Real Estate Talk:
Issues that may affect resale when investing in a home
By Joseph Marovitch
Some people purchase a property with the idea they are never going to leave that property. We are all part of the circle of life. We have no choice. We are born into our parent’s home. We move to our first apartment. We marry and buy our first house or condo. We have children and need a larger home. The kids move out and we need a smaller home. We get old and require assisted living therefore perhaps move to a retirement home. People move and consequently resale must always be considered.
Price and location are major factors when searching for a home while considering resale. Is the price fair, is the location good? Will I get my money back when I sell and will the property be easy or difficult to sell? This is the beginning of the process.
Now you have purchased the home and you want to decorate. You like the color pink, but does everyone else like the color pink when it is time to sell? You want more living room therefore you decide to make the house larger and in doing so, sacrifice space in the backyard. When it is time to sell, does everyone else like a small backyard?
It is important to get the best price when buying but it is also important to choose the best location possible within your budget. A property should be as easy as possible to sell when it is time. If you get a great price for a property next to a highway or by train tracks, it may take a very long time to sell and you can lose money.
Price and location are major factors when searching for a home while considering resale. Is the price fair, is the location good?
Neutral colors in a home are also good for resale. Off white, creams and other light colors are better for resale. Buyers are attracted by space, nice bathrooms and nice kitchens.
Some issues that effect resale negatively are:
– Price too high, condition of the house is poor, appearance is poor.
– Dated bathrooms, dated kitchens, small bedrooms, tandem or no garages, pools can be a no-starter with families with young children, location near a highway, train track or school.
These are just a few issues that can generally effect resale in a negative way. It is better to realize these issues at the beginning then finding out at the end when selling.
State Of The Market
It appears that the real estate market in Montreal is stabilizing according to Pierre Durocher, the city’s executive committee chairperson. The average increase for single detached home over the last three years is 5.9%. Past figures were in the double digits. In Mr Durocher’s opinion this is an indication that the market is leveling off and no bursting real estate bubble will take place.
This makes Montreal a good bet when investing foreign money. Despite any problems Montrealers may be experiencing, Chinese, Russians and others have the notion that Canada is a safe haven to place excess cash, as compared to Russia, China and even the US. As such, there appears to be a significant number of foreigners looking for and buying property both in the city and countryside.
For questions or comments please feel free to write to firstname.lastname@example.org and I would be pleased to respond or call me at 514 825-8771.
Joseph Marovitch has worked in the service industry for over 30 years. His first career was working with families from Westmount and surrounding areas, hosting children between the ages of 6 to 16 as the owner and director of Camp Maromac, a sports and arts sleep away summer camp established in 1968. Using the same strengths caring for the families, such as reliability, integrity, honesty and a deep sense of protecting the interests of those he is responsible to, Joseph applies this to his present real estate broker career.
Should you have questions please feel free to contact Joseph Marovitch at 514 825-8771, or email@example.com