“World's Most Complete Neighborpedia”
Explore:   What's happening in your neck of the woods?

About Avalon Region, NL

REAL ESTATE 101: Fall Home Repairs

10-06-10
Bill Dilny
Bill Dilny: Real Estate Agent in St Johns, NL

It's that time of year again and as we all know the rain and the shoveling snow are soon to come. What to do and actually doing it today before the wet weather comes and water penetrates your home can save you thousands of dollars of repair work tomorrow.

Here goes:

Roof - Perhaps the most vulnerable part of your home as it's the part most prone to the weather and hence it's the area to be looked at first. Take a Shingles nice day, go up on the roof or (if you're afraid of heights) use binoculars to check for broken, curled or missing shingles and fix them as soon as possible. If there are a number of these seen you can be guaranteed that your shingles are in their last days and will soon need replacement. Be warned - the cost of new shingles on an average Newfoundland home is between $6,000.00 and $8,000.00 with a life expectancy of approximately 20 years - that translates to a cost of between $300.00 - $400.00 a year. If the roof looks really worn and tired, consider replacing it now; waiting another year might save you several hundred dollars in replacement cost today but should the roof leak during the year your repair cost due to water damage could amount to thousands of dollars. Even with roof insurance there is a deductible of $500.00 or more so do the math and repair the shingles before the winter.

CaulkingSiding - Siding itself doesn't leak but when it joins windows and doors and concrete, water penetration can and does happen. But there is a quick and easy fix - for a $5.00 tub of caulking and a couple hours of your time you can again save thousands in future upgrades. Additionally check for water stains on the siding under roof eaves. If they are there you probably are having ice dams. For that to hopefully be fixed you need additional attic ventilation and to ensure that any piping or wiring or ductwork which might reach in to the attic is sealed tightly so as not to allow the warmer area from the house getting in to the attic. This might be a bit expensive but you'll recover the cost over a few years due to reduced heating cost.

Foundation Crack - There are very few homes because of our rapid freeze/thaw winters in our province that do not have foundation cracks. Foundation CrackLuckily most are minor and of little or no concern; but it's best to check them out. If they are less the 1/8 of an inch there is usually no problem. However, it's a wise move to check each year to see if they get bigger. If they do, you need to caulk them and perhaps even seek professional advice. Also, note any horizontal cracks or signs of movement as this is your warning that there are stress factors on the foundation - you'll need the advice of a structural engineer for any you may see.

Ensuring these areas are in perfect shape today can save you many dollars tomorrow!

What Was I Thinking When Prices Were Low

Real Estate, St. Johns, Newfoundland R. Greg Osmond, Realtor: Real Estate Agent in St Johns, NL

Graphic representation of houses for rent

So what was I thinking when prices for real estate were as low as they were? I have asked myself that question a few times. In St. John's we have seen real estate prices surge in the last three years. Those who were "smart" enough to buy investment properties with record low interest rates and un-inflated real estate prices have enjoyed one of the best growth markets in North America.

I have been in the real estate business for over 21 years and have had the opportunity to buy rental properties several times; but I did not do it. Well, I did not buy them to the extent that I might have or dare I say, even should have. Instead, I invested some of my hard earned cash in the stock market. With the exception of a few lucky trades, I watched my invested assets dwindle to losses or at best remain flat. Oh what a feeling when a plan doesn't come together!

Well during this past year, I have begun to correct this imbalance. I have purchased a couple of homes and am in the process of building a two more within the next two years. If this sounds like I am crazy, I remind you that the I thought the same way five years ago about buying real estate then. The reality is, Newfoundland has an oil based economy and this oil prosperity is certainly not done yet. Those who can accumulate a few rental properties over the next ten years will no doubt build some equity for their future.

Another factor for me is there are no real estate firms that offer a pension plan in our local market. Buying rental properties is one thing that make some sense in terms of generating income for the future. Yes, prices have moved up already. But unless the Newfoundland economy turns downward or the oil boom dies prematurely, it is more likely that real estate prices will be higher in five years than they are today, even though they may seem high to us right now.

If you are hoping to gain from this growth market you might want to give your head a shake as I did and buy a piece of real estate. Otherwise, it is likely in a few years time you will be asking yourself the same question. "What was I thinking when the prices were low?" And in case you haven't noticed, interest rates are still sitting at all time lows. Furthermore, to underscore the point a little more, the vacancy rate in St. John's is now at 1.1%. See CMHC News April 2010.

Bookmark   and Share

_____________________________________________________________________________

About the Author: R. Greg Osmond is a Platinum Award winning Realtor dedicated to serving the people of St. John's, Mount Pearl, Paradise, Kilbride, Goulds, Conception Bay South (CBS), Portugal Cove-St. Philips, Torbay- Flatrock- Pouch Cove, and Logy Bay - Middle Cove - Outer Cove, Newfoundland and Labrador. For over 21 years Greg has been practicing in Real Estate. He can be reached at 709-895-2500.

Want to get in touch? Email rgosmond1@gmail.com. For more information, please visit http://www.rgregosmond.com. Thinking of selling your home? I have a passion for helping my clients with buying and selling real estate! If there is any way I can be of service to you today, please feel free to contact me!

Click Here To SUBSCRIBE. Your Mother will definitely approve!

A St. John's, Newfoundland Mortgage Broker is Going To Jail

Real Estate, St. Johns, Newfoundland R. Greg Osmond, Realtor: Real Estate Agent in St Johns, NL

A St. John's, Newfoundland mortgage broker is going to jail.

This week a St. John's mortgage broker who owned the firm Newfoundland Mortgage Brokers has been found guilty of running a ponzi scheme and defrauding investors of over $500,000. Mr. Stirling Norman will be sentenced on June 24, but according to the Judge, is headed to jail before the sentencing hearing. Both the crown and the defence have recommended a 2 year term in a federal prison.

It is sad to see people with such potential lacking the principals to make a solid career for themselves and their family. According to reports, Sterling had been promising investors a return of 48% taking advantage of his clients trust and desire for gains.

It is well worth noting that many ponzi schemes are easily developed by appealing to investor greed and by offering an unreasonable rates of return. If someone promises unusually more than seems reasonable, one should be very careful about investing money with that individual. It's been said many times, if it sounds too good to be true, it probably is.

It is worth stating that this type of behaviour is not at all typical of the mortgage industry in St. John's. I know many of the mortgage brokers and have worked with several of them over the last 22 years. Most of them would be appalled by the actions of Mr. Norman and would prefer he be barred from working again as a mortgage broker.

I have known Mr. Norman as well and in the past I have noticed his management of some cases made me uncomfortable. I gave up dealing with him many years ago and unfortunately this confirms that my discomfort was well founded.

The lesson for all professionals is to be meticulous about representing your clients interest by adhearing to the golden rule. "Do unto others as you would have them do unto you." You might have heard that before but today it bears repeating.

To read more details, check out the CBC report.

Real Estate Values Are Up Again in Newfoundland

Real Estate, St. Johns, Newfoundland R. Greg Osmond, Realtor: Real Estate Agent in St Johns, NL

Real estate values are up again in Newfoundland? A recent BusinessWeek headline about real estate values in Canada reports that new-home prices rose 0.4 percent in January from the previous month, the seventh straight gain.

The data, taken from Statistics Canada, shows that St. John's, Newfoundland was leading the way with the new house price index gaining 1.7 percent. After St. Johns came a 0.7 percent increase in Winnipeg, Manitoba.

Canada's mortgage rates are close to the lowest since the Korean War. Its no wonder home sales and prices indexes have been spurred upward. The country is slowly emerging from a recession but evidentally the real estate market didn't feel much of a recession in St. John's, Newfoundland.

Housing starts rose to the highest since October 2008 in February, and the government-owned Canadian Mortgage and Housing Corp. predicted on March 2 housing starts will rise this year and next.

The Bank of Canada, which cut its main interest rate to a record low 0.25 percent in April, signaled on March 3 that it won't extend its pledge to keep interest rates at a record low through June.

Perhaps when rates begin to rise, we will note some slowdown in the escalating prices in St. John's, Newfoundland. And for the sake of all the first time home buyers, I hope they do.

Bookmark and Share

_____________________________________________________________________________

About the Author: R. Greg Osmond is a Platinum Award winning Realtor dedicated to serving the people of St. John's, Mount Pearl, Paradise, Kilbride, Goulds, Conception Bay South (CBS), Portugal Cove-St. Philips, Torbay- Flatrock- Pouch Cove, and Logy Bay - Middle Cove - Outer Cove, Newfoundland and Labrador. For over 21 years Greg has been practicing in Real Estate. He can be reached at 709-895-2500.

Want to get in touch? Email rgosmond1@gmail.com. For more information, please visit http://www.rgregosmond.com. Thinking of selling your home? I have a passion for helping my clients with buying and selling real estate! If there is any way I can be of service to you today, please feel free to contact me!

Click Here To SUBSCRIBE. Your Mother will definitely approve!

My Real Estate Secret - A Closing Gift With Real Taste

Real Estate, St. Johns, Newfoundland R. Greg Osmond, Realtor: Real Estate Agent in St Johns, NL

Here is my real estate secret. I have a closing gift for you with real taste.

Before writing this, I asked myself if I should keep this real estate secret to myself or just come out with. I like pleasant surprises and I really love to surprise my clients with a token gift after their real estate transaction has closed.

Recently that gift has been an evening dinner out at Mama Soula's Greek Restaurant. Most people will agree that eating out at a fine restaurant with excellent food is just the thing that a food lover enjoys. Sure there are many different types of closing gifts and no doubt there are some that have much more lasting value than one evening at a restaurant. Gift Certificates for Mama Soula's

But, I also know that when you've made a big move into your new home or you have sold that old homestead you have lived in a while, most of us just need to to kick back and celebrate. A little tip of the glass, a delectable bite into a morsel of something succulent, some gentle live music serenading in the background, and of course, the presence of someone you love to be with all contribute to the enthusiastic celebration of a significant event.

So if you would like to have my assistance with any of your real estate needs, when the deal is done, you will be headed out for one of the most pleasant evenings you have had in a while. I just love to share one of my favourite places to eat with the people who have asked me to serve them.

And by the way, if you don't have anyone to accompany you that evening, just twist my arm ever so slightly. I will go to great lengths to make sure my wife and I are free. I just can't resist the hot bread rolls!

Bookmark and Share

_____________________________________________________________________________

About the Author: R. Greg Osmond is a Platinum Award winning Realtor dedicated to serving the people of St. John's, Mount Pearl, Paradise, Kilbride, Goulds, Conception Bay South (CBS), Portugal Cove-St. Philips, Torbay- Flatrock- Pouch Cove, and Logy Bay - Middle Cove - Outer Cove, Newfoundland and Labrador. For over 21 years Greg has been practicing in Real Estate. He can be reached at 709-895-2500.

Want to get in touch? Email rgosmond1@gmail.com. For more information, please visit http://www.rgregosmond.com. Thinking of selling your home? I have a passion for helping my clients with buying and selling real estate! If there is any way I can be of service to you today, please feel free to contact me!

Click Here To SUBSCRIBE. Your Mother will definitely approve!