Many people assume that selling a house in the winter is not the most ideal, but this perspective overlooks the unique opportunities that the season can bring. Far from being a liability, the winter months offer specific market dynamics that can play to your advantage. Rather than viewing winter as a period to endure or avoid, savvy homeowners can see it as a season replete with untapped potential for a successful real estate transaction.

A More Focused Buyer Pool

One of the most beneficial aspects of selling in winter is that the season naturally sifts out less serious buyers. Warmer months often attract casual lookers either in the preliminary stages of their home search or simply indulging in weekend open house visits without a clear intent to buy. The challenges posed by colder weather—shorter days and less appealing driving conditions—tend to deter these types of buyers, leaving you with a pool of potential buyers who are genuinely interested and motivated.

If you can offer a pre-done home inspection, this might ease the minds of winter buyers who are already stressed about the challenges of relocating in a seasonally constrained time frame. It streamlines the process and can expedite the closing date.

Urgency Amplifies Motivation

Winter buyers often have a heightened sense of urgency, whether driven by sudden changes in their living situation or pressing career developments like job relocations. Many companies relocate employees at the beginning of the year to benefit from lower moving costs and less market competition. This creates a stream of motivated buyers eager to settle in a new home quickly. Unlike their counterparts in the spring or summer markets, who might be willing to wait for the “perfect” home, winter buyers are often on tight timelines and are more inclined to make firm offers swiftly.

Recognizing this urgency allows you to tailor your negotiation strategies. For example, you might highlight the readiness of your home for immediate move-in or emphasize the convenience of your location relative to essential amenities, thereby making your property even more attractive to these time-sensitive buyers. Offer flexibility in closing dates as an added incentive. Winter buyers often look to settle quickly and will appreciate a seller who can accommodate a fast or specifically timed closing.

Maximizing Your Asking Price

During the winter, the real estate market often sees a reduction in available inventory, leading to a ‘seller’s market’ condition. The limited inventory of available homes sets the stage for sellers to get closer to their asking prices. With fewer choices on the market, winter buyers are less inclined to engage in aggressive price negotiations. This contrasts with the summer months when buyers, having multiple options, feel empowered to haggle over price and conditions.

Seasonal staging can make your home more appealing and demonstrate its functionality throughout the year. For instance, ensure your home is well-lit to offset the gloomier winter months. Warm lighting can create a cozy atmosphere that might help potential buyers visualize living there. Amplify the qualities that make your home a must-buy, emphasizing features like an inviting fireplace, energy-efficient heating, or a driveway requiring less winter maintenance.

Lower Competition

Winter has the unique attribute of deterring many potential sellers, leading to a drop in market listings. A reduced number of available properties means less competition for you, making your home a more appealing option for buyers. In some areas, inventory decreases by nearly 20 per cent from fall to winter, which not only boosts your chances of selling but may also incite bidding wars for highly desirable properties.

In a less crowded winter market, appraisers have fewer comparable sales to consider, which might result in more favourable appraisals for sellers. Less competition often means less chance for low-ball appraisals that can complicate a deal.

Attention from Your Real Estate Agent

During the bustling spring and summer markets, real estate agents juggle numerous clients, potentially diluting the focus on your listing. Winter is typically a quieter period, making your property more likely to receive their undivided attention. This enables more robust marketing strategies tailored specifically to your home, enhancing its visibility and appeal.

Given the agent’s increased availability, consider requesting a highly customized marketing plan that caters specifically to your home’s unique features and selling points. High-quality photographs, 3D virtual tours, and detailed floor plans can help buyers get a feel for the property. Leverage the power of social media platforms to reach a highly targeted audience and use advanced analytics to tailor your advertising content to prospective buyers.

Ready to leverage the hidden advantages of selling your home during winter? RE/MAX is here to help you navigate these unique market conditions and maximize your profit. Contact a RE/MAX agent today and schedule a free consultation.

Source: https://blog.remax.ca/the-benefits-of-selling-a-house-in-the-winter/

One of the biggest questions that tends to arise in the months leading up to December, is whether or not people should decorate their homes for the holidays while trying to sell. This is an interesting topic, as some people prefer to see what homes look like when decorated, while other people prefer to see the space without the distraction of decorations.

RE/MAX Influencers – a panel of RE/MAX Sales Associates from across Canada – who provided some insight and tips into how you should go about staging your home during the holiday season.

Try to Take Photos Beforehand

One great tip that was offered up by the RE/MAX Influencers was to, if possible, have the listing photos of your home taken before decorating. This will allow potential buyers the chance to see your space both with and without decorations, and also will keep the listing photos from looking outdated if your home is still on the market in the months after the holidays.

Keep it Simple & Generic

Another tip that was provided by the Influencer panel is to keep your decorations simple and generic. While you may normally go full out with decorating for the holidays, try to keep the décor simple if you’re trying to sell. This will help keep your home from looking too cluttered and will allow potential buyers to see where their own decorations might fit if they are thinking of making an offer.

Keeping your décor generic will also help prospective buyers to envision themselves in your home, as not everyone celebrates the same holidays. Keeping things simple and generic will allow your home to be viewed as being festive and cozy, while also being approachable to potential buyers.

Some examples of simple, generic décor could be adding things like throw blankets on the end of beds or adding a festive wreath to the front door.

Tuck Personal Items Away

While it may be tempting to pull out festive family photos from past holiday seasons and put them on display, it may not be the best idea if you’re trying to sell during the holidays. By tucking personal items away, as mentioned above, you allow potential buyers to see themselves in the space, without being distracted by personal items that belong to the current owner.

One Influencer made a great comment, suggesting that, if you have a Christmas tree decorated to only place “fake” wrapped boxes under the tree and to remove any tree ornaments that may hold value and sentiment to keep them safe and help protect your privacy.

Don’t Overcrowd the Space

When decorating for the holidays, it can be tempting to go all out with décor. It is important to keep space in mind when decorating, so you aren’t blocking any key viewpoints or are restricting access to parts of your home that potential buyers may be trying to look at.

If you typically decorate with a large, bushy Christmas tree, consider getting something that is slimmer to help make your space appear more spacious.

Keep it Classic Outside

When staging your home for the holiday season, many people only think of the indoor spaces. The outdoor curb appeal matters too! You may love putting out your festive holiday inflatable decorations every year, but consider keeping those tucked away for the time being if you are actively showing your home during the holiday season, as they may not be everyone’s ideal décor options.

The RE/MAX Influencers suggest keeping outdoor lighting simple and classic by using white/yellow bulbs and string lights to keep your outdoor décor simple, while also looking sophisticated and classy. Consider utilizing any pillars or railings on the front step/porch by wrapping them with string lights and a garland, or putting down a holiday themed doormat to help welcome prospective buyers to your home.

For more articles from RE/MAX’s expert Influencers, click here.

DOWNLOAD THE RE/MAX HOME STAGING GUIDE

Source: https://blog.remax.ca/staging-your-home-during-the-holidays/?fbclid=IwAR051QejoksuJJmP6-KjmNyzYwapiEh1Vg8IwXTDYqUZrK25xPBy_yXv9h8

When it comes to home improvement projects, one area that can significantly impact your home’s value is the bathroom. A well-designed bathroom can make a lasting impression on potential buyers and increase your home’s overall appeal and value. In fact, 61.3% of RE/MAX agents believe bathroom makeovers are the second greatest high-return investment. However, there are certain do’s and don’ts that you should keep in mind before diving into a bathroom makeover. Let’s take a look at some of them!

Do’s for a Successful Bathroom Makeover

• Consider Eco-Friendly Options

People are becoming more aware of climate change and the need to reduce their carbon footprint. That’s why choosing eco-friendly or sustainable options should be a top priority. This includes selecting water-saving fixtures like low-flow toilets, faucets, and energy-efficient lighting solutions.

Invest in Quality Materials and Fixtures

While it can be tempting to cut corners and opt for cheaper alternatives, this can haunt you in the future. Quality materials and fixtures not only ensure durability but also enhance the overall aesthetics of your bathroom. From tiles to countertops, investing in high-quality materials will result in a bathroom that stands the test of time. We all know that renovations can cost you lots of money, but there are different ways to finance your bathroom renovation.

• Maximize Storage

A well-organized bathroom is a dream come true for anyone who values tidiness and functionality. It is crucial to maximize storage options. Today, homeowners seek innovative solutions to keep their bathroom essentials neatly stored away. Consider installing floating shelves or wall-mounted cabinets to make use of vertical space. Incorporating built-in storage within the shower area is a smart way to keep toiletries and bath products within easy reach. Say goodbye to shower caddies cluttering up the corners!

Upgrade Shower

If you want to take your bathroom makeover to the next level, upgrading your shower is a must. Gone are the days of basic showerheads and shower tiles.

Invest in a rainfall showerhead for a luxurious and soothing bathing experience. The gentle cascade of water will wash away your worries and make you feel refreshed. Consider adding a handheld showerhead to allow for more flexibility and convenience.

Furthermore, upgrading your shower tiles can instantly elevate the overall aesthetic of your bathroom. Opt for sleek, modern designs that create a focal point, turning your shower into a statement piece. With the right shower upgrades, you’ll never want to leave your bathroom!

• Add a Modern and Stylish Touch

It’s essential to add a modern and stylish touch to the space. Outdated fixtures and dull colours can make your bathroom feel unappealing. Consider replacing old faucets and hardware with sleek and contemporary designs. Matte black finishes are particularly popular, adding a touch of sophistication and elegance. Pair these with a statement mirror or a stylish vanity to create a cohesive and visually striking look.

Don’ts to Avoid Costly Mistakes

• DIY Plumbing and Electrical Work

One of the biggest mistakes homeowners make during a bathroom makeover is attempting to tackle plumbing and electrical work. While it may seem like a cost-effective solution, it can quickly become a nightmare if done incorrectly. Bathrooms are considered wet areas, and electrical installations must be carefully planned and executed to prevent the risk of electrocution or fire.

• Avoid Poor Ventilation

A well-ventilated bathroom helps prevent mould, mildew, and odours. It also helps to remove excess moisture, which can damage walls, floors, and fixtures over time. Without enough airflow, the bathroom becomes a breeding ground for mould and mildew, which can harm the environment and pose health risks. Mould spores can cause allergies and respiratory problems and even damage the structure of your bathroom.

Install exhaust fans or windows that allow fresh air to circulate. Additionally, regular cleaning and maintenance of the ventilation system is essential to ensure its effectiveness.

• Neglect Lighting

Lighting is an essential aspect of any bathroom makeover, yet it is often overlooked or underestimated. Many people make the mistake of relying solely on a single overhead light fixture. Consider installing task lighting around the vanity area for optimal visibility during grooming routines.

Don’t forget about natural light, either. Maximize the amount of natural light in your bathroom by adding larger windows or skylights. Natural light not only enhances the overall aesthetics of the space but also has numerous health benefits.

• Rush the Job

It’s crucial to avoid cutting corners during the renovation process. Rushing through the bathroom makeover or opting for quick fixes may seem like a time and money-saving solution, but it often leads to subpar results. So, take the time to plan and execute each step of the makeover.

Invest in Expensive and Trendy Designs

Many think expensive and trendy designs are the key to a stunning bathroom makeover. However, this couldn’t be further from the truth. While it’s true that high-end designs can add a touch of elegance to your bathroom, they often come with a hefty price tag. Remember, trends come and go, but a well-designed and functional bathroom will stand the test of time!

Bathroom makeovers can be a great way to boost your home’s value, but it’s essential to approach them with careful planning and consideration. Just take note of the do’s and avoid the don’ts mentioned above to ensure that your bathroom renovation project enhances both the aesthetics and functionality of your home.
 

Source: https://blog.remax.ca/bathroom-makeover-dos-and-donts-for-home-value-boost/

Renovations possess the potential to elevate selling prices, but it's essential to conduct thorough research before picking up that hammer. Potential buyers are seeking modernized features and finishes, sparing them the inconvenience and expenses of remodeling on their own. Nevertheless, it's crucial to strike a balance and avoid overpricing compared to similar units in the neighborhood. Here are our top condominium renovation suggestions aimed at optimizing your return on investment and propelling your listing to the forefront.

But First, Get Your Renovations Approved by the Condo Board

If you’re living on a strata property, most home improvements need written approval from the board before a single sledgehammer is lifted. Rewiring rooms, switching around bathroom plumbing or removing a dividing wall are all examples of projects that will need rubber stamping.

Rather than waiting for the monthly meeting, get the process going immediately by sending your strata council an email requesting approval. Break down each project into steps, including progress dates, info on your insurance provider, and bylaw building permits. It’s also wise to take photos at every stage to show how the condo looked before, during and after construction. Now that you’ve got permission, let’s look at what you can do to boost your condo’s selling price.

Totally Floored

Many condos come with carpet pre-installed to help reduce noise, but most buyers aren’t fans of this wall-to-wall flooring treatment. Upgrading worn or outdated flooring with modern, durable materials can instantly improve the overall aesthetic appeal of the space and boost the selling price. Consider options like hardwood, laminate, or luxury vinyl planks that offer a modern and visually appealing look. Selecting flooring that is easy to clean and maintain can be appealing to potential buyers.

For sanitation and style reasons, a buyer might try to negotiate replacing the existing floor with a more popular hardwood into the selling price. Preempt this move — and add more to the listing price upfront — by replacing the current flooring material with hardwood (or engineered wood).

Applied Science

When it comes to appliances, buyers are looking for new or nearly new, so make sure yours are up to snuff. If the dryer has been making a clunky sound for a few months, now’s the time to replace it. Potential buyers often prioritize modern and energy-efficient appliances. Upgrading to newer models can provide a fresh and appealing look while offering improved functionality and energy savings. Consider investing in energy-efficient refrigerators, dishwashers, stoves, and washer/dryer units. Stainless steel appliances are particularly popular for their sleek and timeless appearance. By taking on the hassle of installing them now, you can add them to the features sheet — and selling price.

Counter Offer

Since condos have limited counter space, maximizing what you have will wow prospective buyers, set your condo above the rest and improve its selling price. Instead of ripping out the whole kitchen, replace the current countertops with a classic Carrera marble or white quartz slab. Upgrading to durable and visually appealing materials such as granite, quartz, or solid surface countertops can instantly elevate the kitchen’s aesthetic appeal.

Counters are often the first thing buyers notice in the kitchen, and ample counter space is desirable for food preparation and entertaining, so you want buyers to fall in love immediately. Consider extending the existing counters for added space or adding a kitchen island for added functionality and storage. Also, talk to the builders about adding an overhang to create a breakfast bar, giving you an additional dining area to feature. This is one renovation idea that could increase the selling price of your condo without creating too much chaos or credit-card debt.

Storage Units

Storage closets are at a premium in condos — look at yours and decide if they’re as functional as possible. Proper built-in shelves, pull-out drawers and other smart storage solutions can make all the difference between your unit and someone else’s, increasing the selling price. Here’s why storage matters:

• Ample storage space allows for proper organization, reducing clutter and creating a clean and inviting atmosphere. Potential buyers value condos that offer innovative storage solutions to keep their belongings tidy and easily accessible.

• Effective storage solutions maximize available space, enabling homeowners to maximize their condo’s square footage. Clever storage options, such as built-in shelving, customized closets, or under-bed storage, help utilize every nook and cranny efficiently.

• Versatile storage solutions allow for multi-purpose use of spaces. For example, a Murphy bed with built-in storage can transform a bedroom into a home office or a guest room when needed, maximizing the functionality of the condo.

• Well-designed storage solutions can significantly increase the market value of a condo. Potential buyers appreciate the convenience and practicality of ample storage, making it an attractive selling point.

• Storage solutions that blend seamlessly with the overall aesthetic of the condo contribute to a visually pleasing environment. Customized storage units or built-in cabinetry can enhance the overall design and make the space more cohesive.

You can tackle this renovation idea yourself with a trip to Ikea or an organization store, but consider hiring a closet professional. They’ll know exactly what will work where and the investment will be worth it, knowing it’s done correctly. You want prospective buyers to imagine their yoga mats and hockey skates sitting in that well-organized closet — and pay for it.

Knock, Knock

When considering any condo renovation idea, don’t forget about one of the most prolific yet overlooked features — existing doors and door handles. Let’s be honest; they were chosen by the original developer more for their affordable bulk price than their aesthetics or high functionality.

Double bi-folding doors are often more practical in small spaces than single-slab doors since they take up less space when open. Look to replace the laundry and hall closet doors with bi-folds and the bedroom closet door with a mirrored version. Don’t forget to replace the door handles with something a little more modern, too, such as a matte black or brushed gold finish. You’ll be amazed how this overlooked feature can boost selling prices.

There are plenty of condo renovation ideas out there, but picking and choosing the right one for your property is the trick. Any of these improvements will help you increase your condo’s selling price. So, which one makes the most sense for you to work on before listing it?

Source: https://blog.remax.ca/5-boost-condo-selling-price/

There are numerous benefits to adding a secondary suite to your home, such as additional income and an increase in property value. The demand for rental housing in Canada is high, making secondary suites an attractive option for homeowners who want to add value to their property while also providing affordable housing options. Let’s explore the steps involved in adding a secondary suite to your home so you can make an informed decision that fits your financial situation and goals.

Legal Requirements for Adding a Secondary Suite

Adding a secondary suite to your home involves legal requirements that vary depending on location:

Municipality zoning by-laws – Many municipalities have specific rules around secondary suites, including the maximum size, minimum ceiling height, and parking requirements.

Permits and inspections – This includes building permits, electrical permits, plumbing permits, and fire and safety inspections. You may also need an occupancy permit before renting out your secondary suite.

Fire and safety regulations You’ll need to ensure that your suite meets the necessary fire and safety requirements, including fire separation between the main dwelling and the suite, smoke detectors, egress windows and carbon monoxide detectors.

It’s important to note that failure to comply with these legal requirements can result in fines, legal action, and even the removal of your secondary suite.

Designing Your Secondary Suite

There are several steps involved when designing your secondary suite:

1. Decide the type of secondary suite you want to build. Several options are available, including a basement suite, an attached suite, or a detached suite. Your choice will depend on your specific needs and the layout of your property.

2. Consider the floor plan and layout of your suite. Ensure the suite is functional, with a separate entrance, living area, kitchen, and bathroom.

3. Ensure the suite meets the legal requirements for size, ceiling height, and egress windows.

4. Choose flooring, lighting, and fixtures that are durable and easy to maintain. You’ll also want to consider soundproofing between the main dwelling and the suite to ensure privacy and reduce noise transfer.

Financing Your Secondary Suite

There are several options to finance your secondary suite:

Take out a home equity loan or line of credit – These options allow you to borrow against the equity in your home, using it as collateral for the loan. Home equity loans typically have fixed interest rates and repayment terms, while home equity lines of credit offer more flexibility in borrowing and repayment.

Take out a personal loan or use a credit card – These options can be more expensive in terms of interest rates, but they can be a good option for smaller projects or if you don’t have enough equity in your home.

It’s essential to consider your financing options and budget for your project carefully. You’ll need to factor in the cost of construction, legal fees, permits, and inspections. Working with a qualified contractor can help you accurately estimate the cost of your project and ensure that you stay within budget.

Government Incentives and Rebates

Government incentives and rebates are available to homeowners who add secondary suites to their property. These incentives vary depending on your location and the type of secondary suite you’re building.

Provincial and municipal governments often offer financial incentives to homeowners who add secondary suites. These incentives are designed to increase the supply of affordable housing and improve the livability of existing homes. Sometimes, homeowners may be eligible for grants or forgivable loans to help offset the construction cost. For example, The Ontario Renovates Secondary Suites Forgivable Loan Program is a provincial program that provides forgivable loans of up to $75,000 to homeowners who want to create or renovate secondary suites in their homes.

Tax breaks are also available to homeowners who create secondary suites in their homes. For example, the Multigenerational Home Tax Credit is a federal program that provides a non-refundable tax credit of up to $2,000 for eligible expenses incurred when converting a home into a more accessible and comfortable living space for elderly or disabled family members.

Building Your Secondary Suite

When building a secondary suite, hire a qualified contractor who has experience in building secondary suites. Look for licensed and insured contractors with experience with the type of secondary suite you want to build.

Throughout the construction process, you must oversee everything to ensure the project stays on track. This includes working closely with your contractor to create a detailed timeline and budget for the project, obtaining all necessary permits and inspections, and monitoring the construction process to ensure that it stays on schedule and within budget. You should also communicate regularly with your contractor and be available to answer any questions or concerns that arise during the construction process.

Adding a secondary suite to your home can be a rewarding investment. Still, seeking professional advice and carefully considering the costs and benefits before embarking on the project is essential. With proper planning and execution, a secondary suite can provide long-term financial benefits and improve the livability of your home. Talk to your financial advisor today to discuss the possibility of building a secondary suite.

Source: remax.ca

Do you plan to list your home for sale? You might be wondering what fees are involved in selling a house in Canada.

The process of listing your home in the Canadian real estate market involves much more than just the transaction itself. It involves many fees, rules, and participants, some of which you may not be aware of. If you're selling a house in Canada, here's what you need to know.

What You Need to Know About Selling a House in Canada

First, it is crucial to know that when fees are involved in selling a home, the funds are distributed by the seller’s attorney on the closing date. They consist of the commission, the lawyer’s fees, and costs associated with the transaction’s closing, such as land transfer taxes.

But what other costs should you factor in to pay?

Mortgage Pre-Payment Penalties

Do you still have a mortgage on your property? If you plan to sell your home before the maturity date of the mortgage term, you will likely face pre-payment penalties. Now, the penalty amount will depend on the mortgage contract. However, penalties are estimated to consist of three months of interest or the interest rate difference (IRD). The latter is calculated on the difference between your present mortgage rate and the new mortgage offered by your lender.

Legal Fees and Realtor Commissions

As previously noted, there will be legal fees and real estate agent commissions. But how much are they? Generally, the legal fees can range between $500 and $2,500, while real estate agent commissions vary depending on a number of factors. Remember that these expenses will incur GST/HST, potentially adding a couple of thousand dollars to your closing costs.

And yes, it is recommended that you hire a real estate attorney and work with a real estate agent.

Home Inspection Fees

In a buyer’s market, homebuyers will generally request a home inspection before purchasing your home. In certain circumstances, you might be responsible for covering the costs of a home inspection, which can be as high as $500 to $1,000. However, this is usually the buyer’s responsibility. To create an air of transparency and make potential buyers feel more confident about making an offer, some sellers will complete a home inspection before listing the house for sale and make the report available to potential buyers.

Rental Costs

It might not be that common, but rental contracts could be connected to your home. For example, this might be a rented furnace or air conditioning system. It is common for buyers to assume a water heater rental contract when purchasing a home. However, most buyers are loathe to take on the monthly payment of an HVAC system and will usually insist they be paid out in full as a condition of purchase.

Staging Your Home

Back in the day, it might have been enough to paint your walls and tidy up. Today, however, you should do a little bit more, whether it is substituting your furniture or hanging paintings on the wall. This is known as home staging.

Is this necessary? No. But industry experts say that home staging can add thousands of dollars to your price tag since this component can place your home in the best possible light.

“The cost for staging your house can range from several hundred to several thousand dollars. The cost will depend on how much fixing up your place needs. You may be able to save by doing the staging yourself. But prepare to pay for things like storage space potentially. Some real estate agents provide staging as part of their services,” Sunlife Financial said in a report.

Of course, if this is not something you want to do, you can always spend a couple of dollars on garbage bags, paper towels, window cleaners, Lysol wipes, and room fresheners to make the place look and smell nice and declutter spaces.

Buying and Selling a Home in Canada is Expensive

Buying and selling in the Canadian real estate market is already an expensive endeavour. For many households, it can be costly, from accumulating a down payment to covering mortgage costs. That said, buyers and sellers need to be aware of a long list of expenses, such as mortgage pre-payment penalties and real estate agent commissions. Before you start your journey to selling your property or achieving the dream of homeownership, it is first vital to become acquainted with what you are spending and then make a budget to ensure that you won’t be surprised by these additional expenses.

Source: remax.ca