If you own a piece of Niagara on the Lake real estate and have decided to use the home as income property, finding good renters is a top priority. It is important that you familiarize yourself with tenant/landlord laws and screen for individuals that will treat your home as their own. Being a landlord can be very stressful, but the finding the right renters for your home can lead to a beneficial experience for all involved. Here are a few tips to be aware of when renting your home. Continue reading
Investing in Niagra-on-the-Lake real estate can offer an excellent opportunity. However, you may not have the available time or resources to maintain your property over the long term.
If making monthly trips to pick up rent and keep up with maintenance does not sound like something you want to do, you still have options for obtaining steady rental revenue. A property management service can perform valuable tasks that save you the hassle of doing them yourself. As long as the services are adequate, you can simply watch the revenue come in with little effort on your part.
The key is to find a property management service you can trust. Your valuable assets and revenue stream should not be jeopardized by a property management service that is literally more trouble than it is worth. Here are some tips for finding someone worthy of managing your properties:
When you consider your bathroom space, adjectives such as beautiful, relaxing and luxurious may not be the first to come to mind – but they should be. With as much time as we spend in the bathroom, making a space that is enjoyable should be a priority. One of the top features buyers are drawn to when searching for a home is a great bathroom. Do not simply make your space functional, use these trending styles for your bathroom to make it the highlight of the house.
Niagara-on-the-Lake is a destination for those who want to live in a community full of art, culture and history. The attractions in the area, from the Shaw Festival to its unparalleled shopping and fine dining districts, are outstanding.
It is a great time to sell your home in Canada, if you are careful to avoid some common and basic mistakes. With a booming economy and a seller’s market, homes are in demand right now. Bidding wars have become far more common.
If you take too much for granted, you can have a difficult time selling your home. A qualified real estate agent can help you avoid costly mistakes. Here are some common pitfalls that a real estate professional can help you to avoid.
The Price Is Right
Be careful when pricing your home. Many homeowners make the cardinal mistake of believing their home is worth more than it is. Of course you want to get the most money possible out of your home- but do your research.
See what similar homes are getting on the market. Listen to advice from your Niagara on the Lake Realty agent. A realistic price can actually result in bidding wars that garner you more than you originally asked for.
Perception Determines Reality
Everyone wants to present the best view of their home possible. You will want to make sure you are being realistic.
Is that third bedroom actually more of a walk-in closet? Is your basement really finished or is there just an area rug and a coat of paint on the cement walls? A qualified real estate agent knows how to highlight the best parts of the homes and frame negatives in a way that will not disappoint potential buyers.
The Book and Its Cover
When you take photos for your home sale, do not use a low-definition cell phone camera. Avoid posting blurry, amateurish pictures. In today’s climate, your home photos should be high-definition and crystal clear.
Home buyers make a lot of preliminary decisions based on ads online. The better your photos are, the better a story you tell with them. With quality photography, you will be more likely to attract quality buyers.
Customize Your Marketing Plan
Sit down with your real estate agent and create a solid plan of action before you advertise your home. Standard listings and scripted sales plans will make you just another face in the crowd.
You will want to tailor and personalize your home’s marketing plan. Your listings must effectively highlight the property for buyers and tell them why they should come look at it. Choose a demographic to whom your home appeals, and strike out to market to those people.
These mistakes are easily avoided, but can be costly. The key is to use a qualified and knowledgeable real estate agent. If you are looking to sell your NOTL real estate, contact Kevin Stokes or another Niagara on the Lake Realty professional today!
Between the wineries and vineyards, incredible local cuisine and lively entertainment scene, the Niagara-on-the-Lake region is a welcoming place to live. Now is a perfect time to purchase property in the NOTL area, and Niagara on the Lake Realty is ready to help you find your dream home. Let us take a few moments to look at some of the main attractions in the prettiest town in Ontario.
The last days of summer are winding down. Many people who have a home on the market during this time or are thinking about listing may be nervous about the reputation autumn and winter have for declining home sales.
Just because a higher number of homes sell in the warmer months does not mean the other months do not have people looking to buy. Many families and retirees are still looking for a means to relocate during this time, so never count your house out for a fall sale.
If you really want to know how to gain interest for your house during the fall, then here are some handy strategies to use.
Most homeowners cannot imagine owning a second home. Those who think they do not have the means to buy on may even never consider the idea. If you are planning on retiring within the next ten years, buying a second home now that you plan on moving into several years down the road could actually end up being an incredible bargain.
Buy Now, Move Later
The reason this strategy makes sense is two-fold but with one explanation: housing prices are cheap right now, and so are current mortgage rates. If you plan on retiring, your intended new home’s price has an almost guaranteed chance of going up before you actually make the move. On top of that, selling your current home in a buyer’s market does not make sense either.
To have your cake and eat it too, buy a house while the market is still favorable and wait for both of your homes’ values to go up. By the time you are ready to move into the home, your current house will sell for much more than it is worth now. You can also use the cash generated from your sale to help pay down more of the principal for your mortgage and reduce the back-ended interest.
If You Rent It, They Will Come
This strategy may still not sound workable. Given the amount of interest paid in addition to the cost of maintenance as well as property taxes, the house would have to appreciate quite a bit in five years to break perfectly even.
If you were to rent out your home rather than leaving it vacant, you would actually have enough money each month to put down the majority of the mortgage payment. Thus, while you would have the financial ties to a mortgage, you would also have extra income rolling in before you retire. The rent you charge would also help cover the cost of maintenance and taxes.
Obviously, this method of purchasing a house to retire in would not work if you still had a significant mortgage to pay off. This strategy would also have to involve enough liquid assets to cover the down payment.
While a 30 year mortgage currently has amazing rates, a five or seven year adjustable rate mortgage could be the wiser decision for being so close to retirement. After all, no one wants to spend their remaining years in significant debt.
The Perfect Plan
If you happen to meet the above criteria, then buying a second home in anticipation of your retirement might just be the best option. Luckily, many agencies like Niagara on the Lake Realty offer both buyer and renting services. With one just one agency, you could have someone to help identify a winning property and then manage it for you. Visit our buyers page to find out more about the houses available as well as our buying process.
Buying a vacation home is an intimidating process. Balancing the financial responsibility of a second mortgage and caring for a second home can seem daunting, and that’s after you get through the often stressful buying process. However, with a bit of help and a lot of planning, you can have the Niagara on the Lake (NOTL) getaway you deserve. The good news is that you’ve already conquered the first step to selecting a great vacation home! Any expert will tell you that the key to investing in vacation homes is location, and you can’t do better than Niagara on the Lake.
This town is filled with a vigour and vibrancy that hangs in the air like perfume. When you breath it in, it electrifies you to your very bones. The air is sweet, the water is resplendent, and that makes the properties worth investing in. Here is a brief rundown of some important things to consider when you are shopping for your vacation dream spot in Niagara on the Lake.
3 Questions to Ask Yourself When Buying Vacation a Property
Summer is officially in full swing in Niagara-on-the-Lake. This means that there are plenty of outdoor activities to choose from, from festivals to farmers markets. It’s the perfect time of year to leave your NOTL home behind for the day to see what’s happening outside. Here are a few of the many events going on in the area this summer.