REAL ESTATE - NEWSLETTER

Read our newsletter online or, if you prefer you can also sign-up to have the newsletter delivered directly to your email. Join our mailing list! - please click here. In this issue: How to get into the Housing Market, The high cost of waiting, Recipe for successful reno projects, Current Mortgage Rates     How to get into the Housing Market For many Canadians, it's not an easy task to enter the real estate market, especially for the first time. The good news is that with my expert advice as your local Coldwell Banker professional and some creative strategies, it can be done. Here are some home buying strategies that will help you get into the market quickly, so you can start building equity that much sooner:   Consider starting with a condominium - It's a great first step on the property ladder, where you can build some equity instead of paying rent, and condominiums have historically appreciated well in value. . Scale back your expectations -- Many first time buyers expect to move into their ideal home right away. Be realistic and start small. It will give you a chance to learn the 'in & outs' of homeownership and provide experience managing your expenses without getting too stressed out! . Take in a renter - Why not have someone else help you to pay down that mortgage? Having a reliable renter to contribute to expenses can pay off your mortgage years sooner and save you thousands of dollars. . Share a multi-unit dwelling - Perhaps you know another family member or friend who is also looking to enter the housing market. Why not pool your resources and buy a multi-unit dwelling such as a duplex or triplex, or a home with an in-law apartment or 'granny flat'? As long as you set out all the conditions in writing beforehand, it's a very appealing and workable option for many Canadians. Whether you're thinking long-term or just starting out small on your way to bigger and better things, I can help. I've got many helpful tips to help you get into the housing market, successfully. Never thought about homeownership before? Perhaps it's time you did! Why not call me and get the benefit of my expert advice? You'll be glad you called me first!     Selected Canadian Mortgage Rates (Posted 5-year fixed rates as of March 29, 2007): BMO: 6.49% Canada Trust: 6.48% CIBC: 6.49% ING Direct: 5.09% Manulife Bank: 5.25% President's Choice Financial: 5.10% Royal Bank: 6.44% Scotiabank: 6.50% The high cost of waiting House prices have been increasing steadily for some years now and there's no end in sight. In fact, the Canadian Real Estate Association recently predicted that the national average home price will increase from $276,974 in 2006 to $310,400 by 2008. If your goal is to buy a home that's around that average price, it's probably not in your best interest to wait before entering the market. Think about it. You'd have to save an additional $33,426 in two years just to stay even with where you are right now! On the other hand, if you managed to get into the market and buy that same home today, then two years from now that potential gain of $33,426 in equity could be going into your pocket. If you add the increase in home prices, plus the equity you could lose, it all adds up to a very high cost for waiting... there's a potential difference of almost $67,000, depending on whether or not you act now. So, if you've been thinking of putting off entering the housing market until prices level off or you're in a better position to buy, you'd better think twice! Of course, this is just one example, based on the national average. Home values can vary dramatically from market to market and even between neighbourhoods. If you'd like to know more about local property values and how much you could earn by acting now versus later, I hope you'll give me a call. There's absolutely no obligation to you. I'm happy to talk real estate anytime, so I hope you'll call soon. Recipe for Successful Reno Projects Spring is the time of year when most homeowners, who have been kicking around the idea of renovation, drive ahead with determination. Perhaps you are trying to freshen up a place you bought in winter or are trying to prepare your house for a sale this summer. But before you charge ahead, I thought you might like to know My Recipe for a Successful Reno . My successful renovation recipe includes the careful blending of 10 critical ingredients that I picked up from an article by Erin Zagar at www.eRenovate.com . The site is packed with helpful renovation resources and completely free, so I included a few links you might find valuable. I was told that they are launching a new web site next week and will be giving away Cruises for 2 plus a $75,000 Dream Kitchen, visit www.eRenovate.com next week to enter! Ingredients for My Recipe for a Successful Reno. 1 part Funding : It's best to have a firm idea as to what you can afford. That doesn't necessarily mean what the bank will give you or what savings you have. It is more about what you are comfortable spending and ultimately what you can afford to pay monthly after everything is said and done. 1 part Assessment: Take time to look at the home, understand what works, what doesn't work, what will need repairing to protect your equity and above all understand the limitations of what you can and cannot do to the house. 1 part Focus : What do you really NEED! Stuff that appears regularly in magazines is wonderful; define if it will add value to your home or your family life. 2 parts Qualified Advisors : First you need a designer [Find Interior Design Inspiration ], someone preferably who has focused their practice in renovation and residential design. Other specialists in the Design realm include Interior Decorators and Engineers, these individuals may have experience in renovation design however make sure they are qualified to design the look you are after and that they hold credentials for obtaining permits. The next professional you will need on your team is a Renovation Contractor. The first word being key, as you want to make sure your contractor is properly licensed and has experience in renovation since the work and skill necessary to do a good job is very different from other construction work. 1 part Permits: No matter what anyone says, permits are necessary. As you are aware there are many television shows that demonstrate work completed by unskilled or unqualified builders or do-it-yourselfers [View CBC Marketplace video, " How not to Get Nailed "]. If you try to side step the legal process you could be in a mess one way or another without a permit. Last but not least. 4 parts Patience: and a lot of it! First don't rush into anything. take the time to learn, research and ensure what you are moving forward fits your focus and funding criteria. Second.. Take lots of care with researching where and to whom you spend your money on. Check references, follow up with past clients, see the materials, workmanship and finished products in their operational and finished form. Third, expect the unexpected. Professionals will try to predict what might be found but they will also be able to address any situation that comes up if it meets your goals and budget. Finally, the time it takes for permit, construction and completion is the time it takes. Relax, enjoy the process and find creative ways to minimize the stress and distract your family while waiting for your project to materialize. It will be worth it! Take the time to appreciate and complete each part before blending into the mixing bowl. Stir gently and bake for approximately 2-6 months while preparing your project drawings. Serve with good design and a few special upgrades and you will enjoy your Reno project for many years to come. www.eRenovate.com helps homeowners prevent renovation headaches by providing completely free articles for inspiration, renovation experts for advice and Verified by eRenovateT contractors-screened to protect homeowners. If you prefer you can also sign-up to have the newsletter delivered to your email. Join our mailing list! - please click here.

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