The 1% solution: 5 tips to help sell your house

By Jennifer Wilson | Wed Mar 23 2011

Whether you’re moving out of town, moving up or splitting up, everyone has the same goal when they’re selling their home: to make as much as they can.

One way to get the best sale price is to invest a few dollars to spruce up your place for prospective buyers. One rule of thumb is that you should set aside 1 per cent of your asking price, so, if you’re listing for $400,000 a renovation budget of $4,000 isn’t out of line.

Of course, certain projects will get you more, though in most cases you won’t get all your money back. The return can be anywhere from nothing, for skylights and pools, to an average of 75 per cent on high-performing kitchens and bathroom projects.

Here are some tips:

Kitchen

You can expect to recover 75 to 100 per cent of your investment in kitchens and bathrooms.

“The payback is tremendous,” says Frank Turco, Home Depot’s trend and design manager. That’s because buyers don’t want to undertake a cumbersome renovation that restricts access to these key spaces.

A few hundred dollars can give your kitchen a whole new look. Cabinets can be cleaned, lightly sanded and painted to look like new, while hardware can also be updated quickly and inexpensively, with new pulls and handles starting at a few dollars a pop. Outdated track lights can be replaced with more fashionable varieties, focused task lighting and undercabinet lighting. Dingy backsplashes can also be refreshed with a coat of paint or new tiles, which are available in peel-and-stick varieties.

For a bit more of a splurge, try replacing laminate cabinets with wood and laminate countertops for something a higher end, such as Corian or granite. New appliances are also a worthy investment, with stainless steel and once again trendy glossy white appealing to buyers.

Bathrooms

In the bathroom, like the kitchen, painting the vanity, and swapping out light fixtures and pulls can refresh the space inexpensively. Upgrading faucets, taps and shower heads are another simple project in the $50 - $100 range.

Additional storage is also essential in the bathroom, so look into closet and cupboard organizing systems and adding extra shelving.

Or go all out and embrace the trend for more spa-like bathrooms with marble tiling, full glass showers with extra nozzles and high-end showerheads or a steam shower. Double sinks, heated floors and upgraded countertops are also nice perks.

Paint

In all spaces, a fresh coat of paint works wonders – bringing homeowners a return of 50 to 70 cents on the dollar, says says Mariano Gigante, a sales representative with Sutton Group. Others like, Re/Max salesperson Justin Kua estimate a fresh paint job can bring in returns of 300 per cent.

“Even if it is a simple thing to fix, buyers want it done,” says Gigante, noting it also helps sell homes quicker than other upgrades. Wipe away scuffed paint and outdated colours with neutral hues for a fresh, buyer friendly look.

Flooring

Ripping out worn carpets and refinishing, or replacing, battered floors can offer returns of 75 to 100 per cent, says Gigante, noting that laminate and wood offer the highest rate of return.

Turco recommends laminate vinyl options, explaining “vinyl has come a long, long way” and is now available in durable planks, tiles and sheets that can mimic almost any look and texture, with many varieties available in the $60 range for 24 square feet. Plus, as far as projects go, it’s “inexpensive and easy, as long as you have a box cutter and a ruler.”

Other upgrades

Replacing doors and windows can bring in 50 to 75 per cent – and help you save on energy costs to boot.

Landscaping, meanwhile, will put roughly 25 to 50 per cent of what you spend back into your pocket. A well-maintained garden, brick paths and even urns can also do a lot to boost your home’s curb appeal.

A buyer’s first impression is key so for an easy fix up under $100, Turco suggests cleaning up the front yard, repainting pots and planters, laying a new welcome mat and painting the front door.

Read about 10 easy ways to boost your home’s curb appeal here.

What not to do

Finishing a basement will see about a 50 per cent return on your investment, but as a big and costly job, Gigante says it’s only worthwhile if the homeowners intend on using it themselves for a while.

Skip the skylight. While additional natural light can be a boost, this project is expected to bring you absolutely no return, says Gigante.

Also avoid adding a swimming pool or Jacuzzi. It usually doesn’t improve your resale value and can even discourage buyers, such as families with small children.

If you are tackling a larger scale reno or working with a contractor, make sure the project comes in at less than your one per cent resale renovation budget, including a hefty contingency fund. The projects that offer the biggest returns – kitchens and bathrooms – can also bring the biggest surprises, snowballing costs as mechanical problems are uncovered.

Jennifer Wilson is the editor of yourhome.ca

Coming Soon to Downtown Newmarket

Click on this link for information on the Newmarket Community Urban Space Project (CUSP) which is currently under construction behind main street

Roofing Red Flags - CBC Market Place

Click on the following link to watch a eye opening video on how some shady roofers pick your pockets:

http://www.cbc.ca/marketplace/2011/hittingtheroof/redflags.html

Looking Through the Buyers Eye's

Below are questions to ask yourself when preparing your home for sale, to ensure it looks the best it possibly can to the buyer's eyes.

Exterior

•Does your yard look well maintained?

•Are the trees and bushes trimmed?

•Is your lawn mowed and edged?

•Is your lawn free of weeds?

•Are the decks and patios clean?

•Does your house need painting?

•Are there any exterior holes or cracks?

•Are your walks and porches clean and in good repair?

•Does your roof leak or sag?

•Are any shingles or tiles missing?

•Is your chimney in good shape?



Carpeting/Walls/Ceilings

•Are your carpets clean and in good condition?

•Do your carpets need stretching?

•Are there any pet or smoking odors?

•Do your walls have any cracks or holes?

•Do your walls need painting?

•What about that wallpaper?

•Do your ceilings have any water stains, cracks or peeling?

•Do your ceilings need painting?



Kitchen

•Are your appliances clean and in good working order?

•Are your cabinets in good condition?

•Are your countertops in good condition?

•Is your tile grout clean?

•Is your sink stained, chipped, or in need or re-calking?



Bathroom

•Do your faucets shut off completely?

•Do your sinks drain freely?

•Are your toilets in good condition?

•Are your shower doors shiny?

•Do your tubs need caulking?

•Is your floor in good condition?

•Are your vanities and mirrors in good condition?



Living Room

•Is your fireplace clean?

•Is the fireplace screen in good shape?

•Are all drapes, shutters and shades clean and working properly?

•Are any window screens bent?

•Do all the windows open and close easily?

•Are the windowsills clean?

•Are your doors in good condition?

•Do any doors sag or stick?

•Do the locks work?

•Is the paint in good condition?

•Do the doors seal tightly?



Basement/Attic

•Is your basement/attic organized?

•Are they well lit?

•Are they clean?

•Are the stairs in good repair?

•Do the doors open and close easily?

•Are there any signs of insects or rodents?



Garage


•Is your garage organized?

•Is it well lit?

•Is the floor swept?

•Are there oil spots or other stains on the concrete?

Today's Seniors are Rocking Traditions, not chairs

September 04, 2009 -- More than most other descriptors, associations with the word ‘grey’ continue to evolve.

In recent years for example, rather than being considered drab, grey has emerged as a chic new colour in interior design.

Back in 1981 when 9.6 per cent of Canada’s population was age 65 years and older, ‘grey’ had connotations of a more sedate lifestyle.

By the time of the last Census though, in 2006, the senior share of the population rose to 13.1 per cent and associations with the word ‘grey’ began to change. Today, 60 is regarded as the new 50.

Toronto seniors incidentally, were tallied in the 2006 census to an even greater number, comprising 14 per cent on the population. Nearly 95 per cent of this group lives in private residences, with a diminishing number living in senior living centres.

Given that seniors are more likely than other age groups to own their homes, it’s easy to see that they represent a key component of the Greater Toronto Area real estate market.

As a result of low fertility rates, longer life expectancies and our aging baby boomer population, in a little more than 25 years from now, seniors will comprise almost 25 per cent of the national population.

In recent years a special designation became available to Canadian REALTORS® to help them prepare for the emergence of our city’s senior population.

Recognized throughout North America, Seniors Real Estate Specialists® have acquired unique expertise to counsel clients age 50-plus through major lifestyle transitions such as selling the family home, relocating and refinancing. They can also offer insight into trends in senior real estate transactions, and provide referrals to other professional who specialize senior clientele.

Compared to generations before them, today’s seniors are a well-heeled group. Many are seasoned homeowners who prefer to spend their time free on routine property maintenance. Rather than choosing to live with their children or move into a retirement home, our aging population now has more options.

Given that in most cases it makes more economic sense to make a purchase rather than rent, many seniors are now choosing condo living with design features and amenities that are catered to their needs.

Suites include extra lighting, countertops with rounded edges and wide doorways to name just a few design specifics. Seniors’ condo communities now feature access to on-site healthcare professionals including physicians, nurses, nutritionists and massage therapists, allowing owners to remain at home and live life to its fullest.

Resort-style luxury is the focus with spas, theatres, cafés and gourmet restaurants included in the amenities. Cooking instructors, personal trainers and dog walkers are often also on hand. Condominium developments for seniors don’t just include standard fitness facilities anymore either; you’ll also find reading rooms, greenhouses and salons on the premises as well.

With these attractive features it’s no wonder that condominium sales in the GTA have grown to constitute nearly one third of all transactions. As development in the GTA intensifies, our city’s seniors can look forward to even more condominium communities that cater to their interests. In most every way, grey now suggests a chic lifestyle in which quality is never compromised.

For information on properties available for sale in the Greater Toronto Area, both new and resale, talk to a REALTOR® and to get the latest market updates visit www.TorontoRealEstateBoard.com
Tom Lebour is President of the Toronto Real Estate Board, a professional association that represents 28,000 REALTORS® in the Greater Toronto Area.

President's Message - More Co-Op on Grow Ops

June 12, 2009 -- In recent years, the Greater Toronto Area has seen the rise of indoor marijuana grow operations: illegal activity that uses innocent-looking properties to grow millions of dollars worth of marijuana. Often, these are sophisticated operations, run by organized crime, right in the middle of average middle and upper middle class neighbourhoods. According to the Ontario Association of Chiefs of Police (OACP), indoor marijuana grow operations can, and have been, set up in a wide variety of buildings including detached homes, apartments, and industrial warehouses.

While the vast majority of homes are never used as marijuana grow operations, it is important for homebuyers to be aware of this potential because the effects of these operations can have serious health and safety impacts that persist even after the illegal activity has ended. For example, the humid environment associated with the growing can create toxic levels of mould. Also, stresses and alterations to the electrical system could increase future risk of fire.

REALTORS® have worked hard to help address this issue. Efforts by the Toronto Real Estate Board (TREB) have included:

• creating standard clauses that can be inserted into agreements of purchase and sale to help provide legal assurance for both homebuyers and sellers;

• educating REALTORS® and their clients about these properties;

• organizing forums to bring together government and law enforcement to find solutions;

• participating in a provincial government task force on this issue through our provincial association, the Ontario Real Estate Association; and,

• lobbying governments at all levels for action.

Fortunately, some government action has been taken. Most notably, the provincial government enacted a law that requires municipalities to inspect these properties, once they have been dismantled by police, and ensure that they meet building code requirements. This was a good step, but more is needed.

REALTORS® have called on the provincial government to implement a province-wide registry of former grow operations, which would help prevent unsuspecting homebuyers from being victimized. REALTORS® are not the only ones calling for this. Toronto City Council has also asked the Province to implement a grow house registry.

Grow house information is already being provided in some municipalities. For example, Ottawa Police recently announced that they will make this information available to the public. The London, Ontario Police also provides this information to the public. While this shows that this action can be taken, a province-wide rather than a patch-work approach , would better protect consumers.

When shopping for a home, it is not fair to expect homebuyers to guess about something as serious as potential criminal activity. The Toronto Real Estate Board and REALTORS® will continue to press the provincial government to provide homebuyers with the information they deserve.

Maureen O’Neill is President of the Toronto Real Estate Board, a professional association that represents 28,000 REALTORS® in the Greater Toronto Area.

Ice Damming - What Can You Do?

Ice damming is a phenomenon that occurs when snow accumulates on the roof at the point where the warm side of the roof meets the cold side of the roof. The area I am describing is where the outside wall meets the attic space or just beyond where the soffit ends.
The snow higher on the roof will melt and run down the roof with part of it refreezing just a couple of feet above the eaves trough, creating a dam effect. The water just above the dam may then work its way under the shingles.
This issue may present itself as just a stain or dripping at the ceiling near the wall edge or at an exterior door or window on the top floor.
Most newer houses will have an Ice and Water Shield for the first few feet above the roof edge, that may help keep water from entering the home. The only problem is that the ice and water shield tends to end at the area where the problem may occur.

Ice Damming may occur higher up on the roof when certain conditions exist:
- Inadequate or inconsistent insulation.
- Poor attic ventilation.
- Air leakage from the house into the attic.

There are also roofs that may be more susceptible to ice damming, such as low slope roofs or roofs that have poorly designed valleys. Your Canspec inspector will inform you of vulnerable designs when inspecting a home.

Many products exist that may help to alleviate symptoms of ice damming:
- A roof rake.
- Heating coils (use a lot of energy).
- Ice melting chemicals.
- Shoveling the roof (high risk of injury).

Using axes and shovels and even rakes to break up ice dams can cause a lot of damage to the shingles. I have heard of someone having success putting ice melting chemicals in their eaves trough (in a nylon material).
None of these solutions really gets to the root cause of the problem and will not be as reliable as just solving the problem.

When investigating an ice damming issue the first place to start is in the attic above where the water is presenting itself. How is the insulation, and ventilation in the area?
The single biggest factor in elimination of ice damming is ensuring that warm air from the house is not entering the attic. Warm air can enter the attic from improperly sealed attic hatch, pot lights, plumbing vents, chimneys etc…..
Ice damming can be corrected by a home owner, but you have to be aware of things like how to walk in the attic and how to spot design issues and poorly sealed areas.
If in doubt I would always encourage a home owner to contact a specialist.

- Article Submitted by James Waters, Canspec Home Services

*When purchasing my own home, I entrusted the services of Canspec to carry out the Home Inspection and was 100% satisfied with their work and communication as a Buyer!