Real Estate Insider: December 2018 News Report

Merry Christmas and a Happy New Year, Real Estate Insiders! 2019 is just about to start, so we thought we'd put together a handy collection of topics perfect for planning your new year resolutions on your property. When you have a few moments of rest from the hustle and bustle of the holidays, be sure to grab your favourite holiday beverage and check out just a few of the ways you can be prepared for the biggest plans of 2019!

Thinking of doing a huge home renovation? There’s no better advice to get than from someone who’s done it! Read this couple's 6 biggest lessons they learned while putting an addition on their home so you can prepare and limit the number of surprises along the way! >>

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Would you trade paying more interest overall for a lower monthly payment? That’s the argument this article is making for the 30-year mortgage in the wake of rapidly rising interest rates. Overall it is personal preference, so which is yours? >>

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Ever wonder what happened to the people who started investing in Real Estate right before the 2008 crash? Read this article to find out the biggest mistakes this Real Estate investor made when he started out, and how he eventually bounced back. These tips could help fast-track you to financial freedom! >>

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Don’t be afraid to ask the hard questions when it comes to your money and don’t let a shady salesman pressure you into signing anything you don’t fully understand! Here’s a list of 4 big rip-offs to look out for to help save you money. >>

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Preparation is the name of the game when it comes to investment properties. Make sure you’re prepared for many of the aspects of owning different types of investment properties! >>

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Step 1: Buy gifts.

Step 2: Spend time with loved ones.
Step 3: Shovel and salt the sidewalk.

Step 4: Go over your year-end financial planning checklist—we can help you with this last one! >>

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Owning a cottage or vacation home is a goal many people have, but does it make sense overall? Read here for some considerations to help you make this big decision. >>

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AirBnB is being used by many as a source of income to help offset the price of owning a home or investment property. Are you aware of the short and long term tax implications? Read here to see why it could end up costing you way more than expected. >>

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Team Lalovich never cuts corners when it comes to selling real estate, and neither should any other Realtor! Unfortunately, there will always be some that find the worst possible ways so save a quick buck; if it affects the sale price of your home, it should be a deal breaker! Make sure your Realtor of choice is doing everything they can to provide you with the best service, starting with the photos. >>

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“The Bank Profit Indicator shows the amount of profit per man, woman and child in Canada.” Find out this years number here! >>

Real Estate Insider: October 2018 News Report

Hi there, readers! With new local real estate developments and a continuing housing war, we thought we'd bring you a collection of reading just for the occasion. Take a look as we cover renovation tips, the benefits of living small, how to whittle down that mortgage, and more!



More often than not, renovations increase the value of your home. Everyone should be careful of renovations that are only improvements in their eyes! This article lists 7 home renovations that might not help the re-sale value of your home. >>

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Monthly mortgage payments is something every homeowner has to deal with. There are many different theories and strategies that go with paying off your mortgage, but have you ever heard of a sinking fund? If not, you can read all about it here! >>

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There’s one thing standing between the house size you think you need, and the house size you actually need: your ego. Set it aside and read the benefits of owning a smaller home. >>

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Condo popularity is growing in the Windsor-Essex area, and they are popping up all over! If you’re thinking of buying a condo make sure to keep these tips in mind so you don’t have any surprises after you make the big investment. >>

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House flipping is rapidly gaining popularity and can be a great way to earn extra cash to set yourself up for financial freedom. However, like many things, it’s not as easy as it sounds. Read this article for some things to consider before diving into a flip so it doesn’t turn into a flop. >>

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Investing in a vacation rental could be the perfect opportunity to finance a vacation spot for you and your family—if you’re willing to put in the work! As always, we want you to stay informed on all decisions involving real estate, so if you’re thinking of investing in a vacation home, be sure to read this article first. >>

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Getting your home ready for an inspection is a win-win for everyone; doing it right is important! This article does a great job at listing the simple things you should do pre-inspection to assure you get the highest price for your home. >>

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It’s easy to make mistakes when first starting anything, but some “rookie mistakes” can end up costing you a lot of money! Be sure to avoid the common ones by reading this article, and get yourself ready for a successful investment property! >>

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Does the thought of your mortgage constantly stress you out? If you want to live mortgage free, you can start by reading these 12 tips on how to reduce that pesky mortgage. >>

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How would you feel about having a neighbour that frequently rents out their home short term? Are you with the majority of Canadians? Find out here! >>

Real Estate Insider: September 2018 News Report

Welcome back, Real Estate Insiders! This month we have a solid list of topics ranging from finding the perfect tenant to the latest craze of remodelling. We hope you have a cup of coffee and are ready for some of the most informative reads we've ever found. Enjoy!

Title insurance is a closing cost that everyone seems to question, but do you really need it? Well the short answer... is YES! Read how title insurance can save you from financial and personal stress.

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While not everyone might know what “Sequence Risk” is, it affects everyone the same. This is why you need to eliminate as much sequence risk as possible! Real Estate is a great way to significantly reduce this risk and this article explains why.

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Are you buying a new home or condo? Make sure to be caught up on the HST rebate rules so you don’t miss out on huge savings!

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True or False: Windsor is the most affordable city to buy a house in all of Canada. Find out the answer here!

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Remodelling is a rising trend among homeowners that doesn’t seem to be slowing down! But there are negative effects not shown on HGTV. Read them here.

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Cannabis is being legalized in less a month! Here are 5 things you should know now to stay informed.

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In trial separations it is sometimes unclear how the real estate is going to be divided among the family. This article can help with that part!

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Making sure you have good Tenants can make or break a rental property, so don’t leave anything to chance! Read the ultimate screening process here so picking good Tenants can be easy.

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The first year of anything you do usually has the biggest learning curve, so this article of 5 Lessons that Chris Mamula learned in his first year as a Landlord should help ease that curve! 

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Real Estate Investing isn’t only for the rich! Read here for an example of how to invest in a rental property with little to no down payment.

Real Estate Insider: August 2018 News Report

Readers, can you believe it's the end of August already? And that means that Fall is just around the corner along with big changes in store! This month we've found some valuable reads, including 7 home projects to do before Winter, buying at a discount in a seller's market, the advantages of living in Windsor-Essex, and 5 important things to know about the new Cannabis Act!

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With the rapid increase in automation in today’s society, some people think Realtors will be obsolete in the next few years, but we disagree! Read why a computer cannot replace the value that a Realtor provides! >>

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Capital Gains Tax is something everyone dreads. A lot of people are aware that their principal residence is exempt, but if you have multiple properties you should read this article to make sure you are getting the most money out of your properties when it comes time to sell! >>

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There are many advantages of living in Windsor-Essex, perhaps one of the most significant is NO LAND TRANSFER TAX! Read here how much you would have to pay living in other places in Canada (sorry Vancouver). >>

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Having a hard time deciding whether to buy a property for yourself or invest in a rental income? Why not do both! A duplex might be the perfect way to get your foot in the door. Read the pros and cons of buying a duplex you plan to live in. >>

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While some chores seem to be manly for aesthetic purposes, many can save you thousands in the long run. Learn about the 7 home improvement projects to put on your list before winter! >>

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Discover the “5 C’s of credit in action” and see where you might fall. >>

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For the fourth time this year the Bank of Canada has raised its interest rates due to strong economic growth, but with concerns over Trump and NAFTA negotiations, some people aren’t so sure it’s a good idea. Read here about some of the implications of the recent spike. >>

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Real Estate Lawyers.ca is back at it with 5 things to know about the new Cannabis act! Watch this video to be more prepared for October. >>

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We are no doubt in a seller’s market right now, but that doesn’t mean you always have to pay top dollar for a property! This article gives a few tips and tricks to increase your odds of buying at a discount. >>

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“A rising rate guide to mortgages, HELOCs, GICs, savings and more”. >>

Real Estate Insider: July 2018 News Report

Welcome back everyone! With more than a few hot topics this month, we've made sure to scope out the best reads you won't want to pass up. Do you agree with condos banning smoking with the legalization of marijuana? What is the issue with having Kitec plumbing on your property? How can you save money on your flooring renovation? We'd love to hear your feedback on these topics plus more in this edition of the Real Estate Insider!

Everyone knows the phrase “Location! Location! Location!” when buying a home or business. There are many factors that can increase, or decrease the value! Which do you think living next to a cemetery will do? Find out here! >>

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Building your dream home? Congratulations! While this is an exciting time, we want to make sure you are getting the best tax return on your current home as possible! This can be a tricky situation, read this article to get started! >>

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You don’t have to start with a lot to become a successful real estate investor. Read how at 27, Paula Pant was paying $400 a month in rent to share a kitchen and bathroom with roommates, and at 34, she now has 8 homes!  >>

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Don’t let your ego get in the way of your financial strength! Read here for various reasons why you should put your ego aside when thinking about buying a home. >>

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Ahead of the legalization of recreational marijuana, some condos are taking pre-emptive steps to make sure they ban smoking on their properties. Do you agree or disagree with this move? Read more here. >>

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The age-old question of “fixed vs. variable” mortgage rates continues in this article following the rumours of another rate increase before the end of 2018! Read here. >>

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A deceased person could have assets not controlled by their executor. Who is entitled to these assets? Read here for some insight on the different parts of an “Estate Pie” and who all gets a slice! >>

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Kitec plumbing could be an issue when buying or selling a property that contains it. Watch this video for 5 things to know about Kitec plumbing! >>

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Pooling resources can be a great idea when buying or renting a home to get more for your money, as long as everyone is protected! Read here for tips to avoid costly or ugly scenarios down the road! >>

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Floors are often the last things to go into a renovation project, so make sure to finish strong! Here are 5 ways to save money on flooring. >>

Russel's Review: Thoughts & Pointers After Completing A Large Renovation On An Investment Property

I just recently passed the five year anniversary of buying my first rental property! What a ride it has been. It was a detached home with an unfinished basement. As I chose a five year term, my mortgage was up for renewal this spring. I saw this as an opportunity to finish the basement, to get the property reappraised, and to refinance the property at the improved value (I can touch on this investor mindset in another post). Well, I just finished the renovation (managed the job myself) and I wanted to share some of the thoughts and pointers that I learned during the process.  Hopefully you can use some of these on your next renovation!

Everything Always Takes More Time Than Projected

This is a pretty standard one. Things happen and it throws other things off schedule. Plan for this in advance and allow for a very conservative contingency period.

Get Three Quotes For Large Trades Jobs

Some of the variance in the quotes were huge. Sometimes these trades guys are too busy and give quotes almost as if they don’t want the job.  Get three to make sure you know where you are at.

Don’t Always Take the Cheapest Quote

To build on the last point, the cheapest quote shouldn’t automatically be chosen. Make sure you understand the quality you are getting. Often the middle quote ends up being the best deal!

Ask for Referrals

Ask the professionals you work with for referrals to different skilled trades. Sometimes just saying to someone on the phone “so and so referred me” gets you better treatment. I wouldn’t refer someone to a friend unless I was very confident they would do a good job!

For Rental Properties Choose Neutral Materials

A good saying that is common in the real estate rental world is “choose things for 90% of people, 90% of the time”.  Don’t ever choose anything ornate or too trendy as it might not be most people’s taste. Remember that your not living here…

Keep Detailed Notes

This project has been an invaluable experience to understand firsthand how much different jobs and materials cost and the time frames associated with them (drywall, electrical, plumbing, tile, paint, framing, etc). This will give me a big leg up on my next project. Document things on a weekly basis—or even more frequently—to stay organized.

Shop Around For Materials

This seems obvious but you can save quite a bit if you shop around for the larger materials you need. If you know you need to buy tile, but not for while, you can keep an eye out for sales and save hundreds of dollars.

Buy As Many Things As Possible With A Credit Card

First off, it will keep things organized by having many of the items on the same statement making for easy bookkeeping. You can rack up a boat load of points as well ☺.

Splurge on A Few Things

As long as it doesn’t break the bank, it’s a good idea to splurge on a few items. In my case, I did a large tiled glass shower, a shiplap fireplace with a sweet napoleon electric fireplace and some upgraded funky laundry cabinets. Now I have some nice selling features for the next renter or for when I go to sell the property.

Pay Your Workers Right Away

If your trades did a great job, pay them promptly to keep them happy. You can use them again in the future and having a list of these contacts is invaluable. If they know they will be paid fairly and promptly, they won’t think twice about working for you again!

I could go on and on about this renovation but these were some of the items I thought would be useful for our readers. See the accompanying videos and photos and tell me how you think I did!

 

Real Estate Insider: April 2018 News Report

Welcome back, readers! We hope everyone has been enjoying the weather now that spring has finally arrived. We've found some hot topics and informative blogs for you to read in between any yard work this weekend. Grab some coffee as we have a look at the perfect house to raise a family in, the marijuana commercial real estate boom and more in this issue of the Real Estate Insider!

AirBnB has become more and more popular. It could potentially be a good way to earn a little extra cash, but only if you do your homework! Read here for tips and how to calculate your return on your potential AirBnB property. >>

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Whether you are for or against the legalization of marijuana, you can still reap the rewards in ways other than buying it! Read how here. >>

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Do you have mortgage insurance? You may want to think twice! Here are 5 reasons to go a more traditional route. >>

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There is a stigma behind “Capital Gains Tax” that seems to rub everyone the wrong way, but broken down it can be seen it is one of the more fair taxes out there! Read more here. >>

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Everyone is going green, you should too! And if you start with this smart thermostat, there is no cost! >>

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One of the most powerful financial tools to help grow your wealth is leverage. So you should be using leverage whenever possible, even on home renovations! Learn how this couple used their leverage on their home renovation to maximize rewards and stretch their budget further. >>

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The Financial Samurai walks you through their idea of the “Ideal” house to raise a family, everything from layout to bedrooms to which direction to face! Check it out here. >>

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What to do when facing ‘renoviction’. >>

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Are you in the market for a mortgage? Read here why variable rate mortgages are the better deal right now. >>

Real Estate Insider: January 2018 News Report

Will your next home be in a mall? Who pays for what in a domestic relationship? Thinking about doing some renovating this Spring? We cover all that and more in this month's Real Estate Insider, including the latest real estate developments in Canada this month—plus we might even help you save some serious cash.

Thinking of investing in Real Estate? Capitalization Rates can be one of the easiest and most common methods of valuation used in the market today! Learn about Cap Rates and why they are so important for investors! >>

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Whether you are a Buyer or a Seller, you need to know the difference between Patent and Latent Defects. This video covers what they are, and what needs to be disclosed when selling a home. >>

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Don’t get hit with sticker shock when doing your first kitchen renovation! This article will help you understand the costs and how much to budget so you can be safe rather than sorry! >>

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If there’s one thing you should be it’s efficient. Read these simple tips and tricks to stay cozy and be energy efficient this winter! >>

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Moving in with your partner can be an exciting and confusing experience, with one of the most common questions being “Who pays for what?” Read this article for some steps to take when pooling assets together with your significant other. >>

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Watch this video to learn “5 things to know when selling a home occupied by a Tenant”: >>

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With the announcement of another interest rate hike, be sure to keep informed with some of the key takeaways and what this and future rate hikes mean for the Canadian economy. >>

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When one door closes, another opens! With the struggling retail market in Canada leaving large vacancies, Canadian mall owners are seeking to convert these prime spaces into condos in some of the largest most vacant land deficient cities in Canada. >>

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Now that everyone is familiar with the new mortgage “Stress Test”, here are 5 things that will happen in response to this new mortgage policy. >>

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Personal Loan Vs Line of Credit: read this article to learn the pros and cons of each. >>