BUYING A " FIXER UPPER"

SOME TIPS

-Get a knowledgeable agent that has experience in construction and renovation.
-Pick a project that fits your needs and you can profit by doing paint, drywall, refinishing the basement, new floors, kitchen or bath.
-Kitchen and baths are still a very high demand part of a home.
-Project some costs on a spreadsheet and think about doing some of the renovation yourself to save money.
-A big tip is the purchase the worst house on a good street in a favorable neighborhood. You are buying the lot. Your land appreciates.
-The location in the city is essential to your decision and the resale value.
-Think about things like a separate side entrance, lot size and good schools. People buy homes for these reasons.
-Think about what is important to buyers and what will give you benefits for resale. For example dramatic paint colours or a pool are not always good for resale but hardwood floors, granite countertops and stainless steel appliances are appealing to new owners.
-Curb appeal is important so improving the landscaping may be a good investment.
-Don’t try to turn the house around too quickly. Live there for a period of time if you can.
-Finally don’t over renovate a home or condo.

GTA RESALE HOUSING

GTA Resale Housing continues it 'measured' pace in September

Some comments October 3, 2008
Reference: TORONTO REAL ESTATE BOARD

The Greater Toronto Area resale housing market continued at a measured pace through September, Toronto Real Estate Board President Maureen O’Neill announced today.
With 6,424 homes changing hands last month, activity in the GTA declined six per cent compared to the 6,866 sales that took place in September 2007 and declined three per cent compared to the 6,622 transactions that were recorded two
“We remain concerned about the Land Transfer Tax in the City of Toronto,” said Ms. O’Neill.
Prices throughout the GTA however, have remained fairly stable. At $368,549, the average price of a GTA home in September has declined three per cent from $380,132 recorded a year ago.

Although the market is not as robust as it was a year ago, homeowners are continuing to see strong returns on their investment,” said Ms. O’Neill. “On average, Sellers are achieving 97 per cent of their asking price.

With the average number of days on market increasing to 36 days from to 31 days a year ago, it is taking slightly longer for homeowners to achieve a sale.
“Even with respect to sales activity, each month we continue to see a handful of neighbourhoods reporting increases compared to a year ago.”

In Scarborough East (E08) transactions increased 22 per cent compared to September 2007 based on strong sales of all housing types.

Streetsville (W19) saw an 11 per cent sales increase due primarily to strong detached home sales.

In Newmarket (N07) transactions increased 11 per cent compared to a year ago, driven mainly by strong condominium townhouse sales.

“Given that these are trying times for the world economy, in context, the Greater Toronto Area resale housing market continues to fare quite well,” said Ms. O’Neill. “From a long-term perspective, buying a home remains a sound financial decision.”
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