Spring Maintenance for your Home!
After the long winter, spring is finally here and this is a great opportunity to take a close look at your home, and what damage might have been sustained. These are some areas of interest you may want to look at for your home:
Roof – Any shingles that are damaged, missing, or loose will need some repair.
Gutters – We have had a tough winter for gutters, with lots of ice damming problems, so make sure that they are secured tightly to the home and that any rust found is either minimized or removed. Also check for holes or leaks that may cause damage now or in the future.
Siding – Any siding that is cracked, warped, split or eroded should be replaced or repaired depending on the extent of the damage.
Mildew and moulds – Mildew and moulds should be cleaned with abrasive cleaners (e.g. bleach-type products) and removed.
Paint – Chipped paint will need to be removed and re-applied with a primer and a coat. Take note of when you paint a certain area of the house because if it is frequent, it may be an indication of bigger problems, and further measures may need to be taken.
Bricks and mortar – Inspection and repair of the mortar and maintenance of the brick walls is vital to ensure that water does not seep into the walls inside the home and cause damage.
Like a car, regular maintenance is very important for the life of your home. Delaying inspections and repairs for minor damages may cause major problems down the road. Keeping your investment well maintained will ensure happy returns.
Not a “do it yourself-er?” Have a problem that you can’t fix on your own?
As a long time resident of Woodstock, and an enthusiastic homeowner, I have met many people involved in the home repair / renovation industry. For recommendations on contractors, landscapers, roofers, painters, and virtually any tradespeople, give me a call at 519-532-1295.
Labels: Home Improvements, Homeowner, Housing, Listings, Real Estate, Real Estate Advice, Real Estate Market, Woodstock, Woodstock ON Real Estate, Woodstock Ontario, Woodstock Ontario Real Estate
It's in the numbers - Drew's Review of 2007
The Numbers Tell the Story - Drew’s Review of the 2007 Oxford County Real Estate Market
It is my plan to blog on a regular basis some of the tangible numbers that tell the story of our Oxford County real estate market. We need to begin today with a review of 2007.
Increase in Volume but not in Average Sale Price
December 2007 was one of the slowest months in recent years with the number of new listings down by 3%. Sales numbers were also down, by 28%, in December 2007 compared to December 2006. Yet, overall, 2007 sales were up 6% from 2006.
Realtors have had concerns that the increase in home sale prices in the last few years would not be sustainable. 2007 did not see the increases of 2005 and 2006. In which time the average sale price grew on average of 23%. Normal increases for real estate should be between 2.5 and 3% each year. That very large jump unfortunately raised expectations among sellers in 2007. As a result, there were 20% more expired listings in 2007 than in 2006. Listings expire for one reason - over pricing.
The average sale price in Woodstock in 2007 was $197,586 for a single-family home. In 2006 the average sale price was $194,253. This is a normal market increase.
The Ingersoll market proved interesting: In 2007 the average sale price was well up at $192,751 above $179,474 in 2006. Local realtors feel we can attribute this to Ingersoll enjoying Woodstock spillover as buyers search for more reasonably priced houses and lower property taxes.
The Toyota spike has come and gone. We have now returned to a pre-2005 market. Realtors are confident that this new reality will provide good opportunities for buyers and reasonable returns for sellers. Drew Symons
Learn more about Drew at www.drewsymons.com and watch this blog for more market updates. Labels: Ben Sage, Bettianne Hedges, Drew Symons, Homeowner, Housing, Listings, Market, Real Estate, Real Estate Market, Woodstock ON Real Estate, Woodstock Ontario Real Estate
Ontario Land Transfer Tax Rebates!
Ontario Land Transfer Tax Rebate Program - Proposed Expansion to include Resale Homes
In December 2007 the provincial government proposed to amend the Land Transfer Tax Act to include a maximum rebate of $2,000 to first-time buyers of resale homes. There are still several steps within the legislative process before this comes into effect but it will be retroactive to include agreements of purchase and sale entered into after December 13, 2007. It is recommended that anyone purchasing should review the following criteria (supplied by the provincial government web site www.rev.gov.on.ca ) and get their application at the top of the pile! E-mail me for more information about the existing Land Transfer Tax, what the amount will be on your dream home, and for more information on the proposed rebate.
Resale Homes
Until the proposed amendments become law, the following applies to first-time homebuyers of resale homes applying for a refund:
- Land transfer tax must be paid at registration
The following documentation must be submitted to the Ministry of Revenue at the address at the end of this notice:
- Refund applications on resale homes cannot currently be made electronically.
- A properly completed Ontario Land Transfer Tax Refund Affidavit for First-Time Purchasers of Eligible Homes (Resale) form
- A copy of the registered instrument on which land transfer tax was paid (in the case of electronic registration, please include a copy of the docket summary which relates to the transaction);
- A copy of the agreement of purchase and sale (only those agreements of purchase and sale entered into after December 13, 2007 may qualify) along with a copy of the statement of adjustments.
- Refund applications on resale homes cannot currently be made electronically.
- Refund to be Paid once Proposals become Law
- Although eligible first-time buyers of resale homes may apply for the refund once the transaction has closed and the tax has been paid, the ministry would retain the refund requests for processing and would issue refunds if the proposed amendments become law.
Eligibility Requirements
The following eligibility requirements are proposed to apply for resale homes, and continue to apply for newly constructed homes:
- The purchaser must be at least 18 years of age.
- Application for the refund must be made within 18 months after the date of the conveyance or disposition.
- The purchaser must occupy the home as his or her principal residence within 9 months of the date of closing.
- The purchaser cannot have owned a home or had any ownership interest in a home, anywhere in the world.
- A spouse of the purchaser cannot have owned a home or had any ownership interest in a home, anywhere in the world while he or she was the purchaser’s spouse.
What is a Resale Home?
A resale home is referred to as an eligible home in the proposed legislation. It is proposed that eligible home be defined as follows:
- a detached house
- a semi-detached house, including a dwelling house that is joined to another dwelling house at the footing or foundation by a wall above or below grade or both above and below grade;
- a townhouse;
- a share or shares of the capital stock of a co-operative corporation if the share or shares are acquired for the purpose of acquiring the right to in-habit a housing unit owned by the corporation;
- a mobile home that complies with the Canadian Standards Association Standard CAN/CSA-Z240 Mobile Homes and is suitable for year round permanent residential occupation;
- a condominium unit;
- a residential dwelling that is a duplex, triplex or fourplex;
- a partial ownership interest as a tenant in common of real property if the ownership interest was acquired for the purpose of acquiring the right to inhabit a housing unit forming part of the real property;
a manufactured home that is manufactured in whole or in part at an offsite location, that is intended for basement installation, that is suitable for year round permanent residential occupation and that complies with,
the Building Code made under the Building Code Act, 1992;
if the manufactured home is constructed in sections that are not wider than 4.3 metres, Canadian Standards Association Standard Z240.2.1 Structural Requirements for Mobile Homes and Canadian Standards Association Standard Z240.8.1 Windows for Use in Mobile Homes, or
if the manufactured home is constructed in sections that are 4.3 metres or wider, Canadian Standards Association Standard A277 Procedure for Certification of Factory Built Houses; or;
- any other residential property as may be prescribed.
Labels: Homeowner, Land Transfer Tax, Real Estate Advice, Woodstock, Woodstock ON Real Estate, Woodstock Ontario Real Estate
