Jun

17

When should I replace parts of my home?

Filed Under Brampton, Condos, Homes, Real Estate, Renovations, The Numbers | Leave a Comment

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Although this article may be useful for people living in older homes, purchasers of newer homes can also benefit from this. A home in not unlike a car - it’s made up of a variety of components that have different life expectancies and that need to be replaced throughout various stages of it’s use. If you live in a new home, this list is merely something to keep in mind down the road as your house ages. If you’re living in a older home, it’d be wise to check up on the different parts of your home to see if it’s time for them to be replaced.

Here is a list of important items in your home and their average life expectancies:

The Roof

  • Standard asphalt shingles - 12-15 years.
  • Premium asphalt shingles - 15-30 years.
  • Wood shingles - 10-20 years.
  • Concrete or clay tiling - 20-40 years.
  • Asbestos cement - 40-80 years.
  • Slate tiles - 40-80 years.
  • Roll roofing - 5-15 years.
  • Tar and gravel - 15-25 years.
  • Metal - 60 years.

Heating

  • Forced air furnace - 10-25 years.
  • Oil tank - 20 years.
  • Welded steel water/steam boiler - 15-30 years.
  • Cast iron water/steam boiler - 30-50 years.
  • Water/steam circulating pump - 10-25 years.

Cooling

  • Central air - 10-25 years.
  • Heat pump - 10-15 years.
  • Window air conditioning - 10-20 years.

Plumbing

  • Galvanized water pipes - 20-25 years.
  • Hot water heater - 5-15 years.
  • Septic/sewer pump - 5-10 years.
  • Well pump - 10 years.

Appliances

  • Dishwasher - 5-12 years.
  • Dryer - 10-25 years.
  • Garbage disposal - 5-12 years.
  • Oven/range - 15-20 years.
  • Washing machine - 5-15 years.

As always, this is only a general guide. Some components may need to replaced sooner due to wear and tear, while others may last longer because of great quality.

Till next time!

Popularity: 14% [?]

Jun

6

Tell me more about the Park Place condos in Brampton!

Filed Under Brampton, Buy, Real Estate, The Numbers | Leave a Comment

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If you’ve been a long time resident of Brampton, you’ll know that the condo selection is relatively small. Aside from the cluster of condo buildings near Bramalea City Centre, and a few other buildings scattered around the city, there haven’t been any new condo developments in the last while.

You’ve probably also seen signs around the city promoting a new development called Park Place Condos. Here are some information tidbits for you if you’re interested in looking at these units in the future.

  • Park Place is being built in the heart of Brampton, at 4 Corners (Highway 10 and Queen St.) Click here to see map.
  • The building will be 27 stories.
  • In addition to being steps from City Hall, Rose Theatre, and the Peel Museum & Art Gallery, Park Place will also boast a 2000 acre nature park in the backyard.
  • The building will feature a full time concierge, library, yoga studio, fitness room, dining and party room, rooftop terrace with BBQ area, billiard room, theatre, and guest suites.
  • 9′ ceilings throughout with pre-finished laminate flooring in living, dining, hallway, den, and bedrooms.
  • One parking spot and one locker is included with the purchase of every suite.

To contact their sales office and presentation centre, call (905) 451-7001 or visit www.parkplacecondos.ca to see online floor plans.

In the coming weeks, I will preview some more coming real estate developments in Brampton, so stay tuned!

Popularity: 20% [?]

Jun

4

I’m buying a home - what are my closing costs?

Filed Under Brampton, Buy, Condos, Homes, Real Estate, The Numbers | Leave a Comment

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If you’re a first time home buyer, you may be wondering what sort of costs you’ll be facing down the road when it comes time to close the sale on your home. Because there are so many fees, expenses, and taxes to pay, it may be a little scary and overwhelming. Below is a list of the general costs you’ll need to be aware of when you’re closing the deal.

As a rule of thumb, expect and budget approximately 2 - 3% of the purchase price of your home for closing costs. That means if you’re buying a $200,000, you’re looking to pay around $4,000 - $6,000 in total for closing costs. Of course, this is only a general outline, so make sure to ask every person involved in the deal to get a better scope of your costs.

  • Home Inspection - A qualified inspector will assess your property for any potential defects as well as give you vital information on your home. Expect to pay anywhere between $250 - $350.
  • Appraisal - The lender will arrange for an appraiser to provide a professional opinion on the current market value of your home. This will cost anywhere between $100 - $300.
  • Legal Fees - Your lawyer will be handling all the vital paperwork related to the purchase of your home. You will be paying for the legal fees for closing your home and mortgage, as well as paying additional disbursement fees that cover things such as courier costs, photocopies, faxes, supplies, and other registrations. Remember to ask for a quote including the disbursement fees so you’re not in for a surprise later. Fees vary, but they generally range from around $1,000 - $1,300 depending on the circumstances and the lawyer.
  • Land Survey or Title Insurance - The seller will most likely provide you with a survey of the home. If no survey is available, you can usually get a replacement for around $600 - $900. However, many lenders will also accept title insurance instead, and that alternative will only cost you a couple hundred dollars. Make sure to ask your lender and check your options.
  • Fire Insurance - Be prepared to arrange and maintain fire and extended coverage insurance for the balance of the mortgage or the replacement value of the building. This cost will vary depending on your home, the amount of coverage, the insurance company, and even the city, but expect to pay anywhere between $250 - $600 annually.
  • Ontario Land Transfer Tax - Read my previous article about land transfer taxes and how to calculate them for your purchase.
  • Interest Adjustment - Oftentimes, mortgage payments are due on the first of the month. If you closing date does not fall on this day, you’ll usually have to prepay the amount of interest accruing up to the 1st of the following month. This is known as the interest adjustment date. If you’ve opted for bi-weekly or weekly payments, this period will be shorter.
  • Mortgage Insurance & PST - If your mortgage is insured, the insurance premium will usually be added to the mortgage so you don’t have to pay in cash on the closing date. You will, however, have to pay the provincial sales tax of 8% on closing.
  • Closing Adjustments - This typically covers the utilities that the seller has prepaid for and will recover from you.

Are you buying a new home? Don’t forget that you must pay GST on brand new home purchases! Resale homes already have the GST included in the price. Other costs that you should think about are moving costs, appliances, decorating, repairs, tools, and utility hook ups.

Popularity: 26% [?]

Apr

29

How much will it cost me to pave my driveway or build a garage?

Filed Under Brampton, Homes, Real Estate, Renovations, The Numbers | Leave a Comment

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As always, I’m always on the lookout for building/renovation costs to provide to my readers as a general basis before taking on renovation tasks. It’s tough sometimes knowing where to begin or knowing who to ask regarding large projects and the costs that are associated. Hopefully, my previous articles have been of some help. Today’s pricing list is a general guideline for those interested in paving their driveways or building garages.

Garage
Detached Carport - $4000+
Detached Wood Frame (Single Car) - $8000+
Detached Wood Frame (Double Car) - $13,000+
Detached Block (Single Car) - $18,000+
Detached Block (Double Car) - $24,000+
Removal of Existing Garage - $1,500+

Overhead Doors
Automatic Garage Door Opener - $200-$300
Cladboard (Single) - $450-$650
Cladboard (Double) - $750-$1,000
Metal (Single) - $700
Metal (Double) - $1,100
Wood (Single One Piece) - $725
Wood (Double Sectional) - $1,250

Driveway
Asphalt Paving (Existing Base) - $3-$5/square foot
Asphalt Paving (New Base) - $3-$5.50/square foot
Asphalt Seal - $50-$75
Stamped Concrete - $5-$10/square foot
Interlocking Brick/Stone - $8-$10/square foot

In the coming days, I will have more pricing lists for other renovation/construction projects available!

Popularity: 50% [?]

Mar

13

It’s time for a new roof, but how much will it cost me?

Filed Under Brampton, Homes, Real Estate, Renovations, The Numbers | 1 Comment

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With spring around the corner, some of you may be considering replacing that old roof. The real estate market tends to pick up briskly in the spring, and changing an old roof may be needed if you plan on selling your house. One of the key areas of a home inspection is looking at the condition of the roof. If you’re selling your house and your roof is in rough shape, buyers may ask for money if the inspection indicates a deteriorating or leaky roof.

Replacing a roof usually comes down to two factors: climate and budget. But because here in Brampton we already know we’ll face harsh winters and burning summers, most home owners tend to decide based on budget. Here are the different kinds of roofing available to you, and their respective costs. Just for reference purposes, a square is a standard roofing measurement, and is equal to 100 square feet.

Asphalt Shingles

These are the most common type of shingles you’ll find on houses today. Asphalt shingles will last anywhere between 15-30 years, but they offer the best value for your dollar. Because they come in a wide variety of styles and colours, they’re obviously the most popular choice. These shingles will cost you between $50 - $75 per square.

Laminate Asphalt Shingles

These shingles are much like the regular ones, except they’re made of layers of fibreglass and other materials. This gives your entire roof a textured appearance, and can often look like more expensive roofing like cedar or slate. Expect to pay between $120 - $150 per square.

Cedar Shingles

Cedar shingles are usually chosen more for their looks, and you won’t find them that often on new residential homes. If you intend on installing cedar shingles, know that they can last up to 25 years if they’re properly maintained. These shingles will run you around $300 per square.

Metal

Metal roofing comes in different materials such as aluminum and steel. The great thing about metal roofing is that it’s quick and easy to install. And because metal roofing is so light, it’s often possible to install metal roofing without having to remove your old roofing. This can save you time and money in a crunch. Metal roofing tends to last more than 50 years, and will cost you around $400 per square.

Slate

Slate roofing is rarely used on residential homes due to the high costs. However, this high cost means that the roofing could last well over a 100 years. If you’re interested, slate roofing will cost around $1000 per square.

These costs are only for materials. If you don’t plan on installing roofing yourself, don’t forget to budget for labour costs. Remember to shop around and ask for a number of different estimates. It’s good to compare prices as well as the quality of work. Also, have your roof inspected for leaks and ventilation problems before you install the new roof. It may save you some trouble in the long run if you catch a potential problem early.

Popularity: 68% [?]

Mar

2

Am I eligible for a land transfer tax refund?

Filed Under Brampton, Buy, Condos, Homes, Real Estate, The Numbers | 5 Comments

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There seems to be a lot of confusion going around these days regarding new land transfer tax changes. In this previous article, I highlighted the new changes to land transfer taxes in the City of Toronto, as well as provided a land transfer tax calculator.

The Land Transfer Tax Refund Program for first-time home buyers has been expanded to include purchases of resale homes. If you’re a first time purchaser of a RESALE home and your Agreement of Purchase and Sale was registered after December 13, 2007, you are entitled to receive a refund of up to $2,000 of the land transfer tax paid. As these proposed amendments to the Land Transfer Tax Act are still pending by the Ontario Legislature, you can either wait until it becomes law or send in the required documents first and have them held pending Royal Assent of the proposed amendments.

Here are the documents you will need to get your refund:

  1. Copy of Agreement of Purchase and sale
  2. Copy of Docket Summary (to show payment)
  3. Copy of Registered Transfer
  4. Land Transfer Tax Refund Affidavit

Mail these forms to:

Ministry of Revenue
Tax Compliance and Regional Operations Branch
Land Taxes Section
33 King Street West
P.O. Box 625
Oshawa, Ontario L1H 8H9

If you’d like more information, you can visit the official website for more details.

Popularity: 53% [?]

Feb

29

How long will it take me to sell my Brampton home, and the importance of pricing it right.

Filed Under Brampton, Buy, Condos, Homes, Real Estate, Sell, The Numbers | Leave a Comment

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No one can deny that the economic woes and real estate troubles in the U.S. have us worried about any ripple effect up here in Canada. But market reports have shown that the Canadian housing market continues to push forward with little signs of slowing down. Here in Brampton the real estate market is still very active and lively, and with a strong spring market anticipated, it’s still a great time to sell your home if you’re considering putting in on the market for sale.

In my article about how the Brampton real estate market fared in December 2007, stats showed that on average it took 40 days for a home in Brampton to sell. Bear in mind that this stat reflects the slowest month of the year! So if you’re wondering how fast your house is going to sell, keep this number in mind.

However, what will help sell your home faster than any hot market, fantastic real estate agent, or aggressive marketing campaign is simply your asking price. Make no mistake - your selling price is absolutely the most important key to selling your home. Some sellers subscribe to the school of thought that listing your home for a higher price gives more room for negotiation. This may be true, but what does it matter if no one is coming to see your house?

Keep in mind that when buyers and buyer agents search for homes on MLS, they are searching within a certain price range. If your house is worth $295,000 and you’re pricing it at $315,000, you will miss the boat. If someone is searching for a house between a price range of $250,000 - $300,000, your house will NOT show up. Instead, you’ll be showing up in the next tier of search results where comparable listings will be bigger and look better than yours for the same price. How will you compete?

Pricing a house right will get you great initial activity. Over pricing your house will have it sit on the market for too long, and have buyers wondering if something is wrong with your house. Remember, you or your agent can’t really determine what your house is worth. The market will determine what your house is worth. Pricing your house at fair market value will get more interested buyers and an offer that much quicker.

Your real estate agent can give you comparable sales in your neighbourhood and your city to help you better determine the ideal selling price for your home. I suggest you use these resources, because buyers are looking at the same numbers!

With a fair asking price, lower interest rates, a fast-paced real estate market in Brampton, and the spring approaching, you will sell your home quickly!

Popularity: 35% [?]

Feb

26

How to stage your home for $100, $500, and $5000.

Filed Under Brampton, Buy, Condos, Homes, Real Estate, Sell, Staging, The Numbers | Leave a Comment

Home staging has become a hot topic in the last few years, especially with the popularity of home flipping shows.  Whether it’s a short-live trend still remains to be seen.  However, there’s no argument that properly staging your home can indeed help you sell your home faster and for a higher price.  With the Brampton real estate market so competitive, it takes a lot of preparation and planning not only have your house stand out among the other listings in your neighbourhood, but also to get it sold fast and for full value.

I’ve included some videos below that deal strictly with home staging.  It’s a 3 part series called Setting The Stage that gives you some ideas on how to stage your home for as little as $100 or for as much as $5000.  Remember, making that first impression to any potential buyer is critical.  The moment they step into your house, they’ve already got a sense of whether they like your home or not.  If you can stage your home for a minimal investment and get that money back from a higher sale price, why not do it?

Enjoy the videos.


Popularity: 40% [?]

Feb

24

How much will it cost to renovate my kitchen?

Filed Under Brampton, Buy, Condos, Homes, Real Estate, Renovations, Sell, The Numbers | Leave a Comment

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If you are looking for the best bang for your renovation dollar, kitchens and bathrooms are still considered to be the projects with the highest potential to add or maintain value in a home.

If you are considering selling your home in the near future, talk to a REALTOR® for tips on how to make your home more appealing and “saleable.” You may find that a new kitchen is not in your best interests and a fresh coat of paint and some minor repairs are all that’s needed. Because renovating a kitchen can be one of the more expensive projects a homeowner will undertake, you’ll want to consider the length of time you expect to stay in your house.

According to the Appraisal Institute of Canada, if you are remodelling your kitchen as a face-lift prior to selling it, it’s recommended that you spend no more than 10-15% of the cost of your house. If you are going to remain in your house for more than five years, you can spend 25% or more – and in most cases you will recoup the cost of the renovation when you sell.

How much will it cost?
Kitchen renovations can cost you anywhere from $2,000 to $3,000 for a cosmetic facelift with no new cabinets, plumbing or electrical changes. Look to spend at least $10,000 if you choose new low-end cabinetry, counters, appliances, flooring, paint, and some minor structural changes. However, the sky’s the limit when it comes to a new kitchen and you can expect to pay $20,000 and up for high quality cabinets, custom work and many upgrades.

Keeping costs down
There are ways to cut costs when updating your kitchen without sacrificing quality.  Regardless of what you do budget, don’t skimp on design, appliances, or labor. These are the basis for a functional kitchen and you should get the best you can afford. To keep costs to a minimum, use stock cabinets instead of custom work, laminates instead of solids, and hang on to your current appliances, if you can. Also try to keep your existing plumbing and electrical and don’t make structural changes to the room.  Planning ahead in detail will also save you money. Any changes or corrections halfway through the process will be expensive.

Tips for low cost kitchen makeovers
If your budget is tight and smaller projects are what you’re aiming for, here are a few ideas:

Resurface or repaint old cupboards
Paint is inexpensive and can transform wooden cupboards in a matter of hours. Try a new painting technique, or a textured look, or a zesty combination of colours. You can also resurface old cupboards with wood laminate, or one of the new, non-traditional plastic-based materials that resist chipping, denting and staining. Formica counter tops, for example, provide the look and feel of expensive solid surfacing at about half the cost.

Use more glass
Replace a few cabinets with glass ones. Glass and mirrors in a room add the illusion of more space, as well as glamour — especially if you add interior lights to your new cupboards.

Change your hardware
Simply adding new cabinet and drawer handles can change the look of a kitchen! With the many choices in colour, size and style of drawer knobs and handles, there’s no limit to what you can achieve.

Floor and wall facelifts
Paint, wallpaper and flooring in a variety of textures, styles, colours and patterns can easily spice up a bland kitchen. Stencil a border around a window, below a ceiling, or between the cupboards and the counter tops and you can change the mood overnight.

Be innovative
A good kitchen should not only look great, but stand up to daily wear and tear. It should function well and enable people to move freely between it and related areas of the house.

If you plan to completely remodel the kitchen, be honest about your ability. You may want to leave this important job in the hands of an expert who can do the work quickly and professionally. A kitchen designer/contractor can suggest unique ideas and come up with creative solutions to particular problems. Finally, be sure to get at least two bids on the work you plan to do and compare these carefully.

This article was provided by the Ontario Real Estate Association. Many thanks to OREA!

Popularity: 70% [?]

Feb

21

How much can I rent out my Brampton home for?

Filed Under Brampton, Condos, Homes, Real Estate, Stats And Reports, The Numbers | Leave a Comment

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Do you have a home or condo in Brampton that you’re considering putting up for rental but are unsure of what to charge for rent? Are you a tenant looking to rent a home or condo in Brampton and want to know how much rent is in certain neighbourhoods?

There is a quick and easy way to check online how much rent is in your location. Simply plug in your rent and your location and this rentometer will show you on a scale where your rent is in relation to the median in your area. You will also see a property map with all the other rentals it used for comparison. All you have to do is go to the Rentometer!

A great resource to check to see if you’re charging too little as a landlord, or paying too much as a tenant!

Popularity: 32% [?]

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