Christina, Author at Lets Talk Real Estate Team

Christina, Author at Lets Talk Real Estate Team - Page 11 of 19

Article from GuelphToday Spotlight.

Time to start readying your investment for sale.

We are coming into a parent investment market that we expect to be very popular.

Parents often purchase condos, townhomes and detached houses for their kids while they attend post-secondary school; it’s a segment of the market that shows no signs of slowing.

But when is the best time to start preparing to sell a student rental? Most leases run from May 1st to the end of April, so the best time to sell is late December through February. You want to start the conversation now.

“The biggest thing with student rentals is location,” says REALTOR® Nick FitzGibbon. “Any direct bus route to the school will be appealing to students. Certain areas are more popular, such as the Gordon Street corridor, for example.”

Students need easy access to the university and nearby amenities. Public transit is key because most students don’t have a car; if they do, you have to pay for parking on campus. If students can be within walking distance, even better.

Many parents will buy a property when their kids first go to school and hold onto it for the four years that they’re there. When their children graduate, it’s time for them to sell.

“It is a great investment to have because there is usually an influx of student tenants,” says FitzGibbon.

Sometimes investors will have good tenants for a number of years and they don’t want to go through the hassle of finding new ones. It’s only when their tenants say they’re going to move out that the investors cash out and sell the property.

Some hold onto their student rentals for the standard four years and then sell, but there’s lots of variation. “Everyone has different investment strategies and different scenarios that work for them,” says FitzGibbon. Some bought their properties brand new—there’s a lot of new development along Gordon Street in certain pockets—so they bought directly from the builder, waited a few years for it to be completed, then kept it until the time was right for them to sell.

This isn’t a new trend, FitzGibbon explains, it has gone on for years.

“I think with the booming housing market, it’s a good excuse for people wanting to get in. It saves you having to pay rent to a landlord—at least you’re paying a mortgage instead of rent. If the market appreciates, you’ve got an appreciating asset that over time can help pay off some of the student debt that accumulates. It certainly is a smart play so long as the numbers make sense and you get yourself a good product,” he says.

People are definitely seeing good returns on these investments.

Sometimes buying a rental for your child is like a foot in the door to becoming a lifelong investor. Property owners get good tenants, hold onto their unit and decide there is no need to sell. Others, once their kids have finished school, keep the unit and hire a property manager to run it.

“It’s a hands-off investment,” says the REALTOR®. “If it’s a cash-flowing property and you don’t need the equity that’s in the home, then there’s really no reason to sell. It’s a great thing to hang onto.”

FitzGibbon is a big proponent of thinking ahead and getting out in front of your next big real estate move. Most tenants, if they’re looking to move, will start their search towards the end of 2021 and early 2022. When first-year students go to the University of Guelph, they attend from September to April—whenever their exams are done. Then they’ll move out from residence into off-campus housing; they need somewhere else to live, so they’ll be looking to sign a new lease.

“Most tenants are out looking at that point in time,” confirms FitzGibbon. “The tenant turnover is a good excuse to sell the place or get new tenants in there.”

Vacant possession vs. tenant-occupied

He also recommends vacant possession, wherever possible. “It can be appealing because it can open up your product to a wider range of buyers,” he says.

When the lease for your current tenants is expiring, you can sell it and provide vacant possession at the end of April. Then new investors can get their own kids in there (or their own tenants) and start afresh.

There can definitely be challenges with selling a tenant-occupied property. If your tenants are in a lease, they have first right to that property. If someone wants to buy it who plans to live in it, they will have to wait until the lease is done before they can actually move in.

“Vacant possession is important because you can capture the parent investors who don’t want to take over tenants; they want to put their own kids in there. Others want to get their own tenants in or live in it themselves.”

With a tenant-occupied property, you’re just taking whatever the current rent rate is. You’d have to run the numbers and determine if the cash flow is right. If it isn’t appealing, you’re only selling that type of product to one person, an investor, says FitzGibbon, narrowing your options.

Student rentals tend to become a hot topic in January. Many think the real estate market slows down or they anticipate the spring market being really hot, but midwinter is definitely investor season. That’s when you’ll see a number of these properties come up for sale.

Before your tenants tell you that they want to resign a lease—making it harder to sell your house in the spring, so you’re more likely to keep it for another year—be prepared. Keep your own plans top of mind.

For help selling your student rental, visit Nick FitzGibbon’s Let’s Talk Real Estate or call 519-821-3600.

The stats

Wondering where your property fits in? The following areas have a higher density of student rentals in the city of Guelph.

This data is based on properties with in-law suites, accessory apartments, and legal basement apartments, sold and currently listed in the last 180 days.

Old University Area:

Average price per square foot: $502.15
Max price per square foot: $915.27
Min price per square foot: $359.71
Average price: $956,928

South End Area (Westminster Woods, Kortright Neighbourhoods and Clairfields):

Average price per square foot: $457.92
Max price per square foot: $671.60
Min price per square foot: $320.88
Average price: $1,050,578

Downtown Guelph:

Average price per square foot: $447.83
Max price per square foot: $592.36
Min price per square foot: $301.68
Average price: $914,500

Yes, it’s October!

Once again, we all find ourselves saying the oh too familiar saying, “wow, summer is over. I can’t believe its October, where did the time go?”

Our homes are one of the biggest investments we have. Spending a few hours on your to-do list will make sure you keep ahead of issues that in the long run could cost you more money and time.

Here are a few tips from our October to-do list that will help organize your home and get ready for winter. Some of these tips will also save you money in the long run and maintain your investment in your home!

Tidy up the mudroom or hall closets:

Get out your winter mitts and hats and those cozy scarfs. Give them a fresh wash if you didn’t have the time at the end of last winter.
Clean the floors and add a new doormat if needed. Keep a recycling basket near the entrance to make sorting mail and school papers easier.
Dedicate a tote or bin for the items to donate.

Keep seasonal decorating low-key with natural finds:

Pumpkins, gourds, and fresh heirloom apples, pomegranate and figs with fall foliage makes a wonderful simple decor.
Vacuum radiators, baseboard heaters and heating grates. This is the best time to clean your Ducts (we all get those calls, I hope you kept one number on hand lol)
Check safety devices:
Test smoke and carbon monoxide detectors, in the house.
Replace batteries as needed.
Check the expiration dates on the kitchen fire extinguisher and replace it if needed.

As the leaves fall, and the outdoor markets are bursting with pumpkins

Raking all the leaves and place them over the gardens for a winter blanket.
Add the leaves to the compose pile.
It’s very important to make sure keep leaves from drains and eves.
Cover or store outdoor furniture and grills, if you plan to leave your patio furniture of grill outside through the winter make sure you cover them.

Here’s a big one we can’t forget:

Shut off all exterior faucets and store hoses for winter.
Disconnect, drain and roll your garden hose before storing them for the winter.
Shut off the water supply to the exterior faucet to prevent frozen pipes.

Trim dead tree limbs:

They are more likely to fall during winter storms, making them a potential safety hazard. If you need to have an arborist inspect and trim larger trees.
Clean gutters and downspouts
Wait till most of the leaves have fallen to schedule a rain gutter cleaning.

Maintain your wood stove or fireplace:

It is essential for safety that you have it serviced before lighting the first fire of the season.
Schedule an appointment to have your chimney inspected and if necessary, cleaned.

Clean carpet and area rugs:

Have them professionally cleaner if needed or spot cleaning on your own.
Rotate area rugs before putting the back in place, this will prevent one side from becoming more worn or faded than the other.

Clean gutters and downspouts:

Wait until most of the leaves have fallen to schedule a rain gutter cleaning.
Inspect gutters and downspouts for cracks and loose parts, and make repairs as needed.

Examine the sump pump:

If you have a sump pump in your basement as protection in case of flooding, make sure it is working properly before rains season really gets going and them repairs or replace it if needed.

Check paths, stairs and railing for safety:

Slips and falls on ice and snow can happen anywhere but they’re even more likely if the footings is uneven or a railing isn’t sturdy.
Take a walk around your home’s exterior, paying special attention to walkways, stairs and railings and make repairs as needed.

11. Get out your bird feeders out:

Clean them and make sure they are attached sturdy for our feather friends for the winter
Get a container with a secure lid to keep the mice out, keeping it handy for refills.

Time to get a supply of salt for the walkways and driveways:

Make sure your snow shovels are sturdy and your snow-blower is in good working order.

It’s almost time for lights:

Check the strands that they are all working, replace broken or burnt out bulbs
Replace bulbs outside around your home.

Give the garage a good sweep & organize:

Bikes, basketballs and pool toys are almost ready to retire to the back of the sheds or the garages. Pull the snowshoes, sleds, skates and skis to the front

Prepare now in October than in those colder months. The fresh air will do us good, get the kids involved and make it a family day!

FINAL TIP & Last but not least:

- Start a gift list:
It may seem that the holidays are long way off, but that’s why it pays to start getting organized now.
Keep in mind local shops and restaurants for gifts, and keep the money flowing in our neighborhoods and city.
This is also the time to start making homemade gifts for family and friends.
Ornaments, knitting, jams, sauces, relish, or hot sauce make great gifts.

If you get through your list early, Bravo!!! but don’t forget your senior neighbours that may need a hand or two.

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Leaves are falling but inventory and prices are climbing! Typically we see this surge in the market in the fall and 2021 is no different!

Still seeing multi offers on homes, homes selling over asking, and homes selling for cash offers. It is a stressful time to be on either side of this scenario. It is our job to help guide you through this process and give you sound advice backed by years of experience.

Lets talk

-Nick

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Guelph’s top-rated schools make moving decisions easy

Guelph Today Spotlight article:

What do you do when your kids are already in school and have a big group of close friends in the neighbourhood, but you want to move? Do you make do with a home you’ve long outgrown or put off plans to expand your family?

Realtor® Nick FitzGibbon sees this all the time. Families have kids who are attending a great school that they love, and they worry about moving and starting all over again.

“People fall in love with the schools their kids go to,” he says. “They want to look for a house in the same school zone, which is completely understandable.”

Fortunately, you’ve already built up some equity after living in your home for several years, which makes moving a possibility worth getting excited about.

The numbers are encouraging too, and the latest market stats for the City of Guelph are in. The average sales price for the month of August was $886,089 for a single-family home, $644,811 for a townhome and $534,631 for an apartment or condo.

Another big draw for parents is French immersion schools. In Guelph, houses that are close to a French immersion school are at a real advantage on the market, he explains.

In fact, you can’t really make a bad decision. Guelph has several top-rated schools, including Edward Johnson Public School, Sir Isaac Brock Public School, St. Ignatius of Loyola Catholic School and Westminster Woods Public School, to name just a few.

“All the schools in Guelph that we were looking at were good,” says Chris Valeriote. “My wife and I went through the system ourselves, we had friends who went to all the schools throughout the area. We knew that the quality of the schools in Guelph is high, in our opinion, and so no matter where you want to move, you’re going to get a good experience.”

Moving a young family

Chris and Brittany Valeriote moved in December 2019, just months before the start of the pandemic. The Valeriotes know the area well; both grew up in Guelph, went away and came back, and knew that their next move was going to be into their family home.

“What was most important was we knew the area we wanted to be in. We were very familiar with the area because we grew up in that ecosystem,” says Chris.

As a child, he went to John McCrae Public School on Water Street in Guelph and loved it, especially being able to walk back and forth to school. He wanted the same thing for his own children, so they moved into a home that is a 10-minute-walk from the school his five-year-old daughter attends. She started JK there last year and her little brother, who is two and a half, goes to a daycare run onsite by the YMCA; it allows him and his wife to be able to drop both kids off in the same spot each day.

Chris knew it was important to work with a residential Realtor®. FitzGibbon knew exactly what Chris needed, where the couple were looking and what they were looking for, supporting them through the entire process. There were a few neighbourhood pockets they had expressed interest in, and, in their case, they weren’t choosing a house based on a specific school.

It was more a question of where their house would be located in relation to the school. The Valeriotes wanted their children to be able to walk to school with their friends. There is already a little group of five kids who are able to walk to school together—with their parents right behind them, of course.

Chris can picture how it will all play out. As the kids get older, they can walk to and from school together, go to each other’s houses and play in each other’s backyards after school.

“I think there was a lot of planning on my wife’s part. From my perspective, we kind of fell backwards into a really good situation,” he laughs. “I’m sure it was all set up and it was her grand plan. This was all mapped out.”

His advice for other families is not to worry too much about the school itself. You can pick anywhere and still have a good experience, he advises, whether you’re in the suburbs, downtown or the university area. “You can’t really make a wrong choice. It’s more a question of how does that location work for you? Does it fit the lifestyle you want?”

Advice for buyers

FitzGibbon loves to point clients toward the Find My School website. Just type in the address of the house you’re interested in to find out which public elementary and high schools are nearby.

Just remember there could be a price difference, depending on which school district you’re looking at. “Potentially there could be more expensive houses, bigger lots, maybe even estate housing can come into play,” he says.

His best advice for those considering school district as a factor is to discuss it with their Realtor®. “A Realtor®’s job is to have the inside track and knowledge as to what will be coming up for sale and what is for sale in certain areas. If you have an area you want to be in based on schooling, your Realtor® is going to be your best bet to help you find that house,” he says.

For more information, visit Nick FitzGibbon’s Let’s Talk Real Estate or call 519-821-3600.

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Talk to your kids about bus safety, even if this is not their first year, everyone needs a reminder.

If your child is older and heading back to school on the bus, talk to them about the new little ones on their bus remind them that it is a scary experience for them and try to look out for them and make them feel safe and happy. A little kindness goes a long way.

Your bus driver needs to concentrate on his or her driving, it is so important to talk quietly on the bus with no yelling.

Remember if your child can touch the bus when it comes to a stop, then they are too close and unsafe.

LISTED BELOW ARE A FEW LINKS THAT MAY BE HELPFUL BEFORE SCHOOL STARTS:

https://www.findmyschool.ca/Eligibility

Bus safety:

https://www.stwdsta.ca/school-bus-safety-smarts/

COVID-19

http://www.ontario.ca/page/covid-19-health-and-safety-measures-schools

During these unprecedented times, kids all over will be going back to school with new rules due to COVID-19. This also included the bus ride to school and home.

-Masks are mandatory for all children including Kindergarten students.

-Make sure your child washes their hands for 20 seconds with soap, before they leave home. This will help with the spread of all germs not only COVID-19

-Pack extra masks in your Child’s backpack (Neck warmers and scarves are not a replacement for masks)

-There is a new NO-3 H Rule when back to school starts.

NO HUGS
NO HAND SHAKES
NO HIGH-FIVES

Reminder of bus rules:

Arrive 5 minutes before your bus arrives.
Line up 2 meters apart
The bus driver will tell you when to enter the bus
Always use the handrails to enter the bus and to leave the bus
Never push or shove inside
When getting off the bus always take 10 giant steps away from the bus
Always fill the back of the bus first, some buses may have your Childs name on the window side for a seating plan
No throwing items inside the bus or out the windows
Keep your head, hands, and arms inside at all times
Always remain in your seat until the bus comes to a full stop when arriving at your stop

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After a hot summer and a lot of people taking the much-needed time to recharge, we are feeling a surge of energy in the market and around the office today. Average sale prices of homes across the city are still on the rise as we look back at each month this year. A popular sales strategy is still to hold off on reviewing any offers for 5-7 days which can certainly affect the days on market statistics. Guelph still seems to be a popular spot for GTA purchasers and this trend will most likely continue into the Fall which is music to sellers’ ears.

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As we can all attest, the big news so far this year has been this explosive seller’s market. It has become the “norm” for properties to sell substantially over the asking price and to expect multiple offers on almost all listings.

As the research shows, the market is certainly still a seller’s market but signs of slowing have appeared. Properties are now averaging 2.5% over their asking price which is down from 6% just one month ago in May.

Also, we are seeing a slow down in the number of competing situations on properties. This may be a sign that sellers are listing their properties higher, therefore alleviating the multiple offer situation, or there are fewer buyers in the market who are willing to compete.

As it stands, there may be a light at the end of the tunnel for some buyers and I believe sellers are still sitting in a very strong position with the average sale price of homes in Guelph still being up 20% in June compared to June 2020.

As always, never hesitate to reach out with any questions.

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As a homeowner, we always want to put our best foot forward when preparing to sell our home. It is my job to collect and research all information and details about your home before listing it. But to help leave a lasting impression here is a little tip that homeowners can prepare to create a lasting memory on potential buyers…

Add a handwritten or typed note, offering the potential home buyers a welcoming feeling into your home and the neighbourhood. This note could include a little about your neighbours, your favorite parks close by, favorite features of the home, pictures of the home in the opposite season, etc. Basically, a short and sweet welcoming message to help paint the more personal side of purchasing a home.

You could even go a step further and focus on the finer details it should only take you a few minutes but have a huge impact! Things you could include in a more detailed piece:

Parks & paths
Favourite pizza or burger spots
Best date night restaurants nearby
Recreational activities in your neighbourhood
Pet-friendly areas
Local annual events – be sure not to miss these!
Fun places to explore when family & friends come to visit
Places of worship
Garbage & recycle day pickups
Home services you may use (snow removal, cleaner etc.)
Babysitter
Neighbours to the left & right (list their first names)

Relocating to a new neighbourhood can be overwhelming (especially if moving from outside of Guelph), so providing a welcoming note will paint a picture that they are already part of the community.

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MAY MARKET REPORT:

Compared to May 2020 you can see our numbers are rising for yet another month this year. I do not see the average sale price decreasing at all in 2021 but I do predict the rate at which it is climbing to level out in the coming months. One reason for this is the change in mortgage rates.

The department of finance has announced at as of June 1st insured mortgages will be given the same stress test as uninsured mortgages. The stress test for both will either be the current rate plus 2% or 5.25%, whichever is greater.

With these tighter rules, what does this mean for you? These new rules are in place simply to protect borrowers in the event of mortgage rates rising, which of course they inevitably will given the current low rate. This will not make a huge impact on borrowing but we encourage you to reach out to a mortgage specialist for more details and information.

Only time will tell if this will impact our strong market in Guelph. I predict over the summer we will see the market soften and see less competition and more reasonable sales numbers. With the stress test now in place, it can affect borrowing power by 3-4% which could ultimately change people’s decision to move.

Stay cool,

Nick

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Author: Christina

Thinking about selling your student rental? Get a head start now

Vacant possession vs. tenant-occupied

The stats

October To Dos: Getting your home ready for winter

September Market Report