How can you sell your home faster in todays market? Get your home pre-inspected by a professional service. Most of the time, home sellers put their properties on the market without thinking of ways on how to enhance their properties first. They always want to sell their properties a lot faster but end up getting deal cancellations and negotiations for lower prices. This makes pre-inspection important. Here are some other reasons why: Help you identify potential problems and find solutions before selling it: A pre-inspection will help you get a heads up for possible problems. The inspection will help you find issues including basement leaks, not working faucets and the like. It is important to address them immediately, for one: it can be a little embarrassing when your clients find out these stuffs before you do. And two: to boost the value of your home. Add value to your house: Aside from identifying what needed to be fixed, a pre-inspection can help you identify things that need upgrades too. You can easily point out some renovation or repairs you can do to add value to your house. Increase price: You can easily demand high prices for houses with excellent value. A pre-inspection will help you identify a reasonable pricing you may tag with your property. Most of the sellers, today give clients a fixed price without even assessing if the prices they give are reasonable. Some buyers end up getting frustrated especially if they found out that the properties they bought needs serious repair, and the seller did not note that. So it is important to inspect the house prior to selling to avoid unsatisfied and unhappy clients. Sometimes buyers would complain and file lawsuits and claim that they have been deceived. Avoid deal cancelations: If you do not do pre-inspection when you sell your house, chances are the buyer may hire an expert to do it before they buy your property. Usually, if they find something that needs to be fixed, your buyer will try to negotiate and get your property for a much lower price. This also causes unsuccessful deals. Give you and the buyer peace of mind: The pre-inspection is a good move to demonstrate that you are open and upfront about your property. Being open and being honest are two of the most admirable traits to buyers. It is important to get the trusts of clients even before they plan to buy your property. Highlighting that you have conducted a pre-inspection prior to the sale can gain trust from your buyer. Planning to sell your home? Hire an expert to do the pre-inspection today! Christian Bailey Licensed Real Estate Professional 902-579-3231 Mortgage Insurance VS Individual Insurance. Protect Your Mortgage For Less Cost. Halifax Real Estate3/12/2015 If you are buying a home, you will likely be advised on the importance of insuring your mortgage. Most homebuyers, particularly first-timers, already have too many tasks and important decisions during the buying process and overlook insurance. Thus, knowing the best insurance option to choose for your mortgage is critical for protecting your property. Essentially, mortgage insurance is provided by the financial company that is lending your money for the mortgage. That is why premiums will be added to your monthly mortgage payments. This is not recommended as it may push you into defaulting due to the high monthly payments that you will have to make. There is a much better option when buying a home, and that is using individual insurance from an agent or insurance broker. Either way, you will gain from having your mortgage fully paid off so that your family can still retain the house even if you pass on. There are great differences between these two options. When you go with individual life insurance for your real estate, your premiums are fixed for a certain amount of time, which is basically during the term of the mortgage. In contrast, the premiums for mortgage insurance normally increase after a certain specified period, generally after 5 years. This can affect you negatively, particularly if your finances don’t necessarily improve after 5 years. The other major differentiating factor when buying a home with individual life insurance is basically that you own full rights to the policy. Conversely, the bank owns the mortgage insurance policy and this means it has full control. However, when you use the life insurance option, you will be able to have full control over all the various policy options. Individual life insurance is more flexible than mortgage insurance in any real estate since you can get better premiums based your health, age and sex. In contrast, mortgage insurance has blended premiums such that both non-smokers and smokers pay similar rates with no differences. The other way that life insurance offers flexibility to the users is that you may get the chance to convert the term insurance into a permanent insurance while its competitor cannot be converted. People who choose life insurance when buying a home can purchase the amount of insurance cover they need. However, for mortgage insurance the face value of the coverage is just for the precise amount in the mortgage. Thus, the coverage will be terminated once the repayment ends. The life coverage plan is completely portable irrespective of the amount of the mortgage. In short, life insurance is simply much better than mortgage insurance in any real estate and will save you money, in the long run. Christian Bailey Licensed Real Estate Professional 902-579-3231 KINGS WARFDEVELOPER: FARES INC USE: RESIDENTIAL AND COMMERCIAL BUILDINGS CONSISTING OF CONDOS, RETAIL, OFFICES AND HOTELS MORE IMFORMATION: http://kingswharf.ca/ SEAGATE RESIDENCESDEVELOPER: DEXEL DEVELOPMENTS USE: THREE BUILDINGS OF COMMERCIAL, RETAIL AND RESIDENTIAL CONDOS. 1. THE WALLACE: 7-STOREY RESIDENTIAL BUILDING. 2. THE WENTWORTH: 15-STOREY MIXED USE BUILDING. 3. THE FAIRBANKS: 14-STOREY MIXED USED BUILDING. THE AVERYDEVELOPER: ANNAPOLIS GROUP INC USE: 5-STOREY RESIDENTIAL CONDOS CHECK MY BLOG FOR MORE INFO: THE AVERY THE EUROPADEVELOPER: HORIZON COURT PROPERTIES USE: 3-LEVELS OF COMMERCIAL SPACE AND 24 FLOORS OF APARTMENTS (220 APARTMENTS) MORE INFO: THE EUROPA Christian Bailey Licensed Real Estate Professional 902-579-3231 Enjoy Significant Savings with Mortgage Prepayments Many people resort into mortgages to finally pursue the dream of having their own house. Mortgages make this possible, but the only problem is that there are long-term consequences as you have to pay repay it in the future. If you have applied for a 30-year loan, this means that 30 years of your life will be spent paying for the amount you owe the lender. If at any point you would like to shorter the life of the loan, such is possible as you can have issue prepayments. With such, you will be able to shorten the payment period and be mortgage-free sooner than later, which will also be an opportunity for you to invest your money in other channels. How Prepayments Can Help If you are still under a traditional fixed-rate mortgage, you might want to consider prepayment as a way of being able to lower interest. The latter is often the culprit for having to pay more than what you should. The interest rate becomes higher as the repayment period becomes longer. In this case, if you can prepay the mortgage, you will be able to shorten the mortgage term, and hence, interest rate can also be lower. This could possibly cut almost half of the life of the loan in the absence of doubling the payments. With mortgage prepayments, you will also benefit emotionally as you can sleep sound at night knowing there will be nothing to be worried about as you are already done with the payment. Your 30-year loan can be possibly cut into just 15 years if you choose to prepay such. How it can be Done Now that you are convinced on the attractiveness of prepaying your mortgage, the next thing you should do is to get started. You need to consult with your mortgage provider and ask them about the different pre-payment options. In some cases, however, there are penalties imposed but they will be compensated by the amount you will be able to save. Not all lenders will have the same policies, which makes consultation with them necessary as the preliminary step. Nonetheless, before thinking of prepaying mortgage as an option, you have to consider your financial stability. You must be able to have more than enough disposable income or retirement fund to dedicate to the prepayment. If you have other debts, you might want to invest your money in paying them first before it is allotted to prepaying your mortgage. You might also be interested in investing it in retirement accounts. Nonetheless, if the situation is all good, which means you have the resources to dispose, there is no doubt prepaying will be a good choice to accelerate your mortgage. Usually, 80%-90% of your mortgage payment is interest and taxes. Prepayments can be done to ways; 1. Monthly Prepayments. 2. Annual lump sum payment. If your lender will allow both payments, you can cut the cost of you mortgage close to 50%! That means it will cut your 25 year mortgage to 12.5 years by using two methods! Prepaying your mortgage is prepaying the mortgage principal amount without any of your payment going towards the interest. You have to pay it next month anyway, so by paying a portion of your mortgage a head of time, you will cut down the interest on your mortgage and by decreasing your principal. For example, we will assume prepaying our mortgage by $250 each month. Your mortgage of $270,000, amortized over 25 years @ interest rate of 3%(fixed for 25yrs to make it easy). This would usually be payed off by 2040. However, shown in the figure below; you can see how much the savings are only using the monthly prepayment itself. Imagine putting 10%-20% of your payments in a lump sum in addition(only some lenders allow this). Christian Bailey Licensed Real Estate Professional 902-579-3231 A frequently ask question I get all the time is- how do you get paid as a real estate agent? My answer is simple! First, understand how it works. Typically, if you are purchasing a home, you do not have to pay the real estate agent! A buyer's agent gets paid by the seller! So using a real estate agent to purchase a home is FREE for you! Use the resources and time of a real estate agent to help you narrow down the properties your interested to see! There are many advantages of using a real estate agent to purchase a home. Here are just a few that pop out the most. 1. Help you find a property you love! 2. Help negotiate and determine the value of the home. 3. Help book inspections and meet closing requirements. 4. Help make the buying process as simple and as hassle free! 5. Keep files and documentation organized. Secondly, if you want to sell your home - you will pay commission to the listing agent (seller's agent) and also the real estate agent that brings the buyer.(under normal circumstances). Using a real estate agent to sell your home is the best way to get the most VALUE and to sell within the LEAST amount of time! Some markets can be tough, which can make selling your home more difficult due to all homes on the market. It is best to consult with a real estate agent and see how your property will be marketed, priced, and managed for best results! Christian Bailey Licensed Real Estate Professional 902-579-3231 Lone Parent Student Affordable Rental Housing This program aims to provide affordable rental properties to lone parents who are attending university. The properties vary between private units and cooperative housing projects. To be eligible for this rental grant, you have to be attending university and working towards an undergraduate degree in an official university based in Nova Scotia. To apply for this program, get in contact with your local housing authority. Cooperative and Non-profit Housing These projects are in place to assist Nova Scotia residents in finding affordable housing for individuals, seniors, and both low & moderate income families. Non-profit housing projects are owned by a sponsored non-profit or group whereas cooperative housing is owned by the actual residents. If you receive a low salary, you can be eligible to receive a rent supplement by housing Nova Scotia Housing. More info on this matter can be located at the Nova Scotia office of the Cooperative Housing Federation of Canada. Rent Supplement Program The rent supplement program assists individuals, seniors and low incoming families in paying rental fees in both cooperative and privately owned homes within Nova Scotia. This supplement is based on your monthly income and how much you can afford, and is paid to the landlords each month. To apply for this program you must meet the guidelines for residency, income, and core need. Candidates are picked from the public housing waiting lists, so an application must be completed to apply. Get in touch with your local housing authority for more info. Public Housing for Seniors The public housing for seniors program provides affordable, suitable, rental properties to people 58 years or older who also have low incomes. Each property contains the essential appliances and amenities such as a stove, refrigerator and hot water. Speak with your nearest housing authority office for more info. Public Housing for Families For eligible families, this program provides rental properties at affordable prices. The rental rates are based from the monthly income of the family. Some units are accessible to disabled people, and all of them contain all the necessary amenities. Priority is given to those who have suffered from family and domestic violence, as well as those who need to live near a hospital. Contact the local housing authority in your area to get more info, and apply. To get more information on the programs available visit: http://housing.novascotia.ca/programs-and-services Christian Bailey Licensed Real Estate Professional 902-579-3231 Halifax Central Library Halifax Central Library recently opened its gates to the public on the 13th of December, 2014. It is an upgrade from Spring Garden Road Memorial Public Library. The new Halifax Central Library is based in Spring Garden Road in the center of Halifax, Nova Scotia. Going from green priorities and goals when constructing the new Halifax Library, and this has certainly been shown with the “green design” that it was built on. The library is hoping to achieve leadership in energy and environmental design certification (LEED) which will be awarded by the CaGBC, or Canada Green Building Council. Such environmental and green features include: • A green roof which is covered in grass and different plants, a system that feeds rain water to the green roof which makes it a self-sufficient garden and will, in turn create solar energy that reduces the heat island effect at the same time as providing an aesthetic experience for library-goers. • The library encourages alternative forms of transport; it provides secure bike storage and has bus routes passing through the buildings proximity. • Excess rain water will also get used for flushing within the library. • The building was constructed using as much recycled materials as was possible. There are many more green features, too many to list here, more info can be found on their official website… Modern architecture has been used throughout the construction of this library. The libraries unique shape, a cuboid on top of a wider cuboid, with most of the exterior being transparent it is a vibrant and exciting building to see, and be inside. Halifax central Library is fundraising to revamp and fill their collection of books, DVD’s, EBooks, magazines and more. They are doing so through their “Share the Wow campaign" that asks Halifax and Nova Scotia Residents to contribute to the library that will have a positive effect on all of society. People who donate $25 or more can choose a book off the shelf in the library, and get a customized template printed onto the first page, which states that this book was donated by “donator’s name”. This is a great way for citizens to really feel like they are getting involved, and if it wasn't for them, this amazing library wouldn't have been possible. Source: http://www.halifaxcentrallibrary.ca/ Christian Bailey Licensed Real Estate Professional 902-579-3231 Home Buyers Program This program offers down payment programs via an RRSP where you can withdraw up to $25,000, completely tax free, towards the down payment of your new home. The full amount will be paid back by you, into your RRSP within 15 years of the withdrawal. If you have a spouse, they can also withdraw up to $25,000 as well to go towards a mutual home down payment, so a couple can withdraw a total of $50,000 from their RRSP. You need to have good credit score, you have to qualify through your bank or mortgage broker but it’s an excellent way to get into your new home if you do have good credit. Your RRSP also has to be opened for at least 90 days prior to withdrawing with the home buyers program. Contact me today for a FREE consultation with one of my Mortgage Specialists! qualified today by speaking with a mortgage specialist!: http://www.soldbyrealtor.com/about.html This is a great option if you want to quickly move into a new home, if you want to stop having to pay rent, for starting a family with your spouse, or even on your own. Re-payments are made over a time of 15 years. 1/15 of the withdrawal amount must be paid back annually until it has been paid back. Payments are paid back by making contributions to your RRSP’s account during the year that payment is due, or up to 60 days until the following year. The conditions and requirements for participating in the Home Buyers Program include: A written agreement must be made, you must use the new home as your primary place of residence, you must be seen as a first time house buyer, neither you nor your spouse may own the property can own the home for more than 30 days before the withdrawal occurs, you must be a Canadian resident, you must complete the T1036 form for each withdrawal you apply for, you cannot receive all withdrawals in the same year, $25,000 is the maximum that can be withdrawn, you have until October 1st of the following year after the withdrawal to buy or build the new home, and you must file an income tax & benefit return form. Source: http://www.cra-arc.gc.ca/hbp/ Christian Bailey Licensed Real Estate Professional 902-579-3231 If you want to start getting more things done in your day, then you should learn this formula! Once you see how easy this is to do, you will start getting more results! Many people feel tired throughout the day, and can't seem to get everything done. Peoples relationships, education, jobs and businesses are highly affected. Your burning out every week, or you feel stressed for not getting all the work done. Don't worry! I've been through this many times - so I came up with a formula that works great for me. While you walk through the these steps, notice how your energy level is the constant in this formula; FIRST, you have to understand the importance of your health! If your not eating and exercising properly - you won't have the fuel for your day. YOU ARE WHAT YOU EAT. If your always eating fast food (which composes of fats, sugar, simple carbs and etc), it will always give you short term energy and you won't be able to get though your day without help from caffeine. Our bodies are meant to be powered by the foods of the earth. The greener the vegetable, the better. The more natural, the better. SECOND, exercising plays a big role in your energy levels. Everyone is different, but try working out before you start your day. It will give you a huge boost for you day. If you feel like you need a push mid-day, try exercising on your lunch break for that second wind. THIRD, STAY CONSISTENT WITH THE FORMULA Healthy Eating x Exercising = more energy throughout your day = greater productivity = provide more value to your clients, customers and/or relationships = more income and time to do the things you love. Health = Wealth FOURTH, you need to put in the effort to eat right and stay active. Some people take hours days or even weeks to accomplish the things some people can do in a short period of time. If you want more wealth in your life you need to create more value to others. I hope you follow me in my quest for great health this year. I am very happy to be playing at a higher level and providing greater value to my clients. Take better control of your life this new year! Christian Bailey Licensed Real Estate Professional 902-579-3231 Housing Nova Scotia Programs for Landlords Housing Nova Scotia offers a great range of programs and services to landlords who own and provide affordable rental properties in the Nova Scotia Area. Take a look below for in depth information on each of the programs available to Nova Scotia Landlords. Home Adaptations for seniors' Independence This program is aimed at home owners who wish to make their property accessible for elderly and senior residents who want to live there long term independently. To make these changes, a forgivable grant of up to $3,500 is available to the landlord. This grant does not need to be paid back on one condition; that the said property will be lived in for at least six months, the property owner will also have to agree to not raise the price of the home as a result of the grant funded installations. Some examples of what can be covered by this grant is; hand railing installation, storage and work areas that are easy to reach, walk in showers, and grab bars and seats for bathrooms. To be eligible for this grant, your tenant must meet the following requirements: be at least 65, must experience difficulties living as a result of old age, must have a low financial income and they must be a permanent resident of the property that the work will be done in. Rooming House Residential Rehabilitation Assistance Program This program is in place to provide financial assistances to landlords who own rooming houses that get rented to people with lower incomes. The program is available throughout the rural and urban areas of Nova Scotia. This program funds the improvement and modifications of these homes in order to make them affordable and accessible to all Nova Scotians. If you have a house that’s purpose is for full time renting, and the value of the rental agreement is at or below market level, then you are eligible to apply for this grant, bus most only do so if the property is lacking basic facilities or is needing large repairs to any of the proceeding areas: Electrical, structural, heating, plumbing and fire safety. Rental Residential Rehabilitation Assistance Program The Rental Residential Rehabilitation Assistance Program aims to provide assistance financially to home owners who provide reasonable priced rentals in order to make mandatory adjustments and repairs to the self-contained units who are resided in by lower income tenants. The program is accessible to people throughout the urban and rural areas of Nova Scotia. For your rental property to become available for this funding, it must be resided in or on the market for low income Nova Scotia residents, the rental rates must be at or below the average market price both before any improvements take place, or after. For a property to be eligible for repair, it must have it least one of the following problems: Electrical, structural, heating, plumbing and fire safety. The only repairs that will be covered on this program are those that are required in order to make the property meet the minimum levels of health and safety regulations. This grant is given in the form of a fully forgivable loan. To get more information on the programs available visit: http://housing.novascotia.ca/programs-and-services Programs may be subject to change over time. Christian Bailey Licensed Real Estate Professional 902-579-3231 |
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