Tanya DiNicolantonio, Author at Brandow Group

If you’re looking for a house in Hamilton, you want as much information as you can get about the place before you buy. Especially in these times of frenzied bidding wars and shortened showing times, doing your own research can help you make an informed decision.

Whether the Hamilton property you are interested in is for sale or not (yet), you can do a little legwork to find out some important details.

Here is some preliminary recon you can do to find out some important details:

TAXES

Hamilton makes is really easy to find out the annual taxes for a property within the municipality. If you are curious about how much you’d pay in taxes, you can search by address here at Hamilton’s Property Inquiry Tool.

This database includes the original City of Hamilton, as well as Stoney Creek, Dundas, and Ancaster. You can look up commercial and residential properties. It will show you three years’ worth of taxes, as well as the breakdown of what’s included.

Here’s a guide to help you read Hamilton property tax bills.

PERMITS

You always hope that a seller obtained the appropriate permits for any work beyond cosmetics. Structural changes can create danger if not done properly by a professional who knows what they’re doing.

Maybe you’re looking at a property (listed or not) that was recently renovated. You’d like to know about the existence and status of any permits.

Hamilton has a public search option for permits here. It will show you closed permits within the past 12 months. This means the City approved the final renovation or modification.

It will also show you permits that the City has issued. These permits are still open and subject to inspection and/or final approval. If you see this status, it’s a good sign. It means the current owners are doing their best to do the work correctly. But it’s a flag for you to ask some questions to make sure that the permits will be closed before you buy.

Here’s a guide to what requires a permit and what doesn’t.

LEAD WATER SUPPLY PIPES

If you’re looking at a home that is pre-1960, it’s a good idea to do a little research into the water supply pipes. Hamilton still has some lead pipe in its infrastructure. They are working to update it. Any time a homeowner applies for a plumbing permit to replace interior plumbing, it triggers the City to look at their public supply lines to that property. They do a “Size and Type” inspection to assess whether the public service pipe (between your property line and the water main) is lead or is less than 3/4″ in diameter.

As a potential buyer, it’s important that you know where your household water is coming from. Especially in the Lower City, you should investigate whether the pipes are 3/4″ copper supply lines.

This one is not a simple online search, unfortunately. It is, though, a simple call to 905-546-CITY (2489). When you call, make sure that you are clear that you are only inquiring about the public portion of the supply lines. They will not release any information about updates done by the owner to the private portion.

For more info about lead pipes, check the City of Hamilton website.

ZONING

Seldom will you truly need to deal with zoning unless you plan to make some changes to a property. For example, Hamilton allows conversion of single family homes into two-family dwellings only in certain zones: AA, B, B-1, B-2, C, D, R-2 (as of the last time we checked).

Zoning designations affect things like parking, property use, and setbacks. It also affects whether you can have farm animals, including chickens. (Only rural or agricultural zoning allows them.)

If you’re looking at a property, and you need to know about specific uses, it’s always good to do a full zoning verification. This will cost between $124-384.

To start, though, check out Hamilton’s Interactive Zoning Map. At the top, enter the address of the property into the white text box, and a clear map will show you the base zoning of the area. This will let you know if you’re on the right track to pursue your plans!

FUTURE BUILDING

When you fall in love with a place that has open space around it, you might want to know if there are any planned projects for the area. Whether you just want to be surrounded by greenery and quiet, or you have a beautiful view you don’t want to lose, you’ll be interested in any upcoming development plans.

Take a peek into applications for development here. Enter the address in the text box at the top of the map. Use the Legend and the Layer List options at the bottom of the screen to see what the pins close to your property mean. If you see any pins that are in an area that you want more detail about, you can call the City of Hamilton at 905-546-2489. Ask for the Planning Department and tell them what your concerns are. They will tell you what they can about the application and how you might be affected.

CONSERVATION LAND

In the City of Waterfalls, surrounded by so much of nature’s beauty, it’s no surprise that some of our lands come under Conservation Control. This could affect the way you use your land and even its resale value.

To find out whether any part of a property is Conservation Land, go to the Conservation Hamilton website. The map tool isn’t as user-friendly as we’d like, but it does give you the choice between desktop and mobile. Type the address in the text box. If any Conservation Control applies, it will show you results. Click the arrow that says, “Click to expand results.” Then click on “Layers” to get a description of what the map shows you.

If you find out that you do fall into a zone that is under this Conservation Authority, you can get more information about restrictions that apply by calling 905-525-2181 or emailing nature@conservationhamilton.ca.

We are always happy to do this research and more for you before you make offers on a property. Due diligence is crucial to make sure that you get what you really want. If you have other questions about a property that is listed for sale, please don’t hesitate to reach out. We will help find answers!

Want Help Navigating Your Next Purchase or Sale?

Leave your details below and we'll reach out! ????

If you want to watch a conversation get heated QUICKLY, ask a roomful of people for their opinion about bidding wars. Then put on your asbestos suit and watch the sparks fly!

In a market, like we’ve been in for the past few years, sellers and their agents expect a bidding war. If they don’t get one, they feel that they’ve done something wrong. Some sellers are surprised at how emotionally draining the process is on them. (We hear you, Buyers – “Cry me a river, you’re making off like bandits.”)

Buyers, by and large, are fed up. Some buyers have been outbid many times and have lost hope. A few are super frustrated because they didn’t get the house they wanted despite bringing the highest offer. (Because a handful of those emotional sellers actually still choose to sell to the buyer who told the most compelling story in a personal letter.) Buyer agents are working their tails off to try to secure an accepted offer for their clients.

With all the focus on getting – and winning – a bidding war, it’s important to remember the importance of CLOSING the deal. Failure to do so can have serious financial consequences.

Today, we want to share the cautionary tale of some Toronto buyers who got ‘caught up in the craziness,’ and what you can learn from their experience.

Gamoff v Hu – Just the Facts

The Gamoffs listed a Toronto property in March 2017 for $2,000,000. The market then was much like it is now, in April of 2021 – super hot.

Hu, a buyer, fell in love with the house. Hu didn’t want to get involved in a bidding war. Still, they offered $2,050,000.

The Gamoffs’ agent informed them that there were two other offers and that theirs would not be accepted at that price. Ultimately, the Gamoffs accepted an improved offer from Hu on April 2, 2017: $2,250,000.

Their offer included a $30,000 deposit on acceptance, with a further deposit of $90,000 to be made later. Problems became apparent when the second deposit never came.

Unfortunately, Hu was not able to secure financing to close the deal. They were forced to notify the seller that they were walking away from the deal. This was the notification their lawyer sent to the Gamoffs’ lawyer:

We are putting your clients on further notice to take immediate steps to start mitigating their losses by (a) immediately contacting any buyers who made offers on April 1, 2017, to determine whether they may be willing to purchase the property; and (b) re-listing the property on the market/MLS as soon as possible in order to find a suitable buyer. We trust your clients will make best efforts to sell the property for the highest price possible in order to satisfy their duty to mitigate.

So What Happened?

The Gamoffs responded to the notice right away, re-listing their property for $2,250,000.

However, the timing for both the Gamoffs and the Hus was rather unfortunate. You might remember that in April of 2017, the provincial government announced a new Foreign Buyer, or Speculation, Tax that would apply to the Greater Golden Horseshoe Area.

The real estate market tumbled a little, going down about 18% in just four months.

Before finally selling again in July 2017, the Gamoffs dropped their list price to $1,998,000, then to $1,798,000. The final accepted offer price was $1,700,000.

The Ontario Superior Court Decides

With a difference of $550,000 between the two accepted offers, the sellers decided to take the matter to court.

Typically, when a market is in decline, the courts will award the sellers damages to compensate for the difference based on the “highest price obtainable within a reasonable time after the contractual date for completion following the making of reasonable efforts to sell the property commencing on that date”

In this case, Judge Edwards – though he sympathized with Hu’s position as a buyer in a crazy market – ruled in favour of the seller. He awarded damages to cover the loss of $550,000 plus other special damages to which they were entitled under law.

How to Avoid Disaster

Needless to say, Hu suffered great financial pain in this situation. Gamoff, too, lost out on the opportunity to sell at the height of the market. We wouldn’t wish this nightmare scenario on anyone, whether buyer or seller.

So what can you do to keep yourself out of hot water?

Here are a couple of rules of thumb for a buyer to keep in mind:

Know Your Limits

For as long as there are bidding wars, it’s crucial that buyers set limits for themselves no matter what anyone else is doing. Get all the information from your mortgage provider, whether that be a broker, a bank, or another lender. How high can you safely go? What, if anything, should you consider before going to the top of your budget? (For example, condo fees will lower your purchasing power. Find out how much you can afford with fees.) Ask how much your property has to sell for to be able to offer on the property you want.

It will be nice for buyers when the market calms down enough to allow you to make offers that are conditional on financing again but, until then, do not make offers that are higher than you are qualified to make.

Stay in Control of your Emotions

More than one buyer has unraveled during the frenzy of making offers on hot properties. Staying in control of the desire to “win” is a must, especially if you have made many offers and lost out on properties you really wanted.

If you feel like you might weaken and make a risky offer in a high-stress, multiple offer situation, tell your realtor. Tell them well before the offer presentation what your limits are, and ask them to help you stay focused. You can come up with a plan to make sure you don’t get caught up, only to repent at leisure. Remember, Hu never wanted to compete in the first place. And they, at first, offered much less – probably the amount that they could actually afford. Throwing caution to the wind cost them dearly!

Sellers, too, can take steps to protect themselves when receiving multiple offers.

There is no rule saying that a seller must accept the highest offer. As we learn from Gamoff v Hu, the highest offer might not be the best offer. Once you have considered the price and conditions in the offer, there are a few, somewhat more subtle, indicators that you can and should pay attention to.

These are some things that a seller can look for to evaluate the strength of an offer:

The deposit

A very low deposit could be a sign that a buyer is stretching beyond their ability to pay. Always ask for an explanation of the terms of the deposit if it seems too low for the deal.

It’s also much better if the buyer submits the deposit cheque with their offer. We’ve heard of many cases where buyers have failed to show up the next day with the deposit due to buyer remorse. This can cause legal issues and throw a wrench in your plans.

The down payment

Your agent can ask questions to find out whether the buyer has a sufficiently large down payment to compensate for any difference between the purchase price and the appraised value, if the two numbers don’t match up.

The names on the offer

If a couple is buying a house together, but only one name appears on the offer, ask a few questions. Sometimes, this happens in a time crunch when it would be difficult to have both parties sign. But once in a while, one mate is hiding from responsibility by staying off the paperwork in case of a breach of the contract. Find out all you can about the buyers – and decide if theirs is truly the strongest and best offer you have on the table.

Bidding wars are not for the faint of heart – on either side of the table! This market will not last forever. While it does, though, take advantage of the expertise of your realtor and your real estate lawyer to protect you from unnecessary stress and financial losses.

Looking For Help To Navigate a Multiple Offer Situation?

Leave your details below and we'll reach out! ????

Homebuyers often come in two extreme categories:

I would NEVER buy a condo

Condo living is the best!

Of course, there are also others who see a condo as a stepping stone to bigger things or a convenient way to downsize from a large family home. If you’ve given even a passing thought to condo living, it’s important to understand the function and the power of the condo board.

What is a condominium?

Here’s the boring technical stuff:

Despite the way we use the word “condo” to refer to a building or a unit within a building, the term condominium strictly refers to a “system of ownership and administration of property.”

An Ontario Court of Appeal judge said this in 2012:

“People join condominium corporations voluntarily on the basis that they agree to share certain collective property and to abide by a set of rules and obligations that protect the collectivity.”

There is a broad provincial law in Ontario, the Condominium Act 1998, that governs condo formation, the process of buying a condo, day-to-day living in, and governance of condos in this province.

In simple terms, condo owners buy into a little mini democratic society. They enjoy ownership of a portion of the real estate, and they share the use of common elements with other owners who agree to be bound by the same rules.

Those rules will be different for each condo, and you do well to research the “culture” of any building or condo development you consider, to make sure it’s a good match for you.

Where does the Condo Board fit in?

The Board of Directors at a condo represents the owners. This elected group makes all major decisions about the building(s). They handle the finances, uphold the Condo Act, decide on maintenance and upkeep of grounds and common areas, and enforce the rules of the place.

As you can imagine, a good Board of Directors manages money well and keeps the condo well-maintained. A bad Board…well, can cause some grief to unit owners. They have a heavy responsibility.

So what does it all mean for you, as an owner?

Examples of Things Your Condo Board Can Do

On a day-to-day basis, if things are going well, you probably won’t think much of the Board of Directors. If someone doesn’t understand the rules of condo living before choosing this lifestyle, though, some of the enforcement powers might feel suffocating!

Here are some things that condo boards can do:

FORBID PETS

You might already know that landlords in Ontario cannot legally forbid tenants to have pets. “No-pets” clauses in leases are totally illegal and unenforceable. Condos, though, CAN and DO make rules banning pets.

Some condos allow pets only up to a certain size. And even the most pet-friendly condo building will not tolerate a nuisance animal that threatens residents or interferes with their peaceful enjoyment of the place.

Your pet can be removed if it is found to be in contravention of the Condo Declaration and its by-laws!

PROHIBIT AIR BnB

In Ontario, no condo can prevent you from renting your unit to a tenant. What they can do is set a minimum rental period to discourage short-term rentals.

Newer condos are building in rules against short-term rentals to protect residents from the noise and nuisance these are known to bring. Older buildings that were built before Air BnB became “a thing” sometimes still allow it, but renters are subject to all the same rules as everyone else.

EVICT YOUR TENANT

A tenant can be evicted by the condo board if they don’t live by the rules of the condo. In fact, the condo corporation can even apply to the courts to evict an owner who is unruly and disruptive to other residents of the condo!

DICTATE DECOR

You might be surprised to find out that you are only allowed to install shades of white or beige window treatments. The logic behind this is that it enhances the exterior appearance of the building to have a somewhat uniform colour scheme visible from the outside. This, in theory, increases the value of the units.

The condo board can also tell you what colour to paint your front door, and may even have a say in whether you do certain renovations to the inside of your unit. To be safe, always talk to someone at the management office before doing any work on your condo.

RAISE CONDO FEES

Obviously, the condo board has a measure of financial discretion. They are responsible for spending money from the reserve fund on maintenance and capital improvements.

They also have the ability to raise your condo fees at any time they feel it necessary. If the reserve fund is on the low side and there is a large repair coming up, you can be sure they will raise your fees to cover the expense.

In the case of an immediate large repair, or after a reserve fund study shows a shortfall, the Board can decide to charge a special assessment. This is a one-time charge that each unit owner must pay toward their share of an expense. These can be modest amounts, or can run into tens of thousands of dollars.

PUT A LIEN ON YOUR UNIT

Paying condo fees is not optional. And withholding payment of either condo fees or special assessment charges is never a good idea.

If a condo unit owner falls into arrears, the condo corporation can place a lien on the unit. If the lien is not discharged, they can even apply to the courts for permission to sell the unit!

So what’s your opinion? Would having a condo board with all its rules cramp your style? Or would it feel more like having a staff at your disposal to do all the things you’d rather not worry about? Condo living is not for everyone – but maybe it’s right for you!

With all that’s involved and what condo boards are able to enforce, it’s more important than ever to do your research. Let us know if you’d like more info on Hamilton/Burlington condo options.

Looking For A Condo?

Leave your details below and we'll reach out! ????

When you think of white, sandy cliffs and ocean views, do you imagine…Nova Scotia?

Me neither. But it’s 2021, and moving out East is all the rage!

Easterly Migration – it’s Happening

Ontarians are leading the inter-provincial stampede eastward to the Atlantic provinces. People from other provinces are heading for the coast, too. Even Canadians currently living abroad are feeling the tug – heading home and settling on the eastern shores.

You might be surprised to hear that this is not a strictly COVID-related trend, although that has ramped up the movement, for sure. There has been a quiet exodus from parts of other provinces for a few years, now. Momentum is building – check out a “coming soon” website: Moving-to-the-Maritimes-dot-com.

The Atlantic Bubble

While the rest of Canada struggled with rising COVID case numbers, the Maritimes created a travel agreement among themselves. New Brunswick, PEI, Nova Scotia, and Newfoundland/Labrador allowed unrestricted travel across their boundaries from July 3-November 26, 2020. Canadians from the other 6 provinces and 3 territories who wanted to enter Atlantic Canada had to quarantine for 14 days. When the second wave brought a rise in cases, the authorities decided to suspend the arrangement indefinitely.

Although this arrangement is no longer in force, the fact that it existed is a testament to the strength of the ties among our Maritime provinces. The 4 provinces share a regional flavour and are known to offer a pace of life and a culture that is slightly different from other parts of the country.

Jobs

Historically, Canadians migrated westward in search of jobs due to a sluggish economy and slow job markets in their home provinces. This is changing, though. This information chart for new immigrants to Canada shows that the unemployment rate is actually higher in Ontario than in 3 out of 4 Maritime provinces!

Those who are trying to entice their countrymen from outside the eastern provinces have been creative in their efforts. They especially try to appeal to telecommuters with ads like this one.

New blood coming to Nova Scotia is also creating better economic conditions and better job prospects in that province. In fact, Halifax made the list of 5 top Canadian cities for job prospects in 2021!

Housing

The most common reason that people will cite for leaving Ontario to move to the Maritimes is the cost of living – especially the cost of buying a house. Anyone who owns property in Ontario (or BC, or Alberta, or any other inland province) can sell now and get more house for their money down east.

Take a look at some of the statistics:

The average house price in Nova Scotia in February 2021 was $340,096, up 30.4% from the same time last year.
The average house price in New Brunswick in February 2021 was $224,785, up 21% from 2020.
The average house price in PEI in February was $322,371, an increase of 17.1% year-over-year.
The average house price in Newfoundland and Labrador in February 2021 was $248,315, up 6.6%.

Telecommuters, entrepreneurs, and young retirees all have excellent, affordable options if they can see themselves living in the Maritimes!

What You Need to Know Before You Plan a Move

In normal times, moving to a different province typically meant applying for a new health insurance card and driver’s license.

These days, there are extra rules and precautions. If you’re thinking of a trip to check out the area, or if you are among the most adventurous who want to buy a house, sight unseen, be sure to do your research!

Here are some places to start online:

Nova Scotia has a detailed list of restrictions for travellers entering the province. They also require a “safe check-in” form to be completed.
New Brunswick requires registration and monitoring with Public Health before you enter the province. There are restrictions as to who can enter, so be sure to have the most current information before planning an expensive trip.
Prince Edward Island’s registration requirements are similar to NB. Fill out the PEI travel application here.
Newfoundland and Labrador lists 4 categories of people who are allowed into the province. If you feel you may qualify, fill out the provincial travel form. Otherwise, you may need a request for exemption specific to your circumstances.

Would You Consider Moving Out East?

We have helped several of our own friends and clients to sell here in Hamilton, Burlington, and Niagara and relocate to New Brunswick and Nova Scotia. Some of them have bought houses from videos and pictures alone – trusting the maritime hospitality and helpful spirit of their future neighbours to assist them in setting up.

Uprooting and moving that far away isn’t for everyone. Is it something you’ve thought about? We’d love to hear your thoughts on a big move like this!

For those of us who don’t choose to live on the east coast, the spotlight on the area has certainly given us reason to consider visiting. Who doesn’t love a beautiful beach vacation?

Thinking About a Move out East?

We can help! Leave your details below and we'll reach out ????

Family can mean different things. Whatever group of people makes up your family, your home is your base. How can you be sure, especially now, that the family home is your perfect place?

If you take some time to think about what your family really needs, house hunting will be much easier.

You will help your realtor locate the perfect family home for you more quickly by giving as much detail as you can.

Here are some things to keep in mind when shopping for a family home:

1. SHARED SPACES

Living and dining areas are where memories are made. They are where you will have family dinners, movie nights, and playdates.

Here is some help to decide what your family needs:

Do you need a separate play area for younger children? A place for teenagers to hang out with friends? Look for a home that offers a separate living room and rec room. A finished basement can be the perfect spot. Split-level homes often have lots of room to spread out. There is usually a formal living room in the main floor, a rec room, and a basement. Bungalows and multi-storey houses of all kinds usually include a full basement level.
How does your family eat meals? If you love to entertain, or if everyone eats together, you probably need a dining room. If not, a bar-top counter & stools, or an eat-in kitchen with a smaller table might be enough.
Open plan? Or private rooms? Though an open floor plan is a modern trend, think about how you live. Would it be more practical to have separations between the shared spaces, or is it better to be able to see the kids at a glance across the room?

2. BATHROOMS

We are sure you know how many bathrooms you need! It’s almost always more than one in a true family home.

But will you need a second full bathroom? Or will a powder room be enough?

If you have young children, at least one tub is important for bath-time.

Does there have to be a bathroom on the main floor? Or is it ok if there are stairs to get there?

3. BEDROOMS

The number of bedrooms is often the first thing that comes to mind when house hunting.

You know how many you need, but think about these questions, too:

Do you need all the bedrooms on the same floor? You might, especially with babies or younger kids. A multi-generation household, though, might prefer them on separate levels for privacy.
Does the principal room need an ensuite bathroom?
If there is a bedroom in a basement, is there a large enough window for egress/safety?
How small is too small? Bedrooms in some new construction can be very cramped, with room for only a twin bed. If you need something bigger, check the dimensions of the bedrooms in any listings you’re interested in.

4. BUILDING MATERIALS AND FINISHES

If you are looking to buy a home that doesn’t need too much work, you’ll want to think about how well the building materials and finishes suit your family.

Do you prefer carpet (for a softer landing) or resilient flooring materials like tile, hardwood, laminate, or vinyl?

Remember that little kids (and the rest of us, occasionally) will spill things.

Carpet in the living room or hardwood in the kitchen could wear out very quickly if they are forever being soaked with juice and other spills.

Unless you’re willing to paint the whole place after you own it, take a look at the walls, too.

Flat or builder’s grade paint is often hard, sometimes impossible, to clean. The bigger your family, the more important it is to have scrub-able painted walls!

5. BACKYARD

Is your backyard going to be a serene, landscaped oasis?

Or is it more likely to be a place for little ones to romp through the sprinkler and for pets to run around?

A large yard might be very important, and a fence may be a necessity! (If you are thinking of buying a place with a pool or hot tub, always be sure the right safety measures are in place: A compliant fence and/or a locked cover.)

If your children are still young, and you can’t find a house with the perfect yard for them to play, look for neighbourhoods with nearby parks and playgrounds.

6. PARKING

This is a big one for city and suburban home buyers!

Some older city homes don’t even have a driveway or single car parking pad.

Unless street parking is readily available, this can become a real challenge when you’re bringing in groceries or carrying a sleeping toddler!

Figure out how many vehicles your family will have while you own the house, and know whether parking will be an issue.

Will you have teenagers driving soon? They will need a spot.

Or if you have an in-law suite, how many adults in the family will have cars? (A neighbour of ours recently got a ticket for parking on her own grass in Hamilton – so don’t assume that a large lot automatically means you have space for many cars.) Rules for street parking vary in different neighbourhoods – so ask questions to avoid constant irritation about parking.

7. NEIGHBOURHOOD

Parents often want to raise their children in a specific type of neighbourhood.

Do you prefer a close-knit community, where all the kids play in the street together and parents watch over each others’ children?

Or do you envision privacy where homes are more spread out and neighbours keep to themselves?

It’s a good idea to drive around an area you’re considering.

See what kind of activity is going on, or how quiet the streets are at different times of day.

Ask neighbours, if you can, what they can tell you about what it’s like to live there. Read small local newspapers to get a sense of the community. This can help you know whether it’s the kind of neighbourhood where your family will be happy.

8. SCHOOLS

You might already know that you want to live in a specific school district.

A Google search will give you the catchment area boundaries for your chosen school, and your realtor can confine your search to this area.

If you don’t know the area or you aren’t sure about local schools, you can start here. This site gives you school information all over Ontario. Just enter the postal code of the house you’re considering, and you’ll see both public and Catholic school options.

9. A HOME OFFICE

It’s 2021, and the new normal includes working from home for many of us. If you’re looking for a new home, be sure to include a practical space for your work station. Do you need a fully enclosed room? Or will a nook in a larger space in the house suit your purpose? Check out some ideas here if you’re not sure how to set up your workspace!

There is lots to think about when searching for the right home for your family! Fortunately, many listings now come with excellent pictures, video, and even 3D tours to help you do much of your initial searching from home. If you have questions about a neighbourhood or a specific property, please let us know how we can help you to decide whether it’s worth booking an in-person visit!

Looking To Find the Perfect Home in a Great Neighbourhood?

Tell us what you're looking for and we'll reach out!

There is a time for everything, and timing is everything. When is it time to Downsize?

When it comes to downsizing, no truer words could be spoken.

The Big House Has Been Great

When you’re raising a growing family, working from home, and earning at your peak, a big family home is a wonderful asset.

It’s a place to bond, relax, and recharge. Home is a place of pride and security for everyone who lives there.

Like everything, though – there is a time to have the big house, and often, there is an ideal time to sell it.

How will you know when it’s time to downsize, and enjoy not only the profits, but also the freedom that comes with the move?

Here are 6 indications that it’s time to consider downsizing.

You’ll Know It’s Time When:

1. The features of your home no longer serve your lifestyle

When you bought your house, you were probably looking for lots of room to spread out and grow: Extra bedrooms, a rec room or play room, multiple bathrooms, and tons of storage space.

If you find yourself with rooms whose doors you never open, bathrooms you never use, and closets filled with things that belong to people who don’t live in the house…it may be time.

2. Monthly expenses have become burdensome

While you’re working full-time, with regular increases in income, housing costs may fit easily into the family budget.

However, if you’re starting to scale back your working hours – even fully retiring, this may change.

Being on a fixed income can make you start to feel house-poor and cause undue financial stress. This is another indication that it’s time to think about downsizing.

3. You are approaching retirement – but have no pension plan

According to the Toronto Star, two-thirds of working Canadians do not belong to an employer pension plan.

This means you are in good company if the equity in your home makes up most or all of your retirement savings.

Another report by Scotiabank shows that the average Canadian expects to need around $700,000 to retire comfortably.

Would you like to venture a guess at what the price of the average home in the Hamilton/Burlington area is these days?

If you’re approaching retirement, this could be a clue that it’s time to think about downsizing.

4. You find it hard to keep up with the maintenance

Even the most well-kept home needs regular maintenance. Between regular repairs every-so-many years and day-to-day upkeep, you may be finding it harder to stay on top of things.

If mowing the lawn seems to take longer than it used to, weeding the flowerbeds leaves you aching, shoveling snow takes your breath away, or regular housework seems overwhelming – that could be a sign that it’s a good time to find a place that’s easier to keep up with.

5. Stairs are a challenge

While the kids are young and the house is full, the staircase to the upstairs bedrooms offers a layer of separation between the generations. Sending them upstairs to play or to sleep is an easy way to get grown-up time; peace and quiet.

But if you find yourself choosing to move your bedroom to the main floor and avoiding the stairs, or if you are afraid of going to the basement for fear of falling, this could be an important red flag.

Don’t wait until there’s an accident or emergency to consider looking for a one-storey floor plan that makes your life safer and easier.

6. You dream of all the fun things you could do with the equity that’s tied up in your house

Especially if you are healthy and able, and you are in a position to live in a smaller home, whether a rental or owned, why not enjoy the fruits of your labour?

If downsizing will allow you to live out some of your dreams, why not consider it?

What does that look like for you? Would you travel? Move closer to the grandkids? Pursue a hobby? Move to a warmer climate?

If your retirement dreams and plans excite you – consider whether the time to downsize is now!

Timing Really is Everything

Homeowners in Hamilton have never seen a better time to cash out, if that’s the stage of life they are at. We have never seen home values so high or demand for real estate so robust.

Of course, for people who are just starting out or who are raising young families, the conversation is different. But if you have worked hard and are ready to cash out and start your next chapter, we would love to help!

Ready to Downsize?

Leave your details below and we'll reach out! ????

Recently, a couple of our buyer clients, in their own frustration, said something that really got me thinking.

I was sympathizing about how home selling in this crazy market has everyone stressed out. Their knee-jerk reaction was this: “What do sellers have to be stressed about?? They have all the power!”

The reality is, though, that sellers have plenty to be stressed about. And since our goal is to make every transaction as smooth as possible, it’s important that we identify the biggest pain points and figure out some solutions ahead of time.

Here are some of the things that our own seller clients deal with, and some of the ways we can help out:

Do I Buy First or Sell First?

In a market where inventory is tight and prices are rising faster than ever, home selling isn’t really the problem. Finding your next place, however, could be a challenge – especially if you have very specific wants and needs.

A family that must be in a certain school district or a work-from-home pro who needs a unique office space setup might need to buy first to make sure they get what they want.

On the other hand, if you’re cashing out to move to a rental, in with family, or out of town to a slower market, selling first could be the better option.

In either case, take the time to discuss your options with your home selling agent.

Get a realistic idea of what to expect in terms of home selling price and timeline. Ask them to help you consider all the potential pitfalls and create some solutions before you decide.

For example, get a referral to a good mortgage lender who can offer you options in case your purchase and your sale close at different times.

Ask about clauses that you could add to your purchase to protect you on the sale if it takes a little longer than expected to find a buyer.

Here’s an analysis of the decision making process that goes into this particular challenge.

All My Money is Tied Up in the House!

If it’s been a while since you bought a home, the required deposits on a purchase may be a bit of a shock.

Way back when, $2000 was enough to tie up an Agreement of Purchase and Sale.

These days, many home sellers are requiring up to 5% of the purchase price on deposit (in trust, of course). On a $700,000 average home in Hamilton, that’s $35,000 to be paid on the day after the agreement is signed.

A large number of home sellers don’t have that cash on hand, since they are depending on their equity to fund the purchase of the next house.

If that is your case, there is no need to panic or to be embarrassed.

Please talk to your agent before putting offers in on the house you want to buy.

We have connections to excellent partners who can lend you the amount you need for a very short term loan till closing when you can pay it back from the proceeds of your sale.

How Much Time and Money Do I Need to Spend on Preparing My House?

Everything is selling! Buyers have very little choice because of low inventory. Offers don’t even include inspections anymore.

All of those statements are true…but there is more to the matter than that.

Although it’s true that most listed properties are selling, there is still a ceiling where buyers refuse to go any higher on price.

Lenders must still support the value of a property before offering a mortgage to even the most qualified buyer. We still see overpriced and problematic properties sitting, unsold, for weeks and even months.

Buyers still have standards.

Low inventory is definitely what’s driving the market right now. With prices soaring, buyers are spending every last penny they have just to buy the house.

By the time they take possession, the well is dry, and there is nothing left for repairs, updates, and extras.

This means that the most saleable properties are the ones that need little to nothing after changing hands.

A buyer may not mind living in a house that’s a little outdated, but they will often walk away from a home that is painted in very personalized colours.

They may choose not to buy at all if all they see are homes that need immediate repairs, since they won’t be able to afford them.

As the seller, it’s worth your while to do the minor things that make your home most appealing.

Paint is profit-in-a-can. Neutral shades in every room appeal to the vast majority of buyers.

Repairs to leaky faucets, loose doorknobs and handrails, and other small maintenance items still go a long way toward getting more for your home – yes, even in this crazy market.

In addition to minor repairs, we can tell you what larger projects might bring you a higher price.

In some areas, adding a second suite adds huge value to a property, while in others, creating an additional parking spot could be the key to a bigger profit.

When your agent is familiar with neighbourhood sales, he or she can help you determine what is worth doing, and to source out professionals who can help you get it done.

A word about firm offers without a home inspection: Sellers must still disclose latent defects.

When a buyer agrees to forgo an inspection, they are taking the seller at their word that there is nothing hidden. In fact, there may even be a clause requiring the seller to “represent and warrant” that there is nothing materially wrong with the house.

It’s important to think past the frenzy of multiple offers.

When the dust from the circus on offer night settles, buyers and sellers have the same responsibilities to one another that they have always had in law, and that includes honest disclosure of latent issues.

What does this mean for you, our dear seller?

If you know that the roof or basement leaks, or the wiring is faulty, or there are other serious issues that would turn off potential buyers – look into the cost of repairs.

Talk to your agent and see how these will affect your sale price and process.

If you’re short on cash but would like to fix the issues, we may even be able to offer a solution to that problem!

The whole process of home selling is overwhelming.

There is a lot to think about.

While we as realtors can’t always do the grunt work of cleaning and fixing for you, we can help you find the right people for the job.

Our network of reliable trades people and other resources is as large as our community of realtors.

In these days of COVID prevention and precautions, real estate sales representatives are working hard to keep everyone safe. We institute contact tracing methods and safe showing procedures, and ensure that our listings are supplied with sanitizer for each person who attends.

Where necessary, we arrange for our listed properties to be professionally fogged and disinfected to protect everyone involved.

Listing a home for sale involves reams of paperwork written in legalese that we take care of for you – all you have to do is let us explain it, and sign off.

We can also handle the research that goes into listing a property. This may include verifying zoning, neighbourhood development projects, confirm the existence and location of lead pipe or buried oil tanks in older neighbourhoods, encroachments or easements on the property that need to be disclosed, and any number of other things that could affect a buyer’s decision.

We can help to pull existing documents on file from municipal offices, including surveys or building permits that have been issued in the past – even from before you owned the property.

All these things constitute due diligence that protect you, the seller, from problems or even lawsuits after closing.

Your agent will work with your lender and your lawyer to coordinate all the necessary documents and to ensure that funds are transferred to the right accounts in time.

We field questions and requests from buyers and their agents so that you don’t have to be glued to your phone.

Our goal is to make sure your transaction goes as smoothly as possible. And we will stay on task if there are any hiccups along the way to make sure that everything gets worked out.

We also work to guide you through your moving process – keeping you on schedule so that you know who to notify of your upcoming move, and when.

We are there to help you if you have issues with tenants or other challenges before closing.

One Step at a Time

If you need to sell your home, but are anxious about all the work you have to do, take a deep breath.

You can handle it – and we will help you any way we can from beginning, all the way to the end!

Looking For Help to Make Selling Easier?

Leave your details below, we'll be happy to assist!

One of Life’s Top 10 Stressors?

Part of a Bundle

How to Offload the Stress of Moving

Here’s a sample of some of the things we can help you get done:

A Phone Call Away

Want Help Through the Buying & Selling Process?

Related Posts

Weekend Open House List

10 Affordable Neighbourhoods in Hamilton for First-Time Buyers in 2025!

First Time Buyers: Make Sure You Are the Client

TAXES

PERMITS

LEAD WATER SUPPLY PIPES

ZONING

FUTURE BUILDING

CONSERVATION LAND

Want Help Navigating Your Next Purchase or Sale?

Related Posts

Try These Things to Reduce Your Utility Bills

Weekend Open House List

10 Affordable Neighbourhoods in Hamilton for First-Time Buyers in 2025!

Gamoff v Hu – Just the Facts

So What Happened?

The Ontario Superior Court Decides

How to Avoid Disaster

Here are a couple of rules of thumb for a buyer to keep in mind:

Know Your Limits

Stay in Control of your Emotions

These are some things that a seller can look for to evaluate the strength of an offer:

The deposit

The down payment

The names on the offer

Looking For Help To Navigate a Multiple Offer Situation?

Related Posts

10 Affordable Neighbourhoods in Hamilton for First-Time Buyers in 2025!

Try These Things to Reduce Your Utility Bills

Weekend Open House List

Homebuyers often come in two extreme categories:

What is a condominium?

Where does the Condo Board fit in?

Examples of Things Your Condo Board Can Do

FORBID PETS

PROHIBIT AIR BnB

EVICT YOUR TENANT

DICTATE DECOR

RAISE CONDO FEES

PUT A LIEN ON YOUR UNIT

Looking For A Condo?

Related Posts

Try These Things to Reduce Your Utility Bills

10 Affordable Neighbourhoods in Hamilton for First-Time Buyers in 2025!

Weekend Open House List

Easterly Migration – it’s Happening

The Atlantic Bubble

Jobs

Housing

What You Need to Know Before You Plan a Move

Would You Consider Moving Out East?

Thinking About a Move out East?

Related Posts

Weekend Open House List

Try These Things to Reduce Your Utility Bills

10 Affordable Neighbourhoods in Hamilton for First-Time Buyers in 2025!

Family can mean different things. Whatever group of people makes up your family, your home is your base. How can you be sure, especially now, that the family home is your perfect place?

1. SHARED SPACES

2. BATHROOMS

3. BEDROOMS

4. BUILDING MATERIALS AND FINISHES

5. BACKYARD

6. PARKING

7. NEIGHBOURHOOD

8. SCHOOLS

9. A HOME OFFICE

Looking To Find the Perfect Home in a Great Neighbourhood?

Related Posts

Weekend Open House List

Try These Things to Reduce Your Utility Bills

10 Affordable Neighbourhoods in Hamilton for First-Time Buyers in 2025!

The Big House Has Been Great

Here are 6 indications that it’s time to consider downsizing.