You Were Asking: A Q&A with the Business Executives Network

  • Any indication or idea when the market insanity will fizzle out?
The normal Spring market is actually drawing to a close, yes, Spring comes in January for us in Real Estate. Call us crazy but, we’re seeing some signs there is light at the end of the tunnel for a Buyer in this market. Perhaps it is the looming questions of what will come from the Provincial Budget; with talks of foreign tax implications, vacant property taxation and other ‘market slowing’ solutions. Or, maybe Buyers are simply saying “enough is enough” but, the signs are there… 
  • Is there a guideline of understanding what costs/expenses can be incurred when buying a home?
Downpayment – 5% (or more) of your purchase price
Survey – If not provided by the Seller can run close to $1,000
Land Transfer – The calculation is; .005 x the first $55,000 plus .01 from $55,000 to $250,000 plus .015 x the remainder of the purchase…. an additional .005 surcharge on single family homes and duplexes for any amount over $400,000
Legal Fees –  Usually in the $400 – $600 + HST range
Home Inspection – $400 – $600 depending on sqft
Moving Costs – Call around, this one will vary depending if you wish to hire movers or rent a truck and buy a few pizzas! 
  • First time buyer?  How to buy
The best approach is to find a Realtor you are comfortable with to help guide you through the delicate process. Understanding that not all advice is good advice is half the battle so, relying on a strong professional relationship is key. It also doesn’t hurt to keep in mind you will lose a few before you find the perfect home… after all,  you can’t make a cake without cracking a few eggs first!
  • What is a bully offer?
A bully offer refers to an offer received before a specified offer review date. As a Seller, this is discussed before listing the property on the market and should be specified in writing if you wish to review preemptive offers or not.
  • Is the Burlington market appreciating $1,000 per week on average?
They’ve just released the Stats for Burlington in March… the average house price is now up to $814,187 (up almost $200,000 from this time last year) with the average sale taking place within 14 days of list and a price ratio of 107%
  • Where would you invest in real estate?
Truthfully? I wouldn’t right now… a shock, I know. Unless you’re in a position where you need to buy we often find ourselves telling our Buyers to wait if they can as they are often spending their ‘renovation budget’ competing for their homes right now
  • What renovations make the best investment if you’re looking to sell within 5 years? What reno project brings the greatest return?
Flooring – hardwood offering the most benefit but, with new high quality laminates you can tackle the project on varying budgets
Hardware & Fixtures – simple, quick and easy… but it makes the world of difference in modernizing an older home
Bathrooms – a relatively small scale renovation project that boosts your home’s appeal
Kitchen – this is the big one but, is the first thing most people look for in purchasing a new home. Even updates vs. a remodel can bring up your home’s value exponentially
Curb Appeal – Replacing a front door, garage door and/or siding can bring returns as high as 100%… keep in mind, this is your Buyer’s first impression