Homeownership offers many advantages over renting including:

Advantages of Buying versus Renting

While owning your own home has many benefits, there are still risks to consider:

Disadvantages of Buying versus Renting

However, all things considered, home-ownership is by far one of the best single investments you can make given the potential long-term benefits.

When does it make sense to buy?

If your children are going to be at University/College for as long as 5 or 6 years in some cases why waste all that rent money?

You can purchase a smart investment which should pay for itself and return you a profit!

Case Study – 5 Bedroom Condo – Close to UWO

This case study is based on factual figures. We have a number of clients who own these very condos.

PurchaseDetails

Purchase Price – $189,000

Down-payment(20%) -  $37,800

Mortgage Rate (as of May/2012) – 5 Yr Variable @ 2.8%

Land Transfer Tax (1 time payment) -  $1,615

Legal Fees & Disbursements – $ 2,000

Rent Received – 5 Bedrooms @ $425 per room = $2,125 ($1700 if your child lives rent free)

Monthly Costs

Mortgage Payment –   $620

Condo Fees – $177

Utilities – $250

Property Taxes – $180

Insurance – $55

Total Monthly Costs - $1282

Rental Income – $2,125

Monthly Profit -  $843

Year 1

Gross Income – $10,116

Less 5% Vacany Rate – $505.80

Less 5% Maintenance Reserve – $505.80

Less Legal Fees + LTT – $3,615

Net Income – $5489.40

Year 2

Gross Income – $10,116

Less 5% Vacancy Rate – $430.80

Less 5% Maintenance Reserve – $430.80

Net Income – $9104.40

Contact us today to discuss more great student rental options around London!

Stewart@londonontariorealty.com

j_odland@hotmail.com

519 933 6198

“Before any move, focus on how you want to live. People don’t think enough about why they’re moving,” said Mary Jo Zeller, director at Gero Solutions, which manages moves for seniors. “Increasing numbers of downsizers these days want to exchange the worry and expense of maintaining a large property, for the luxury of low maintenance and the opportunity for more leisure time.”

Emotional ties to the family home is one of the main barriers to downsizing, but equally, deciding on where to move to, and what style of property will best suit, can be just as daunting a prospect.

During the downsizing process you may be surprised at how attached you have become to your possessions and how difficult it might seem to part with them. A good tip is to start getting rid of your items a few months before your move so donate, recycle, e-bay and give away some of those items you really don’t need anymore. This will make the move much easier and your smaller home less cluttered.

Decorators recommend sketching floor plans for your new home to see where all your current furniture will fit. You shouldn’t wait until you move in to discover that there’s just no room for that armoire or extra stools.

For those already on the top of their property ladder, they may find that reversing course and heading down is the right decision for them.

 
“The number of active listings at month’s end was up by 2.5% – our inventory or supply of available homes. This is the kind of market REALTORS® like to see – lots of activity. Sellers see that properties are moving at a good pace and buyers have a wide array of choices. In other words, our local market continues to be balanced.” says President Barb Whitney.

 
50 homes sold in London’s Sister City of St. Thomas in March – 17 fewer units than the previous year. The average price for a home in St. Thomas stands at $186,571 Year to Date – up 9.1 % since January 2012.The average price for a home in LSTAR’s jurisdiction Year to Date climbed at $232,757 – an increase of 3.4% over that of January 2012. The average price for a detached home over that same period rised at $247,784 – up 4.9 % , while the average price for a condo stood at $169,962 –up .5% from January.

 
The following chart, based on data taken from CREA’s National MLS® Report for February 2012 (the latest information available), demonstrates how homes in LSTAR’s jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centers.

The best-selling house style in LSTAR’s jurisdiction last month was the two-storey, followed by the bungalow, then the ranch, then the townhouse condominium.

​Real estate agents also agree that carpeting does not impress potential buyers, but hardwood floors are always a draw. Engineered wood floors impart warmth, depth and richness to a home’s decor that cannot be matched by carpeting, tile or vinyl flooring.
​Despite the existence of modern architectural trends in flooring, hardwood can still compete with floor tiles and other artificial materials. It comes in a variety of colors and grains; light, medium, or dark shades; and a variety of sizes, styles, finishes and species.Maple, mahogany and oak are the most popular woods, but some homeowners are investing in exotics such as Brazilian cherry and purpleheart.
​The Environmental Protection Agency has said that indoor air quality is one of the top health threats and wood floors can help contribute to a healthy living environment. In fact, a recent EPA study found that pesticides used in gardens and homes accumulate on floors and other surfaces in the home, but that wood floors greatly reduce the accumulation of such toxins. Hardwood floors also do not trap or harbor dust mites or molds.
​Though wood floors will probably need to be refinished at some point, when properly taken care of they are much easier to maintain than other floor surfaces.The NWFA recommends regular sweeping of hardwood floors with a soft-bristle broom or dust mop to remove surface dirt and debris. If your floor contains beveled edges, it recommends using a vacuum with a soft bristle brush attachment to remove dirt and debris from between the floorboards.
​Having hardwood floors could be the difference between selling your home or watching a potential buyer walk out the door on a less-appealing type of flooring.