Double Check that the House is Not For Sale

One of my colleagues took a client through a home that they loved.  Life intervened and they never got a chance to buy it.  The owner, tired of having the house on the market, took it off and did some remodeling to accommodate his expanding family.  More than two years have passed and the ‘Buyers’ still dream of the ‘house that got away’.  While they have looked at many others in the same neighbourhood, none come close to the first house.  What can they do?

One very good possibility is to approach the owner and ask if he is amenable to selling his home.  Certainly, a contract that he may have had with his original agent has expired, even with the extension clause.  He could deal directly with the buyers (if they do not have an agent under contract), he could rehire his original agent, he could work with the buyers’ agent.  At the very least, he could find out what the current market conditions are and whether or not a sale at this time is something that would be to his benefit.  

One thing Buyers often do is ASSUME a condition, a personality of a Seller, or other things that are not factual.  At the very least, and with respect to the Seller, ascertain the facts.  Maybe the owner is willing to sell, maybe not.  If not, the Buyers can move on to another property.  If so, and the price is right, the Buyers will get their dream home.  

An opera is not over until the fat lady sings.  A home is not for sale until the owner confirms it.

Photo credit:  The Fat Lady Sings – You can’t beat a bit of opera, can you?  Bruinhilda has always been my favourite.

 

Buying a Cottage – No Cable Television

This is a television aerial.  It may be the only way to get some television and only locally broadcast television.  What is missing is the cable.  You know, the three hundred plus stations (of which 290 are useless) that you get at home. Are you like me and need a news fix every morning.  Well, with this aerial, you might get the local news and then again, it might not be working because of the wind and clouds and gawd knows what else.  

So, if you are buying a cottage, ask about the television reception.  It could be that you won’t get any and then you will be  forced to talk to your family and guests.  If you can get a couple of stations, you will start seeing shows that you would never have bothered with at home.  Then again, maybe you can cut down half of the trees on the property so that you can get a satellite fix.  Is it going to be worth it?  No trees?   Isn’t that why you bought the cottage?

If you don’t get television or only get poorly received stations, keep the TV and a DVD player for games and for those movies that you can watch every year.  I only wish Bridgette Jones would stop writing her diary. Start buying some board games and get a copy of Hoyle’s Rules for card games.  You never know…..  one day all that crib will pay dividends when, in your old age,  you enter tournaments at the home.

Buying a Cottage – Potable Water

If you are out shopping for a cottage make sure you understand the drinking water sources.  

1.  Is there a well? How deep and has the water been recently tested?  You will want to take a sample and have the water tested yourself.  

2.  Is the cottage on municipal waterlines?   Wow and good for you.  Of course you will be paying for that in water bills but the convenience may be worth it.  

3.  What happens if the only water is from the lake?  Of course you will want to run a line into the lake for all the non-potable needs (showers, dishes, washing).  You may even decide that you will drink that water once it has been filtered.  Make sure you have the water tested from time to time.  You may decide that boiling the water that you drink will be sufficient.  Again, have the water tested.  

4.  Finally, you may decide that hauling drinking and food prep water in from the city in big plastic jugs /thermos and stocking a good supply of water bottles.  Watch out for containers with  bisphenol-A (BPA ).  I know there are many cottagers who go to the nearest town and fill their bottles regularily from a communal pump or tape.  

Just because you have a whole lake in front of you doesn’t mean that you will want to drink from it.  Before buying, look at your options.

Cruising the Internet for BC Condos

Whenever it gets cold and I get tired of walking on icy streets, I start to look at real estate in British Columbia.  Even when there is snow, it doesn’t stay in the Vancouver area or on the south end of Vancouver Island (at least that is my dream).  So, I have been back looking on the Internet at real estate.  

If we are going to live in our next home for 20 or 30 years, then I need to take into account that yard and house maintenance will be a future issue as will climbing stairs to the second floor to go to the master bedroom.  I am looking at condos targeted to adults.  Now, here are 2 things that I have noticed when condo town homes, apartments and single homes are listed for these adult communities:  

  1. Age minimum:  19
  2. Pets:  Dogs no more than 20 pounds and no taller from the floor to the top of the head of 20″.  

Seems like there are some condo boards (called strata in BC) that have become VERY specific about the pets and about children.  I guess the definition of adult is 19 and over in BC.   What 19 year old in his right mind is going to want to live in an old folks community?  Oh yes, the 19 year old who needs free room and board.  LOL  

I got out the tape measure and the scale and with a few more walks and less treats, Hoover can meet the dog criteria.  Just one more reason for having Westies.  

Dogs and Kids but with limits. 

The Boomer’s Dream – A No Hassle Condo

This makes me think of The Man of La Mancha - The Impossible Dream.  While condo dwelling is highly unlikely to be as unpalatable as living in Don Quixote’s dungeon, itmay not live up to the expectations of the carefree living the Boomer is hoping to obtain. 

When retirement finally arrives, many Boomers have plans to spend time traveling, reading, relaxing by a pool, maybe fishing and spending weeks every year at a cottage.  Having the big suburban home AND having the freedom to live the nomadic life may not be compatible objectives.  This is when the Boomer starts dreaming of moving to a condo.  Boomers were brought up to be owners.  Condos are a type if shared ownership.  Just remember, condos were not likely in existence when the Boomer was an apartment renter and just starting out on his or her own.  Some things are going to be a surprise. 

In life, there are always trade-offs and compromises.  The attraction of a condo is to have the freedom to close your door and take off for months without worrying about your home, to never have to mow the lawn or water the flowers, to have the exterior of your home maintained and to share in the costs of the common parts of the property.  The downside is:

After living in a suburban home with the independence of total ownership, condo living trades some of this for additional freedoms and peace of mind for not having to be personally responsible for the property. 

Don’t tilt at the windmills.  Make sure that you see the windmill and not your dreams   

Photo credit:  Windmill

Downsizing Boomers May Be In For A Surprise

This is a story that is being repeated all over the country.  Boomers want to downsize.  This is hardly a surprise.   The surprise or even shock is that it is going to cost them money to live in less space.  To some, it is so appalling that they have decided to stay in their current home.  

Boomers own their home in the suburbs.  Most are mortgage free.  The home has four bedrooms, three baths, a family room, a rec room in the basement, two or three car garage and a huge yard full of trees and shrubs and maybe a pool.  Okay, there may be variations of this but the essence is – the boomers own family friendly property.  Now……  The kids have finished school and left the nest.  The Boomers are rattling around a big house and find that they live in the kitchen – family room space and their bedroom.  It seems that it is time to move to something smaller.

Here is the rub.  The new home or condo may cost more than the proceeds from the sale of the big home in the suburbs. What?  

  1. The market has reacted to the demand for large condos and retirement homes by placing a premium on the sales price.  Remember, the Boomers are a tidal wave moving through demographic data.  If you, a Boomer, are thinking of downsizing then so are millions of your fellow 1946-1964 birthday buddies. Simple supply and demand economics at work.
  2. Your lovely home is a wee bit tired.  Forty plus years of the same kitchen, with the wrought iron railings, pink carpet, parquet flooring and paneled rec room is telling the story.  Although you have house size you have a house waiting for updating and renovations.  Your home is not competitive.  It is not giving Buyers what they want in updates.
  3. You want to move but you are certainly not going to settle for apples to apples.  Your tastes are now refined and you want granite and a bungalow backing on a golf course with grounds keepers or the whole top floor of a condo in the downtown area.  You are selling a MacIntosh apple to buy an organically grown Star Fruit.   Would you be happy buying the little bungalow down the block from your current home with the need for the same updates as your current home?  Would you be happy with the location?   No?  

After finding out that their home is not the gold mine that they hoped for, many potential Boomer Sellers make the decision to stay in their current home. In some cases, the Boomer will update the family home, adjust the buying expectations and make the move at a later time.  

Photo Credit:  UK Baby Boom and Bust by David Willets

Snowbirds need to be Snowy Owls

It is January.  The cold sets in to the northern states and Canada and whole flocks of people head south for a reprieve from the misery of boots and parkas.  Many people go to the same location year after year.  They develop friendships and links to the community.  It gets to be a home away from home and eventually, what with the crash in home prices, the Snow Bird starts to think of buying versus renting.

Oh, it is tempting to see residential and condo opportunities at an unbelievable price.  For Canadians, the temptation is compounded with the strength of the Canadian dollar.  Buy or rent?  Buy or rent?  I get asked this question a lot.  Mostly these come from friends and acquaintances who have been going to Florida – Texas – Arizona for years.  I have a couple of questions just to make them think that there are both pros and cons to buying.

Now, this might sound like a long list of negatives but…..  The temptation to buy is so great and the deals are so wonderful that the informed buyer needs to spend some time considering all of the pros AND cons.
 
Be a wise snowy owl and do your due diligence before making a buying decision. 
 
Every summer for 20 years I shopped for a cottage.  Something always stood in the way of making the final purchase decision.  Sometimes it was the money or the location or our relocation or the work needed to be done or the worry. Now we are going through the same process over winter vacation properties.  My dream situation would be to have a shared interest with one other couple on a vacation property so that the cost, responsibility and time could all be shared. 

 Photo credit:  Snowy Owl

Ladybug, ladybug, fly away home

Your house is on fire….  The standard Purchase Agreement has a clause saying that the sale is conditional upon the buyer being able to get the home insured. If you have never had home insurance then start shopping for insurance (through an insurance broker) at the same time as you shop for your mortgage.  It takes time.  You want the right coverage and the right price.  Make sure that you get insured on the day of possession at 12.00AM, even if you don’t get the keys until 6:00 PM. 

You cannot get a mortgage for an uninsurable home.

Photo credit:  ladybug

Red River Blues – Living Along a River

Before buying your house along a river find out the history of flooding on that section of the river.  Most rivers, with residential property on the banks, have a conservation authority that established building rules (such as proximity to the bank, type of construction and plantings).  Go to the Authority and find out the flooding history.

Don’t get sandbagged into buying the wrong property. 

Photo credit: 090325-F-0681L-066

In 1997 I lived in Winnipeg, Manitoba.  The Red River flows north through the city up from Fargo and Grand Forks, North Dakota.  What a river!!!  Because it is situated on the prairies there is flat land all along the this northern part of the river.  Flooding is an annual concern.  In 1997, there were devastating floods.  Downtown Fargo was under water.  Millions of dollars was spent saving lives and livestock.  The military in both countries came to the rescue.  Sandbagging, that hard back breaking work, was carried on day and night. 

It is my hope is that the snowmaggedon of winter 2010/2011 will not result in a repeat of the flooding.

If I had a Million Dollars (or more) what could I get?

The Bare Naked Ladies said they would buy a house.  What would they get?

Today there are 125 residential listings of $1,000,000 or more.  In fact, the prices range from  $1 Million  to $9Million.  Of the 125 homes, 26 are priced at $2 Million or more. 

Almost all homes are in the defined Ottawa Real Estate area (there are a couple of listings outside of this area).

There are:

The number of bedrooms range from 0 to 8.  Most of these homes have 3, 4 or 5 bedrooms. 

One home has 9 bathrooms.

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