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Real Estate Updater

  Lakeview Realty Real Estate Updater  July 13, 2017

Be Home Smart : check out Buyer/Seller education videos here: http://www.youtube.com/user/RECOhelps

  see additional articals below 

Bank of Canada raised interest rates 1/4%


For the first time in seven years, the Bank of Canada announced that it was hiking its key overnight rate by a quarter percentage point (25 basis points) bringing it to 0.75 percent as the economy has staged a broadly based economic expansion this year. 

Read summary provided by local mortgage broker, Mark Goode of Dominion Lending Centre.

 Michael J Preston, please email me questions or your comments.


Building a Future Retirement through Real Estate
Lakeview Realty Broker of Record Michael J Preston
I am a most adamant believer in Real Estate investment as a long term investment for safe, near sure returns. What other investment is their that will let you retire, possibly with millions of dollars, and it DOES NOT MATTER WHETHER THE PRICE GOES UP OR DOWN.  If your seriously considering investing in Real Estate for your retirement future, please give me a call so I can show you my active step by step plan to accomplish this goal.  

Is it time in your personal financial life to switch from Real Estate holdings to mortgages? Please call today and lets discuss your options. The banks have built empires with mortgages, you can have a share of this wonderful investment too.

Michael J Preston    mjpreston@lakeviewrealty.ca   phone 705 325-3600

 INVESTORS   by Michael Preston

When is a good time to buy multi-unit residential properties? Anytime the fundamentals are good.  Several factors must be considered . A carefully completed  due diligence check list is must before proceeding. Firstly, a growing city will be ideal for possible future capital gains and income growth potential. The city or town you choose to invest in should have overwhelming evidence of growth and overall low vacancy rates. ( See CMHC free rental survey reports online)  In a perfect world you will discover the location before competition drives prices up. Secondly ,va structurally sound  building in good repair will provide a dependable cash flow and a growing positive return. Thirdly your financing can make it all happen or not. Vendor take backs are not uncommon and can be a great way to make a purchase for those entering this investment arena  Now manage diligently! If you would rather not manage your self , hire a professional property management team..

What cities or towns may be worth a closer look?  If you move early you can grow and prosper as the communities plans become a reality . You could be in place as prices begin to rapidly rise and the general investment public and investment clubs begins to react to the strong fundamentals and low prices compared to the cities already on the radar screen. What cites would you choose ? What about St John New Brunswick,( oil refinery, tidal power), Sudbury Ontario,(mining , huge reinvestment in the older mining properties and infrastructure) Hamilton Ontario ( dynamic city redefining it self with investment in the water front) Kitchener Waterloo (highly educated workforce) and questionably Windsor Ontario,( a city that is also seeing the importance of diversity and is working hard to invest in its future ,residential vacancy rates are low , many good properties to choose from at excellent prices, you can grow here, location location especially important with this riskier city) Lastly you may find the best properties possibly diamonds in the rough in your own neighbour hood town or city. In our area Orillia, Ontario has been chosen (by Real Estate Investment Network out of Vancover. ) along  with Barrie is still on their pick for the top ten towns Best Places to invest  for potential capital gains growth.  So keep your eyes open and your house in order so your able  to move on the deal when it presents it self , any  town and city can have them especially during these more turbulent times.  Updated January 14, 2016

Michael Preston, please send me questions or your comments    mjpreston@lakeviewrealty.ca    

Ask about my money back guarantee re a 20% 5 year rate of return with a Real Estate investment through Lakeview Realty Inc.

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How Canadians can boost home value through renovation

By Gail Johnson http://ca.finance.yahoo.com/blogs/insight/canadians-boost-home-value-renovation-132555909.html

With the popularity of home-decorating shows like Trading Places soaring, suddenly everyone's an interior designer. But from a real expert's point of view, where are home-owners' renovation dollars best spent?

"Kitchens and bathrooms are the best place to start," says Toronto's Howie Track, owner of Traxel Construction, which specializes in high-end residential and commercial renovation and construction. "Kitchens and bathrooms are the first places people look, and if a new buyer sees that the kitchens and bathrooms have been done, then there's less for them to do."

Figures from the Appraisal Institute of Canada support Track's claim. According to the Ottawa-based property-valuation association, bathroom and kitchen renovations continue to be the most popular on the list of perennial home improvements, with a recovery rate of between 75 and 100 percent.

The organization defines "recovery rate" as the likely increase in a home's resale value that could be attributed to a renovation. If a $10,000 renovation increases a home value by $6,000, for example, the recovery rate is 60 percent.

Landscaping vies for top spot too, according to Track. "If you can wow potential buyers with some curb appeal and the kitchen or bathrooms have also been done, then selling will be that much easier," he says.

When it comes to renovating older homes, Track suggests updating wiring and plumbing. "Most knowledgeable home buyers will see this as a definite bonus. That said, many first-time homebuyers may not appreciate the work that has been done."

Approximately 1.9 million households in 10 major Canadian centres did renovations in 2010, totalling almost $23 billion. The average cost of renos was nearly $13,000.

According to the AIC's most recent data, energy-efficient upgrades are another popular focus for renovations, with an average recovery rate of 61 percent.

Other renovations that have higher recovery rates include the use of non-neutral interior paint colours (67 percent), the addition of a cooking island in the kitchen (65 percent), and the installation of a Jacuzzi-type bath separate from the shower stall (64 percent).

The biggest mistake people make when it comes to renovating is expecting Champagne-style results on a beer budget.

"Clients will say to me, 'Get a few prices and we will go with the cheapest,'" Track explains. "In construction, you get what you pay for, and if you only consider price, then you are asking for trouble. It's important not to overpay, but quality trades come at a cost. I always tell my subtrades that I want good work at a fair price."

Above all, planning is crucial. It takes at least two to three months to plan for a simple kitchen renovation, Track notes, urging people to read magazines and clip pictures of everything from layouts to paint colours.

"People who don't plan always run into problems," Track says. "People need to hire a good architect and a good designer to help them make informed decisions on materials and design. So many times I have clients who don't want to spend money on a good architect or designer, and inevitably this leads to problems. The better you plan, the less the chance of making mistakes and the better the chance of coming in on time and on budget.

"Try to make as many decisions as possible before you start," he adds. "By planning, you'll have a better idea of how long the job will take and how much it will cost. Also, make informed decisions about materials and do some research."

Budgeting is another basic, as is asking contractors for references and asking for examples of past projects.

"If you set a realistic budget for a job, you have a better chance of not exceeding it," Track says. "It's common for contractors to low-bid a job so that they get it. Once the job is underway, the client has no alternative but to pay all additional costs that arise in order to get the job done. There's a square-footage or unit price for almost everything in construction, so the only real difference between contractors should be the fee they charge."

Renovations that add features to a home that others in the neighbourhood already have, such as a second bathroom, have higher recovery rates than features not shared by adjacent properties, according to the AIC.

Poorly done renovations may have no positive impact or could actually reduce the value of a home.

Recovery rates and resale value aside, the AIC can't put a cost on professionally done renovations when it comes to home owners' sense of satisfaction and enjoyment. That's priceless












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