Demand a thorough job and get results in writing so that you won’t be left with a list of to-dos that should have been covered by and discussed with the current owners before you move in. The home inspection advice below was recently posted on Money.ca and the following should give you additional insight into getting what you want out of your home inspection.

Make sure your real estate purchase contract includes an inspection clause. Typically, contracts allow home-buyers seven or so days after signing to have the property inspected. The results of the inspection can be used to ask the seller to fix trouble spots, or to adjust the selling price to cover the coast of necessary repairs. Get references – because laws regulating the licensing of inspectors are non-existent, Certification from a professional association is often a better barometer of an inspector’s experience and skills.

Demand a thorough job – There is very little stipulating exactly what must be covered during an inspection. A thorough job should include a complete assessment of the interior and exterior of the house, from roof to foundation, as well as some analysis of the heating, plumbing and electrical systems. Some crawl spaces may be too small or too dangerous for inspectors to wriggle into; expect to be told about any parts of the house that weren’t examined. For a three-bedroom, two-bath home, a complete inspection should last at least three-four hours, minimum and cost between $400 and $500, depending on the region and size of the house and property. A good home inspector carries a toolbox that includes natural gas detectors, moisture meters, outlet testers, voltage meters and an array of measuring devices.

Get results in writing – The inspection report is an excellent gauge of just how exhaustive the work is. A complete report should be anywhere from 15 to 20 pages long, describing in layman’s terms what was observed and any problems that were uncovered.

Some inspectors include estimates of the cost of repairs – but it’s considered a conflict of interest for inspectors to solicit repair business based on their findings. Make sure that the home inspector agrees to spend up to an hour or so with you to go over the details of the inspection and answer your questions. Hold the Inspector liable for missed problems – Inspection contracts tend to be “minimalist” documents, but they contain one critical piece of information: The Inspector’s liability if he fails to discover an existing problem with the house or property. In many cases, liability is limited to the cost of the inspection.

Guy Ward is a Mortgage Broker in Calgary, Alberta with TMG (The Mortgage Group Alberta).

A home inspection will cost you a little bit of time and money, but in the long run you'll be glad you did it. The inspection can reveal problems that you may be able to get the current owners to fix before you move in, saving you time and money. If you are a first-time homebuyer, an inspection can give you a crash course in home maintenance and a checklist of items that need attention to make your Halifax home as safe and sound as possible. Don't skip this important step in the home-buying process - it's worth every penny.

Switching brands is harder than you think!

Think of where we live: Halifax with its illustrious scenery and beautiful cultures coming together to call our home.

Your home.

Just like a logo on a t-shirt or an emblem on the hood of a car, identities can be discovered and transferred all over the place; an identity that is found between a person and the place that they are from can be stronger than any other force out there. We have that proud identity. It’s hard to convince someone to switch or leave their favourite shoe company for an unknown company; or worse yet, a company that once had a tarnished reputation. There is a very distinct car company that has taken the time to cater their product and brand to their loyal clients’ needs and wants—they have developed a vehicle to meet each stage of their life. We develop an attachment, a trust, a relationship.

This regional pride is a reflection that which extends greater than a tangible product that can be purchased off a shelf; it’s a lifestyle. Ranging from food, to music, to cultures, to homes—we are here to stay.

In a recent study, people actually have favourite real estate companies. This implies: stick to what you know! Furthermore, just because a home is available to you through different companies, it doesn’t mean randomly choosing one of them is the only way to purchase your new home. The study suggests that due to the regulations and company standards, the positivity is having a lasting effect on their clients. These home buyers and home sellers are committed to their favourite real estate company because of their need for a repeat experience. And that’s something to be proud of!

Randomly search Halifax in any search engine and tell us you don’t see something exciting! All of those watery views and iconic landmarks, beaches and getaways that do not require more than 30 minutes of travel outside of the city’s core. We are truly privileged to live in such a breathtaking province when the seasons change we are able to experience the majestic nature that defines us.

Nature reflecting society. That is hard to find. Here in Halifax, we can say that with pride. Multicultural, multi-colourful. That’s exciting!

You’re home.

[Survey: http://www.inman.com/2013/07/22/study-consumers-more-loyal-to-real-estate-companies-than-agents/]

--------------------------

If you have questions, or want advice on Buying or Selling a home, get in touch with The Bagogloo Team of RE/MAX nova by email at [email protected] or call 902-830-9006.

 ---------------------------

Are you looking to catch someone's attention when selling your home?
Are you looking to buy a unique home that stands out against the rest?

Halifax, we have another sunny weekend on the horizon, and what better way to spend it than being outside!  Grab your sunglasses, sunscreen, paintbrush and your partner in crime, because you'll be taking over your own front door! 

It's so important to figure out what type of paint you will need before you start buying. Starting with your inspirations and your home's surroundings (like we discussed in the previous blog) are some great ways to get yourself prepared before heading into your local home improvement store!  Staying up-to-date with design ideas and colour trends will give your house more oomph from the street (especially if Google Maps is updating your street).

However, trying to compete with design-industry professionals can be exhaustive at times, so go with your heart and pick the best way to accent your home from the outside in.  Grab some attention Halifax, call The Bagogloo Team and let them know if you're looking for a home with curb appeal, or selling your home that already has curb appeal, because (as you know) Experience Pays!

Are you looking to catch someone's attention when selling your home?
Are you looking to buy a unique home that stands out against the rest?

It doesn’t matter which category you fall into because you will see a plethora of homes every day throughout Halifax, but you will only remember aesthetically welcoming homes that have strong curb appeal. Making your newly purchased or (old) on the market home sexy can be achieved more simply than you think!

• Adding some pops of color can enhance the exterior of your home. The exterior of your home could require a fresh coat of paint, or just the trim—so when it comes to deciding on what colors to choose, build a color scheme that best suits your landscape and surroundings (for example: vintage and historic, modern and urban, etc.).
  • Note: If your home receives a great deal of direct sunlight, big and bold colors will appear more vibrant; if you are trying to achieve a more neutral or traditional style, choose colors with grey undertones. Try to save the brighter colors for accents like furniture and accessories.
• Grab your visitor's attention at the entrance (first impressions count). Paint the front door a strong color and compliment it with a classic style door-knocker to give your home some "wow factor"! Freshen up (or replace) the railing and add small accessories to the interior or exterior like vases or flowerpots, flowerboxes underneath the windows or an antique lamp. These are just a few great ways to achieve an energetic vibe on the way into your home.

Home renovations can be both minor and major, but one of the most important things to remember is to be prepared! If your renos go to plan, you will create house envy among your neighbors! For more information on what types of exterior paint and color selections to choose from when painting your front door, please follow this link: http://ow.ly/mZ2h0

Stay tuned with The Halifax Real Estate Blog & The Bagogloo Team for more tips and tricks about giving your home some quality curb appeal, because Experience Pays.

--------------------------

If you have questions, or want advice on Buying or Selling a home, get in touch with The Bagogloo Team of RE/MAX nova by email at [email protected] or call 902-830-9006.

 --------------------------- 

As of late, Halifax's temperatures have reached record-breaking highs--32 degrees C, with humidity making it feel like 40 degrees and up! So what's our secret, besides melting to the floor?

Some would suggest large fans and air conditioning units are the answer, but the costs to run those just stay moderately cool could drive your electricity bills through the roof ... or through other seams and leaks! Proper insulation could remedy the climate of your "uninhabitable habitats". 

Better insulation offers more cooling
Sometimes homeowners may notice that they have especially hot or cold spots in their homes. While they may acknowledge the inconsistency these areas afford, people may not know that they can do anything about these instances. The best way to avoid experiencing fluctuations, excessive cooling bills or using an oversized A/C unit is to upgrade to spray foam throughout the house, which help seal walls and cut drafts around doors and windows, making it difficult for conditioned air to seep out of the house when the A/C is running.

One of the biggest concerns for homeowners should be whether they’re using all the right products in their cooling systems, a situation that can easily crop up when adding a cooling element after initial construction has been completed. Home renovations are particularly susceptible to these areas of difficulty, since older construction buildings are often not designed for air conditioning and newer kinds of HVAC delivery.

Minding your materials
Specifically, homeowners should be aware that the tools they purchase to cool their homes are not always necessarily the best suited for their houses. The source wrote that a study of HVAC solutions in consumer homes found that A/C units are often oversized by 24% on average, though it’s not unusual for people to buy air conditioners that are as much as 100 times larger than what they need for the size of the spaces they’re servicing.

This can result in significant cooling costs for houses of all kinds. Using spray foam insulation makes it easy to keep up with climate demands without running up major electricity bills, making it an ideal solution for homeowners in parts of the world where extreme heat or changes in weather can otherwise result in rapid transitions from heating to cooling needs.

What’s more, this can help some residents reduce the overall size of their air conditioner units, making their homes more green-friendly and cost efficient. By cutting the ability of cold air to escape or warm outdoor air to leak in, homes can greatly reduce the frequency and duration of time for which air conditioners need to be run in order to produce a comfortable indoor environment. Remember to target areas like crawl spaces, garage ceilings, floor joists and areas that can be easily overlooked.

Stay cool Halifax. We deserve the heat, but not the bills to stay comfortable inside.  Whether you're looking to make the big move to Halifax or you're looking to upgrade your current home locally, reach out to The Bagogloo Team--they can show you how Experience Pays.

--------------------------

If you have questions, or want advice on Buying or Selling a home, get in touch with The Bagogloo Team of RE/MAX nova by email at [email protected] or call 902-830-9006.

---------------------------

Ottawa, ON, June 17, 2013 – The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service^® (MLS^® Systems) of Canadian real estate Boards and Associations in 2013 and 2014.

Most Canadian housing markets have been evolving as anticipated since CREA’s last forecast released in March. National sales activity has held fairly stable since it moderated last August in the wake of changes to mortgage lending rules and guidelines.

Although sales in the first quarter of 2013 remained virtually on par with those in the fourth quarter of 2012, the monthly sales trend improved toward the end of the first quarter and accelerated in the second quarter.

National sales activity is now forecast to reach 443,400 units in 2013. This represents a decline of 2.5 per cent from 454,573 sales in 2012, and marks an upward revision from the previous forecast decline of 2.9 per cent. Alberta and Prince Edward Island are the only provinces where sales are projected to post an annual increase in 2013, with declines in other provinces reflecting the impact of more restrictive mortgage lending rules and guidelines.

“All real estate markets are local, with prospects that differ by region and community,” said Laura Leyser, CREA President. “For that reason, buyers and sellers should talk to their REALTOR^® about the housing market outlook where they live or would like to live.”

CREA has also revised its forecast for national activity in 2014 to 464,300 units, representing a rebound of 4.7 per cent and reflecting a slow but steady improvement in activity. This still leaves national activity one-tenth of a percentage point below its 10-year-average, with activity remaining below levels recorded in the first half of 2012.

British Columbia is still forecast to see the strongest sales increase in 2014 (+9.9%) compared to a weak result in 2013. Most other provinces are forecast to post gains in the range between two and six per cent, reflecting moderate economic, job, population, and income growth and low mortgage interest rates.

In contrast to sales, average prices have held firmer than expected. The national average home price is now forecast to rise by 2.1 per cent to $370,900 in 2013.

The forecast increase reflects a compositional shift in the average price calculation. Steep declines in sales activity in Greater Vancouver and Greater Toronto during the second half of 2012 weighed heavily on average prices in British Columbia, Ontario and nationally at that time. Since then, their share of national sales activity has improved and their weight in the national average price calculation has risen. Ontario, British Columbia and national average prices are likely to rise above year-ago levels during the second half of 2013 as a result.

The upward revision to the average price forecast also reflects stronger than previously expected price growth this spring in other housing markets across the country. Average price gains in 2013 are projected to be strongest in Alberta, Saskatchewan, as well as Newfoundland and Labrador, with annual increases of between four and five per cent. At 3.6 per cent, average price growth in Manitoba is also forecast to exceed the national result.

The national average price forecast for 2014 has also been revised upward to $377,700 in 2014, an annual increase of 1.8 per cent. As in 2013, part of the increase reflects an expected increase in the share of total sales among relatively more expensive provincial housing markets and a further increase in their weight in the national average price calculation.

At 3.4 per cent, Alberta is forecast to post the biggest average price increase in 2014, with gains in Newfoundland and Labrador, Saskatchewan and Manitoba running just ahead of inflation. Average prices in Quebec and New Brunswick are expected to be largely flat in 2014, with other provinces posting gains in the range from 0.5 to 1.5 per cent.

“Canadians remain confident about the value of home ownership,” said Gregory Klump, CREA’s Chief Economist. “Job market trends and low interest rates remain supportive for Canada’s housing sector, so we remain upbeat about prospects for sales and average prices this About The Canadian Real Estate Association

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 100,000 real estate Brokers/agents and salespeople working through more than 100 real estate Boards and Associations.

Quote:

Owning a home is a keystone of wealth — both financial affluence and emotional security.     ~ Suze Orman

If you are interested in buying or selling a home, don’t trust just a nyone with your  investment—trust the best!  The Bagogloo Team of RE/MAX nova are here to take care of you.  With a combined experience of 44 years, we know how to ride the trends to get the best possible “bang” for your “buck”!  If there is one thing we’ve learned, it’s that EXPERIENCE PAYS.

--------------------------

If you have questions, or want advice on Buying or Selling a home, get in touch with The Bagogloo Team of RE/MAX nova by email at [email protected] or call 902-830-9006.

---------------------------

Have the edge, whether you’re moving up or trading down

Home ownership has different phases. After being a first-time homeowner, most reach a time where they want to ‘move-up’ to a bigger home, or even ‘trade-down’ to a smaller one. You represent a unique demographic that influences the local housing market, and therefore, the economy. But, move-up and trade-down buyers will face some unique challenges in the next five to 10 years.

Recent Canada Mortgage Housing Corporation (CMHC) data estimates that a declining pool of youth in Nova Scotia will mean fewer prospective buyers. Buyers in this group will be largely affected by the economy in their community, and there are some areas of the province that need new employment opportunities to see positive developments in the housing market. Here are some current trends that REALTORS® are seeing throughout the province to help with your future planning if you are reaching this next chapter of homeownership.

Move-in ready, moves it! Many first-time buyers are looking for move-in ready homes. If you are planning an address-change for your family in the near future, you may want to concentrate renovation projects on making sure finishing touches are complete and up-to-date.

Patience, please. There has been a lack of urgency by most buyers as they consider the right purchase. With plenty of listings on the market, they are taking more time to weigh their decision to make an offer. This can sometimes cost a buyer a great property, especially when the home is priced appropriately (other buyers will be quick to snatch up properly-valued homes). 

Some move-up buyers or trade-down sellers may find it takes longer to sell, especially in areas of the province where the economy is suffering.

Be motivated. If you are truly ready for your next phase of homeownership, don’t fear the competition. Homes sell any time of the year and in all market conditions. Even if the pool of first-time home buyers recedes, there will continue to be a market for resale houses. What it takes to stand out above the competition is often just being motivated and organized. Talk to real estate professionals early to make the right steps to prepare, and to plan the appropriate asking price, as this will also influence your next purchase.

Be accessible. It is hard to predict when a buyer may be available to come and look at your home, and it will be to your advantage to make sure your home is accessible. Keep it clean and ready for a short-notice walk-through whenever possible. Be flexible and talk to your REALTOR® about setting up showings at the convenience of the buyer — it can help sell your home!

The Nova Scotia Association of REALTORS® represents more than 1,800 brokers, salespeople and affiliate members throughout the province. NSAR serves its members through a wide variety of educational programs, publications and special services. REALTOR® is a trademark, which identifies real estate professionals who are members of The Canadian Real Estate Association and, as such, subscribe to a high standard of professional service and a strict code of ethics.

Quote:

We shape our dwellings, and afterwards our dwellings shape us.
~ Sir Winston Churchill

Whether you are a first-time homebuyer

or looking to up or downsize from your

current home, call The Bagogloo Team, 

our team of  dedicated professionals are

devoted to getting  you the best possible

return on investment and make your new

home transition a smooth and pleasant one.   

                                                               EXPERIENCE PAYS!

 -------------------------- 

If you have questions, or want advice on Buying or Selling a home, get in touch with The Bagogloo Team of RE/MAX nova by email at [email protected] or call 902-830-9006.

          ---------------------------

Related articles

Canadian home sales rise in April

Welcome Summer and Home Security Tips

Halifax housing market 'pretty stable' despite sales dive: Realtor

What Every First Time Home Buyer Needs to Know About Purchasing Their First Home

WELCOME SUMMER 2013

Finally an end to the short days, long cold nights and constantly trying to locate lost mittens!

While summer brings with it many advantages and lots of fun and activity, there are a few things we need to be aware of and pay extra careful attention too as well.  Unfortunately, one of those items is home security.  With vacations, weekends camping, and more travelling in general, summer is the time we need to be most adamant about securing our home from break-ins and theft.

Here are some important tips to keep your home and valuables safe:  

 Home security is an important part of any trip plan, whether you're preparing for a weekend getaway or an extended vacation. Besides protecting against burglary, it's wise to be proactive about mechanical problems, which can easily develop in a house left vacant and cause major damage that might not be discovered until you return.

To make sure your home security is up to par and you can truly enjoy your trip, run through the following home security and vacant home checklist well before you pack.

• Shut the main water valve. If you'll be away for a prolonged period of time, it's smart to shut down your home's water supply. Locate and turn off the main water valve, which is usually found on the front, street-facing side of a home's lower level (it may be located in the crawl space; if it's difficult to get to, a plumber can add an extension to put it within reach). If your landscape irrigation comes from the same line, arrange for a bypass valve to be installed so watering can continue as usual.

• Drain toilets. As step two of the water shutdown plan, drain all toilets and tanks by holding down the flush lever until the water is gone.

• Turn the water heater off. If your water heater is electric, turn off the large breaker assigned to it at the main electrical panel. For gas water heaters, turn the valve to the pilot position or turn it off completely, but only if you know how to relight it and will be away for an extended period of time.

• Turn the breakers off. To minimize the risk of electrical fires, turn off all nonessential electrical circuit breakers in your home's electrical box (such as anything other than your heating system, security system and outdoor lighting). Well before you're under pressure to figure out which are which, take time to label circuits with small, colored dot stickers, using green for nonessential and red for essential.

• Disconnect appliances. Unplug all appliances, large and small.

• Lower the A/C. If you'll be away for a weekend, set your air conditioner to 80 degrees to lower air conditioning costs; if you'll be gone longer, shut it down entirely.

• Lights on timers. Improve home security by putting lights in main living areas on timers and setting them to simulate occupancy.

• Don't broadcast your absence. A burglar can easily be tipped off to your absence by an unanswered phone, so turn off the ringer and keep your everyday answering message in play. And never, ever leave a message or post on a Facebook or Twitter page saying, "I'm away on vacation."

• Adjust blinds. Leave blinds and curtains in normal positions wherever possible, taking care not to expose belongings attractive to prying eyes.

• Secure valuables. Protect valuables from theft (important papers, jewelry, etc.) in a home safe or safe deposit box.

• Disconnect the computer. Make sure your computer is turned off and disconnected from the Internet, particularly if it contains personal information. Also put away or shred telltale bills and receipts that add to the risk of identity theft.

• Set the alarm. Activate your alarm system; be sure to notify the home security company of your days away and provide interim contact information.

• Lock up. Ensure that all windows and doors are securely locked before you leave for vacation. This may sound elementary, but all it takes is one of them ajar to welcome an intruder and threaten home security.    

                       Outside Your Home:
  

• The trees. Finish all major yard work before you go, with special trimming attention given to trees and shrubs near windows and entries (a burglar doesn't need much to hide behind). Then put away all yard equipment and tools.

• Plan maintenance. Line up help for outdoor chores such as mowing and manual watering so overgrowth and faded plantings don't give away your absence.

• Improve lighting. Well-planned exterior lighting design can help keep your home safe while you are away. Put all outdoor lighting on timers and discourage intruders by adding motion-sensitive lamps in dark pockets, as well as in natural pathways.

• Key tips. Remove all secret keys from their supposedly undisclosed outdoor locations, providing only one of your duplicates to the person who'll be in charge while you're out of town.

• Collect mail. Have your house helper collect mail, parcels and newspapers daily. For added home security, invite a neighbor or family member to park a car in your driveway for the duration.

• Notify police. Complete your home security plan by informing the local police department of your plans so they can add your home to their vacation watch list. Be sure to include contact information for both your interim caretaker and yourself while on the road.
  Read more: http://www.oprah.com/home/Home-Security-Tips-for-Vacation-Season-Tom-Kraeutler/2#ixzz2WmEtXfSB

This summer take time to plan your activities carefully, a little extra attention and preparation can make all the difference, not just with summer home security, but in everything you do.

Quote:

A perfect summer day is when the sun is shining, the breeze is blowing, the birds are singing, and the lawn mower is broken.  ~James Dent      

Believe it or Not!

1. The first day of summer is known as the summer solstice and in Canada it falls on June 20 or June 21 each year, depending on when the sun is furthest north of the equator.
2. People in the Southern Hemisphere have their longest day of summer in December.
3. Solstice comes from two Latin words sol and sistere. Sol means sun; stitium is the verb which means to stand still.
4. The first day of summer has been celebrated for centuries by people around the world.
5. The names of the key summer months have Roman origins. June is named after Juno, who was the wife of Jupiter. Marc Antony named July after Julius Caesar and August was named after Caesar’s nephew, known as Augustus.
6. Even though this is the longest day of the year, it’s not the hottest, due to something called seasonal temperature lag, which means that it takes a while for the oceans to let their stored summer solstice heat back into the air. That’s why it tends to be hotter in July or August than in June.
7. One of the more annoying parts of summer are the mosquitoes, which have been around for 30 million years. It’s said they can find warm-blooded mammals from 100 feet away.
8. School summer vacations were invented by educator Horace Mann in 1840.
9. France’s Eiffel Tower can grow by more than 6 inches in summer due to the expansion of the iron on hot days.
10. The oldest song sung as a round in English is about summer. It’s called Summer is Icumen In.
11. The word honeymoon has associations with summer. The Pagans used that name for the first full moon in June because they drank fermented honey (mead) as part of summer wedding celebrations.
12. Ice pops were invented by accident in 1905 by 11 year old Frank Epperson. He mixed soda and water and left the mixture out overnight with the stirring stick still in it. Since the temperature was low, the mixture froze. He patented the idea in 1924.
13. Watermelon is not a fruit, but a vegetable.
14. Many people enjoy throwing Frisbees in summer, but they were originally designed as pie plates in the 1870s. Students started throwing them in the 1940s.
15. The first Summer Olympic Games were held in 1896 in Athens. Women were only permitted as spectators, women were first allowed to compete in 1900.

If you are interested in information on buying a home or selling your existing property, call The Bagogloo Team, our knowledgeable and friendly professionals can guide you through the process safely and expertly, always keeping your best interests at the top of our priority list.

--------------------------

If you have questions, or want advice on Buying or Selling a home, get in touch with The Bagogloo Team of RE/MAX nova by email at [email protected] or call 902-830-9006.

          ---------------------------

Related articles

Ten Tips for Travelers

What is the Meaning of Victoria Day in Canada?

Canadian home sales rise in April

Today Jamie Jackson of Cluett Insurance came to visit The Bagogloo Team, we had a very informative meeting and would like to pass on to you these pearls of wisdom that Jamie left with us. If you are not presently working with a Real Estate Agent we would be happy to assist you with any of your Real Estate needs or questions. We constantly strive to learn all we can to better assist you! Remember Experience Pays!

Buying a new home is one of life’s most exciting times. If you are a first time homeowner you are inundated with the minute details about each property you look at – Comparing neighbourhoods, school zones, taxes, fire protection, shopping and more – Thank God for your Real Estate Agent!

Protecting one of life’s largest investments against risk somehow ends up being one of the last things on new homeowner’s minds. It is probably natural not to want to think about anything bad happening to your new purchases. However, in order to secure a mortgage you will be required to have property insurance in place before any money will be released. Mortgage companies need to be reassured that their investment in you is protected.

Your Home Insurance policy should be designed to share potential risks so that in the event of an accident you, the homeowner, are not shouldering the burden of additional expenses alone. This means repairs, contents replacement, debris removal and other additional living expenses if you are unable to live in your home – are covered. You will still be able to continue to meet your obligation for mortgage payments and other day to day living expenses because your insurance is in place to help share the burden.

With Condominiums, your monthly condo fees will cover insuring the building itself and shared liability. Your Condominium insurance or “Homeowner insurance,” in this case, protects against risk to your personal property and the many shortfalls in your condominium association’s insurance on the property (i.e. Additions and Alterations, Unit Contingency, Loss Assessment, additional living expenses, etc.)

So, now that you have an idea why insurance is needed – How much does it cost? Well, there is no simple answer to that as it depends on a variety of factors – Starting with the estimated building replacement value calculation.

The building replacement can be higher or lower than the purchase price. Obviously a 2000 square foot Victorian in Cape Breton would fetch a different market price if it were placed in downtown Halifax BUT the cost to rebuild the home in both locations will be approximately the same.  

Insurance companies all have software programs that with answers to a few questions will make a really good educated guess as to what it would cost to rebuild the home from scratch. This is the Building Replacement value upon which all other coverages are based.

Other factors then come into play as to how much it will cost to insure that building replacement value; Insurance history, age, fire protection and prior claim history just to name a few.

Insurance can be one of homeownerships largest costs.  If you give yourself enough time to shop around your insurance, ask friends and family for agent recommendations, you undoubtedly will find better pricing and coverages along with an insurance professional that can help you and your family for the long haul. Life is a long game, play it that way.

Jamie Jackson

Business Development Manager

Cluett Insurance Brokers

---------------------------

If you have questions, or want advice on Buying or Selling a home, get in touch with The Bagogloo Team of RE/MAX nova by email at [email protected] or call 902-830-9006.

---------------------------

Access to this data will provide you with the most recent information of the property, which brings about the question of what to do with this data when considering purchasing or selling a home. A REALTOR® can help put this information into perspective. It is important to understand not only the current value of a home, but also the current market trends for that particular location. If you are not presently working with a Real Estate Agent contact The Bagogloo Team with our over 40 years of collective experience we will be happy to help you and answer any questions you may have. 

Nova Scotians can access property sales data for free through the Property Valuation Services Corporation website beginning Monday. Here is the link, http://www.pvsc.ca/en/home/findanassessment/default.aspx

Nova Scotians will now have more information about their property assessments through free online access to sales data from the Property Valuation Services Corporation (PVSC) beginning Monday, Jan. 14.

Previously, sales information used for property assessments was not broadly available to the public and only provided to owners who appealed a property assessment.

"Nova Scotians want easy access to property sales data and this change ensures they have that access in an efficient manner," said John MacDonell, Minister for Service Nova Scotia and Municipal Relations. "It will help property owners make more informed decisions about their assessment, and bring clarity, improved efficiency and greater transparency to the assessment appeal process."

Property sales data on comparable properties from July 2010 will be available online at pvsc.ca .

"We believe the improved PVSC website will provide property owners with the information they need when reviewing their property assessment," said Russell Walker, chair, PVSC board of directors.

Property sales data is used for property assessment purposes. Making this information more easily available will allow property owners to make informed decisions about whether or not to appeal their property assessment based upon market values.

The Nova Scotia Association of Realtors is pleased to see these changes to assessment appeals and access to information.

"These changes will empower the public with essential details, when they are buying and selling a home, and if they need to appeal an assessment," said Nova Scotia Association of Realtors president Wayne MacIntosh. "With access to property sales information and guidance from real estate professionals, property owners will better understand the real estate market, and that's great news."

Nova Scotia property assessment notices for 2013 will be mailed out the week of Jan. 14.

Service Nova Scotia and Municipal Relations amended the Municipal Government Act in the spring of 2012 to allow for the disclosure of property sales prices and related information to the public.

The Assessment Act was also amended to extend the property assessment appeal period from 21 days to 31 days, change the name of the Regional Assessment Appeal Court to the Nova Scotia Assessment Appeal Tribunal and clarify its authority. These changes went into effect Jan. 1, 2013.

Published on January 11, 2013 Halifax Daily News File

http://www.halifaxnewsnet.ca/News/2013-01-11/article-3154648/Sales-data-used-for-property-assessments-going-online/1

---------------------------

If you have questions, or want advice on Buying or Selling a home, get in touch with The Bagogloo Team of RE/MAX nova by email at [email protected] or call 902-830-9006.

---------------------------

How the financing game has changed.

Decoding the mortgage market

More and more people are looking at investing in Real Estate as a retirement plan. If you are looking at entering or expanding your real estate investments this article helps clarify and prepare you. Your real estate agent can help you determine what areas and types of investment properties will be right for you, using affordability, maintenance requirements, degree of management involvement as some of the criteria. If you’re not already working with a real estate agent, The Bagogloo Team would be pleased to help you determine if investing in property is right for you, and where best to put your real estate investment dollars.

With a tipsy housing market and the credit crisis still fresh in our memory, regulators and lenders are putting higher-risk borrowers under a microscope. That includes real estate investors.

As a result, it’s now trickier to qualify for a rental property mortgage – especially compared to the days before April 19, 2010. (That’s when federal legislation put an end to insured rental mortgages with less than 20 per cent down.)

So if you are considering a small rental property and need a mortgage soon, here are some things to remember.

You’ll need an ample down payment
If you buy a rental home that you won’t live in, almost every lender in Canada will want at least 20 per cent down. That’s $72,000 on the average $360,000 residential property.

And if you’re purchasing a condo or buying in a “higher-risk” city (like Vancouver), many lenders will want an additional 5 per cent.

Picking the right lender matters more than ever
If you want to be approved, your “total debt ratio” must fall within lender limits. At the risk of oversimplifying, your “total debt ratio” is generally your total monthly expenses divided by total monthly income from all sources, including rentals.

That sounds simple, but it’s not. A borrower’s ability to qualify often depends on how much of her rental income the lender recognizes.

You’d think that if a tenant pays you $1,000 a month, you could add that $1,000 to your income when qualifying for a mortgage. But in many cases, lenders will credit you with only 50 per cent of the rental income you receive, making it harder for you to qualify.

In all, there are four ways that lenders calculate your debt ratios, which are beyond the scope of this column. Suffice it to say, any competent mortgage adviser can point out lenders with borrower-friendly methods.

And there’s one last thing to keep in mind about debt ratios. Different lenders have different limits. Some lenders let you have a 42 per cent total debt ratio. Most others permit just 40 per cent. That extra 2 per cent can make a big difference , especially for folks with mortgages on multiple properties.

The moral here is that the lender you pick can have a major impact on your approval chances. If your qualifications aren’t perfect, you’ll need a lender that is open to some common sense underwriting exceptions, and those are getting harder to find.

Multiple rental properties = headaches
Many lenders prohibit you from owning and/or financing an unlimited number of rental properties.

Even if they don’t explicitly forbid it, the inability to count all your rental income in debt ratio calculations can make approvals challenging, and sometimes impossible. In fact, it often forces people with big rental portfolios to renew mortgages with their existing lender at unfavourable rates and terms.

So if you plan to finance a small rental empire, find a broker that has several clients with 10 or more rental properties. They’ll need that experience to help you know which lenders to use, and in what order.

The key to remember is that lenders with the best rates often have the tightest rules. If you want the best terms, you’ll want to use the more restrictive lenders early in your empire building and save the flexible ones for last. That ensures you don’t run out of competitive lenders when your portfolio gets big.

More paperwork
A few years ago, it was easier to use an appraiser’s estimate of a property’s rental income in lieu of a signed lease. Today, more and more lenders want to see a signed written lease or other proof of rental income.

It also helps to have two years’ tax returns available. That’s because using tax returns to show your net gain or loss on a property can make it easier to qualify, as opposed to using other standard debt service calculations.

The rate is often secondary
Rental mortgages are higher risk so many lenders now charge rate premiums.

Fortunately, you can still find lenders that extend their best rates on investment financing. The question is, do they offer the other features you need?

In keeping with supply and demand, the most flexible mortgages usually cost more. That’s especially true for investment property financing. Be prepared to pay a little extra if you need a lender that satisfies more than a few of these criteria:

• has highly flexible rental income rules
• allows you to carry a greater debt ratio
• lets you put a property in a company name for liability protection
• lets you finance more than four or five properties
• doesn’t impose a minimum net worth requirement
• allows 30– to 35-year amortizations to maximize your cash flow
• lets you prove rental income with “market rent” appraisals
• allows a gifted or borrowed down payment
• allows you to add a second mortgage
• will lend on large mortgages (e.g., $750,000+)
• has a low minimum credit score (e.g. 600 versus 650)
• allows rental income from suites that don’t conform with current municipal bylaws
• provides cash back (sometimes handy for improvements and closing costs)
• allows you to add a vendor take-back mortgage (this is where part of your purchase is financed by the property seller)
• offers a line of credit with your rental mortgage
• pays for your switching fees (this is far less common with rental mortgages than it is for regular mortgages)

Choose your broker carefully
If you want the best rental rate and most flexibility, an experienced no-fee broker is the way to go.

Rental financing is truly a specialization and probably only one in 10 mortgage professionals are actually proficient at it.

Rick Robertson, founder of the lender comparison firm Mortgage Mentor, says one way to screen brokers is to ask how many properties they’ve financed in the last year. If the number is less than 10 or 15, find a more experienced broker.

And Mr. Robertson adds, “Deal with a broker that uses a lot of lenders. Each lender has its own niche and no two lenders in Canada have the same rental policy.”

Robert McLister Special to The Globe and Mail

Published Monday, Dec. 10 2012, 5:00 AM EST

http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/buying-a-rental-property-how-the-financing-game-has-changed/article6137071/  

Robert McLister is the editor of CanadianMortgageTrends.com and a mortgage planner at VERICOintelliMortgage. You can also follow him on twitter at @CdnMortgageNews.

---------------------------

If you have questions, or want advice on Buying or Selling a home, get in touch with The Bagogloo Team of RE/MAX nova by email at [email protected] or call 902-830-9006.

---------------------------

With a growing economy and the need to further educate ourselves when making the decision to purchase a home;  It is encouraging to see that the trend is to gain as much knowledge as possible; your Real Estate Agent can be a fountain of knowledge when choosing the home for you.  If you have questions and are not presently working with a Real Estate Agent, contact us The Bagogloo Team “our experience pays “

Ottawa, ON, November 26, 2012 – Consumers have a new tool to help navigate the complexities and financial implications of purchasing a home. Earlier today, The Canadian Real Estate Association (CREA), and the Financial Consumer Agency of Canada (FCAC) launched the Homebuyers’ Road Map. The Road Map is available on CREA’s website at crea.ca.

In a recent Nanos Research survey1 for CREA, more than 63% of Canadians indicated a “major need” for more information about the financial details of buying a home. That figure rose to 70% for respondents between the ages of 18 and 29.

“As REALTORS®, we appreciate that young Canadians and first-time homebuyers are craving more information about the financial details required to purchase a home. The purpose of the Homebuyers’ Road Map is to empower consumers with the knowledge, skills and confidence to make responsible financial decisions about one of the largest purchases they will ever make,” said Gary Simonsen, CREA’s CEO. “We’re proud to have collaborated with the Financial Consumer Agency of Canada to develop this guide.”

Launched to coincide with Financial Literacy Month, the Homebuyers’ Road Map is a guide which will help Canadians better understand the home buying process as well as appreciate the importance of negotiating with lenders and researching government programs.

“Helping Canadians plan for the future, make sound decisions and ensure the financial security of their loved ones are essential in this increasingly complex world,” said Shelly Glover, Parliamentary Secretary to the Minister of Finance.

“Buying a home involves a number of steps and many buyers need some help in understanding the various options available. In order to make the decision that matches their own circumstances and goals, consumers need some money know-how — which is what financial literacy really is,” added Ursula Menke, Commissioner of the Financial Consumer Agency of Canada (FCAC). “This guide will help people make the right decision, and adds to the information on mortgages, loans and banking available on our website, itpaystoknow.gc.ca.”

To access the Homebuyers’ Road Map, and to find out how a REALTOR® can help, please visit crea.ca and click the Buying or Selling? tab.

ABOUT CREA

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 106,000 REALTORS® working through more than 100 real estate Boards and Associations.

ABOUT FCAC

With educational materials and interactive tools, the Financial Consumer Agency of Canada (FCAC) provides objective information about financial products and services to help Canadians increase their financial knowledge and confidence in managing their personal finances. FCAC informs consumers about their rights and responsibilities when dealing with banks and federally regulated trust, loan and insurance companies. FCAC also makes sure that federally regulated financial institutions, payment card network operators and external complaints bodies comply with legislation and industry commitments intended to protect consumers.

You can reach FCAC through its Consumer Services Centre by calling toll-free 1-866-461-3222 (TTY:  613-947-7771 or 1-866-914-6097) or by visiting FCAC’s website: itpaystoknow.gc.ca.

---------------------------

If you have questions, or want advice on Buying or Selling a home, get in touch with The Bagogloo Team of RE/MAX nova by email at [email protected] or call 902-830-9006.

---------------------------

How to decide what is best for you

As a professional Real Estate Team that is “Passionate About Service” we will take the time needed to help you list your home or find the perfect home for you! This article will help you decide what steps you will want to take when deciding to sell or buy.

Homes are rarely, if ever, one-size-fits-all. As your life changes, so can your housing needs. At some point, the big question arises: Should we stay or should we go?

A layout that's spacious and convenient to a first-time buyer can seem cramped and congested by the time you add kids, pets or a home office to your life. Whether to sell or to stay put depends on many factors, both financial and emotional. Consider these key questions before staking the "For Sale" sign.

Will your current home fit your changing lifestyle?

"A new job, a growing family, an empty nest — these are a few of the most common triggers for moving," says Sheila Johnson, a TD Canada Trust Mobile Mortgage Specialist based in Toronto. "And financial priorities are most often changing right in step with household needs, so it makes sense to look at your whole picture with respect to housing and financing costs," she says.

Could renovation be the answer? 

If lack of space is your biggest concern, options may include finishing the basement or attic, adding an extension or reconfiguring a floor plan to suit your needs. Or, if it's a change of scene you're looking for, think about whether an updated décor, new appliances or finishes would be enough to help you fall in love with your dwelling all over again. "The equity you've already built in your home may be able to help secure financing for the renovations you want," says Johnson.

 Would it be more cost-effective to renovate or move?

It could be cheaper to buy your dream home ready-made rather than create it, depending on the features you're looking for. Visiting open houses that meet your wish list, and then comparing those prices with what you'd have to spend to get similar results in your existing home, may prove helpful.

What’s the market like in your area?

When considering whether or not to put a home up for sale, a market analysis may be a good early step to take. The biggest factor in your home's sale could be the market conditions in your neighbourhood — even on your particular street — compared with other homes. Your professional real estate agent should be able to help you with these comparisons.

How attached are you to your neighbourhood and your neighbours?

Sure, you'll plan to keep in touch, but moving away from a beloved community can be a big change for family members. How much do you each rely on your neighbours and local amenities like schools, churches, libraries and shops?

Are you willing to take on a new mortgage?

Stepping up the property ladder can be a way to build more equity for the future, while downsizing can help you work toward becoming mortgage-free sooner. "Mortgage options aren't 'one-size-fits-all' today," says Johnson. "While homeowners might be focused on the property search, we try to look for financing ideas geared to individual goals and circumstances."

http://blog.zoocasa.com/2012/09/sell-or-stay-how-to-decide-what-is-best.html?utm_source=Zoocasa+Newsletter+October+Issue&utm_campaign=Zoocasa+OCT+2012+newsletter&utm_medium=email

---------------------------

If you have questions, or want advice on Buying or Selling a home, get in touch with The Bagogloo Team of RE/MAX nova by email at [email protected] or call 902-830-9006.

---------------------------

CTV’s Jamie From The Marilyn Denis show has some useful tips for home buyers

• Consider your annual household income. This is a key factor when determining how much of a mortgage you can afford. In addition to calculating your annual household income, consider any income changes that may impact your ability to make your payments. For example, if there are currently two major income sources within your household, would you still be able to afford your mortgage if one was removed? What if a child comes into the picture and your partner decides to become a stay-at-home parent? Consider all factors before deciding.
• Consider your down payment. Currently, you are required to have at least a 5% down payment when buying a house. The size of your down payment is one factor in determining the size of mortgage you can afford.
• Consider your debt. When determining “How much can I afford?” one of the other important factors to take into account is the amount of debt you currently have. The lower your debt-to-income ratio, the more money you’ll likely have to put towards your mortgage. In addition, your debt level will also help to determine how large of a mortgage you will qualify for.
• Consider your amortization period. If you are simply trying to keep your regular mortgage payments low in order to comfortably fit the payment into your budget, you will probably want to apply for a mortgage with a longer amortization period. However, if you don’t mind a somewhat larger regular mortgage payment in order to save money on interest in the long run, you may want to consider a shorter amortization period.
• Consider your closing costs. Closing costs, such as home inspection fees, appraisal fee, property survey, land transfer tax if applicable and legal fees are an often overlooked expense that will definitely help determine how much money you can afford as a down payment.
• Consider your property taxes, various types of homeowner’s insurance such as damage, title etc. and additional expenses. Lastly, there are a few additional expenses that may impact how much money you have to put towards your mortgage each month. Expenses like property taxes, homeowner’s insurance and even things like home maintenance should be factored in before making your final decision. These costs are often overlooked but should be considered before settling on the home of your dreams.

The latest announcement from the Bank of Canada represents good news for buyers and sellers in Halifax and area, as borrowing costs will continue to be attractively low (relative to historic amounts) and should represent a good opportunity for buyers who were considering making a move in the fall of this year, into next spring. Rates remaining steady will help to offset some of the effects of the recent tightening of borrowing rules by the Finance Minister, and should lead to continued solid activity in our market for the next half year.

The Bank of Canada kept its overnight rate target at 1 per cent on July 17^th, 2012. Borrowing costs have been unchanged at this level since September 2010.

The text accompanying the announcement reiterated many of the same points that were in the June 5^th statement. This includes the wording of the bottom line, which leaves the door open to future rate hikes, but taken together with an overall weakening of the outlook pushes back the timing of any future rate increases.

The Bank said that recent developments were pointing to a renewed contraction in Europe, while the deceleration in growth has been greater than anticipated in China and other emerging economies. The Bank also noted that the economic expansion in the United States was continuing at a gradual but somewhat slower pace.

In Canada, the Bank expects those global headwinds will be offset by domestic factors, leading to moderate economic growth. Specifically, the Bank said, “consumption and business investment are expected to be the primary drivers of growth, reflecting very stimulative domestic financial conditions.”

That said, these will be paced by the impact of lower commodity prices on Canadian incomes and wealth, as well as by record-high household debt. The Bank also added that housing activity is expected to slow from record levels.

In light of all those factors, the Bank now expects the Canadian economy will grow by 2.1 per cent in 2012 and 2.3 per cent in 2013. That’s down from its previous projection for growth of 2.4 per cent this year and next. In contrast, the Bank now forecasts growth of 2.5 per cent in 2014, up from 2.2 per cent in the April Monetary Policy Report (MPR).

The slightly weaker outlook for growth in 2012 and 2013 means it will now be the second half of 2013 before the economy returns to full capacity. This was previously forecast to occur in the first half of 2013.

Core inflation is expected to remain around the 2 per cent target going forward, but total CPI inflation is now expected to dip noticeably below that level owing to the recent drop in gasoline prices, with futures prices suggesting this will persist for some time.

The bottom line was unchanged from the June 5^th announcement, stating that, “to the extent that the economic expansion continues and the current excess supply in the economy is gradually absorbed, some modest withdrawal of the present considerable monetary policy stimulus may become appropriate, consistent with achieving the 2 per cent inflation target over the medium term. The timing and degree of any such withdrawal will be weighed carefully against domestic and global economic developments.”

So while the cuts to the forecast for economic growth and a weakened global outlook mean rates will likely remain lower for longer, the Bank is indicating it would still like its next move to be a rate hike, provided global and domestic trends play out as expected going forward.

As of July 17th, 2012, the advertised five-year lending rate stood at 5.24 per cent. This is unchanged from June 5th, when the Bank made its previous policy interest rate announcement.

The Bank will make its next scheduled rate announcement on September 5^th, 2012.

(CREA 07/17/2012)

---------------------------

If you have questions, or want advice on Buying or Selling a home, get in touch with The Bagogloo Team of RE/MAX nova by email at [email protected] or call 902-830-9006.

---------------------------

---------------------------

If you have questions, or want advice on Buying or Selling a home, get in touch with The Bagogloo Team of RE/MAX nova by email at [email protected] or call 902-830-9006.

---------------------------