Planning to list your home during the upcoming winter or spring? Start now to pace out the prep and reduce stress later. Here’s a quick checklist to help you get started.

• Shop around for a REALTOR® who specializes in your neighbourhood and needs. Ask for recommendations and read online reviews.

• Review your finances, considering selling and buying costs, mortgage options, possible penalties, tax implications, and get pre-approved before you shop.

• Declutter and depersonalize (e.g., no personal photos)

• Do minor repairs and ask your REALTOR® if any cosmetic changes would be worthwhile.

• Understand tenant laws if you're selling a tenanted property.

• Get a pre-listing inspection.

• Make alternate arrangements for pets and kids during showings. Consider staying elsewhere while your home is listed.

• Gather important documents such as warranties, receipts, and before/after photos of home improvements.

As you can see, selling your home is no small feat, so better to prep thoughtfully so you can sell with confidence.

Skipping a home inspection might seem tempting as it might save you money upfront, but it could cost you much more in the long run. A professional inspection can uncover major issues, such as structural, electrical, or plumbing problems, or health hazards like mould or asbestos, which might not be visible during a walk-through. With this information, you can make an informed decision about whether to walk away or budget for immediate and future repairs. An inspection report also gives you leverage in negotiations. You might negotiate a lower price — especially if the seller wasn’t aware of the issue — or request that repairs be completed before closing.

Inspections are especially valuable for older homes or when there are red flags, like musty odours, visible water damage, or uneven floors. In some cases, an inspection may even be required by your insurance provider before issuing a policy. If possible, attend the inspection so you can ask questions and better understand the home’s systems and maintenance needs.

So, when might you not need an inspection? New builds are typically covered by warranties. Also, condos and condo townhouses generally have status or estoppel certificates, which you need to request before buying, that will inform you about any major repairs or renovations that might be coming up, and if the condo corporation has the finances available for it. While a good status certificate can reduce the need for a full inspection, it can also be a negotiation tool if it reveals financial or structural concerns. Exceptions to not needing an inspection would be where the HVAC system is owned by the unit owner and is not under warranty, older or converted buildings, freehold townhomes, or if you just want extra peace of mind.

In cases where the seller has provided a pre-sale inspection, be wary; don’t assume that it’s comprehensive or unbiased. It’s typically done for the seller’s benefit and may not have been done by a reputable inspector, so it’s still a good idea to get your own professional inspection done.

Many homeowners today are indecisive on whether to buy and sell now or wait it out. Waiting on the sidelines, hoping that either prices or rates will have a significant drop, is always an option. However, that can take months to happen and may not be a viable option, depending on whether you have the luxury of time.

Firstly, review your finances in detail to determine if you can afford to buy what you want now, factoring in all housing-related costs and closing costs. Look at recent comparable sales where you currently live and where you want to buy.

Reasons to wait could be if home values in your area are dropping, and/or inventory is increasing considerably; if your finances are tight; if you are expecting a sizable bonus or inheritance soon that could help with your down payment; or if you want to pay off debts to qualify for loans with better terms.

Ultimately, life goes on, whether the timing of a move is perfect or not. If rates drop significantly after you buy, you can always look at refinancing later.

Your REALTOR® is the key person on your team when you’re buying and/or selling a property. For most people, this is their largest financial investment. So, before choosing a REALTOR®, you need to do your due diligence so you can find the one who is best suited for you. You want someone who is:

• Experienced and knowledgeable about your local market and up-to-date on recent sales. They should be able to give you all the information you need, so you can price your home strategically or make a strong offer.

• Is a great communicator, meaning that they respond promptly to your calls and emails, provide updates, and explain anything that may be confusing to you about the buying and selling process.

• Puts in effort by actively searching for properties that meet your criteria and negotiating on your behalf to get the best possible deal.

• Honest about challenges and opportunities, doesn’t hide information or make decisions without your consent.

Once you’ve short-listed some REALTORS®, here are some suggestions for the next steps:

• Read their online reviews and ask them for references.

• Ask them about their experience, how they would market your home, and the strategies they would use to help you find your new home.

• Talk about your goals, timelines, and expectations for communication (e.g., regular updates and quick calls for new developments) to see if you are aligned.

By doing your due diligence before you hire a REALTOR®, you are helping to ensure your home buying and selling experience goes as smoothly as possible.

You thought your home was sold with a conditional offer, and then you received the unfortunate news that the offer fell through. So, what's next?

Consider if it makes sense to renegotiate. Failing that, have your lawyer review the purchase agreement to understand your rights and obligations. Typically, the buyer will get their deposit back, which is usually protected by contingencies. If you have multiple offers, your realtor should contact them immediately.

Understand why the offer fell through so you can course-correct if needed. Additionally, your REALTOR® can reach out to previous prospective buyers who had expressed serious interest for feedback on why they didn’t move forward with an offer.

Your REALTOR® can advise you if you should continue to show your property during the conditional period, provided you have an escape clause, which allows you to entertain other offers.

While it can be a big letdown when an offer falls through, it’s important to stay focused on your end goal of a successful sale and trust that the right buyer is on their way.

Just because you get a home inspection report that appears to be A-OK, it doesn’t always mean there are no issues. Certain issues can be overlooked in a typical home inspection, such as:

• Water damage, like water stains and musty smells, can be masked by paint or a diffuser. Internal leaks cannot be seen, possibly causing mould or mildew.

• Structural issues, like wall cracks or sagging floors, can be hidden by flooring or drywall, and rotted wood can go unnoticed if it’s inaccessible.

• Electrical issues, like outdated wiring, a faulty panel, or insufficient grounding, can go unnoticed, as inspectors may not have the specialized knowledge and cannot see behind walls.

• HVAC issues, such as leaks, can go unnoticed because specialized HVAC knowledge is outside the realm of a general inspector.

• The roof. Many inspectors may inspect it from the ground, potentially missing issues such as missing shingles or leaks.

• Pests — because they are good at hiding. Sometimes it’s easier to find evidence such as droppings, scratching sounds, gnaw marks on baseboards, chewed wiring, or little “sawdust” piles around the wood structures of your home (which could indicate termites or carpenter ants).

• Asbestos, lead paint, and lead pipes all need specialized tests. If the home was built pre-1990, you may want to test for asbestos and lead.

• In rural areas, septic system issues are often overlooked because they are underground and thus require a separate, specialized inspection.

So, while you can’t possibly know everything about the home you want to buy, being aware of what can be overlooked is important. Speak to your REALTOR® about investigating the property more thoroughly so that you can make an informed decision and have peace of mind.

Dream homes are often envisioned as being on a waterfront. However, with shoreline erosion, among other climate change effects, shoreline properties can come with major concerns. It’s not uncommon for homes to erode right into the water. Still, that doesn’t prevent some from buying their dream shoreline property. If a home on the water is something you are considering, read on.

Insurance — Do your research to find out what coverage is available for homes on a waterfront, including anything related to erosion and flooding, and check with the insurer about any special requirements.

Get professional advice — Get a structural engineering report and a geological survey of the property. Find out how close the property is projected to be to the water during the time you plan on living there, and beyond.

Be prepared to spend $$$$ to protect your piece of paradise — This may include moving your home back from the shoreline, breakers, retaining walls, or bringing in sand to slow erosion.

Ultimately, being aware of the risks a shoreline property may face with erosion and taking professional advice on how to manage those risks, will be the wisest way to make a shoreline property homebuying decision.

Do you ever dream of living in style at the top of a building in a penthouse? If it’s something you think you might want to make a reality at some point, read on for some pros and cons to weigh before buying a penthouse.

Pros

• Panoramic views with lots of light

• Often has added features lower floors don’t, such as more square footage and higher ceilings

• Can be a great investment, especially if you buy a pre-construction when prices tend to be lower

• Because there is less supply, there is less market volatility

• Demand sustains itself because they are unique

• Usually, priced higher than lower-floor units

• Can be quieter because there is no upper-floor noise (unless the building has rooftop amenities) and it is further from street noise

• Typically, is more private than the rest of the building

Cons

• More expensive to buy and maintain (the greater the square footage the higher the maintenance fees)

• Greater exposure to the elements (e.g., storm damage to the roof)

• You are liable for overflow of sinks, tubs, and washing machines, and need to account for having more floors below you to potentially damage. Check your insurance coverage to ensure it’s sufficient

• Depending on the height of the building, the elevator ride could be long with many stops along the way. If the elevators aren’t working, keep in mind that you will have to take the stairs

• Longer response time in case of emergencies

• If mechanical systems are on the roof, it could be noisy

Selling a fixer-upper property can be challenging, but the process can be made a lot smoother by making some smart decisions:

• Hire a REALTOR® with a proven track record of selling fixer-uppers. You need a REALTOR® who knows how to market your property to potential buyers. When interviewing agents, ask for past examples of fixer-upper sales.

• Decide if it’s worthwhile financially and timewise, to repair or renovate before selling.

• Determine if you will sell it “as-is.” Doing so will limit liability for issues, such as broken appliances, mould, pest issues, etc.

• Choose whether it makes the most sense to stage, not stage, or leave the property vacant.

• If it’s not going to be a complete gut job, have it professionally cleaned.

• Price it right. Check out what recent fixer-uppers in your area have sold for and determine the lowest price you will accept.

• Be sure to market to builders and contractors. Focus on the potential and selling points (e.g., layout, desirable location, original wood), be transparent about any issues to avoid liability, consider mentioning cost estimates for renovations, and try to time your selling with when the weather is more agreeable for renovations.

Selling a fixer-upper might take longer than your average property sale, but with some patience, optimism, and a solid strategy it can be done.

Divorcing and selling your marital home is an emotional time but having a real estate agent who is experienced working with divorcing couples can help. Consider the following:

• They are experienced in being an objective third party to help with decisions during an emotional time.

• They are knowledgeable in different divorce situations, such as one person buying out the other.

• They have mediation skills for disagreements about home selling decisions and property division, which can lower legal bills, leading to a quicker sale.

• They have knowledge of legal and tax implications related to divorce and selling the matrimonial home and can ensure all paperwork is handled correctly.

• They know how to market the home and will maintain confidentiality about the personal circumstances of their clients. For example, the home must look like the couple is together. If prospective buyers have any indication of a divorce sale, they may make a lowball offer thinking the sellers are desperate to sell quickly.

If you are looking for a REALTOR® who specializes in divorce real estate, ask for and check their references of divorced clients they have sold with in the past.

It’s well-documented that staged properties tend to sell faster and for more and can either be done traditionally or virtually. So, what are some reasons you might use virtual staging? Virtual staging makes sense for properties that are vacant, pre-construction, have tenants, or have dated furniture. It’s also more cost-friendly than traditional staging.

If you decide on virtual staging, it’s important to get it right to ensure you maintain credibility with potential buyers.

Here are some must-know virtual staging dos and don’ts:

DO:

·         Have any repairs or updates done before the photos are taken

·         Use professional virtual staging services

·         Label each photo as “virtually staged”

·         Sync décor choices with the style of the property

 DON’T:

·         Conceal or misrepresent issues or defects

·         Add anything other than furnishings and accessories (e.g., don’t change the wall colour, countertops, or floors)

·         Discard original photos of the room

Done right, your potential buyers will be inspired by the before and afters using virtual staging. Ultimately, you want them to see themselves living there, rather than feeling like the staging is a scam.

With housing costs at unaffordable levels for many, some people are turning to alternative homes. Here’s a breakdown of some of the other options out there:

Tiny living – If you can compromise on space, there are tiny homes (approx. 120 to 500 sq. ft.),some of which can be hauled around, micro apartments (approx. 200 to 400 sq. ft.) in buildings with varying amenities, and shipping container homes, which can be tiny (approx. 160 sq. ft.), or the size of an average-sized home constructed of multiple containers. 

Vehicle conversions – For a 2-for-1 home and transportation deal, consider an RV or a converted school bus.

Houseboats – This option may be for you if you are a water lover. While the price is much lower than a condo and can even offer more space, consider the maintenance costs and how you feel about seasonal weather like wind, rain, and snow while on a boat.

Eco homes – In our ever-increasing eco-conscious world, there are different kinds of eco homes, such as passive Homes, designed to minimize energy consumption, and off-grid homes that are self-reliant for electricity and water.

Laneway homes – Typically found in urban centres and accessed from a back lane, these homes could be new builds or converted garages. Note, that not all jurisdictions allow laneway homes.

While alternative homes can offer an appealing price tag, consider that you may have to compromise on space, location, and quality of the build itself. In some cases, you may not qualify, or it may be more difficult to obtain a mortgage or insurance.