!
“When a home is freshly painted, but a buyer opens a closet door to find it has not been painted, buyers start to ask themselves what else has been “looked over”. Don’t miss the small stuff!” – Denise Gallup, RE/MAX Camosun, Sidney, BC
For more articles from our expert Influencers, click here!
The following is the June Press Release from the Fort McMurray Real Estate Board.
Statistics include Fort McMurray and surrounding area
Flowers are blooming and fresh new listings are popping up throughout are community. The total number of properties sold this month is up when compared to the same month last year. There has been an influx of listings the past couple of months and our average single family sale price has slipped down 4.83% when compared to the same time last year.
Contact your friendly neighborhood real estate professional to see if it is the right time for you to make your move.
As always the best advice is the trusted advice from your Real Estate Professional.
Monthly condo fees are paid above and beyond your purchase price, and are unique to the condo buying market. Simply put, condo fees cover the services and utilities of the condo building on a macro level, not just your unit. The amount can vary between condo corporations, as there is no standard rate in the Canadian condo industry. But generally, maintenance fees are calculated per square foot of the condo space, so the monthly costs depend on the size of the unit. Costs can also vary based on what utilities and amenities are available to residents. For example, a condo that only has a weight room should have lower maintenance fees than a condo that includes a gym, swimming pool, sauna, barbecue area, screening room, party room and meeting rooms. These amenities all require maintenance and staff to run them.
Most developments’ condo fees also cover utilities such as water and waste services. Some buildings even include heat, electricity, cable and Wi-Fi. A few other things that are covered that you may not have considered are the exterior building maintenance, landscaping, snow removal, and all common elements shared by residents.
What do monthly condo fees cover? Here’s a breakdown of common ways your maintenance fees are invested:
So when you decide to jump into the condo market, one of the first things you should ask your realtor about are monthly condo fees. While condos fees can fluctuate wildly from building to building, looking at other buildings by the same developer can show you if fees have increased. They do this because of differences in amenities, location, and management, age of the development and size of units. These are just some of the things you should be aware of before signing.
The Globe and Mail has reported that the average maintenance fees for Toronto were 65 cents per square foot last year, with 22 cents at the low end and $1.35 at the high end. The average increase last year was 2.5 per cent, which is significant when compared with the 1.6-per-cent rise in the inflation rate in 2017.*
Your building will also require general repairs and upkeep; your condo maintenance fees will cover this. Some of your condo maintenance fees will also go towards what is called a Condo Reserve Fund. This joint fund is meant for major repairs such as roof repairs or new HVAC units. Some buildings include everything, but major repairs are a bit of a different story.
The Condominium Act of 1998 requires that condo owners conduct necessary repairs within a prompt period of time.**
The Act requires that the corporation repair the units and common elements after damage. This obligation can be altered by the corporation’s declaration. Additionally, the corporation’s repair obligations do not include any improvements made to the unit, as defined by their standard unit by-law. If damage is done to the unit, the owner may review their corporation’s governing documents to define the repair obligations.
When buying a resale condo, it’s extremely important you obtain a copy of the status certificate with your lawyer before being locked into your purchase. Typically, a condo status certificate is part of a package that also includes the condominium declaration (outlining the building’s by-laws, rules and regulations), a copy of the insurance certificate, financial statements and a summary of the most recent reserve fund study. This clause is not part of the standard agreement, however, and should be added to an offer by your realtor.
Overall, your condo fees are based on the amount of ownership you have of the building itself. If you own 10% of the total condo property, your condo fees will be 10 per cent of the yearly operating budget. The community’s budget considers expenses like garbage collection, paying property managers, liability insurance, general maintenance and improvements, plus an additional amount to set aside for the unexpected costs.
Start your real estate search here*Source: How not to get hammered by rising condo fees https://www.theglobeandmail.com/investing/personal-finance/household-finances/article-how-not-to-get-hammered-by-rising-condo-fees/
**Source: Condominium Act, 1998 https://www.ontario.ca/laws/statute/98c19
Hi, my name is Dana McAroe. I'm a Real Estate Agent in Fort McMurray. I help people get the best possible outcome from their real estate transaction - whether they are selling or buying or a house.