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Millennials: Should you rent or should you buy?

Despite the negative news about the soaring prices of Canadian real estate, many millennials still are considering to become homeowners.

For many aspiring young buyers, the pressing issue is whether to financially viable to own a property. A common self-question asked is the tradeoff between the financial risk of home ownership versus the benefits. However, even though there are pressing doubts, more than half of Canadian millennials already own their own piece of real estate. Not only that, but of the 49 percent who don’t own already, a large majority of them — an impressive 64 per cent — are saving with the purpose of a buying a home. ( Source: Home ownership remains a millennial measure of success: Don Pittis. CBC News, January 6th 2007).
Another motivator for Millennials to buy a home is the desire to put down roots. Canada is a high home ownership society and home ownership is viewed favorably well. Furthermore, the best homes are available in neighborhoods when you can only buy, leaving the millennial that wants to stay renting with a limited choice.
However many Canadian millennials have chosen to stay renters in the cities that they live in and become owners in the income property segment. Millennials see as an investment opportunity owning a recreational property well outside an urban market. According to reports almost two-thirds of Canadian millennials would consider buying a recreational property over the next decade. They also see this opportunity as the key to finance a luxurious life in a city like Toronto, Vancouver and Montreal. ( Source: The Globe and Mail, Priced out of urban areas, millennials opt for the cottage)

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Open House Questions Some Buyers Forget to Ask

An Open House is an event. And, like many events, it’s easy to get caught up in all the excitement and energy. In fact, when you visit an Open House, you might even end up rubbing elbows with other buyers who are there at the same time. It can feel like a party!

In an environment like that, it’s not unusual to forget to ask important questions about the property. Here are some of the most common:

How old is the roof?
How old is the furnace, air conditioner and other HVAC equipment?
How does the price compare to similar properties in the neighbourhood? (You don’t want to make an offer that’s too high.)
What are the characteristics of the neighbourhood? (Amenities, safety, traffic, access to public transit, property turnover, etc.)
What doesn’t come with the home? (Ask specifically about kitchen appliances, gas-connected BBQs, chandeliers, window coverings.)
Are there any potential impediments to the sale? (Tenants, outstanding liens, etc.)
Are there any outstanding maintenance issues, or repairs that need to be done? (For example, cracked ceramics on the foyer floor.)
Are there any issues that impact the full use of the property? (Ask specifically about shared driveways or walkways, public “right of way” through the property, water drainage rights from neighbouring homes, etc.)
Yes, an Open House can feel like a frenzy, and if it’s a home you love, you might feel pressured to make an offer. But, it’s important to take the time to ask the right questions and consider your decision carefully. You don’t want to find out, too late, that there were questions you should have asked.
Want more tips on finding the home of your dreams? Call today.

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How a Professional Chef Would Remodel Your Kitchen

Watch any TV cooking show, and you’ll notice that a chef’s kitchen looks quite a bit different than what you’d find in most homes. But, that doesn’t mean you can’t have one just like it in your home! With a little remodeling, and splurging on some new items, you too can have a kitchen worthy of Gordon Ramsey, Jamie Oliver, or Rachel Ray.

Chefs love counter space. So, when remodeling, plan to create as much as possible. If you have an existing island, for example, you can replace the countertop with a larger one. Just adding eight inches in both directions will make a big difference.

Most chefs have more than one oven. If that’s impractical for you, consider buying a double-oven stove. Also, chefs prefer gas burners for quicker heat- up times and exacting control of cooking temperature.

One thing you’ll notice about chefs is they love stainless steel.
That’s because it’s easy-to-clean, hygienic and durable (assuming you take care of it).

Finally, because chefs spend so much time in the kitchen, they want the space to be attractive and comfortable. So, when remodeling, keep decor in mind.

Even if you’re just an amateur chef, creating a chef-worthy kitchen will make the foodie in you smile.

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Subtle Signs it May Be Time to Sell

Sometimes the reason for putting your home on the market is crystal clear. For example, you might have a job relocation and need to move. Or, you might have decided to downsize because the kids have left the nest.

However, there are many other motivations to list your home that are not as obvious, and yet are still good reasons to make a move. Here are just a few examples...

You’re bored with your home and are looking for a change.

There’s something you’ve always wanted in a home that your current property doesn’t have, such as a wooded backyard.

You want to be closer to work, or to activities you enjoy, such as golf.

You want to be closer to family.

The neighbourhood is changing in a way that no longer fits the lifestyle you want.

There’s another neighbourhood you’ve always dreamed of living in.

Your tastes have changed and you want to live in a different type of home.

None of these reasons makes it an absolute necessity to list your property and find a new home. Yet, they’re all worth considering, especially if moving will make you and your family happier, and provide you with a more desirable lifestyle.

Want to talk about the possibilities? Call today.

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