The Smart Way to Reno or Decorate

 

THE SMART WAY TO RENO OR DECORATE

 

So you’ve just bought your new space and you’re wondering what to do with it. You’ve allocated a budget and are thinking of buying new furniture, or perhaps remodeling your kitchen and bathroom. What’s the best way to go about it? One approach would be to go to a store that you’ve seen advertised in the papers to purchase furniture, flooring or tile - thinking perhaps that you can upgrade to better furniture or materials on once your cash flow situation is better or once you liquidate some of your investments. 

 

CREATE A BUDGET 

 

These days, it’s not uncommon to spend between 10% – 15% of your home’s value to renovate your kitchen and bathroom, install new flooring and repaint your walls. Count on spending another 5% – 10% for new furniture, art and accessories. On a $ 500,000 home this translates to a $ 50k – $ 125k budget. Your actual expenses will depend on the quality of furniture and materials that you choose.

 

RENOVATIONS THAT ARE DONE PROPERLY ALWAYS PAY FOR THEMSELVES 

 

Recovering your expenditure for renovations and furniture – as long as these are carried out properly – is a fairly easy proposition these days since homes in the Lower Mainland have steadily risen in value over time and any design improvement can boost the price of your property even more. Despite what critics may say about the constant rain, Vancouver ’s always been a sought-after place to live and people fall in love with the climate, the geograpy and the pace of life.

 

YOUR DECISIONS ON COLOR, FINISHES AND FURNITURE ULTIMATELY IMPACT YOUR RESALE

 

Just remember that your home is your biggest and most valuable asset. Once you’ve decided to put it up for sale and showcase it to prospective buyers, their response – and the size of their offer – will be greatly impacted by how well (or how poorly) you present your space inside and out 

If this is the process you use to choose your furniture, it’ll most certainly be hit or miss, and you’ll be paying for your own mistakes. In addiition, buyers might not be impressed once they walk thru your door with your ‘eclectic’ style or your efforts to do-it-yourself (DIY).

 

INSTEAD OF PAYING FOR MISTAKES, PAY FOR EXPERT ADVICE INSTEAD 

 

Consider getting professional advice before you buy a single piece of furniture, apply that first coat of paint or choose between granite or quartz countertops. Try not to wait until your house has been sitting on the market, unsold for several months. It’s money that’s going to be well spent if you do it right the first time.

 

Your first crucial investment is not in picking the right couch or even the perfect colors for your wall – it’s getting proper advice. Once you decide to hire a professional, he or she can assist in creating a master plan that includes color options, fabric choices, flooring and cabinet samples. He can also present drawings (or images) that feature various furniture styles and layouts. He can also give you a preliminary budget and an estimated date for completion. Once you have all this info, you’re ready to create a space that suits your taste and your lifestyle, and which will be easy to sell once you decide to.

 

DO IT SOONER RATHER THAN LATER

 

Remember you’re designing your house to appeal to two people: 1) you, the principal owner of the residence and 2) the person buying it from you once you decide to put your home on the market.

 

If you’re going to renovate to improve your chances of selling your house quickly and for a good price you might as well enjoy the benefits of having a well-designed home for a few years instead of doing it a few months before you put a “for sale” sign on your lawn.

 

IT’S NOT ABOUT THE MONEY. IT’S ABOUT FINDING THE RIGHT PEOPLE TO WORK ON THE PROJECT. 

 

The biggest challenge in this busy market is getting honest and competent tradespeople who are available immediately. Generally, March to November are the busiest months so avoid getting your renos done during this time of year, if possible.

 

To get top notch work, you’ll be paying top dollar. If you’ve chosen your subcontractors based on who charges the least, then be prepared to get what you pay for.

 

Ordering custom sofas can take anywhere from 8 to 24 weeks. The delivery and installation of a custom kitchen can take 3 to 4 months. If you’re getting a city hall permit, be prepared to see your schedule pushed back by at 2 to 3 months (sometimes longer). With these timelines involved be prepared to have a project that lasts anywhere from 3 months (which is fairly quick) to 8 months (which is not unusual), so a little patience goes a long way.

 

If there’s a delay, your designer and the store he (or she) bought the item from – and you – are all in the same boat – so try not to play the blame game when things go awry.  Murphy loves to rear his ugly head every now and then and cause a few minor headaches.

 

ALLOW FOR SOME DELAYS & BUDGET OVERRUNS 

 

DO IT RIGHT THE FIRST TIME

 

So let’s say that you see a piece of furniture – say a couch – that you like and that you think matches something else in your home so you buy it and take this home.

 

The first challenge that might occur is size. The couch may not fit thru your front door if you haven’t made proper measurements. Once this is in your living room, the next thing you’ll have to contend with is scale – is the couch going to be too big or too small? After a few minutes, you may realize that the fabric color may not go well with your area rug, curtains or the wing chair sitting next to it.

 

After a couple of days, it might occur to you that it might have been a good idea to buy leather or some easy-to-clean fabric, since you like to serve wine and guests might accidentally spill their drinks. After a week or two, you might come to the conclusion that a darker color might have been better, to hide the spills and stains. Before you know it, you’ve listed that very same sofa on Ebay or Craigslist.

 

For more details, please visit www.flowformdesign.com

 

Month-over-month housing prices retreat from record highs

These are the new stats from the Real Estate of Greatever Vancouver:

VANCOUVER, B.C. – Aug 5, 2008 – As property listings continue to outpace sales, Greater Vancouver housing prices have drawn back, the last two months, from the record highs experienced in early 2008.

 

Since May 2008, housing prices, as calculated by the MLSLink Housing Price Index®, across each residential category have declined. Detached properties in Greater Vancouver declined 2.3 per cent through June and July 2008, while attached were down 1 per cent and apartment properties 2 per cent over the same period.

 

The overall benchmark price for all residential properties in Greater Vancouver has declined 2.1 per cent since the end of May 2008, from $568,411 to $556,605 in July 2008.

 

“We’re seeing more price reductions in properties listed on the market, which is having a levelling impact on the housing price increases experienced at the end of last year and into the first quarter of 2008,” said Real Estate Board of Greater Vancouver (REBGV) president, Dave Watt.  “There was a slight decline in the total active listings on the market in July compared to June, which is a welcomed departure from recent trends.”

 

Residential property sales in Greater Vancouver declined 43.9 per cent in July 2008 to 2,174 from the 3,873 sales recorded in July 2007.

 

New listings for detached, attached and apartment properties increased 24 per cent to 6,104 in July 2008 compared to July 2007, when 4,924 new units were listed.

 

Sales of detached properties in July 2008 declined 44.2 per cent to 827 from the 1,483 units sold during the same period in 20070. The benchmark price for detached properties is up 5.4 per cent from July 2007 to $753,165.

 

Sales of apartment properties declined 42.3 per cent last month to 966, compared to 1,674 sales in July 2007. The benchmark price of an apartment property increased 4.7 per cent from July 2007 to $381,687.

 

Attached property sales in July 2008 decreased 46.8 per cent to 381, compared with the 716 sales in July 2007. The benchmark price of an attached unit increased 5.7 per cent between July 2007 and 2008 to $473,953.

 

                                                           

The Real Estate industry is a key economic driver in British Columbia. In 2007, 38,050 homes changed hands in the Board’s area generating $1.065 billion in spin-offs. Total dollar volume of residential sales set a new record at $22.25 billion and total dollar volume of all sales set a record at $22.77 billion.

Are Pictures Really Worth a Thousand Words?

Do you think that the pictures that realtors post of the properties they are selling really matter?  I think that in this market it really does. Due to the large number of listings on the market right now,   the competition between sellers is quite high. As a client, you will search on www.mls.ca or your realtor will send you details via email.  Most of us (including myself) will be more inclined to view a property that shows well in the pictures than one that does not have any pictures or really poor pictures.  The more viewings you can get, the better chance you have in selling your property.

No more 40 year amortization periods?

As of October 15, 08, the federal government will no longer allow 40 year mortgages and anyone thinking about getting a mortgage is now required to put at least 5 percent down on their purchase.  The reason for these adjustments is to reduce the risk of having homeowners over leveraging themselves in this market.  In other words, we are protecting ourselves from what is going on with the US housing market today. 

However, the banks are still allowing 35 year mortgages and the difference between a 35 year and a 40 years is very small.  For example:

On $200,000 mortgage at 5%  5 year fixed rate, 35 year mortgage will have payments of $1002.95 totallying $48,077 in interest during the 5 year term and $12,093.81 in principle.  For a 40 year mortgage, payments are $957.61 (about a $45 dollar difference) during the 5 year term and $9,021.20 in principle.  However the difference in principle is significant (around $3000). 

It really depends on what you are purchasing the property for. For investment or a quick flip, it would make more sense to get a longer term mortgage.  However if you are planning on living in the suite and keeping the suite till it is paid off then it would be more beneficial to do a shorter term mortgage. 

Canadas top 10 places to live with climate change.  Should we all be moving up north?

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Yaletown Park 1, 2 and 3

Yaletown Park Towers are the beautiful towers at the corner of Mainland and Nelson.  I love the location of these buildings as it is close enough to Yaletown and Robson but also only a couple of minutes away from the Cambie street bridge and the Georgia viaduct. 

Yaletown Park 1 located at 928 Homer Street consists of 299 suites and 32 floors.

Yaletown Park 2 located at 909 mainland street consists of 309 suites and is 34 floors

Yaletown Park 3 located at 977 mainland was the last tower to be built in this development.  It consists of  270 suites and 30 levels.

Some of the features of the Yaletown Park towers include:

• Peninsula-style kitchen
• Built-in wine rack
• Stone composite counters
• White Appliances
• Italian Marble vanity countertops
• Italian polished chrome faucets
• Halogen fixtures
• Custom linear-design carpets in living room, dining room & bedroom
• Porcelain floor tiles in entryway, kitchen & bath
• Designer pendant lighting above kitchen bar

There are currently no rental or pet restrictions on these buildings.

8 Ways to Increase Your Homes Resale Value

June 3, 2008

1. Make your kitchen really cook. The kitchen is still considered the heart of the home. Potential homebuyers make a beeline for this room when they first view a home for sale, so make sure your kitchen looks clean and reasonably updated. For a few hundred dollars, you can replace the kitchen faucet set, add new cabinet door handles and update old lighting fixtures with brighter, more energy-efficient ones.If you’ve got a slightly larger budget, you can give the cabinets themselves a makeover. Rather than spring for a completely new cabinet system, which can be expensive, look into hiring a refacing company? Many companies can remove cabinet doors and drawers, refinish the cabinet boxes, and then add brand new doors and drawers. With a fresh coat of paint over the whole set, your cabinets will look like new.
2. Give appliances a facelift. If your kitchen appliances don’t match, order new doors or face panels for them. Many dishwasher panels are white on one side and black on the other. All you may need to do is unscrew two screws, slide out the panel and flip it around.A more cohesive looking kitchen makes a big difference in the buyer’s mind — and in the home’s resale price.
3. Buff up the bath. Next to the kitchen, bathrooms are often the most important rooms to update. They too, can be improved with very little cash. Even simple things like a new toilet seat and a pedestal sink are pretty easy for homeowners to install and they make a big difference in the look of the bath.Replacing an old, discolored bathroom floor with easy-to-apply vinyl tiles or a small piece of sheet vinyl is also recommended. You may not even need to take up the old floor. 

   If your tub and shower are looking dingy, consider re-grouting the tile and replacing any chipped tiles. A more complete cover-up is a prefabricated tub and shower surround. These one-piece units may require professional installation but can still be cheaper than paying to re-tile walls and refinish a worn tub.

4. Step up your storage. Old houses, particularly, are notorious for their lack of closet space. If you have cramped storage areas, a good idea is to add wire and laminate closet systems to bedrooms, pantries and entry closets.You can also get design details and parts for these systems at many large home improvement stores. Most closets can be updated in a weekend or less.

   In the end, your closets will be more functional while you’re living in the house and will make your home look more customized to potential buyers when you’re ready to sell.

5. Look underfoot. Carpeting is another detail that can quickly update a home and make it look cleaner. A professional carpet cleaning is an inexpensive investment, especially if your rugs are in good shape and are neutral colors.If your carpet is showing serious wear, cover it with inexpensive, strategically placed area rugs. Unless it is truly hideous, most Realtors don’t suggest replacing wall-to-wall carpeting right before you sell your house. The new homeowners may want to choose their own carpeting after they move in. 
6. Let there be light. If you have boring recessed lights in your dining and living rooms consider replacing one of the room’s lights with an eye-catching chandelier. Home stores offer a wide range of inexpensive, but nice-looking, ceiling fixtures these days. If you have a ceiling fan and light, you can buy replacement fan blades (leaving the fan body in place) to update the fixture’s look.
7. Reframe your entry. Do you have a flimsy little knob on your main entry door? If so, spring for a substantial-looking handle-and-lock set. A nice, big piece of hardware on the front door signals to newcomers that this is a solid home.Also, if you’re stuck with a basic steel front door, consider painting or faux-finishing it for more eye appeal. Remember to use a good metal primer approved for use over metal. For a cherry wood look use a burgundy base paint. After it dries, brush over the base-coat with a cherry wood stain. It can look amazing, and it only takes a few hours.
8. Consider curb appeal. Although it sounds obvious, a nicely mowed lawn, a few well-placed shrubs and a swept walkway makes a great first impression. What buyers see when they first drive by your home is tremendously important.If you don’t have a green thumb, consider hiring a landscaper to install some new sod, plant a few evergreen shrubs and give your front yard a good cleanup. These kinds of changes can instantly change people’s perception of your home and therefore, increase its value.  And hey, your neighbours will love you for it, too.