Merry Christmas from Santa's Helper

Best Wishes for 2014

Karen Guy

There's just so many things to be thankful for throughout the year; we all get busy and tend to let the minutes, the hours, and the days drift past without acknowledging the people who are most important to us and that have the most impact in our lives.  Christmas time seems to be that time of year when we are reminded to reflect.

The "C" word, and no I don't mean Christmas I mean Cancer,  seems to touch many people around me.  Did you know that one of four people in your life will be touched one way or another by this dreaded disease I'm starting to refer to as phenomenal....  and not in a good way phenomenal.   For me I'm thankful for my dear friends and family around me.

I am so very proud to refer to my clients as friends.  I wish you all a season of health, happiness and peace.

From my family to yours!!  I wish you all the best of this holiday season and remember.... be kind and patient out there as you never know the struggles of your fellow man or woman.

It's soooo much fun to Elf-around....

I am the GUY that will make a difference! I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake.

Karen Guy, REALTOR®
Coldwell Banker Horizon Realty
C 250.878.3605 O 250.768.8001
http://www.connectwithkaren.com/

TO STAY OR NOT TO STAY – THAT IS THE QUESTION?

TO STAY OR NOT TO STAY – THAT IS THE QUESTION?

Fixture vs Chattel

“But my Mom bought us that espresso maker - it cost us a fortune to pipe the water line to it. What do you mean I can’t take it??!!”

“That mirror was my great grandmother’s – there is no way I’m leaving it for the Buyers – they should have asked for it if it was important.  It’s a family heirloom and we are taking it!”

Thank you to Susan Tough, Managing Broker for Coldwell Banker Horizon Realty for this great article and insight into this subject.  Here is what she has to say...

Through my real estate career as a producing REALTOR®, an Educator and Managing Broker, I use one test that I have found to be the most reliable in getting the point across to the client, very clearly.

I walk through the house with a screwdriver in my hand..... And simply say, “If you have to use this to take it – it stays – so take it down now - before we list the home or be prepared to leave it behind”



If the property is not affixed to real property it is considered chattel property. Fixtures are treated as a part of real property. A classic example of a fixture is a building, which in the absence of language to the contrary in a contract of sale, is considered to be part of the land itself and not a separate piece of property (a garden shed). 

Law students are taught in first-year property courses that chattels are items of moveable or transferable property, unlike land and buildings that are fixed and immoveable. If the items are neither land, nor permanently attached to land or a building, they are, by definition, chattels. (The word chattel dates back to feudal times when cattle were the most valuable item of property — except for land.) 

Typically, if an item is attached to land only by its own weight, it is not usually considered part of the land unless the surrounding circumstances make it clear that they were intended to be part of the land. 

By the same token, a fixture is a piece of equipment which has been attached to real estate in such a way as to become part of the premises, and its removal would do harm to the building or land. 

Using these definitions, a mirror that is hanging on a hook is a chattel and can be removed by the seller. 

The same mirror becomes a fixture if it is permanently attached or mounted to a wall in the house. 

A furnace delivered to a house, for example, is a chattel or item of moveable personal property when it leaves the store. When it is installed in the owner's house, and permanently connected to the ductwork, floor, electrical and plumbing systems, it becomes a fixture that remains with the building when the owner moves out. 

Over the years, courts have attempted in many cases to determine whether an object is a chattel or fixture. Judges will often examine the purpose of the attachment or annexation of the item to the property, and the actual degree or extent of the attachment.

The courts have developed two tests for determining whether an asset is a fixture or a chattel:

• the method and degree of annexation,
• the object and purpose of annexation. 

It is human nature that people want what they are told they can’t have – even if they really don’t want it.  I bet you would be hard pressed to find a REALTOR® who, at some point in their career, hasn’t replaced a mirror, special light fixture, under mount espresso maker, or similar to keep their seller or their buyer happy.

Buyers and sellers of land — and their agents — should always direct their minds to the question of chattels and fixtures before the agreement of purchase and sale becomes firm. 

I posted this blog because I recently had this scenario happen to me and believe me I have learned a lot and have taken away from very insightful knowledge now so that I can do everything in my power for this not to happen again.

I am the GUY that will make a difference!

 I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake.

Karen Guy, REALTOR®
Coldwell Banker Horizon Realty
C 250.878.3605 O 250.768.8001

http://www.connectwithkaren.com/

Looking for that perfect home? ~ The survey says..................

Looking for a perfect home can be an emotional roller-coaster, but a new study suggests finding the right property often comes down to love at first sight.

In its report titled Psychology of House Hunting, the Bank of Montreal found that 80% of prospective homebuyers know if a house is the right one for them the moment they step inside.

But it’s usually a long journey before they get to that point.

The study found that on average, house hunters visit 10 homes before they decide to buy a home, while 68% say they’re willing to settle for a property that’s not “perfect.”

Thirty-three percent say they feel rushed into making a purchase, with that figure rising to 39% among first-time homebuyers.

Those looking for a new home also express a wide variety of emotions, from 48% saying they’re excited, 41% saying they feel cautious and 31% saying they’re optimistic. Twenty-five percent of those polled say they’re stressed through the process, while 21% say they feel anxious.

First-time homebuyers are also more likely to feel stressed and anxious, compared to those who have owned a property before.

“It’s important to take a practical approach when house hunting and have a clear idea of where you stand financially to ensure you make a responsible home buying decision,” said Laura Parsons.

“Doing research ahead of time and setting realistic expectations can help you avoid making an uninformed or rushed purchase.”

The study also looked at the motivations behind a home purchase. It found 44% buy because they felt it was a good investment and 37% say it was a good time to jump into the market.

Twenty-three percent say exploring a new neighbourhood was one of the reasons why they bought a new home, while 18% say it was because they were expecting a baby.

The survey was conducted by Pollara using online interviews with a random sample of 2,000 Canadians 18 years of age and over conducted between Feb. 25 and March 5.

The polling industry’s professional body, the Marketing Research and Intelligence Association, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.

I am the GUY that will make a difference!

I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake.

Karen Guy, REALTOR®
Coldwell Banker Horizon Realty

C 250.878.3605 O 250.768.8001

http://www.connectwithkaren.com/

Pleasant Surprise

I just received this the other day by email ~ what a nice surprise! 

It's always the highest form of compliment when you receive such a wonderful testimonial. 


Back in 2008, after accepting a job transfer to Alberta, we listed our house in West Kelowna. Unfortunately, it was just after the market began to soften, and our house was listed high. After 2 years had passed, and many price reducgtions, we decided to list with a different REALTOR®. I then remembered back to when we first put our house up for sale, having received a visit from a very pleasant and friendly REALTOR® while working in the yard. Her name was Karen Guy. We called Karen, and she helped us set a fair market price and quickly went to work. In less than 2 weeks our house was sold for 99% of asking price.

This winter we decided to invest in a West Kelowna vacation property, so we called Karen. With us not knowing exactly what we were looking for, or what the current market conditions were like Karen patiently and courteously again went to work. We only knew Karen from the sale of our hoouse a couple years earlier, but she had stayed in touch and we felt very comfortable dealing with her. Enough so that when she found us a great deal, we made an offer and closed the sale long distance without ever viewing the property!

If you are buying or selling proeprty, we strongly recommend you give Karen Guy a call, you'll be happy you did.

Melinda and Kim Brigden

Thanks Kim and Melinda for your kind words they mean a lot to me :-)

I am the GUY that will make a difference!

I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake.

Karen Guy, REALTOR®
Coldwell Banker Horizon Realty

C 250.878.3605 O 250.768.8001

http://www.connectwithkaren.com/

Can I put a swimming pool in the backyard?

Can I put a swimming pool in the backyard?
Written by Kelowna Real Estate Lawyer Peter Borszcz.



I can still remember the day when my dad told me that we were putting in a pool at our old Nathan Road home in the Okanagan Mission in Kelowna, BC. It was better than Christmas. My sisters and I lived in that pool every summer thereafter. Swimming has always been an integral part of my life, as Kelowna Aquajet, as a lifeguard at Swim Bay in Peachland, and now taking my daughter swimming every weekend to the H20 Centre.

I get excited when Buyers and Realtors ask, “Can I put a pool in my backyard?”, but the answer depends on a number of factors including:

1. Land Title Restrictions
2. Bare Land Strata Restrictions
3. City of Kelowna Building Permit Requirements
4. Water Input and Discharge Considerations
5. Security and Safety Concerns

A. Land Title Issues

Many different land title charges on a property can affect the placement of a pool on the property. The terms of these charges need to be obtained from the Land Title Office and reviewed with your Real Estate Lawyer. Among the potential “red flags” are Easements, Statutory Rights of Way, and Covenants which may prevent the placement of a pool in the preferred location.

B. Bare Land Strata Restrictions

Bare Land Strata subdivisions “look” like fee simple residential subdivision, but the Strata Property Act will apply and the strata will be able to place rules and restrictions on the use of the property (Ironhorse is one local example). When considering a pool in one of these neighborhoods, the strata bylaws and rules need to be reviewed to ensure a pool is permitted.

C. City of Kelowna Requirements

i. Fences – the City of Kelowna requires that a fence maintained in good repair surround the pool having a height of not less than 1.07m (3.5 ft.) that has no more than a 10 cm gap and designed to prevent climbing. Any gates must be “self-closing”. This is a minimum, and from my experience as both a lawyer and lifeguard, I would recommend that clients go further and install at least a 5 foot fence that does not allow a child to “see through” and be tempted to climb over into the pool area.

ii. Water Input and Management – the City of Kelowna prohibits the filling of a pool until the fence is complete and the home owner should note that some local municipalities have, in the past, prohibited filling of pools in times of drought (City of Vernon). Chlorinated pool water cannot be discharged into the a municipal storm water system (this is both a municipal and federal requirement). A water discharge plan should also be part of the any pool design. If a home owner discharges water and it flows onto a neighboring property, the home owner may be liable under the tort of nuisance for damages that are caused to the neighbor.

Summary

A home owner wishing to install a pool will need to consult a number of professionals, including a Lawyer, BC Land Surveyor, municipal officials, and the pool contractor.

1. Consult your Lawyer and obtain the terms of all registered non-financial charges from your lawyer, including easements, rights of way, registered no build/ no disturb zones, septic easements.
2. Ensure you know the location of the non-financial charges, if unsure contact a BC Land Surveyor and obtain a consolidated site plan.
3. Ensure you have a water discharge plan for the property.
4. Review the current building permit requirements with a City of Kelowna official.

I am the GUY that will make a difference! I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake.

Karen Guy, REALTOR®
Coldwell Banker Horizon Realty

C 250.878.3605 O 250.768.8001

http://www.connectwithkaren.com/

Buyer's Survey Results for 2012 ~ Interesting Stats!

Stats provided by the Okanagan Mainline Real Estate Board. 

For any other market information please give me a call!

I am the GUY that will make a difference!

I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake.

Karen Guy, REALTOR®
Coldwell Banker Horizon Realty

C 250.878.3605
O 250.768.800

http://www.connectwithkaren.com/

5 Tips for Saving for a Down Payment on a Home

5 Tips for Saving for a Down Payment on a Home

I am the GUY that will make a difference!I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake.

Karen Guy, REALTOR®
Coldwell Banker Horizon Realty
C 250.878.3605
O 250.768.8001

http://www.connectwithkaren.com/

Chattels and Fixtures: What are They?

If you are thinking of selling your home, you may be wondering whether you should take the custom-made window coverings with you, or whether that entertainment unit you had specially made for your family room should be sold with the house.

Undoubtedly, these items may be hard to part with. On the other hand, they will probably make your home much more attractive to potential purchasers if you include them in the sale. In fact, it is quite common for vendors to include some items that would normally be considered as "chattels" - such as drapes and appliances - in the sale of their homes as an extra incentive to buyers.

Simply stated, chattels are things that can be removed from a property because they are not attached to the walls or to the property. Fixtures, on the other hand, are things that are attached to the property - things like light sockets, a hot tub or electric wall heaters.

The law is not always crystal clear about what is considered a fixture but your REALTOR® will help you decide and clarify what you want to include in the sale of your home.

Special Circumstances
There may be special circumstances where something that might ordinarily be considered as a fixture is not to be included in the sale, like the antique crystal chandelier you had imported from France.

Make sure this is clearly stated in the Listing Agreement and, more importantly, in the Offer to Purchase. If you are careful to note things you wish to exclude in the listing, other REALTORS® will be in a better position to point out the various items that are not included in the sale to their prospective purchasers before they even make an offer.

Remove from Sight
If you are absolutely certain you want to keep certain items, you may even want to remove them from your home before you put it up for sale. That way, no potential purchasers will see them, fall in love with them and insist that they be included in the sale.

Some items on the property such as water heaters or water softeners are sometimes provided on a rental basis. If this is the case, you should exclude the items from the purchase price or make sure mention is made of the outstanding contract in the Listing Agreement and Offer to Purchase.

Describe Items to be Included
Items that are to be included should be described along with their location in or on the property.

Remember, if you have questions or concerns, don't hesitate to talk to your REALTOR®. He or she is a trained professional who will help guide you smoothly through the selling process.

www.omreb.com

I am the GUY that will make a difference!

I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake.

Karen Guy, REALTOR®
Coldwell Banker Horizon Realty
C 250.878.3605 O 250.768.8001
http://www.connectwithkaren.com/

Deal Yourself a Winning Hand With Skillful Negotiation

Congratulations! After a careful search, you and your REALTOR® have found the right home for you and your family. But don't uncork the champagne yet. There is still some negotiating to do before you close the deal.

YOU want the best possible terms and the SELLERS want to get the best price they can. To some extent, you are adversaries. The difference between a stalemate and a fair compromise may depend on whether you have planned ahead and developed a strategy for success.
Study the cards

To determine if the asking price reflects fair market value, have your REALTOR® research the sale price of comparable homes. If you think the house is realistically priced, don't make your first offer too low. Even though you need room to bargain, remember that the Seller will probably have strong emotional ties to the house; a low offer may be considered an insult and negatively impact your future negotiations. Knowing the market is key.

Your REALTOR® can also answer questions about market conditions, comparable prices and sales in previous years and other context information related to this property and/or the general area.

Ante up
When you decide the time is right, your REALTOR® will assist you in preparing an Offer to Purchase on a standardized form required by law. The Offer to Purchase must give the names and addresses of both Buyers and Sellers, a street address and legal description of the property for sale and a date of possession. It also sets out the price, terms and conditions, amount of deposit, list of goods included in the sale price and a time and date by which the offer must be accepted.

The offer is signed by you, witnessed and, sometimes, accompanied by a cash or cheque deposit. There is no predetermined amount for your deposit - its a negotiable item.

A deposit made by cheque should be payable to the Listing Broker (the company marketing the home) for deposit into the Broker's trust account. If the deposit is cash, a receipt will be provided by the Selling Agent. The deposit money will go into his or her company's trust account and be transferred to the Listing Broker's trust account if your offer is accepted.

Deposits are held in trust until the deal closes and then applied to the purchase price. If your offer isn't accepted, or if you can't meet any of the conditions (included in an accepted offer, your deposit will be returned.

If you are providing a substantial deposit, the money could be placed in an "interest-bearing" trust account to earn interest until the transfer of title. The interest can be paid to either the Buyer (you) or the Seller - this should be negotiated and specified in the Offer to Purchase.

Your REALTOR® who is legally required to present your offer to the Seller and, once that has been done, there is nothing to do but wait while the Seller considers your offer.

The Seller has three choices: to reject your offer, to accept your offer outright, or to counter-offer. To be valid, a Seller's acceptance has to be made within the time specified on the offer. When an offer is accepted - whether immediately or after one or more counter-offers - it becomes a legal contract binding on both parties to the transaction.

Although you hope your offer is immediately accepted, the Seller could come back with a counter-offer. Whatever the answer, it will be quickly relayed from the Seller through the Listing Agent to your REALTOR® and on to you.

The Counter Offer
A counter-offer shows the Seller is interested in reaching a deal but wants to adjust certain items in your offer that weren't acceptable. Usually negotiations simply consist of an offer, a counter-offer and agreement, but more than one counter-offer could be involved. Negotiation takes patience, knowledge and some give and take.

Usually, the key areas for negotiation are price, possession date, terms and conditions and possessions other than the home itself. The back-and-forth interplay of these items will determine where you and the Seller are likely to compromise.

For example, if you stand firm on your purchase price, you might have to take earlier possession to clinch the deal. Or the Sellers might want a little more money than you first offered but may be willing to give you something they weren't going to include at first.

Usually negotiations are minimal. But, if you are involved in more protracted negotiations, always be open and honest about your wants and needs. Frustration or finalization depends on whether both parties show a real desire to reach agreement through openness, good faith and honesty

Play it safe
The Offer to Purchase outlines items normally included in the purchase price of a home. It also has space for extra items that may not normally be included and for items to be specifically excluded.
Items which normally stay with the home - things like light fixtures, cabinets, built-in shelves - are considered fixtures. If there are specific fixtures you want to specifically ensure are included in the purchase price it would be prudent to note them on the offer so that there is no question about it.

Items which are not attached to the property and are movable are called chattels. Examples would be the wood pile, certain appliances, decorative mirrors, fireplace tools, and so on. If there are chattels you want to be included in the deal, ensure your REALTOR® puts them in the offer.

There are sometimes fine lines between what things are considered fixtures and chattels. For example, the built-in system of hoses and outlets for a central vacuum system is considered a fixture, while the canister and accessories are generally considered chattels.  Play it safe and clearly spell out exactly what you expect to be on the property and/or in the house on the day you take possession.

The following items are some of the most common items which should be itemized in an offer:

• central vacuum system
• storage shed
• swing set
• water purifier
• propane tank
• pool accessories
• wood burning stove
• dishwasher
• mirrors
• appliances
• garage door opener
• alarm system
• ceiling fans
• window coverings
• fireplace screen, tools, woodpile

It is essential that the Offer to Purchase clearly states which items stay with the home and which ones the Sellers take with them. Never take anything for granted.

 

Wild cards
You may want to make your offer subject to one or several conditions. Failure to satisfy conditions doesn't affect an agreement's validity but does give a Buyer the right to sue for damages in the event there is a breach of the contract.

A conditional offer may be countered with a special clause or condition called a "time clause". This is used occasionally used by Sellers to enable them to accept a Buyer's conditional offer and still leave room for them to accept another offer if one comes along. It provides for the Seller to give notice to the prospective Buyer that another acceptable offer has been made and the original Buyer now has a specific number of hours - often 48 hours (Sundays and holidays not included) - to satisfy all conditions in the original offer or to withdraw them.

Between shuffles
You will be busy between the Seller's acceptance of your offer and time at which you actually take possession of the property. For most people, arranging financing is a number-one priority. You should also consult a legal professional and provide copies of all required documents to ensure all the conditions of the contract can be met on time.

Don't forget you will need to alert the phone company, utilities, post office and other services of disconnection dates and get installation and connection dates for your new home. You will also have to send the required change of address notices for your driver's license, credit cards, banks, newspapers and others. Tell your friends and relatives about your new address and phone number. Confirm a convenient moving time with the Sellers and make your moving arrangements well in advance.

The transaction isn't complete until you have title to the property transferred into your name. Registering title and mortgage documents at the Land Titles Office requires legal documentation and the payment of legal fees. Your legal professional will do a title search of the property to confirm that the property is registered in the name of theSeller and to see if there are any outstanding caveats, liens or encumbrances registered against the title.

All steps necessary to complete the legalities of the transaction will be done by the legal professional on your behalf, including obtaining a site certificate, zoning memorandum, tax certificate and information from utility companies. Your legal professional will also make arrangements for collecting money due on closing of the deal, prepare documents for your signature and forward funds in trust to the Seller's legal professional for possession and transfer of title clear of all encumbrances.
The transfer of keys will usually be done through the legal professionals office with a variety of trust conditions in place for the exchange of keys and money.

Head for home
Now that you have made all the right moves to close the deal - you gathered market information, were flexible during negotiations and planned ahead - pop the cork on that champagne bottle and toast your new home!

www.omreb.com

I am the GUY that will make a difference!

I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake.

Karen Guy, REALTOR®
Coldwell Banker Horizon Realty
C 250.878.3605 O 250.768.8001
http://www.connectwithkaren.com/

Open House - a Unique Marketing Tool

If you have ever bought or sold a home, you are probably familiar with open houses and the role they can play in the sale or purchase of a home. Open houses are a marketing tool which can help give a home exposure, allowing several potential purchasers to view properties over the course of a day or two - usually on a weekend.

In addition to holding open houses for the public, REALTORS® also conduct open houses for other real estate professionals. This gives them a chance to promote their listings with other REALTORS® and Brokers who may have suitable buyers who would be interested in these particular properties.

Hints for Sellers
First of all, your property should be in top-notch condition to create a favourable and lasting first impression with potential Buyers. Keep your lawn trimmed and tidy. Also make sure that all trees, hedges and shrubs look neat, not unruly. Trim branches that block the view of your home or hide some of its best assets.

Repair any unsightly cracks or holes in your walkway or steps that could prove to be a safety hazard. Don't leave tools and toys strewn around the front or back yards; these detract from the curb appeal of your home, making it look like an obstacle course. They could also prove to be hazardous if someone tripped over them.

If your trim or siding looks dirty, wash it using an appropriate cleaning solution (your hardware store can probably give you tips on what's best to use). And if your paintwork is peeling or blistering, it's time for some cosmetic surgery. A little paint can go a long way to enhance the marketability of your home. If you are unable to tackle the job yourself, hire a professional for best results.

Indoors
Indoors, open up curtains and blinds to let in as much natural light as possible. This helps show your home to its best advantage. And be sure to move any clutter out of sight and rearrange furniture that might impede traffic flow.

Rooms should also be thoroughly aired and as fresh as possible - particularly if you have pets or when someone in your family is a smoker.

Vacate the premises for the day
Your REALTOR® will recommend that you leave during the Open House to help make prospective Buyers feel as comfortable and relaxed as possible. If you are in the house, Buyers are more likely to be intimidated and reluctant to give your home the thorough viewing it deserves.

If you have pets, make sure you take them with you - others may not appreciate them as much as you do.

Secure valuables
Before you leave, put all personal property like jewelry, medications and fragile items well out of harm's way in a safe, secure storage place. Don't leave money lying around. To make sure everything is secure and ready to receive visitors, quickly inspect your home with your REALTOR® just before you leave.

If you have any particular concerns about the open house, talk to your REALTOR® to see what suggestions he or she might have for you.

Tips for Buyers
On the flip side of the coin, if you are a Buyer attending open houses, keep in mind that viewing an Open House is a privilege.

Also keep in mind that the REALTOR® on duty is acting as host of the Open House on the Sellers behalf; the salesperson should be treated with the same respect you would give the Seller.

When asked to identify yourself at an Open House, you should sign the guest register. The Seller has the right to request that you sign the register, providing your name, address and telephone number.

It is also important to refrain from wandering through the house without the salesperson present; if the REALTOR®  is busy, wait until he or she is able to show you around. The salesperson will be able to point out the features of the home you may miss if you look around on your own and can also answer any questions you may have.

When attending open houses, it is also important to clarify up front if you have been viewing homes with another REALTOR® . Keep in mind that the REALTOR® you are working with has gone to a lot of effort on your behalf and won't get paid a commission if you switch to another REALTOR® .
Open houses can be of benefit to both Sellers and Buyers when they are properly planned so be sure to talk to your REALTOR® about them.

http://www.omreb.com/


I am the GUY that will make a difference! I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake.

Karen Guy, REALTOR®
Coldwell Banker Horizon Realty
C 250.878.3605 O 250.768.8001

http://www.connectwithkaren.com/

We've Sold Our Home! Now What?

You have just concluded the negotiation and accepted the offer for the sale of your home, That’s terrific, but now what? While there may be a number of conditions included in the offer that need to be satisfied before the deal is really, really "final" it isn't too early to start thinking about the matters that must be taken care of between now and the day that your house keys are handed to the Buyers.
As you can well imagine all the work is not done yet. With a little attention to detail and with a little help from a number of friendly professionals, most importantly your REALTOR®, your sale should be positive experience.

Legal issues
Hopefully, you fully understood all your rights and obligations found in the Contract of Purchase and Sale before you signed it. If you aren’t quite sure about something now is not the time to be bashful. Contact your legal professional as soon as possible to clear up any uncertainties that you may have. It is crucial that you deal with these issues now and not at 4:28 p.m. on the Friday of a long week-end possession date.

For example, you want to be certain about which items are included with the sale and which ones you are taking with you when you move out. The normal rule of thumb is that items which are attached to the property or are considered a permanent part of the property (fixtures) are included in the sale. Moveable items (chattels) will normally leave with you. The Contract of Purchase and Sale should have detailed any exceptions to these guidelines. If you have any uncertainty in your own mind, deal with them well in advance of the possession date to avoid unpleasant confrontations with the new owners. Small Claims Court is the last place you want to resolve a dispute over a planter box.

Even if you think you understand all the details of your sale, it will still be extremely helpful for you and your legal professional to meet as soon as possible. You will be of great assistance to your legal professional if you collect all of your important documents and deliver them to his or her office in a timely manner. Papers such as closing documents from when you purchased the home: the lawyer’s final report with the survey certificate and sketch (which you would have received after the purchase of your existing home was completed); tax bills and your Title Certificate. Make sure you have your lawyer explain to you all of the closing costs, including legal fees and disbursements. If you aren’t sure, ask again. You should leave the office after your first visit and have a reasonably good idea of what the final net proceeds from the sale of your home will be.

Although there are many important issues, two of the more important ones are the discharge of any existing mortgage and the property tax adjustment. In normal circumstances any existing mortgage on your property must be discharged from the proceeds of the sale. Do you know how much the mortgage payout penalty will be? Have you clarified with the bank when your last mortgage payment will be?

As for property taxes, make sure you understand the adjustment of cash payable by the Buyers to you on possession. Will you be paying the property tax bill and receiving credit on the sale, or vice versa? Although the amount will be adjusted between you and the Buyer, make sure you are aware of who is actually making the payment so that you aren’t financially embarrassed on closing.

Insurance tidbits
Make sure your insurance agent understands fully your particular situation so that you do not have a gap in coverage. If your house is going to remain vacant for an extended period of time between the time you move out and the time the Buyers take legal possession you must advise your insurer. Your insurance company will expect you to obtain a vacancy permit and/or have you arrange for the inspection of the premises on a regular basis. Remember, according to the Contract of Purchase and Sale, you will be responsible to deliver the home to the Buyer in the same condition as they saw it when they made the offer. Any damage occurring between the contract and possession dates will be your responsibility. You should take care to avoid any loss of coverage under the terms of your insurance policy.

Other loose ends
There are numerous details to attend to before you move out. Try to remember to take meter readings of all utilities on possession date and advise the service providers. Contact other services such as telephone and cable television to cancel service in order to ensure that you are not charged beyond the date of possession. Remember that all of these notifications (including house insurance) will be impacted by any last-minute changes in possession date. As a result, you may wish to anticipate any slight variations in the actual possession date when you initiate all notices and arrangements.

Handing over the keys
Possession date is a time of much excitement, hustle and bustle. It is in your best interest to confirm in writing any agreed changes in possession date in order to deal with all of the notifications just discussed. As a courtesy to the Buyer, try to identify a specific time of day when they will be able to move in.  Although you may not be accustomed to being in the retail business, the Buyer is indeed your customer. There is value in having the Buyers relate to you as satisfied customers. The alternative can come back to haunt you.

Try to take care when you move out of the house. Any significant damage caused in the process of your moving out will be your responsibility to rectify. While your family moving crew may only have cost you a few beverages to hire they are not normally bonded for the cost of repairs.

When will I get my money?
This is an important question that you need to clarify with your legal professional. The nature of the land titles system is such that you will be unable to access your funds between the date of possession and the date that the title clears the Land Titles Office. While computerization has greatly sped up this process in the last several years there can still be a significant waiting period, particularly during the summer season.

The Contract of Purchase and Sale provides that you will receive a payment of interest from the Buyer on your sale proceeds between possession date and the date when your legal professional is authorized to release those proceeds to you. In the meantime, if you need the money (for example for the purchase of another home) then you may need to arrange "bridge" financing with your financial institution while you await the release of your money.

Any questions?
If you have questions, do not be afraid to ask your REALTOR® . Your REALTOR®, legal professional, financial advisor, banker and Insurance agent should all be more than pleased to address any concerns or questions you may have.

http://www.omreb.com


I am the GUY that will make a difference!

I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake.

Karen Guy, REALTOR®
Coldwell Banker Horizon Realty
C 250.878.3605 O 250.768.8001
http://www.connectwithkaren.com/

Why Choose Me?

Watch this video:

http://www.youtube.com/watch?v=2mhZG83Sqe0

 

I am the GUY that will make a difference!

 

I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake.

Karen Guy, REALTOR® Coldwell Banker Horizon Realty
C 250.878.3605
O 250.768.8001
http://www.connectwithkaren.com/

Cut Years Off Your Mortgage

With today's lower interest rates, deciding to buy a home is one of the best decisions anyone can make. Financing such a big purchase, however, often means combining savings with money borrowed through a financial arrangement commonly referred to as a mortgage.

Mortgages allow you to pay back the principal - or the amount to be borrowed - plus interest in regular installments. The taxes on your home can also be added to the mortgage payments (this is known as PIT for Principal, Interest and Taxes). Most mortgages are amortized over 25-30 years -  the length of time it takes for you to pay the debt off in full.

For most home buyers, paying off the mortgage is a long-term commitment. That's why it is important to begin looking at options before buying or before renegotiating your existing mortgage. When home buying, your REALTOR® can help you calculate how much mortgage you can afford and provide advice on the many options available.

But even if you find yourself locked into a long-term mortgage you can afford there still may be ways to pay it down and be mortgage-free sooner.

Pre-payment options
Most financial institutions now offer generous pre-payment options. Although many limit how often you can use an option it is well worth checking into them and comparing what one lender offers over another.

Many lenders now permit an annual lump sum payment on your mortgage with the amount going directly to reducing your principal. A lump sum payment of $2,000 a year on an $80,000 mortgage, for example, can cut years off your mortgage.

Other pre-payment privileges include doubling up payments whenever you have extra cash. Some lenders allow additional payments against the mortgage balance up to the equivalent of a full monthly payment on every payment date or several times throughout the year. Accelerating payments by paying every two weeks instead of monthly, for example, can also result in substantial savings over the life of a mortgage.

While taking advantage of pre-payment privileges can save you thousands of dollars in interest costs over the life of your mortgage, it also pays to consider all your options. You may be reducing the principal but you are not reducing your existing payment obligations. You still must make your regular payments.

Pre-payment critics say that if your interest rate is reasonably low you may be able to put the extra money to better use. For example, when you pre-pay $2,000 a year, you reduce your principal but get no tax benefit. Put the same amount of money into a Registered Retirement Savings Plan and you get a tax break. If you invest this amount in a mutual fund at 10 per cent and your mortgage rate is seven per cent, you are making three per cent more on your investment.

Lower your amortization period
The average mortgage must be paid off in 25 years. By selecting a shorter amortization period you can cut years off your mortgage. The shorter the period, the larger the payments, but the more you save on interest and the long-term cost of the loan. Shortening the amortization period is a great idea when interest rates are low and you can afford the larger monthly payments.

Re-finance your mortgage
This is only a good idea if you have a fixed, long-term mortgage and rates have fallen more than two per cent. But the cost of refinancing a loan to get a better rate can be very high. To have your closed mortgage discharged, you will usually have to pay either a three-month interest penalty or an "interest differential", which can cost considerably more.

You can reduce the penalty, which is based on the outstanding principal, by exercising a prepayment privilege and reducing the principal first. This can be done using your own money or by arranging with another lender to borrow enough to discharge your mortgage and pay the discharge penalty. Whatever you decide to do, seek expert advice before re-financing or you may end up paying more than if you had stayed the course.

www.omreb.com

I am the GUY that will make a difference!

I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake.

Karen Guy, REALTOR® Coldwell Banker Horizon Realty
C 250.878.3605 O 250.768.8001
http://www.connectwithkaren.com/

Planning is the Key to a Smooth Move!

After successfully buying or selling a home, the next hurdle most people face is moving. Packing everything you own, taking it to another place and then unpacking it can be frustrating and chaotic. If you want to make your move as pleasant and stress-free as possible, you need to plan well in advance.

Begin by deciding if you will use a moving company and what you want the mover to do - pack, move, unpack or just move what you've already packed. Cost will be a big factor in your decision. That's why it pays to shop around. Get at least three estimates. Be specific about what you will want the mover to do and ask for references. Your contract with the mover should set out the date and time of the move, the number of people and type of truck that will be used, the hourly rate and special materials and services to be provided such as boxes and packing.

Also check with your insurance company that your possessions are still insured while in transit. Buy additional insurance if necessary. If you are moving into or out of an apartment building or condominium, check with the landlord or superintendent what hours are available for moving - and book the elevator.

Many people choose to pack household items themselves and leave the furniture pieces and boxes for the movers to handle. If that's how you are planning your move, get packing well in advance. It can take almost a week for one individual - working at it full time - to pack an average three-bedroom home. Here are more tips:

Smart packing

• Pack first those items you won't be using right away so they'll be on the bottom of your boxes
• Pack one room at a time; don't mix things from different rooms in one box
• Make sure boxes are clean and sturdy; reinforce them with packing tape
• Mark each box with a summary of contents and its destination in your new home
• Never pack medication, money, jewelry or important papers - transport these yourself
• Don't pack anything you don't need or have not used in a few years.  Moving is a great opportunity to get rid of things - have a garage sale or give unwanted items to charity
• If you want carpets cleaned and furniture re-upholstered, do it before your move and have these items sent directly to your new home
• If you have kids, involve them as much as possible.  Get them to pack and mark their own things - this will help them think about the new environment that awaits them
• Transfer all your utility accounts in advance: call your gas, water, electricity, telephone and cable companies.  If you are moving out of the area, close all the accounts and open new ones with the companies that service your new home

Computer equipment

• Before packing your computer, be sure to back-up all the files on the hard drive
• If possible, move the computer yourself; check your owner's manual about packing your computer for a move

Lamps

• Remove light bulbs before packing any lamps
• Pack the lamp shades in separate containers;
• Remove and pack any ceiling or wall lights you plan to take with you

Plants

• All plants are delicate - some plants might not survive even a short trip in a moving van if the weather is too hot or too cold
• Move any plants in your car, if possible, or give them away to neighbours
• Some movers will prepare plants for a move; check to see what services are offered

Appliances

• Appliances with special connectors, such as air conditioners, stoves, dishwashers, washers and dryers, should be disconnected and prepared for moving by qualified service people
• Refrigerators and freezers must be defrosted, emptied and completely dry before moving

 

Moving day

If everything has been packed and labeled properly, things should go smoothly on moving day. Be sure to be around to supervise the loading and unloading of the moving van. The mover will note the condition of your belongings on an inventory list. Make sure that what's written down is accurate. Also, be sure the mover puts down mats and padding on banisters and doorways to protect both your old home and your new home from dirt and damage.

 

http://www.omreb.com/

 

I am the GUY that will make a difference!

I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake.

Karen Guy, REALTOR®
Coldwell Banker Horizon Realty
C 250.878.3605 O 250.768.8001
http://www.connectwithkaren.com/

Choosing the Right Neighbourhood

When buying a home, the neighbourhood you select will not only play a pivotal role in your family's life but will also affect the resale value of the property.

One person's ideal neighbourhood, however, may differ greatly from another's. Regardless, there are some needs and wants that generally do not change. The distance from your new home to schools, churches and shopping, for example, will not only affect how you and your family settle into your new home it will also draw or turn off a future prospective Buyer.

A good first step is to enlist the services of a REALTOR® who works in the area you are thinking of moving to. REALTORS® are familiar with the communities in which they work and can answer many of the questions that you will develop during your search.

Check the lifestyle
A home is part of a larger community and, frankly, some communities are more desirable than others. Some communities are geared more to young families, while others cater to older adults and still others to singles or to an eclectic mix of residents.

Never buy in an unfamiliar community or neighbourhood unless you have spent some time there both during the week and on a weekend, day and night. Drive and walk around. Talk to store owners and people you meet on the street. Ask what they think of the neighbourhood.

If there are vacant tracts of land where you plan to buy, check with local authorities to see what the proposed land use might be. The last thing most home owners want is the development of a mall or high-rise office building across the road from their newly-purchased, residential property.

Don't let particular features in a home that appeals to you override its location and potential subsequent resale value. When analyzing a potential property, ask yourself if you can imagine living  not just in this home  but in this neighbourhood for the long term.

Remember that someday you may have to sell your home to someone else and things that may not be important to you - such as distance to schools, shopping, doctors and work - may be important to other Buyers.

Location, location, location
In addition to finding the right neighbourhood, consider the other homes immediately around the particular property you are interested in. Are they well-maintained and worth the same as, or more than the home, you are considering?

Is the location a quiet area or a major traffic thoroughfare? What kind of privacy does the backyard provide? Does the yard get morning or afternoon sun? If there is no house behind the prospective property, who owns that property and how will it be developed?  Check zoning and proposed development applications with the local municipal or regional authority.

Homes located further away from the centre of an urban area are generally less expensive. Are you prepared to invest the time and money it takes to commute and how long of a commute are you prepared to commit to? Is there public transit and good access to major roads nearby?

If you have children in school, what kinds of schools and services are available? Special needs and French immersion programs may not be as easy to access in some neighbourhoods. Will your children have to be bussed to their school? If a school is close by, will they have to cross any major intersections?

Being too close to a school, on the other hand, may have some drawbacks - few owners want the noise and disturbance of being located right next door.

Finding malls, grocery and specialty stores in urban, residential areas is rarely a problem. But, in neighbourhoods further away from urban areas, you may need to drive to the nearest convenience store. And getting to the local grocery store, pharmacy and other support services may require an even longer trek.

It's great to be located near parks and recreational facilities, but few homeowners appreciate the tennis court lights beaming into their backyards. If the home you are considering backs onto such a property, drive around the area and see how often the baseball diamonds, soccer fields, swimming pools and skating rinks are being used and when.

More serious concerns may involve having such things as gas stations, an airport, railway tracks, commercial developments, major arteries and cemeteries very close by. Before making a decision, think of your lifestyle and how a particular location would enhance or detract from it.

www.omreb.com

I am the GUY that will make a difference!

I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake.

Karen Guy, REALTOR®
Coldwell Banker Horizon Realty
C 250.878.3605 O 250.768.8001
http://www.connectwithkaren.com/

Add Curb Appeal to Your Home

Some people call it "window dressing" but adding visual appeal to the exterior of a home can work wonders for both Buyers and Sellers.

When selling a home, often it's how well it shows on the outside that determines whether the inside ever gets seen. The outside of a home tells a potential Buyer a lot about what they might find inside. If the driveway is cracked, shutters are broken, the paint is chipping, grass and flowerbeds are overgrown, few Buyers will be attracted. How well a home shows will also influence the final sale price.

A fresh coat of paint, minor repairs, sparkling windows, a wreath at the door or a bright border of flowers may be all that is needed to create some quick curb appeal. Investing just a few hundred dollars on simple fix-ups can increase the value of a home by several times that amount.

Making a home look more attractive doesn't always require major improvements. Sellers shouldn't go overboard in major repairs, landscaping and decorating, as most prospective Buyers will take major faults like an old roof or windows that need replacing into account when they submit their offer.

Imagination, not money, is the key to simple fix-ups. Certainly a new railing or new front porch might add a lot of curb appeal but so will a couple of wicker chairs and potted flowers by the front door - at a much lower cost.

Repair any minor damage yourself
Things like replacing a few roof shingles, repairing loose hinges on windows and doors, fixing storm doors and window screens, caulking window exteriors, cleaning and repairing siding and other structural flaws are all easy to do. Home improvement centres are a good place to go for advice.

Clean up the yard
Mow the lawn, trim the hedges, weed the flower beds, get rid of dead trees and shrubs and broken lawn furniture. Shovel the walk and driveway in winter and always rake the yard before winter sets in.

Get rid of clutter
If you have yard construction debris piled up along the side of the house or elsewhere, get rid of it. The exterior should be as uncluttered in appearance as the interior. This includes cleaning out the garage - a major breeder of clutter. Be ruthless. If you haven't used something in a year, give it to charity or recycle it.

Spruce up siding
Before rushing to paint siding, try washing it. For painted wood siding and aluminum siding, use a solution of one cup strong detergent to one quart chlorine bleach in three gallons of water. Be sure to wear rubber gloves, goggles and other protective gear. Work from the bottom up and rinse thoroughly. To clean vinyl siding, hose it down, sponge it with a mild liquid detergent then rinse.

Brighten up with paint
A simple paint job can do wonders for the exterior of a home. To make a low house look more graceful and tall from the curb, emphasize it's vertical features by painting elements such as doors, shutters and corner trim in a colour that contrasts with the siding material A tall house can look more compact by using a contrasting paint colour on windowsills and facia boards or by painting it a dark colour - provided the roof is also dark.

Flower power
Well-placed flowers, trees and shrubs can really make the outside of a home look inviting. Attractive landscaping can also increase the value of a home by as much as 10 per cent. Even without major landscaping, flowers can make a yard look colourful and pleasant. Plant flowers in garden beds, hang them from railings and porch ceilings or add flower boxes to windowsills.

http://www.omreb.com/


I am the GUY that will make a difference!

I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake.

Karen Guy, REALTOR®
Coldwell Banker Horizon Realty
C 250.878.3605 O 250.768.8001
http://www.connectwithkaren.com/

Match Your First Home to the Size of Your Pocketbook

So you've decided to take the big leap and purchase your first home. Congratulations.
Most of us have a "dream home" tucked away at the back of our minds - something with four bedrooms, two fireplaces and a panoramic view. How about a little reality check before you go looking for that dream?

What if all the money you had went into the purchase and mortgage payments for that wonderful home, so there was nothing left over for little repairs, a night out, vacations, new furniture or any of the little things that go wrong from time to time? When that happens, your dream suddenly becomes a nightmare; being over-extended financially is the quickest way to destroy the excitement of home ownership and add stress to your life.

Smart home-buying means knowing what you can afford and being practical about it. Most first-time buyers lack the funds needed to buy a home without assistance from a bank or financial institution. Buying a home means combining savings with money borrowed through a special arrangement called a mortgage.

To keep mortgage payments within their means, most first-time buyers purchase what is commonly called a "starter home". It is just what it says - a way of getting started in long-term real estate investment.

To match the home you buy to your pocketbook you have to realistically assess your needs, determine what you can afford and - usually - lower your expectations. Begin by enlisting the services of a REALTOR. This knowledgeable individual will help you target your home ownership dreams and provide valuable information on mortgage options, interest rates and incentives such as government programs for the first-time buyer.

In the meantime, here are some ways to help you determine how much you can afford.

Set a maximum price range
To determine your "affordability" price range, you must calculate two amounts: the amount of cash you can afford to put toward the purchase (the down payment) and the maximum amount of loan (mortgage) you can comfortably carry. Typically, household expenses should not exceed 35 percent of your gross income.

Put down as much as you can
The key to getting started for most first-time buyers is the initial down payment. This is the part of the purchase price you have to put down as cash. You may be able to buy a home for as little as five percent down, but remember that the larger the down payment, the easier it will be to manage the other expenses such as mortgage payments, utilities and taxes.

An ideal down payment is 25 percent of the purchase price. Keep some cash in reserve though for unexpected expenses related to a home purchase and typical expenses such as land transfer tax, legal fees and moving expenses.

Know how much to borrow
To establish the maximum mortgage limit for you, a financial institution will determine the monthly payment you can afford by calculating your debt-service ratio. List all your loans (car, personal loans, monthly credit card balances). The sum of these and your mortgage payment (including principal, interest and taxes) should not exceed about 40 percent of your gross income. The mortgage payment and taxes should not exceed about 30 percent of your gross income.

Understand interest rates
The size of the mortgage you can arrange, based on payments you can afford, depends on interest rates. The lower the rates, the larger the possible mortgage and the more affordable home-buying will be.

However, there are other variables to consider. How open is the mortgage? Is it portable? Would prepayment be allowed? Discuss your mortgage options with your REALTOR, banker or financial advisor. Decide what's best for you, establish a limit and stick to it.

Look at other sources of funds
If you have been contributing regularly to a Registered Retirement Savings Plan (RRSP) you may have to look no further for your down payment. The federal government's RRSP Home Buyers' Plan allows eligible taxpayers to withdraw up to $20,000 per person ($40,000 per couple) tax free from their plan to buy a qualifying home. However, you have to pay back every year at least 1/15th of the amount taken out until it's all paid back, or there will be a tax penalty.

The Canada Mortgage and Housing Corporation's (CMHC) five percent down mortgage program is available to both first-time buyers and those who have already owned a home. This benefits buyers who can afford the monthly payments but would have trouble saving for a larger down payment. Under the program, CMHC may insure the mortgage on your home (against default in payments) for up to 95 percent of the lending value. An insurance premium of about 2.75 percent of the mortgage loan is charged. This amount can be added to the mortgage or paid on a monthly basis.

Other sources of funds you can tap into for a down payment include savings and investments and loans or gifts from your family or relatives.

www.omreb.com

I am the GUY that will make a difference!

I specialize in selling homes in the in the Okanagan Valley including Westbank, West Kelowna, Peachland with a focus on Rose Valley, Lakeview Heights, West Kelowna Estates and Shannon Lake.

Karen Guy, REALTOR®
Coldwell Banker Horizon Realty
C 250.878.3605 O 250.768.8001
http://www.connectwithkaren.com/