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Selling your home begins in the kitchen

Stephanie — Thu, 10 Dec 2009 03:19:53 +0000

(NC)—The home seller understands the way to any potential homebuyer’s heart is through the kitchen. Over the years, the kitchen has shed its once humble beginnings as a place to simply prepare and serve meals, to more of a place where friends can socialize over a glass of wine or where children can do their homework. With the kitchen becoming one of the most multi-dimensional and functional rooms in the house, kitchen renovations have attracted the attention of many who are looking to increase their home’s resale value or would simply just like to enjoy the improvements to their home.

Nevertheless, many sellers would rather not deal with the expense and length of the project before they sell their home. But for many, kitchen renovation can mean top return for the prospective home sellers. According to the Appraisal Institute of Canada, kitchen renovations represent a 75% – 100% return on investment, which is the second highest return in the home next to bathroom renovations.

Fortunately, home renovation is not as difficult as one might expect; the recent expansion of renovation centres across the country has led to a burgeoning “do-it-yourself” project culture. The “do-it-yourself” renovation can be a cost-effective way to increase the value of your home without the high price of a trained professional.

Maximizing Your Kitchen Appeal

Here are a few steps you can take to increase the equity in your home.

Are Those My Cabinets?

According to Rona.ca, kitchen cupboards are one of the best investments one can make in terms of return on investment on the home. Many homebuyers’ first impressions of the home take place in the kitchen, and much of that is highlighted by the kitchen cupboards. By spending a few more dollars on high quality cabinetry and hardware (knobs and handles on cabinets), you can expect your investment to reward you handsomely.

Add a Little Colour

By either painting the walls and/or cabinets, it will update the look of the kitchen with minimal costs and make the room more spacious.

Shedding Some Light

Lighting is often one of the last fixtures to be considered, and often forgotten when the kitchen is remodeled. But by adding new light sources to the kitchen, it can be a great way to bring together architectural and decorative balance to a room. Good lighting can highlight certain features of a kitchen, such as the backsplash, to create a more colourful and robust look.

Everything Including the Kitchen Sink

Every kitchen needs a sink and faucet. But when it comes to the resale of the home, few home sellers see the value of replacing the sink. “The faucet and sink are one of the most important features of a kitchen. When homebuyers enter the room, they naturally gravitate toward the sink and test out the faucets”, says Mike Mazza of Mazza Renovation Group Inc, “it provides a sense of hearth for many buyers because they spend a majority of their time in the kitchen”.

How Much Is It Going to Cost?

Financing your “do-it-yourself” project can be quite overwhelming. Many renovation centres offer financing options, but usually charge up to 18% interest rate after the introductory “interest-free” period is over. For a more prudent option to finance your project, visit your local financial institution. Financial institutions such as CIBC can offer a lower interest rate than those typically found at renovation centres. The CIBC Home Power Line of Credit allows would-be renovators the option to pay a lower rate of interest (because it uses the equity in your home) and offers the flexibility of interest-only payments. By going to your local financial institution rather than the renovation centre for your financing needs, you can save hundreds of dollars on interest.

More information on these lending products can be found at your local branch or online at www.cibc.com/ca/loans.

www.newscanada.com

10 steps to selling your home Decide when to sell

Stephanie — Sun, 23 Aug 2009 23:04:23 +0000

In real estate, timing is not everything but it does influence your home’s selling price. Let’s see if we can make timing work for you.

Status report. Is it a buyer’s or a seller’s market?

When there are lots of people looking for homes but not many for sale, it’s called a ‘seller’s market’, because the seller has something everybody wants. When there are lots of homes for sale and not many people buying them, it’s called a ‘buyer’s market’ because buyers have more power of choice. A REALTOR® is the best person to consult about this.

How quickly do you need to sell your home?

In a seller’s market, top price and a fast sale can go hand-in-hand. In a buyer’s market, more sellers are competing for your potential buyer. If you have to sell right now, you may wish to lower your asking price a bit to speed up the sale. REALTORS® are masters at figuring the price-to-speed ratio and know how to attract offers without going unnecessarily low.

Seasonality. Do home sales get frostbite?

It’s true. Winter sales tend to be slower, and Spring sales are more brisk. Regardless, there are always people looking to buy, and seasonality is only one of many factors to consider.

If you’re also buying a home

In this case, you don’t really have to worry about playing the market. If you sell your existing home for a ‘low’ price, you’re probably also buying at a low price. If you are upgrading to a larger home, this actually works to your advantage. Imagine when your bigger home is on the upswing. If you’re downsizing from a bigger home to a smaller home or a condo, you need to pay a bit more attention to the market.

Buy first or sell first? The eternal question

Many people are able to time their sale and purchase so they happen on the same “closing date”. Buyers can make their offer “conditional’ on the sale of their existing home, to make sure they’re not left paying for the upkeep of two homes. When selling, you can try to extend the ‘closing period” to give yourself more time to find your next home. REALTORS® are very skilled at this sort of negotiation, and can make your transitional life a lot easier.

If you find your new dream home before you’ve even started to sell your old one

Talk to your existing mortgage lender. You may be able to arrange “Bridge Financing”. This is when your lender (the bank) agrees to lend you the down payment for your new dream home, while you still cover the mortgage on your existing property.

these are more selling tips

Stephanie — Sat, 15 Aug 2009 16:57:42 +0000

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these are selling tips

Stephanie — Sat, 15 Aug 2009 16:57:26 +0000

this is a blog post

Stephanie — Sat, 15 Aug 2009 16:57:09 +0000

This is a listing

Stephanie — Sat, 15 Aug 2009 06:49:40 +0000

Welcome to WordPress. This is your first post. Edit or delete it, then start blogging!