Here is the blog post for Brechin on the Lake Country site.
The Village of Brechin is a community located in the Township of Ramara in the County of Simcoe, Ontario. It is situated on the eastern shore of Lake Simcoe, about 120 km north of Toronto. The village is known for its unique services and shops, in addition to fishing opportunities, and outdoor recreation activities.
Brechin is a quiet community that offers local small businesses, including a grocery store, a gas station, and a few restaurants as well as marinas, specialty shops, and Lagoon City Pier One Resort, offering recreation rentals including bicycles, kayaks, and canoes.
Not far from Brechin is Lagoon City, and the public beach should be on everyone’s itinerary. This lovely beach is perfect for an afternoon of swimming, sunbathing, and beachcombing. Not far from the beach, and on your way into Lagoon City there is a shopping center where you can find restaurants to sit and relax after your beach day.
Brechin is located near many popular tourist attractions, including Casino Rama, which is just a short drive away. The village is also a popular destination for boaters and anglers, who come to enjoy the fishing opportunities on Lake Simcoe. Additionally, there are many parks and conservation areas in the surrounding area that offer hiking, biking, and other outdoor activities.
In addition to outdoor activities, the Village of Brechin also hosts several community events throughout the year. One of the most popular events is Breakfast with Santa hosted by the local Brechin Legion.
Brechin is a charming community that focuses on events bringing residents and visitors together and offers plenty of opportunities for outdoor recreation and relaxation. Whether you’re interested in fishing, hiking, or just enjoying the scenic beauty of Lake Simcoe and Brechin is definitely worth a visit.
Gravenhurst is a charming town located in the heart of Muskoka, a region known for its natural beauty, rugged landscape, and clear blue lakes. If you’re looking for a relaxing and rejuvenating vacation, Gravenhurst is the perfect destination for you. With its picturesque scenery, pristine waters, and quaint small-town charm, Gravenhurst offers an idyllic getaway from the hustle and bustle of city life.
This area is a paradise for nature lovers. The town is surrounded by lush forests, pristine lakes, and winding rivers that offer endless opportunities for outdoor recreation. The stunning Muskoka region is home to almost 2,000 lakes, making it a prime destination for fishing, boating, and swimming. The town is also home to several beautiful parks, including the Muskoka Bay Park, which offers breathtaking views of Lake Muskoka, and Gull Lake Rotary Park, which features a sandy beach, picnic areas, and hiking trails.
Experience the rich cultural and historical heritage that is reflected in its numerous museums and art galleries. The town is home to the Muskoka Steamships and Discovery Centre, a museum dedicated to the history of steamships on the Muskoka Lakes. The centre features exhibits on steamship technology, local history, and the natural environment. The Muskoka Boat and Heritage Centre is another must-visit destination for history buffs. The centre features a collection of antique boats, engines, and artifacts that tell the story of the region’s rich maritime history.
The Gravenhurst Wharf is situated on Lake Muskoka and serves as a popular spot for a scenic walk along the boardwalk, and offers recreational activities, such as boating and fishing. The area also features a park, shops, and restaurants, making it a popular destination for tourists visiting the region. Additionally, the Gravenhurst Wharf is a transportation hub, serving as a terminal for the Muskoka Steamship tours.
Gravenhurst offers a wide range of outdoor activities for visitors of all ages and interests. Whether you’re looking for a leisurely stroll, a challenging hike, or an adrenaline-pumping adventure, Gravenhurst has something to offer. The town is home to several scenic hiking trails, including the Rotary Algonquin Regiment Fitness Trail, which offers stunning views of Lake Muskoka. The Muskoka Zip Lines and Aerial Park is a popular destination for thrill-seekers, offering zip lines, suspension bridges, and obstacle courses high in the trees.
Gravenhurst is home to several excellent restaurants and the town is known for its fresh, locally sourced ingredients, and its chefs take pride in creating innovative dishes that showcase the region’s unique flavours. The Dock of the Bay Steak & Seafood Grille is a favourite among locals and visitors alike, offering delicious seafood and steak dishes with a stunning view of Lake Muskoka. The Sawdust City Brewing Company is a must-visit for beer enthusiasts, offering a wide range of locally brewed beers and ales.
Gravenhurst offers a range of accommodation options to suit every budget and taste. Whether you’re looking for a luxury resort, a cozy bed and breakfast, or a rustic cottage, Gravenhurst has something to offer. The Residence Inn by Marriott Gravenhurst Muskoka Wharf is a popular choice among visitors, offering spacious suites with fully equipped kitchens and stunning views of the marina. The Pine Grove Cottages is another popular option, offering charming, fully equipped cottages in a peaceful, wooded setting.
Gravenhurst is a hidden gem that offers something for everyone. Whether you’re looking for a relaxing getaway, an outdoor adventure, or a taste of local cuisine, Gravenhurst has it all. So why wait? Start planning your trip to Gravenhurst today and experience the natural beauty, rich history, and warm hospitality that this charming town has to offer.
Congratulations! You’ve worked hard and saved enough for the required 5% down payment on your first house. You have a decision to make as you prepare to open the champagne: should I buy now or save more money for a greater down payment?
When looking for a home, the size of your down payment is crucial since it affects your purchase price and monthly budget as well as your ability to avoid paying thousands of dollars in interest. Homebuyers must also decide if they want to save enough money to avoid having to pay mortgage default insurance, which is required for purchases with less than 20% down.
We’re here to outline the distinctions between using your savings as a down payment and saving for a larger down payment.
Putting More Toward a Down Payment
It’s worth thinking about if you can save more money each month and put down a bigger down payment in a few years. Putting more money down will not only lower your monthly principle and interest payment, but it will also result in interest savings of thousands of dollars over the course of your mortgage.
You’ll also be eligible for a traditional mortgage and be able to avoid expensive mortgage default insurance if you put at least 20% down. Since you pose less of a default risk by making a significant down payment, lenders are likely to offer you cheaper interest rates.
A bigger down payment is a decent first step if all you can afford is a tiny one-bedroom condo but you’d rather purchase a detached house. A bigger down payment also acts as a safety net in the event of a housing correction.
For instance, if your home’s current valuation is $950,000 and there is a 15% housing correction, your home would be worth only $807,500. You would still have $47,500 in equity with a down payment of $190,000 (20%) ($807,500 – $760,000 = $47,000). However, your mortgage would be $95,000 underwater if you just put down 5% of the purchase price, or $47,500 ($807,500 – $902,500 = -$95,000.)
Purchase Now
Saving more money for a down payment might seem like a smart idea, but not everyone can do it. Start by looking at your monthly spending plan. How much money can you put aside each month, and when will you be able to accomplish your new savings target? You could invest $6,000 a year toward your down payment, for instance, if you can save an extra $500 per month.
Being priced out of the market (occurs when home prices increase faster than your down payment) is a serious problem in more expensive areas like Toronto and Vancouver. For instance, if home prices increase by 10% next year and you’re pre-qualified for a $950,000 house, you’ll need to save at least $95,000 to be able to purchase the same home. Can you actually do that?
Are you truly willing to forego your daily excursions to Starbucks and yearly trips to Mexico in order to save more money for a larger down payment? However, purchasing now makes sense if your lender offers reasonable prepayment options. If you receive a raise at work or receive additional income, you may always make lump sum payments or increase your mortgage payments.
You feel that your relationship has progressed to the point where moving into your first apartment together is the only logical next step after contemplating the notion in your thoughts for a long.
Be sure to take into account these 5 suggestions to assist you get ready for living with your significant other before you even begin house hunting.
You should be transparent about your finances.
When you decide to live together, you both share the cost of maintaining your home on a regular basis, in addition to paying for utilities, groceries, and all the other delightful things that come with renting or purchasing a property.
However, if you are concerned that your partner will find out how much money you make, avoid moving in with them (or how much money you spend). Being able to handle your personal financial responsibilities is crucial when beginning your lives together because financial stress may be a significant factor in people separating.
Do you wish to divide the proceeds equally? according to income? combining all funds into a single account?
Before you put your signature on the dotted line, you should think about and agree on these financial aspects of living together.
Decide on your decorating scheme thoroughly.
This entails sitting down and debating what items from your current possessions stay and what don’t, as well as choosing the general look and feel of your new home together.
During this time, be respectful of one another’s needs and work to come up with compromises that will work for both of you. When it comes to contrasting tastes, it’s crucial to maintain an open line of communication without becoming irritated or upset. Remember that sometimes compromise is necessary for all of us.
Distribute household duties fairly, and don’t give up if they aren’t completed right away.
It is essential that the two of you divide up all the domestic duties as equitably as possible when you first move in together. There will be moments when it appears like you are doing all the effort, even if you uphold your half of the contract. To aid in keeping track of daily and weekly duties, it is essential to keep a dry-erase board on the refrigerator. Change up the duties such that one week you take out the garbage and the next week they take care of the dishes. If the chores still need to be done, have patience. Simply because you can’t see something doesn’t mean it isn’t happening.
You’ll need time away from home and your own place.
You must therefore appreciate your partner’s demand for personal time away from you. Though first thrilling, living under one roof with someone else will eventually make you want to leave. Find a private space in your new house where you may go for some alone time. Without your partner, go to the movies with your friends. Go to the gym and yoga. Don’t let the fact that you are housed stop you from continuing to engage in your favourite hobbies or social gatherings.
Also, it’s true that living together makes a couple’s heart grow fonder while they are apart.
Invest time in one another.
Now that you are a couple, it is equally crucial to continue doing things together that strengthen your relationship in addition to enjoying your favourite things alone. Now that you can work together on enjoyable household tasks like gardening, cooking, and entertaining. Make time for one another to avoid becoming stuck in the daily rut. Make time for a “Date Night” so that you may both escape the pressures of daily life and simply enjoy being with your loved one.
Your relationship is taking a major step when you move in together. Remember to always keep the lines of communication with your partner open and follow these 5 simple tips to better prepare you for the move ahead!
How exciting, you got the house! After all the tumultuous ups and downs that come with searching for a home, you can finally take a deep breath and put it all behind you! But wait, now it’s time to get home insurance, and finding the right coverage is key.
Now that the hard part of finding a home is over, it’s time to take on the next task of finding the right home insurance coverage that suits your unique situation. No two homes are the same, and not all home insurance policies are alike either. So, how much home insurance coverage do you need?
Let’s take a look at your options!
What are the different types of home insurance in Canada?
There are four types of home insurance policies that you can choose from:
Standard home insurance: This is also referred to as ‘named perils’ and is relatively basic in what it offers. It financially protects homes and their contents from named risks and perils.
Broad-form home insurance: This is a hybrid form of home insurance that offers aspects of both comprehensive and standard policies. It protects your property from all risks and perils (with exclusions) and your possessions from named perils.
Comprehensive home insurance: This is the most expensive policy, but provides the most coverage. It financially protects your home and its contents from all risks and perils (with exclusions).
No frills home insurance: This is coverage for properties that don’t meet normal insurance standards. Because of this, very few homeowners in Canada have no frills home insurance.
What does homeowners insurance cover?
The five basic areas of coverage on a homeowners insurance policy are:
Dwelling Coverage: This applies to your home’s structure, including its walls, roof, and foundation. If these components are damaged – or even completely destroyed – in an incident that falls under your home insurance coverage, your provider can help you foot the bill.
Other Property Coverage: This applies to structures on your property that are not a physical part of your home. This would include, for example, a deck, fence, or detached garage.
Contents Coverage: This applies to your belongings inside the home such as furniture, electronics, appliances, etc. It covers them against theft, damage and destruction.
Liability Coverage: This coverage protects you in the event that a guest gets hurt on your property and pursues you for damages.
Living Expense Coverage: In the event that damage to your home requires you to vacate the property, living expense coverage will help you foot the bill for alternate accommodations.
A typical policy covers damage caused by fires, lightning strikes, windstorms, and hail, but not all natural disasters are covered.
Natural disasters and home insurance coverage
Your standard home insurance policy protects you from a wide range of natural disasters, but it doesn’t automatically protect you from everything.
Standard home insurance policies in Canada can include the following types of natural disaster coverage:
Fire coverage (including forest fire insurance)
Ice and hail coverage
Water damage coverage (from specified sources, like unavoidable damage due to a broken pipe)
Wind damage coverage (protection from high winds, hurricanes, tornadoes, etc.)
But they do not cover things like earthquakes or overland floods. For this you would need to purchase a separate policy, and depending on where you live, it may be required.
We have you covered with more information about natural disasters and home insurance in Canada with this in-depth guide.
There are ways to add other coverages, not included in your typical policy, through endorsements.
What are insurance endorsements and do I need them?
You often hear about insurance endorsements, but what are they?
An insurance endorsement is a form of optional coverage that policyholders can include to their home, auto, condo, etc., insurance policies, that protect them from unforeseen risks that aren’t covered by basic policies. It is also referred to as an insurance add-on.
Policyholders can choose which add-on(s) they’d like to purchase, allowing them to tailor their coverage to their unique wants and needs.
Here’s a quick look at some typical home insurance endorsements:
Overland water coverage
Claim protector add-on
Service line endorsement
Sewer back up coverage
You can learn more about insurance endorsements and how they protect policyholders in Canada.
What happens if you’ve completed renovations to your home?
Doing renovations can add value to your home, but whatever modifications you do, you must let your insurance company know of the changes being made. Whether it be working on an unfinished basement, remodeling a bathroom or converting a shed out back to a more livable space, you should always inform them.
Homeowners are required to update their home insurance policy when they make significant changes to their home that directly influences the material risk level of the home and property.
A perfect example of this is an inground pool. Having an in-ground pool increases the risk of third-party property damage and injuries, negatively impacting the risk level of the home.
Aside from affecting the risk level of your home, making the necessary changes to your policy can help you maintain an accurate replacement value for your home. Replacement value is the amount of money required to replace covered losses with an item of equal value after an insured event damages your property (different from actual cash value).
If you don’t update your insurance policy after making a significant modification to your home your insurance provider won’t have an up-to-date replacement value for your property. So, if something happens, the modified aspects won’t be covered by your home insurance.
Find out the best way to implement changes to a home insurance policy in Canada. Learn how you can update your home insurance policy here.
In the end, you can’t put a price on the sentimental value of your home and its contents, so getting the best home insurance coverage is priceless and will help put your mind at ease knowing that you and your family are well protected.
Talk to your advisor to go over your current policy, or when purchasing a new one, and find out what coverage best suits your needs. They can help you sift through all the information to help find what you need to protect one of your largest investments.
If you’re looking for ways to spruce up your home without breaking the bank, you’ve come to the right place. Here are six jaw-dropping ways to update your home without breaking the bank. With creativity and elbow grease, you can achieve professional-looking results without spending a fortune.
Paint Your Front Door One of the quickest and easiest ways to give your home a facelift is to paint your front door. Colour is a great way to add curb appeal and make an excellent first impression on visitors. If your front door looks dull and outdated, consider repainting it in a bright, bold colour. Red is always a popular choice, but any colour that complements your home’s exterior will do the trick. Just be sure to use high-quality paint so your new door colour will last for years.
Install New Hardware Another quick and easy update you can make is to install new hardware throughout your home. Items like door knobs, cabinet pulls, faucets, and light fixtures. Adding new hardware is a great way to add a touch of style and personality to your space without making any permanent changes. Plus, it’s inexpensive to update an old piece of furniture or cabinets. Just be sure to choose hardware that coordinates with the existing style of your home.
Create Accent Walls If you’re looking for a more significant project to make a statement, consider creating accent walls in strategic areas throughout your home. Accent walls are painted differently or covered in wallpaper or other decorative material. They can help break up a large room and add visual interest. When choosing accent wall colours, go for something bold and eye-catching to complement the rest of your decor. And when it comes time to hang wallpaper, be sure to measure twice and cut once!
Update Window Treatments Window treatments are another great way to add style and personality to your space. If you currently have plain white blinds or boring curtains, consider adding more sophisticated window treatments like plantation shutters or draperies. You can make a significant impact without spending too much money. Plus, new window treatments can help regulate your home’s temperature, saving you money on your energy bills in the long run. Win-win!
Accessorize Strategically Last but not least, don’t forget the power of accessories! A few well-placed accessories can go a long way in transforming the look of any room in your house—and they don’t have to cost much money, either. Get creative and think outside the box regarding accessorizing your space. A simple vase filled with fresh flowers or an antique mirror hung above the fireplace can make all the difference in the world. So go forth and accessorize!
Lighten things up with lamps and candles Lighting can make or break a room, so ensure you have plenty of light sources—and they fit your style! Lamps are inexpensive to add light and personality to any room, so hit up some thrift stores or garage sales and see what you can find. Candles are another great option, especially if you opt for unscented candles not to overwhelm any senses other than sight!
These six incredible low-cost home improvement ideas can get polished results without breaking the bank with a bit of imagination and hard work. What are you waiting for, then? Start sprucing!
If you do your homework and make plans ahead of time, buying a second home can be a great investment. But if you’re unprepared, it may also lead to financial difficulty. Following are five things to think about before purchasing a second property.
What Will You Use It For? Typically, second homes are utilized as vacation dwellings, second homes for business purposes, or investment assets. Your lender will want to know your plans if you’re requesting a loan to purchase a second house.
For instance, because lenders view investment homes as riskier, they are often more difficult to finance. As a result, the interest rate on a mortgage for a vacation home or second home is typically cheaper than that of an investment property.
How Will You Finance It? To buy a second property, the majority of people will have to take out a loan. You have a few alternatives depending on how you want to use your second home. You might be eligible for a standard mortgage, a secondary mortgage, or even a jumbo loan for a second home or vacation property.
As an alternative, you might think about refinancing your present loan. For instance, if you have a sizable amount of equity, you might be eligible for a cash-out refinance or a Home Equity Line of Credit (HELOC). In the latter scenario, you essentially exchange your current mortgage for a new, larger one and receive access to the equity you’ve accumulated in your primary house. If you have enough home equity, this may enable you to buy your secondary property outright.
Do You Have the Funds? It’s crucial to make an accurate budget and make sure you can afford the closing and continuing expenditures of owning a second property, regardless of the financing type you select. Think about the following:
Down payment: Lenders generally require a down payment of at least 25% for a second home.
Debt-to-Income (DTI) Ratio Requirements: You’ll typically need a DTI of 43% or lower to qualify for a second mortgage.
Maintenance costs: You may need to renovate or repair parts of your second home before it can be used.
Utilities: These aren’t usually high for vacation homes, but if you’re renting your second home out, you’ll need to keep on top of the utilities.
Insurance: Most lenders will insist you take out comprehensive insurance whether you’re renting or using the second home as a holiday residence.
Taxes: On top of regular property taxes, you may need to pay a conveyance tax.
Extras: Think about furnishings and decor, as well as things like HOA fees, if necessary.
You Don’t Have To Go It Alone The cost of a second property is frequently divided between friends and family. This may be a fantastic method to acquire an asset that will benefit everyone while saving money. However, regardless of how close you are, the agreement needs to be viewed as a business one. Otherwise, things may quickly become less convenient and more complicated.
Make a Plan for When It’s Not in Use It is important to have a strategy for what you want to do with your second house when it is not in use, regardless of your plans. For instance, if you intend to rent it out, you should be ready for the possibility that you won’t find a tenant right away.
What will happen to the house while you are away if you use it as a vacation home? Can you make it available to other vacationers? Will you be required to work with a management firm to handle tasks like maintenance?
Consider your options, and create a sound strategy.
A house assessment is a vital step in the process whether you’re buying, selling, or even applying for refinancing a home. Because of this, it’s important to know what an appraiser looks for when they come. Let’s examine a typical appraiser’s checklist in light of this and how the various items may affect their assessment.
Basics of Home Appraisal
Generally speaking, house appraisers examine the size and overall state of the property. They will also take into account the cost of the facilities and any house renovations that have been made. They will also take into account a number of factors that are unrelated to the property itself, including the area and comparables in the nearby market.
Checklist for Home Appraisers
The most typical elements a house appraiser will consider are listed below.
Exterior
Property age and size
The condition of the property compared to neighboring homes:
Foundations
Windows
Exterior walls
Roof, gutters and downspouts
Front and backyards
Driveway and other parking amenities, including the garage and the number of vehicles it can accommodate
Accessory Dwelling Units (ADUs)
Utilities:
Gas, electricity and water systems
HVAC unit
Sewer/septic tank
Solar panels and other energy-efficient systems
Pool, porch and other outdoor amenities
Evidence of pest and water damage
Interior
Floor plan and gross building area:
Total number of rooms
Number of bedrooms and bathrooms
Building materials and their condition:
Floors
Walls
Trims
Doors
Type and condition of appliances:
Stove
Oven
Washing machine
Dryer
Fireplaces
Style of home and type of decor:
Modern
Dated
Evidence of mold, pests, water damage, etc.
Home improvements and renovations
Attic and basement condition:
Renovated/habitable
Unusable space
Storage potential
Sump pump in the basement
Neighborhood
Location;
Rural
Urban
Suburban
Zoning:
Compliance with local laws
Condition of streets and neighboring properties
Local market:
Number of properties sold in the area
Are prices rising or dropping?
Proximity to desirable amenities:
Schools
Shops
Public transit stations
Proximity to undesirable amenities:
Landfill sites
Power plants
Airports
Likelihood of being affected by natural hazards:
Flood zone
Hurricane or tornado risk
What May Raise the Appraisal Value of a House
Every item on the checklist will have some bearing on the estimated worth of the house. The appraised value will almost always increase if the amenities and structural components are in good working order and condition. Energy-efficient amenities and any recent renovations (as long as they were done to a high standard) will also be a plus.
Having quality materials in the home, such as granite countertops and hardwood floors, will also typically increase the value compared to homes decked out in cheaper alternatives.
What May Lower the Appraisal Value of a House
The value of the house will decline due to a number of circumstances. For instance, a property in need of repair will be worth less than one that has recently been renovated. The biggest issues are structural flaws, such as problems with the roof, the foundation, or the walls.
Minor issues like mold, water damage, pest infestations, or even outdated furnishings and appliances can lower a home’s value. One thing to keep in mind is that older homes will typically be valued lower than new construction because they are perceived to need more maintenance.
This year has not been at all boring for the Canadian real estate market. Early in the year, prices reached record highs, but when interest rates started to increase, the market swiftly came to a standstill between buyers and sellers. More than 1800 Zoocasa readers participated in a survey, and 60% of them said they planned to buy soon. Many people are clinging to the optimism that spring would bring more inventory and the end of interest rate increases. Now is the time to start planning if you want to enter the market in 2023. Although we are unsure of what the market may hold for us next year, we do know how you can get a head start on being prepared for it. Here’s how to prepare for the 2023 Canadian housing market.
Talk to a Mortgage Broker Now to Learn What You Can Afford
Many would-be homebuyers and current homeowners who have mortgages are obviously concerned about mortgage rates. In an effort to control inflation, the Bank of Canada has increased interest rates six times this year. The next announcement is planned for December. Inflation was 6.9% in September, and by the end of 2023, the target rate should be approximately 3%. If inflation doesn’t start to decline in 2023, it’s feasible that interest rates will have to go much higher. The prime lending rate for anyone looking to obtain a new mortgage, renew their current mortgage, or who is currently paying a variable rate would, of course, be impacted by this.
Speaking with a mortgage broker is the first step in getting ready to enter the market. Your debt service ratios will be discussed with a mortgage broker after they have examined your present financial status. Lenders use this information to determine the maximum loan amount you are eligible for. It’s crucial to speak with a range of mortgage brokers and look into lenders besides the major banks. They frequently have lower rates and a variety of mortgage options. Pre-approval for a mortgage will aid in your search. A pre-approval ensures that you will be able to take advantage of the rate for the following 160 days. In the early stages of your property hunt, you are therefore protected in the event that rates rise in December or early in the following year.
If you plan to buy in 2023, monitoring inflation is essential. Rates may remain at or possibly fall lower if the economy continues to trend in a downward direction toward the Bank’s target, making the variable rate mortgage a wise choice. “Anyone with less budgetary wiggle room should think about locking up a fixed rate. According to James Laird, co-CEO of Ratehub.ca and president of mortgage provider CanWise, “Anyone with adaptable household finances might keep onto their variable-rate mortgage in anticipation of future dropping rates that may be required to stimulate the economy if we end up in a recession.”
What Are Your Needs vs. Your Wants?
It’s crucial to weigh your needs in relation to your wish list’s “nice to haves.” Living close to excellent schools might be on your “need” list if you’re a parent, but being adaptable and looking into various communities with excellent schools could speed up your search for the ideal house. Read more about how flexibility helped Zoocasa clients find their ideal family home here.
When purchasing a home, you should keep in mind the location, the kind of property, the cost of housing, and other significant facilities. You’ll have a better notion of how to choose a property that suits your demands once you know what budget you have to work with (and maybe some of your wants too). Once your finances are in order, you can determine how much wiggle room you have for these things.
Prepare for Changing Markets
The busiest season for real estate is typically spring. Learn more about real estate cycles by clicking here. Although the market has slowed recently as a result of interest rate increases, the spring often sees an increase in the number of buyers and sellers. There were 16,363 sales in April 2021. Due to interest rate announcements, April was less active than January this year, when interest rates were still low but there were 5,636 sales instead of 8,008 due to the lower activity. Just 4,961 were sold throughout the month of October.
Although there aren’t as many bidding wars and other competitive situations right now, many potential buyers and sellers are optimistic about the spring market, which may result in some competition. Find a local real estate agent that can help you achieve your homeownership goals if you’re buying right away. Finding a trained agent who will market your home to appeal to the most potential buyers is essential if you’re selling. This advice also applies to buyers!
Your best course of action, whether you’re looking to buy or sell in 2023, would be to speak with one of our knowledgeable real estate agents who can walk you through the procedure and assist you in making the best choice for your future. See how Zoocasa agents have assisted their clients in discovering their dream homes by reading our five star reviews.
The first rung of the real estate ladder is frequently renting your own apartment. Additionally, mistakes are all too easy to make, just like with many other first steps in life. In light of this, let’s examine nine mistakes tenants frequently do so you can prevent them.
Budgeting only for the rent It would be wise for anyone seeking to rent to first create a budget. However, a tenant has a lot more costs in addition to rent. These are a some of the most typical up-front expenses:
Security deposit
First and last month’s rent
Moving costs
Application fees (if applicable)
Furnishings (if needed)
Don’t forget about recurring expenses as well, such as:
Food
Laundry
Utilities (if they’re not included in the rent)
Parking (if applicable)
General maintenance, like snow removal.
Not watching ahead of time In a competitive market, it may seem as though the best apartments sell out immediately after being listed. As a result, some renters opt to move forward without first inspecting the property. Unfortunately, disillusionment is sometimes the result of this. You may see the condition of the house and the area by seeing an apartment first. Verify that the apartment you are viewing is the one you will be moving into as well.
failing to read or comprehend the lease agreement The lease agreement is a binding legal document that outlines all of the terms and conditions of your rental arrangement as determined by your landlord. Consequently, reading and comprehending it are crucial. Otherwise, you can unintentionally violate the rules and risk getting evicted. If you require assistance, seek out a specialist.
Failure to Record Existing Damage It’s crucial to document any damage when you initially move into an apartment. The best course of action is to document the damage that existed when you moved in, ideally with the landlord there. There are situations when the landlord may not be aware of the damage already there, and you may be held responsible and penalized for it.
Not receiving a written rental agreement A verbal agreement and a handshake are insufficient when renting an apartment. You must create a binding contract that details all of the terms and circumstances of your lease. A verbal agreement, unfortunately, can be broken at any time, leaving your rights as a renter fully unprotected.
Renter’s Insurance Is Rejected In the event of vandalism, theft, or natural disasters throughout the term of your lease, renter’s insurance will protect both you and your things. It doesn’t cost much, but if something happens, it might save you thousands of dollars.
Lack of Roommate Checks A fantastic approach to reduce your housing payments is by finding roommates. But having the wrong roommate can also ruin your life. Make sure to interview potential roommates carefully if you decide to share your rental with them.
Breach of the Lease Agreement’s Terms The most common error made by tenants is to violate the terms of the lease. This might manifest itself in a variety of ways, such as through lost or late payments, the sneaking of pets into no-pet apartments, or unauthorized subletting. Keep in mind that the leasing agreement is enforceable. If you violate the terms, you can soon face a fine or eviction.
Postponing until the last minute It is best to begin your search for a new rental as soon as possible. Choosing an apartment out of necessity and eventually something that isn’t right for you can happen if you wait until the last minute.
