Posts Tagged ‘Oakville’

My husband and I recently bought a new house. While we had no intention of buying from a developer, after many conversations and much investigation it was clearly the right choice for us. My wonderful husband Chris is used to me talking about houses and the real estate market non-stop so he was not surprised when I asked him one day if we could stop by a builder’s sales office on our way out of town to spend the day with our nephews. Truth be told, I think he was actually warming up to the idea that it was time to move although you would be hard pressed to catch him admitting it. My intentions were really just to understand the new phase being developed by the builder as I do with all the new developments in Oakville. I wasn’t serious about buying for ourselves and yet there we were 6 days later, standing in line overnight waiting to purchase a new home.

When we arrived at the sales office for the first time we were practically laughed at for being so naive as to think that the homes being advertised were still available (how silly of us!). We were promptly told that they were released a month earlier and already sold out for weeks. All I will say is that it was truly an interesting experience to be sitting on the client side of the fence. Even though I live and breathe the local market and knew all the reasons why this was a great investment, my emotions ran high throughout the whole experience. To be honest, if it wasn’t for my knowledge of real estate, I’m not sure I would have been prepared enough to actually purchase new. New home buyers tell me all the time that they wish they had done more research before they bought and I couldn’t agree more. Remember, that while the builder’s sales representatives are available to help, they ultimately represent the interests of the developer NOT you as a buyer. The only way to really know whether or not you are making a wise decision is to do your homework. Below is a list of steps that my husband and I undertook prior to the purchase of our home. As a realtor, I highly encourage anyone thinking of buying from a developer to do the same. Without further adieu, here they are…

Before You Buy From a Developer:

1. Compare the builder’s price to comparable homes in the resale market – how else are you able to determine whether or not the home you are about to purchase is a wise investment? The market has seen several years of steady growth so most new home buyers have enjoyed significant gains when they’ve sold but this upward trend isn’t a guarantee. New homes should ALWAYS be compared to resale homes to determine their value. Don’t just take the builder’s price for granted without doing your research first. Some new home values are much more attractive than others. The best way to compare homes is to look at recent comparables that have sold in similar areas.
2. Confirm the local schools, than expect them to change – Even if you are not planning on having children, it is important to understand your new home’s local school. The majority of new developments attract families with children and this can play a significant factor in resale. Remember that your local school boundaries are likely to change as your neighbourhood continues to experience rapid population growth. Do your homework to understand not only current but also expected future local schools. If you have school age children, the possibility is strong that they will have to switch schools due to changing boundaries so be prepared.
3. Choose your builder wisely – Understand that picking your builder is equally as important as picking your home’s location and layout. You want a builder who has a good track record of customer care both during and post build. I would look at JD Power and Associates New Home Builder Customer Satisfaction Survey in addition to speaking with friends and searching for new builder forums and chat rooms on-line.
4. Talk to people who own a home from the builder you are considering – I personally think this is an essential step. You will never get a truer picture of the quality of a builder than from the people that have already gone through the experience. I strongly encourage you to knock on some doors of older homes built by the same builder and ask the owners what they think of the quality of the home and their experience with the builder. If you aren’t sure which areas are built by the same builder, call a local realtor. I for one am happy to answer people’s questions.
5. Review the zoning and zoning applications of neighbouring areas – The future development plans of the areas surrounding the lot you are interested in is really important. If you don’t want to live next door to a warehouse, major throughway or strip mall, then it is important to review the zoning around your neighbourhood. That vast field next to your lot may not remain that way forever. You can check zoning by visiting the Town of Oakville’s Planning office.
6. Ask lots of questions – Don’t feel pressured to buy just because everyone else tells you it’s a great deal. Instead of just dropping by the sales office, book an appointment with one of the sales representatives for some one on one time and use this time to ask questions about the developer, development, floor plans, etc. Do not leave until you get answers to all your questions.
7. Visit homes still in the building phase - This isn’t possible for every development but if you should be lucky enough to purchase from a developer who has other homes still in the construction phase, try to visit the site after hours. Walk around the properties and pear through windows to check the quality of workmanship and take note of things such as electrical outlets and structural walls as well as the home’s flow and layout – basically all the things you can’t be sure of from a floor plan. My experience has been that you will often find other snoopy home buyers on the sites after hours that can all provide valuable tips about the builder and model you are interested in.
8. Factor In Upgrade Costs BEFORE you buy – Everyone knows that builders often have hefty mark-ups on upgrade costs however these costs vary significantly from builder to builder. A purchase price of $500,000 can easily turn into a final price of $600,000 from one builder and $550,000 from another. It all depends on what the builder includes as standard features and what they charge for each upgrade. If you can’t get your hands on a complete upgrade price list, at least ask your sales rep or design centre for price lists on popular upgrades (ie: staircases, cabinets, granite, etc). This will at least give you an idea of how much you will spend and how big the builder’s mark-up is.
9. Be ready to visit the site often and expect errors – there are literally thousands of components that go into building a home. As a former project manager, I know that not even the best run projects run perfectly. Mistakes should not be large and should not be commonplace but they do occur. Best to be prepared for some mistakes and check in with your builder and home while it’s under construction to make sure things are ticking along as planned. How a builder handles mistakes is very telling so ask other people who have bought through the builder how their issues were resolved.
10. Don’t expect a custom home – There is a huge difference between buying a common floorplan from a major builder and building a custom home. While there is nothing wrong with customizing certain aspects of your home, you must realize that to do so will 1) cost you money 2) result in a larger margin for error and 3) may not turn out the way you expect. My personal take is that it is okay to make some modifications to a home but if you need to change too many structural elements, you are probably better off picking a different floor plan altogether.
11. Understand that the early bird gets the worm – If you decide that the home is right for you, ask the builder’s sales rep when they expect people to start lining up. Our sales rep told us that people started to line up at 5 am for an 11am opening during the last phase they released. We showed up at 12:45am and were 4^th in line. It sounds crazy and it is but it is not uncommon in today’s market for people to start lining up 2 days in advance of a release of homes. Find out what is reasonable for the development you are interested in and be prepared to show up even earlier for choice lots and layouts.
12. Talk to a local realtor before you buy – realtors speak to home buyers for a living. There is no one better to advise you on layouts, lots, colour choices and features that are attractive to buyers. Why not take the time to review your thoughts with a local realtor for a second opinion? You don’t have to follow their advice but it’s better to know before you buy whether or not your home’s features will appeal to resale buyers. I believe most realtors will be happy to discuss your options with you if for no other reason than to build customer relationships and goodwill in the community.

Best of luck to those of you buying a new home. Chris and I are excited to see the progress on our own home and will keep you updated as things progress. If you have any questions or comments about buying new, please let me know. I can be reached at www.lindsaywalls.com, lindsay@remaxaboutowne.com or 905.338.9000.

All the best,

Lindsay

A couple of months ago, Oakville town council reviewed the results of a report measuring the satisfaction and priorities of Oakville residents.  Craig Worden, the Vice-President of Public Affairs at Pollara (the market research firm conducting the poll) had this to say about the 2009 Oakville Citizen survey results - “Based on experience this is among the most positive results I’ve every seen.  It’s really quite uncanny that we had to point to areas of improvement but those areas you actually had positive scores on”.

This is an excellent survey to flip through, especially if you’re curious about what people have to say about Oakville.  To view a copy of the report, please click on this link 2009 Oakville Citizen Survey.

To learn more about issues affecting Oakville, please contact me at 905.338.9000, lindsay@remaxaboutowne.com or visit my website at www.lindsaywalls.com.

Regards,

An increasingly competitive housing environment is prompting a significant number of Ontario homeowners to invest in renovation before listing their homes for sale, according to a recent survey by RE/MAX Ontario-Atlantic Canada.

The RE/MAX Survey of Home Buying and Selling Trends in Ontario, conducted by COMPAS Research, in the first half of 2008 found 79 per cent of sellers said they made improvements to their homes two years prior to listing and more than one third (39 per cent) of them did so with selling in mind. Further indicative of how sophisticated sellers and buyers are becoming, 37 per cent of sellers made upgrades to their home after listing their property for sale. Home sellers are typically spending $21,000 on average in renovations; the most popular of which are updating kitchens, hardwood flooring, and new windows.

“Investing in renovation for the purpose of selling a home continues to grow in 2008,” says Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada.

“Changing market conditions are largely responsible for the upward momentum in residential investment which is up four per cent to $6.9 billion in Ontario for the first half of this year, compared to last year at the same time.

We are seeing two clear trends emerging with some homeowners looking to boost resale value by renovating and others choosing to bring their home up to today’s standards by upgrading areas that are dated. In either case, the end result is a product that will more likely yield top dollar when it is time to sell.”

Renovations can drastically influence a home’s market value. The RE/MAX Survey found the wealthiest homeowners (those with an income of $150,000 or more) spent the most on renovation at $37,663 on average, while those earning under $30,000 spent the least at $8,263. Renovation costs typically increased with housing values, with the cost of refurbishing a home priced at $500,000 or more topping out at $55,974.

With buyers visiting an average of nine properties before settling on the one they want to call their own, sellers need a distinct advantage over the competition,” says Polzler. “Location is still the primary factor for buyers, but a property’s condition also plays an important role. Our Survey found properties with updated kitchen cabinetry, hardwood flooring, new windows, an open concept and a finished basement appeal most to today’s selective purchaser.”

As your local real estate agent, I understand which renovations attract top dollar for your home. To learn more about my approach to home buying and selling, please contact me at 905.338.9000 or lindsay@remaxaboutowne.com.

All the best,

Lindsay

*Article excerpted from a September 17, 2008 press release by RE/MAX Ontario-Atlantic Canada Inc.

It is only natural to question your home investment during times of economic turbulence.  While newspapers and TV broadcasts report on national and global findings, real estate conditions vary from community to community. We are certainly not experiencing a sub-prime mortgage crisis similar to the U.S. but we also don’t live in a bubble. So how exactly do you determine the impact on your own home? Simply put, you need to be armed with local real estate knowledge.

Like the rest of the GTA, Oakville has enjoyed a sellers market for several years with record housing prices, high turnover and quick sales. Many sellers found themselves in multiple offer situations. What we are now seeing is a return to a more balanced market meaning better buying opportunities, lower demand and longer turnaround times for homes listed for sale.

The softening economy is slowing down real estate sales but underlying market fundamentals remain strong. Historically, Oakville home values have weathered well even in recessionary times. Oakville’s proximity to major urban centres within the Golden Horseshoe make it a desirable location for commuters. Combined with its reputation for great schools, community programs and community feel, Oakville will
remain a desirable place to live for many years to come.

Despite what many believe, Oakville home prices have actually increased on average by 8.18% in 2008. By comparison, in 2007 which is considered by most as an extremely strong year, the average Oakville home rose 4.72%.

The biggest difference in 2008 has been a 15% reduction in the level of housing inventory. Historically low interest rates and positive returns have encouraged many people to buy and sell real estate over the past several years. As the economy softens housing inventories in Oakville are returning to more historical levels.
If you are planning to buy or sell your home the best advice I have is to speak with a local real estate professional. As a RE/MAX sales representative, I live and breath the Oakville real estate market every day. I have access to local market statistics and will advise how best to prepare your home for sale, price your home for maximum dollar and attract qualified buyers. Simple steps make a big difference in the successful purchase or sale of property.

Even in softening markets, homes that are prepared properly, priced correctly and advertised effectively enjoy large returns and quick sales.

The selling process should be both a profitable and rewarding experience. I keep this in mind at all times, measuring my ultimate success on my clients’ satisfaction. If you are interested in selling your home and would like a free market evaluation of your property, please contact me at  905.338.9000  or
lindsay@remaxaboutowne.com.

All the best,
Lindsay

With great schools, safe neighbourhoods, diverse economic opportunities and a great standard of living, it is not surprising that Oakville’s population is expected to grow approximately 40% in the next 15 years. The challenge for the Town of Oakville is to control the growth in a manner that maintains or increases Oakville’s desirability. The recently approved North Oakville Secondary Plan was designed to do just this.

“North Oakville” is the largest (and one of the few remaining) undeveloped stretches of land in Oakville. It is bordered by the area North of Dundas Street, South of Hwy 407 West of Ninth Line and East of Sixteen Mile Creek. It is the largest development plan currently underway in the Province of Ontario.

After more than 5 years of planning, the Town of Oakville approved the North Oakville Secondary Plan in January 2008. Highlighted below are some key facts on the area:

• The area will contain 1500 acres of green space which will create North Oakville’s natural heritage system. To put it in perspective, North Oakville’s green space will be more than twice the size of Manhattan’s Central park and is larger in scale than Vancouver’s Stanley Park. The community’s goal is to be the cornerstone of the most environmentally sensitive new community in North America.
• Trafalgar Road just North of Dundas Street will be developed as a trendy uptown development with restaurants, shops and boutiques similar in style to Oakville’s downtown Lakeshore Road area.
• Development is planned to encourage pedestrian traffic and provide easy access to public transportation. North East Oakville will be comprised of 14 unique neighbourhoods, each with a broad range of housing opportunities ranging from executive housing on large lots to high rise apartment and condominium buildings. An extensive walking trail will link the different neighbourhoods together.
• Area is targeted to attract approximately 50,000 new residents and 25,000 new jobs over the development span of 15+ years. A business park located along Highway 407 will contain prestige office space.
• “North Park”, a state of the art sports park including an arena, soccer fields, cricket pitch, leash free dog zone, skateboard facility, splash pad, playground and other park amenities began construction this summer. It will be located just west of Neyagawa Blvd, North of Dundas Street. Phase 2, scheduled for development in 2015 will include a community centre and library centre. Phase 3, scheduled for development in 2018 will include outdoor sports fields.
• Planning for a new state of the art Hospital at 3^rd Line and Dundas Road is well underway. Construction is anticipated to commence in 2010; occupancy is expected in 2013. A Master Plan is currently in development to confirm hospital size and services however it is expected to take into account future needs and population growth.
• Mattamy Homes is the area’s largest land owner. It is anticipated that the first new homes will be available in 2011/2012. Construction in the area is expected to commence in the next couple of years.
• North Oakville East has been divided into two areas that will be known as “Joshua’s Meadows” and “Glenorchy”. A Plan for North Oakville West is currently under review by the Town of Oakville. This area will be known as “16 Hollow” and “407 West”.

Everything that I have read and heard suggests that protecting Oakville’s spirit and sense of community is at the very heart of North Oakville’s development plans. I am comforted knowing that the Town of Oakville recognized the need to take their time to develop a plan that will benefit existing residents and attract new ones to the area. It is one of the many reasons I love practicing real estate in the area. For more information on the North Oakville Secondary Plan, visit the Town of Oakville’s website at www.oakville.ca or clink on this link for direct access to the plan http://www.oakville.ca/Media_Files/planning08/Final_approved_North_Oakville_East_Secondary_Plan.pdf.

As always, I encourage your feedback. To leave your opinion or ask a question about North Oakville or other real estate opportunities, please contact me at lindsay@remaxaboutowne.com or 905.338.9000.

Calculate the Energy Efficiency of Your Home … and get an edge on your neighbour

Falling victim to rising energy costs? Thanks to a new energy assessment initiative, you can now find out exactly how energy efficient your home is. For a cost of $150 ($300 total cost less $150 Ontario Government Rebate), a licensed or independent energy advisor will perform a residential energy assessment to identify how your home uses energy and where it is being wasted. You will be given a report detailing where your energy dollars are being spent and what you can do to reduce costs. Your home will also receive an energy rating label comparing it to similar homes in your area. This service is brought to you by Natural Resources Canada, Office of Energy Efficiency.

Should you choose to make some or all of the recommended energy retrofits made by the assessor, a new energy label will be applied against your home and you could qualify for a grant of up to $5000 from the Government of Canada. If you are thinking of selling your home or starting a new renovation project, I highly encourage you to take advantage of this program.

You benefit from reduced energy costs and when the time comes to sell, having a lower energy rating label versus your neighbours is a great selling feature for prospective buyers. With rising energy costs and environmental awareness, creating an efficient home will also help create a saleable home.

Please click on the link below to learn more about this great program at the Office of Energy Efficiency of Natural Resources Canada http://oee.nrcan.gc.ca. As always, contact me at lindsay@remaxaboutowne.com or 905.338.9000 to discuss how to get the most of your buying/selling experiences.

Regards,