Jerry Boyles

Purchase a Home With No Downpayment

Jerry Boyles — Thu, 03 May 2012 14:00:00 GMT

Though in an ideal world everyone would plan ahead and save an appropriate amount to purchase a home, this is not always the case. Life, kids, family obligation or unexpected circumstances can ruin even the best laid plans. This being said if you are in a position where you really want to purchase a home but you do not have a downpayment or do not have enough of a downpayment then there are options, though limited.

*Disclosure: The options below have been distilled down to the very basics. I always recommend the counsel of a qualified mortgage broker or financial specialist to help you choose the best approach to get you into a home.

Purchase a Home with No Downpayment

Loan

You could look for a loan for the minimum 5% that you need and combine that with your mortgage to have 100% financing. This will be challenging unless you have income enough to support both and a strong credit score.

Gift or Friend/Parent Loan

You can look for a gift from a parent. In this case even if the understanding is to pay it back you can negotiate terms and not have to worry about an approval process or the loan to impact your dept to service ratio. Caution, as you need to make sure that the details of the repayment are clear, not repaying a loan to a parent could potentially have negative repercussion upon the relationship which could be much worst then dealing with the bank.

100% Mortgages

100% mortgages are available as well though they are really packaged as two separate loans. One for 95% and one for 5%. The interest rate presented to you will be higher and you will in most cases still have to have monies enough for the downpayment upon closing and they will then reimburse you.

Vendor Financing

This is where you go to purchase a property where a vendor has considerable equity built up that they do not need at the current time. You have the Vendor loan you the 5-20% that you need to execute the mortgage (having been approved through traditional means with a conventional lender). This approach can be expensive depending on the rate and terms that the Vendor requires to give you the loan.

Equity In Another Home

If you happen to own a vacation home or another property that has equity, it is possible to leverage this equity as a downpayment. The lender will most likely want to have the property appraised and will only lend up to a percentage of the value.

Jerry is a residential Realtor and Commercial associate with Coldwell Banker Proc. If you have any questions you can email him at Jerry@TheRealEstateProfessional.com or feel free to call him. Please comment as your feedback is appreciated.

Jerry R. Boyles

Real Estate Agent / Commercial Associate
Coldwell Banker Proco Property Consultants Ltd
161 Kenmount Rd / St. John’s NL Canada / A1B 3v8
O 709.722.8993 / D 709.693.0588 / F 709.722.8081
Jerry@TheRealEstateProfessional.com
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Basic Services You Should Expect From Your Realtor When Purchasing

Jerry Boyles — Wed, 25 Apr 2012 14:18:00 GMT

Services Provided by a Realtor Representing A Buyer

I routinely ask first time home buyers during our initial meeting what they think the roles of and the services provided by a Realtor are. I usually get an answer along the lines of; "You find us a home?", or "write offers?".

The answers I typically get are vague and sometimes there's shoulder shrugging (basically saying, "I'm not sure".)

So let me take this opportunity to set the record straight on exactly what are the services you should expect from your Realtor representing you in the purchase of a home.

1.] Getting to know what you wants and needs are

The first major role your Realtor should provide is one of inquiry. They should ask you lots of questions about exactly what your motivation for purchasing is. Kids on the way? Getting divorced? Purchasing as an investment? Are you pre-approved? When would you like to be moved in? Where would you like to be located? what is your price range? Is this your first, second, third home? Are you moving from another home, why? and so on.

The reason we ask so many questions is so we can get inside your head and really understand your motivation for buying. Once we know that we can better represent your true wants and needs in the transaction.

Also, getting to know you, creating and working on the relationship will also help your Realtor to know how to communicate best with you. Are you a driver driver who wants a straight answer with no BS or are you the type of person that needs a little coaching to arrive at a decision. Knowing your personality type will also help us to work at creating a synergy during the process.

2.] Searching For A Home

Once we understand what we are looking for and why, we begin the search. It's very important to know that searching for and finding the right home is only a portion of the responsibilities of your Realtor and that just because you drive by a property and see a for sale sign does not mean you don't need your Realtor anymore. With the advent of new technology it has become much easier to market ones property through the internet so I take the approach of working WITH my clients to find the appropriate house. The right property could be found on the MLS but it's just as likely to come from a private for sale site or a discount brokerage. It's extremely important to recognize that the Realtor you want to represent you is the one looking everywhere for you. Not just on the MLS.

3.] Negotiation

Once we have found the appropriate property is when the true merit of your Realtor comes to light. Asking the right questions to gather as much information as possible to represent your best interests in the offer process is where we earn our compensation. Before making an offer your Realtor should always prepare a CMA (Competitive Market Analysis) for you to review the sold prices of homes similar to the one you are looking to purchase. This process is part science, part art. As there are not always perfect direct comparables to a given property and adjustments must be made to determine an appropriate offering price. Beyond determining the correct purchase price your agent should be well versed in drafting an offer that gives you the best opportunity for reaching a successful accepted position while maintaining correct clauses to protect you.

4.] Due Diligence

Now that you have come to terms with the price and you have an accepted "conditional" offer the most important step of the process begins. Looking into the major components of your perspective home is absolutely essential. Your Realtor should be able to refer you two at least three great inspectors that can evaluate your home. Taking your time during this process and making sure you completely understand the status of the property and what potential work needs to be done and how much it will cost will make for a less stressful time when items need to be addressed. Your Realtor should, along with the home inspector be able to quantify whatever issues come up in the inspection and explain to you the seriousness of these items. Everyones risk tolerance is different and your Realtor should be professional in his/her ability to push you away from a property if the problems are perceived as too great for you.

Note: The Soft Sell; Your Realtor should be out for your best interests and should never push you to purchase something that you are not 100 percent confident with. Professionals don't push, they soft sell.

5.] Closing

Now that the process of knowing and understanding your home is over we move to close. Paperwork is presented to your lawyer and the Realtors job becomes one of organization and facilitation. Do you need a moving company? An electrician for work you are going to have done after closing? A home insurance quote? ect. Your Realtor should be a contact to all things you need in the transaction. There are certainly large points of service that are provided but we are also a resource to utilize. Don't ever be afraid to ask questions and rely on us for support.

Recap

So the major services provided by a Realtor are:

1.] Communication

2.] Property Searching

3.] Negotiation

4.] Due Diligence

5.] Closing Facilitation

6.] Network

This is a brief overview of the services that you should expect to receive from a Realtor that will be representing you in a purchase. I would recommend that when you are interviewing perspective Realtors when you decide to buy to ask them what services they provide. They should be able to tell you with decisiveness what they do and what separates them from their competition.

Ps: Always HIRE a Realtor. Don't just pick whomever. Interview. Ask for referrals and follow up. Know their area's of expertise and choose the Realtor that you find is best. Consider a buyers contract, which will outline not only the services provided by your Realtor but also the expectations that professional has of you. Better for everyone.

If you have any questions please don't hesitate to email me at Jerry@TheRealEstateProfessional.com

Sincerely,

Your Real Estate Professional

Jerry R. Boyles

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Cost of Purchasing and Owning Your First Home

Jerry Boyles — Mon, 16 Apr 2012 16:01:00 GMT

The first question I usually get when someone is considering purchasing their first home is, "how much money do I need?".

This of course is actually two separate questions, "how much money do I need to purchase my first home?" and "how much money can I expect to spend maintaining my home?". The first is more easily answered but we can certainly determine an idea of how much the second will be.

First. The Cost of Purchasing a Home

You will need a downpayment. A minimum of 5%. For the purpose of this post we will consider that you are purchasing a home for $300,000. That would mean that you need $15,000 for a downpayment. This can come from savings like an RRSP or as a gift, potentially from parents.

You will have the expense of hiring a lawyer to perform the closing, check title and the deed ect. We usually use an estimate of 1.5% of the purchase price. In this case $4500 would be plenty. Most likely it will cost less.

In addition to the lawyers cost, we are recommending more and more that people get Title Insurance. This type of Insurance will protect you against all kinds of potential issues like Fraud and forgery, Encroachments, Easements ect. This will run in the range of $200-300 and is well worth the cost.

You will most certainly have a home inspection which will cost in the range of $500.

Moving costs should also be factored in. This may not be an expense for you if you have friends and family that can help but if you don't, or say for example are moving from out of town. This cost is hard to estimate and can run in the thousands depending on how much needs to be moved and how far.

Finally, if the home you are purchasing has an oil furnace then you will be responsible for purchasing any remaining oil in the tank upon closing. This can run from $0 if there is no oil to potential $1000 or more if the tank has been recently filled.

So a rough breakdown of the cost of purchasing a $300,0000 home (excluding an moving costs) would be approximately $20,000 - 21,000.

Before you purchase a home your should consider not only the costs of the initial purchase but also the cost of maintaining the property once you have purchased.

This expense can vary significantly but I suggest to clients to have at least $200 a month put away for basic maintenance. This cost will certainly vary based on the amount of maintenance your particular home needs.

This leads us into the next point, is there any large improvement that you want/needs to be completed. Such as a roof, windows, siding windows ect.

Typically when performing your due diligence during the initial stages of the purchase you can use the home inspection as a way to discover not only issues that would deter your purchase but also things you are willing to accept but may want to fix yourself once the home is in your possession. This process of due diligence will give you an opportunity to estimate how much more money you will need for this additional work.

Given the monthly mortgage on $300,000 at an interest rate of 3.5% over 30 years will be about $1300 per month + taxes and maintenance, you should budget approximately 1750 per month.

A final point to make is that interest rates have been at an all time low and have really no where to go but up. When considering your purchase, please budget for an increase of 2-3 percentage base points. If you can barely afford your payment as it is, when your term rolls over to a higher interest rate you maybe in trouble. It is always better to be conservative.

Thanks for reading

Jerry

If you have any questions your would like to ask me, feel free to email me at Jerry@TheRealEstateProfessional.com

Important Facts About UFFI - If You Don't Know, Disclose!

Jerry Boyles — Tue, 10 Apr 2012 12:58:00 GMT

What is Urea-Formaldehyde Insulation?

Urea-formaldehyde foam insulation (UFFI) was developed in Europe in the 1950s as an improved means of insulating difficult-to-reach cavities in house walls. It is typically made at a construction site from a mixture of urea-formaldehyde resin, a foaming agent and compressed air. When the mixture is injected into the wall, urea and formaldehyde unite and "cure" into an insulating foam plastic.

*Quoted from the CMHC Website. Url below.

http://www.cmhc-schl.gc.ca/en/co/maho/yohoyohe/inaiqu/inaiqu_008.cfm

What makes Formaldehyde dangerous?

Formaldehyde, a colorless, pungent-smelling gas, can cause watery eyes, burning sensations in the eyes and throat, nausea and difficulty in breathing in some humans exposed at elevated levels (above 0.1 parts per million). High concentrations may trigger attacks in people with asthma. There is evidence that some people can develop sensitivity to formaldehyde. It has also been shown to cause cancer in animals and may cause cancer in humans. Other health effects include fatigue, skin rash and severe allergic reactions.

*Quoted from the URL below

http://www.buildinggreentv.com/node/330

Important to know

The further use of UFFI was banned in 1980.

Understand what you’re signing

It is important as a Vendor to understand the paperwork that you are executing when receiving an acceptable offer on your home as potential liability exists. Clause 11 on the second page of the standard forms used by Relators in NL states;

“The Vendor warrants that the property cited in this agreement does not, and on closing will not contain Urea-Formaldehyde form insulation.”

By executing the purchase with this clause you deem that you know that there is no such insulation in your home.

The risk lies in a situation where you are uncertain. If the property is purchased and it is discovered that there is in fact Urea-Formaldehyde Insulation you may get hit with a law suit by the Purchaser(s) looking to recover the cost of removing this insulation.

If you don’t know, Disclose!

If that is the case then this clause should be deleted from the contract and a Property Condition Disclosure Form executed stating that you do not know if your home contains Urea-Formaldehyde. This will cover you off from the potential liability and place the emphasis on the Purchaser(s) to accept or to perform further investigation to confirm to their satisfaction that there is no such insulation in the home.

Jerry is a Residential Realtor and Commercial Associate with Coldwell Banker. If you have any questions please feel free to send them to Jerry@TheRealEstateProfessional.com

Thinking about trying to sell your home privately? Consider this advice from a liberal Realtor

Jerry Boyles — Mon, 02 Apr 2012 18:06:00 GMT

Thinking about trying to sell your home privately? Consider this advise from a liberal Realtor

It's always been my position that if you have the time, knowledge and expertise to sell your own home that you have every right to do so. That being said consider the advise below before you proceed.

1.] Determine an accurate price.

The biggest mistake that I see when homes are presented to the market privately is that the price is usually to high but in some cases to low. If you don't want to solicit the services of a Realtor to sell your home at least be smart and hire someone on a flat rate to do a market analysis for you. Most Realtors will be happy enough to provide an analysis simply for the opportunity to present their marketing plan. Not interested? Just let them know, pay them for their time and then there's no misunderstanding or hard feelings when it goes up for sale without them.

2.] Educate Yourself - Understand Agency

If you are going to be representing yourself in a transaction recognize that the Realtor that brings you a potential purchaser cannot give you any advise on the price of your home or how you should respond to their clients offer or anything of that matter. If they have a buyers agreement with their client then they are working for that person and owe you no client privileges or services. If you where in a court of law you wouldn't ask the prosecution questions about how you should structure your defense.

3.] Have a Plan for Realtors

I work very hard to find the best property for my clients wherever they may be. MLS, private or discount it doesn't matter. So when you offer your property for sale privately be prepared with how you will approach the Realtors that will solicit to you for the listing and for the ones that bring you potential purchasers. If you don't want anything to do with any Realtor, just state it on all your advertising. If you are willing to work with them, state the commission you are willing to pay and that you are negotiable. Many Realtors will appreciate this professionalism and it will remove the awkwardness from having the conversation.

Finally, have an open mind. There is a reason why the vast majority of homes are sold through and with Realtors. The value that can be presented by a professional can have a dramatic effect. Homes that are sold with Realtors historically sell for more then our commission amounts to and the transactions are smoother and less stressful.

I don't know how to fix my car so I take it to a mechanic. Sometimes what he charges I think is a little high, however he does a great job and I don't have the time, interest or knowledge to do what he does and fix it myself. Not to mention the potential damage I could do screwing around under the hood. The same can be said for a person selling their home. Consider the potential risks vs the rewards.

Don't be afraid to ask questions and good luck selling your home

Sincerely,

Your Real Estate Professional

Jerry Boyles

Jerry is a Residential Realtor and Commercial Associate with Coldwell Banker Proc. Feel free to email him with any questions at Jerry@TheRealEstateProfessional.com. You can check Jerry out on Twitter at @JerryBoyles where he offers quotes, facts and foolishness as well as some real estate tips.

Residential-to-Commercial and Back Again. Know when to change your approach.

Jerry Boyles — Tue, 27 Mar 2012 11:40:00 GMT

It's often that I have a residential client that is looking to purchasing their first commercial property or vis versa when I have a commercial client looking into the residential market.

They are looking at these changes for different reasons. Maybe the residential client has a business they would like to start or expand and they would like to purchase to occupy. Maybe the commercial client is just looking to move from their current home to another.

Reasons aside the focus of todays article is to highlight the differences in typical (if there is such a word) transactions and how each of these clients need to changes their approaches to either better facilitate the transaction or protect themselves from potential pitfalls.

First, the residential client. Though they may understand that there is more complexity in a commercial transaction they may not realize that they might want to reconsider the representation they have. Your average residential Realtor is not trained in the terminology, or due diligence that is needed to protect the client in a commercial deal. They rarely deal with environmental issues, zoning or permits, existing leases, various financing options ect. The question should be asked to their current representative if they should look to refer the deal to an agent specializing in this field. A professional is always happy to refer their client to someone if it's in there best interest.

Then there's the commercial client. Analytical, assertive, demanding, and through. In many cases they want to know the answer to everything and want to write an offer to cover every possible contingency. Though as a rule of thumb we certainly want to gander as much information as we can to make an informed decision, it is when we draft an offer that must be presented to an average residential home owner that we need to take into consideration if they wil be able to appreciate our approach or will they be scared off by the paperwork. A residential offer can run from 5-6 pages, an average commercial offer can sometimes expand to 15+ depending on the zeal of the legal department that might help draft it.

So if you are either one of these clients consider the big picture. If you are a purchasing your first commercial property the potential for problems is significant and though you may have a great relationship with your current Realtor, the conversation should be had if they are best suited to represent you. In the opposite, the commercial client needs to know when to relax and write the offer to cover themselves on the big points while loosing the language and contract particulars to appeal to the general average home owner.

Know when to change your approach

Sincerely

Jerry Boyles

Jerry is a Residential Realtor and Commercial Associate with Coldwell Banker Proco in St. John's NL. If you would like to ask Jerry a question you can email him at Jerry@TheRealEstateProfessional.com. Consider visiting the website at www.TheRealEstateProfessional.com and follow Jerry on Twitter at @jerryboyles.

Ghosts and Real Estate Ethics

Jerry Boyles — Tue, 20 Mar 2012 13:27:00 GMT

Ghosts and Real Estate Ethics

I had a situation happen a little while ago where a Condominium unit came available in a building that I am very familiar with. Another agent who had a client that was looking and they called me to ask my advice on the building. Our conversation turned to the reason why the unit was for sale which was that the Vendor had passed and it was being sold by their estate. I reminded the agent to inquire if the owner had passed in the unit or not, obviously that information might be very important to a perspective purchaser.

As a side note it is required by law that a listing agent reveal if a person has passed in a property they have for sale but that does not remove the responsibility from an agent who is representing the best interests of a client, to ask the question.

It was at that point that the conversation took a turn, the agent flat out refused to ask the question to the listing agent, concerned that her clients wouldn’t want to purchase the unit anymore. I was shocked. This agent had no concern for the best interested and protection of the client.

This story ended ok as this agents clients decided that they were not in interested in the unit. These clients probably don’t even know about this incident.

The moral of the story here is that you need to be aware of the ethical stance of the professional you are working with. An experienced Realtor can be an invaluable asset to a client, helping they avoid potential problems when purchasing a home; however just like choosing the wrong contractor can lead you into a terrible mess if work is done wrong, so can in-experience and a lack of ethics.

Jerry Boyles is a Realtor with Coldwell Banker servicing St. John’s NL. You can view more of Jerry’s posts on his blog at www.TheRealEstateProfessional.com, or you can email him with any questions at Jerry@TheRealEstateProfessional.com

Social Media - The Crutch of Good Business?

Jerry Boyles — Mon, 12 Mar 2012 15:49:00 GMT

We hear it all the time. Like my Facebook page. Suscribe to my twitter feed. Add me on LinkedIn. These are avenues for marketing onesself that are extremely exciting however..............

It has occurred to me that the younger generation of entrepreneurs (20 something's including myself) have begun to lean on the crutch of technology rather than working on relationship building. The secret sause of good business. We text, Facebook message, and email. We build websites and gather contacts to do online marketing. Which don't get me wrong, is important but not a substitute for the good old face-to-face and hand shake approach.

If you have been working on your business but don't seem to be getting the level of results that you desire take a step back to consider the approach. All the social media in the world is not going to replace an honest to goodness relationship.

In my business especially, people need to know that they can trust and rely on you to give the best advice. To support their decisions with research and to trust that your leading them in the right direction. The quantity of the business you can derive from the social media outlets is directly proportional to the level of the relationships you have with the people in your online network.

I read an interesting article recently about the value of a Facebook "friend". If you have 100 people on your Facebook it's worth this much and if you have 5000 it's worth so much more but doesn't that kinda not make much sense. The strange thing is that there was no thought to the quality of the friends. Do they share your links with other friends or do they get online and befriend everyone to help their rank on Farmville.

Any good business person will recognize this and focus on adding the people they have done business with. The people that have referred them and will refer them. The people that they actually know and have met.

In closing i'd like to propose a litte experiment. The next time a "friend" messages you on Facebook, pick up the phone and call them. See what reaction you get.

All the Best

Jerry R. Boyles

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Knowledge is Power: Print Advertising vs Digital Marketing

Jerry Boyles — Mon, 07 Jun 2010 13:44:00 GMT

Print Advertising Vs Digital Marketing

Knowledge is Power

So your thinking about selling your home? Like most sellers your property is probably your most significant asset. You want to be assured that everything is being done to move the sale along as quickly as possible and for the best price.

Originally when a person wanted to sell their home there was only one way for them to market besides placing a sign on the front lawn and that was to place an ad in the paper. This certainly did and still does help generate exposure for your property. However there are several significant advantages over print advertising that digital marketing holds.

Feedback

When we present a property to market we are not solely concerned with generating exposure, we ultimately make decisions about the overall presentation of a property based on the feedback we receive. For example we would like to determine exactly how many people have viewed the advertisement compared with the amount of people that have contacted us about it. Having a thousand people see an ad and receive only one call can help us consider problems with the ad or with the properties overall presentation or price.

With print, the feedback received is minimal. We can ask each person once we have received a call where they learned about the property but this still leaves us unaware of the total number of people that actually have viewed the advertisement.

Targeted Ads

Also, we want to make sure that the ad that we do present to market is as targeted as possible. That means that the people that are viewing the ad are actually looking for a home, in the particular area you are located and in the appropriate price range.

Proactive Leads

One of the most frustrating things for a vendor can be having their home on the market for a period of weeks and not knowing exactly what's going on. "Why isn't my home sold?" is a very important question. Sometimes the reason is very obvious but other times not. Via the MLS it is possible to see exactly what Realtors have viewed your property online and how many times. It can be prudent to contact an agent that has viewed a listing multiple times to ask why? Maybe they have a client who is on the fence about viewing for some reason or maybe they can give some additional input on the homes presentation.

Ultimately the gathering of information will allow the necessary "course corrections". You'll feel more in control of the sale process and recognize problems that do arise more quickly. You'll feel confident in any price adjustments because you will have the primary information to make that decision.

I hope you found this article interesting and informative

If you have any questions about buying or selling please don't hesitate to call

Have a wonderful day

Jerry R. Boyles

Estate Agent & Commercial Associate

Coldwell Banker Proco

Property Consultants Ltd

Office 722-8993

Direct 693-0588

Fax 722-8081

Email Jerry-Boyles@ColdwellBanker.ca

Web www.TheRealEstateProfessional.com

"Integrity, Intelligence, Energy"

Top 10 Tips When Selling Your Home

Jerry Boyles — Mon, 19 Apr 2010 13:40:00 GMT

1.] Pre-Inspection

One of the best things you can do if you have in mind to sell your home is the pre-sale Inspection. This should be done a month or two out from the sale and will help either identify problems that you should have fixed or create consumer confidence that your property is in tip top shape when you go to the market.

2.] Honey Do List

This can go hand in hand with the Pre-Sale Inspection. There is no good to have an inspection completed if you are not going to actually fix the issues that are raised.

3.] Pack up the Clutter

Through the process of owning and living in your home you've most likely collected an assortment of personal belongings. Though they maybe essential to you they can be a hinderance to the sale of your home. Be sure to pack up the clutter.

4.] Depersonalize

We all enjoy pictures of our loved ones, however it can be very distracting for persons viewing your property. Also, make sure when preparing your home for sale that you remove anything that may be gender specific or tailored to your specific style.

5.] Staging

A large enough emphasis cannot be placed on the difference that staging a home can make. People viewing your home want to feel like they can move right in and the closer that you can come to creating that impression the better.

6.] Curb Appeal

Thought the inside of your home is essential to the sale don't forget to spend sometime on the outside as well. The curb appeal of your home is what is going to attract prospects to come see it. Fresh grass, a maintained front deck and fence as well as a tidy yard all help in creating that consumer confidence that will get them in the door.

7.] Choose the Right Representative

Whomever you choose to represent the sale of your home, make sure that decision is made based upon their past performance and the references that they provide. NOT necessarily on the price they quote you on the sale of your home or how cheaply they can sell it for. There are plenty of estate agents that will overprice to get a listings or under sell to save money. If they are charging you a certain amount make sure you know what your getting for your money and if the sale price is not what you expected, ask for them to fully explain their reasoning.

8.] The Right List Price

When selling, price is essential. Too high and you deter prospects, too low and you are losing money. The trick is to price just right. To price the property in such a fashion that people recognize the value, generate multiple offers and drive the profit up through competition.

9.] Exposure to the Broadest Possible Audience

One of the worst things you can do when selling your home is under expose and accept an offer before the correct time, Especially if you have a special property, the plan that surrounds the marketing of your home should be designed to drive consumer anxiety and promote multiple competitive offers.

10.] Have Fun

The thing I've noticed about selling Real Estate is that each time we go through the process it's because there is a fairly significant change in our lives. It can be because your starting a family or your having another baby. It can be because of work or retirement. Either way it's always important to keep in mind that it's not the destination it's the journey. No matter how stressful it can be, I'm confident with the right help it will all turn out great in the end, so enjoy the process as much as you can.

Thanks for Reading and be sure to add us to Facebook and follow me on Twitter

Cheers

Home Renovations Tax Credit

Jerry Boyles — Fri, 15 Jan 2010 14:59:00 GMT

Thinking about doing any improvements to your home this year? Well make sure to keep those receipts for your accountant. New windows, doors, roof or paint. For the most part it's all eligible.

You can file it on your 2009 tax return as long as the work was performed or the goods acquired after January 27th 2009 and before February 1st 2010. Your eligible for expenses of more than $1,000, but not more than $10,000, resulting in a maximum non-refundable tax credit of $1,350 [($10,000 − $1,000) × 15%].

Sounds good to me, follow the link for all the info from the Canada Revenue Agency.

http://www.cra-arc.gc.ca/hrtc/

It's Great To Be a Landlord (According to CMHC)

Jerry Boyles — Mon, 11 Jan 2010 15:56:00 GMT

Investing is one of those tough decisions.

Where to put your money? Who do I have manage it? What will I invest in?

If your anything like me, it was challenging to just hand over my money to the banks Mutual Funds manager and forget about it.

I need to have control, be able to look at an opportunity and make a decision for myself. Decide if it's worth the risk. Risk, that word scares a lot of people. That's why the bank get so much of peoples money with the promise of keeping it safe. Safe, and not growing. Not to say that there haven't been people who have made plenty of money from the bank. Just how long did it take, now that's another question.

Anyway, side tracked. I've been reviewing CMHC's stats on the current rental market in Newfoundland and how they feel it will fair in 2010. It's pretty optimistic. Vacancy rates are expected to be at 1.5% for the year, and rental rates have increased from $630 for a 2 bedroom apartment to $700 in 2009.

That means if you already own a Two Apartment or Multi-Unit your most likely making more money this year.

But it's not all roses. Property prices have seen record increases over the last few years, so picking up a rental property today can be more stressful when trying to balance cash flow to turn a profit. Then again, when prices rise there are more people who will want to rent, and the more people that are renting the more competitive they get over the good apartments.

But just like you would have a representative from the bank manage your money. You need a professional to guild you through the in's & out's of property investment. There are certainly risks.

So, if your looking for a place to put some extra cash, and expect reasonable returns, investment properties can be the way to go. If you have the stomach for it of course.

All the best in the new year

Jerry Boyles

What do Property Sales & Physical Fitness have in common?

Jerry Boyles — Mon, 26 Oct 2009 12:28:00 GMT

I make sure to spend several hours a week in the gym. The benefits of exercise are self evident to most. You feel better, stay younger and more active longer and your quality of life is significantly improved. It helps reduce stress and can also be a great way to socialize as well.

I've been training for quite a while now and to break up the monotony I like to arrange workouts with friends and associates. It's fun to train with a buddy and the conversation is better then when I'm chatting with myself.

Recently during one of these workouts our conversation turned to work, as usual and we randomly began comparing our physical training to that of our occupation (both of us being in Real Estate).

It's very interesting. Exercise requires a consistent effort. There's nothing easy about it and improvements don't come over night. It requires continued education to learn movements, techniques, and styles that will increase your proficiency. Just as the experience of a Professional Realtor are compounded over time so are the benefits of your local fitness facility.

A good marketing plan, as in any training program, preparation is key. Half hazardly wandering around the gym, trying random equipment will bring about the same result. It will be completely inconsistent.

I believe dedication and reliability are undervalued in our business. Once again these are characteristics strengthened by the continued effort of the gym.

So the next time your exercising think don't just think about the physical benefits that your are gaining. I would bet that your performance in your chosen field is improved by the gym in ways you never thought about.

Jerry Boyles

www.TheRealEstateProfessional.com

Who's selling your property?

Jerry Boyles — Tue, 29 Sep 2009 14:32:00 GMT

During any listing presentation we undoubtedly will discuss what advertising mediums that will be implemented in marketing the property.

Obviously it would be ideal to be able to spend advertisement capital directly marketing to clients that are looking for the exact property that is in question. This way we spend the least amount of money and get the quickest possible sale.

Unfortunately a great deal of money is spent printing ads and promoting property in mediums that target a broad spectrum, leaving much of the audience not interested in your product.

An example would be a person that picks up their local real estate guild looking for a condominium or retirement home. That guild presents a great range of properties from all areas and brokerages, showcasing all styles and makes of homes.

So this prospective buyer usually after making several inquires of their own and not finding what their looming for, contacts their local real estate agent to assist in their purchase. This agent assuming they are experienced and well versed will have a great knowledge of the market and available properties. They will of course filter this available inventor to present the best possible options for their client.

This being said that same agent will see and hear of property that is available and may pair a client with a home best suited for their needs even though they may not have initially viewed it as an option.

The point being that when the significant portion of the purchasers are being represented by buyers agents, it is best to market to these professionals. The ones who are motivated to present your product. Also, these agents typically have large spheres of influence and given a great home will potentially find a person that they believe will be interested.

This is a highly effective way to spend advertising monies restricted budget or not. Getting the most out of the investment while delivering a qualified prospect as quickly as possible to your listing.

So next time your sitting with your Real Estate Professional be sure to inquire about the effectiveness of their advertising and exactly where your money is being spent.

Coldwell Banker Men Vs Women

Jerry Boyles — Mon, 31 Aug 2009 13:11:00 GMT

BURLINGTON, ON (August 17, 2009) – It often seems as though men and women are from different planets, but every day millions of couples navigate through day-to-day and even life-altering decisions. Because a home is the biggest purchase most people will make in their lifetime, Coldwell Banker Real Estate LLC surveyed 1,000 individuals to discover how much men and women differ in the home-buying process.

The real estate company engaged a third-party research firm, International Communications Research (ICR), to delve into the inner-psyche of men and women, asking questions such as “How long did it take for you to know that the last home you purchased was right for you?” and “If you found the home of your dreams but had concerns about its security, would you still be interested?” Coldwell Banker Real Estate also surveyed couples on additional topics, such as “Who wears the pants in the relationship?” when it comes to making major financial decisions.

“The results were surprising,” said Diann Patton, the Coldwell Banker consumer real estate expert. “Not only did we uncover some of the inherent differences between men and women, but we also pinpointed a number of ways that the two genders are actually the same. For example, both men and women are increasingly concerned with having a space to work in their homes – something we would not have seen 40 years ago.” She continued, “We also found that feeling insecure about a home’s safety is a deal-breaker for most people, regardless of gender.”

Below are some key highlights from the Coldwell Banker study:

Women may be inclined to make up their mind more quickly than men …

When asked how long it took before they knew their home was “right” for them, almost 70 percent of women had made up their mind the day they walked into the house, vs. 62 percent of men. Conversely, significantly more men needed two or more visits: (32 percent of men vs. 23 percent of women).

Women would rather live closer to their extended family than to their job …

55 percent of women find it more important to be closer to their extended family (those that do not live in their household) than to their job, compared to only 37 percent of men.

A home’s security is a deal-breaker for both men and women …

64 percent of women said that if they found the home of their dreams but had concerns about its security, they would no longer be interested. More than half of men agreed (51 percent).

Couples say that no one “wears the pants in the relationship” in terms of major financial decisions …

When asked who wears the pants in the relationship (when it comes to major financial decisions, such as purchasing a home), almost 70 percent of respondents living with their significant other said it’s actually mutual.
However, 23 percent think that they, themselves, wear the pants in the relationship, not their partner. More men than women said this (26 percent vs. 20 percent, respectively).

Men and women agree on how they would use a spare room, for the most part …
When the respondents were asked how they would use an extra 12 x 12 room if it could be anything they wanted, men and women agreed on the top three most popular, and very practical, responses:

Bedroom: 25 percent
Office/Study: 15 percent
Family Room / Den: 11 percent

However, men really do want a “Man Cave”…

Interestingly, out of the 8 percent who indicated they would turn that spare room into an entertainment centre, it was a preponderance of men leading the charge. In fact, four times as many men as women said they would use the extra space for recreation / entertainment.

In addition to providing background on the survey results, Patton is able to offer tips for couples who are currently going through the process of buying a home. “These results further validate how critical it is for couples to recognize each other’s differences and work together, from deciding a neighbourhood to how to use a spare room,” she said. “Online tools and the expertise of a real estate professional can be particularly helpful for couples, especially if they work together step-by-step along the way.”

Methodology: Coldwell Banker Real Estate engaged ICR to conduct an omnibus survey via telephone in May 2009, among more than 1,000 U.S. respondents. Canadians were invited to participate through a Zoomerang online survey