About Avalon Region, NL

1. I can save you time. At your request I will meet with your client before the property is listed to give a consultation and explain what needs to be done to sell the house quickly. This frees up more of your time for pursuing other leads, marketing, etc.

2. I can help increase your revenue. Statistics show that staging sells a house in about half the time and for more money than comparable unstaged houses. This means a lower possibility of a price reduction and less money spent on marketing the property….which means more money in your pocket.

3. I can relieve you of the stress of telling your clients their house needs work. Sometimes this can become awkward, but I am experienced in handling such situations. Let me do the ‘dirty work’!

4. I will help you achieve a reputation as a Realtor whose listings always show well.

5. I can ensure that your client's first impression is a WOW impression. There is only one chance to make that all important good first impression. Make sure your clients get it.

6. I can send you referrals. From time to time, home owners who are having their home staged will ask me to recommend a good Realtor. Of course I recommend those that use my services.

Of course, staging is just one tool that can be implemented to help sell homes on the market. If it is priced correctly, marketed effectively and staged beautifully, you will have a winning combination and the house WILL sell.

HOMESTYLING BY CATHY

(709) 341-7115

info@homestylingbycathy.com

www.homestylingbycathy.com

Serving the St. John's and metro areas in beautiful Newfoundland, Canada.

Before you buy, contact the condo board with the following questions. In the process, you'll learn how responsive - and organized - its members are. You'll also be alerted to potential problems with the property!

1. What percentage of units is owner-occupied? What percentage is tenant-occupied? Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale.
2. What covenants, bylaws, and restrictions govern the property? What grandfather clauses are in place? You may find, for instance, that those who buy a property after a certain date can't rent out their units, but buyers who bought earlier can. Ask for a copy of the bylaws to determine if you can live with them. And have an attorney review property docs, including the master deed, for you.
3. How much does the association keep in reserve? Plus, find out how that money is being invested.
4. Are association assessments keeping pace with the annual rate of inflation? Smart boards raise assessments a certain percentage each year to build reserves to fund future repairs. To determine if the assessment is reasonable, compare the rates to others in the area.
5. What does and doesn't the assessment cover? Does the assessment include common-area maintenance, recreational facilities, trash collection, and snow clearing?
6. What special assessments have been mandated in the past five years? How much was each owner responsible for? Some special assessments are unavoidable. But repeated, expensive assessments could be a red flag about the condition of the building or the board's fiscal policy.
7. How much turnover occurs in the building? This will tell you if residents are generally happy with the building. According to research by the NATIONAL ASSOCIATION OF REALTORS, owners of condos in two-to-four unit buildings stay for a median of five years, and owners of condos in a building with five or more units stay for a media of four years.
8. Is the condo building in litigation? This is never a good sign. If the builders or home owners are involved in a lawsuit, reserves can be depleted quickly.

You've heard it a million times from friends, family, relatives, colleagues and even people you don't know: "When you rent you're throwing your money away!" Very true. And the longer you rent, the higher the rent rate becomes and you'll throw more and more of your hard-earned dollars away.

Here's an example. If you're paying $700 a month for rent and you do so for the next 10 years you will have spent $84,000 and have absolutely nothing to show for it. And if you paid that much for 25 years - a common mortgage period - you'll have shelled out $200,000 and still have nothing! If rents went up over that time frame you would have paid much more. Maybe it's time to consider the benefits of having a home of your own.

With today's low interest rates owning your home is more attractive then ever. It's now possible that your hard earned money could go directly to paying for your own home rather than paying your landlords mortgage.

Buying your home makes sound financial sense and it's almost impossible to find one good reason why it's not a good move. Beyond having your own place, there are other benefits.

• Increase in home prices mean increase equity for you - like putting money in a savings account.
• Buying a home is a very effective way of saving regularly for 25 years. We all know saving money isn't easy, but each mortgage payment is, in reality, a little bit of money put away for the future.
• Mortgage insurance is relatively inexpensive and very easy to obtain. If the home owner dies before the mortgage is paid the insurance pays off the balance of the principal therefore ensuring that your family will be left with a home - and without debt.
• If you are 30 now and purchase your first home you will be mortgage free by the time you're 55 (or less!)
• You'll also have a home worth thousands of dollars that you own free and clear and therefore you'll be more financially independent later in life.
• The value of homes over the past 25 years have continued to increase, and most likely will for the next 25 years. The home you buy today for $200,000 could conceivably be worth $400,000 or more when your mortgage is paid. it's a sound investment.
• Owning your own home allows you to set down roots and get involved in your community. if there are children in your life, it allows them to make friends in the neighbourhood. Remember where you met your oldest and dearest friends?
• Additionally, there is real sense of security and personal pride that comes with owning your home. Imagine choosing paint colours, or adding a deck, or remodelling a kitchen the way you want, not the way your landlord decides.
• With many types of investments you have to pay capital gains tax on any money you make. However, on your family home there are no taxes payable as its value increases. You keep the money your investment makes.

You've shopped around, seen many fine homes, decided on the one you want, made the offer, worked your way through negotiations and finally have an accepted offer. Once the legal part of the transaction is completed, you'll be a home owner! Congratulations!

Unfortunately, the costs associated with the purchase of property in Newfoundland are high (but not as high as other parts of Canada). The following descriptions and estimates are intended as a general guide and are as accurate as possible.

Every real estate transaction is unique and some figures mentioned are subject to change. It is, however, a guideline accurate enough to give you a good idea of what the general costs of purchasing a property would be and the specific items that are required.

A Sheriff's Certificate is needed to ensure there are no outstanding claims against the property you are purchasing and that you will have no worries about later claims.

To ensure the land is clearly owned and that there is a certified history of ownership so that you will have peaceful access and useage of the property, a Title Search is also conducted.

If the property has new appliances, or if the property contains a mobile home, it may be necessary to conduct a Chattel Mortgage Search. This will ensure there are no charges against the items for which the purchasers could be liable.

For your protection, vendors must supply a Tax Certificate from the municipality certifying all taxes have been paid.

For example, if taxes have been paid to the end of December and you take possession of the property on December 1 you must reimburse the vendor for the 31 days of tax already paid. As most municipalities in the province require taxes to be paid six months in advance, the cost you will incur will be directly related to the possession date.

If the property you are buying has an oil furnace you may have to reimburse the vendor for the unused oil left in the tank at the date of closing and this too will vary.

There are certain administration charges that will crop up and these will be for such things as photocopies, courier services and various miscellaneous items.

Now for the higher costs! Canada Mortgage and Housing Corporation (CMHC) ensures the mortgage lender their loan will be repaid should a purchaser default the mortgage. They do so at a fee that varies from 1.0 to 2.75 percent depending on the down payment. This amount is normally added to your mortgage.

The provincial government also charges for both the Registration of the Deed and the Registration of the Mortgage.

Lets use the following example based on a $200,000 purchase with five percent as a downpayment:

Purchase Price $200,000

Less five percent down $10,000

Sub-total $190,000

CMHE Fee (2.75%) $5,225

Mortgage Amount $195,225

COSTS

Sheriff's Certificate/Search $280

Title Search $150

Registration of Deed

(200,000 X 0.004 + 100) $900

Registration of Mortgage

(195,225 X 0.004 + 100) $880

Legal Fees $750

Administration Fees $50

Law Society Levy $50

Other $100

Closing Costs $3,170 (+ Applicable HST)

This example does not include either the cost of a survey or title insurance if required, it is merely an example. Some costs or items may vary depending on your specific transaction.

The costs are fairly constant, but the lawyer's fee may vary. It's best to call for a quotation. The closing costs for any real estate purchase in this province are in most cases between 2 to 3 percent of the purchase price. Being aware of these will allow you to budget your home purchase and avoid any unexpected costs. Getting a price quote form your lawyer in advance of your purchase is wise.

After you've made up your mind to sell your home, the next thing to do is to contact a Realtor to draw up a Listing Agreement which is a contract between you, your Realtor and the real estate office he or she represents. It must clearly outline the rights and obligations of all parties and define clearly what is and is not included in the transaction to ensure there are no misunderstandings.

Once signed by both parties, it becomes a legal agreement that binds both parties to all its terms and conditions. Therefore it is exceptionally important you understand and agree to all the clauses to avoid any possible future conflicts. Also, ensure you receive a copy of any document you sign.

Generally in this agreement, you appoint a specific Realtor and firm to act as your agent in attempting to:

• Find a purchaser and determine a reasonable asking price for the property.
• Establish a commission rate or fee (usually payable when the property changes hands).
• Decide whether or not a lockbox and signage will be put on the property.
• Agree to a number of days that may be required to complete the sale after acceptance of an offer.
• Determine the period for which you will list your property for sale.