With houses selling faster than ever, many homeowners are choosing to sell without the involvement of a real estate agent. Why would anyone do this? For someone unfamiliar with the industry, it looks like a good idea. By selling your house on your own, you avoid paying a commission to the agent. And in this market, you don’t need a lot of exposure to bring in the offers. Simply listing your house on MLS can generate a lot of interest. 

As a result, you see “For Sale By Owner” (FSBO) signs popping up more often.

Many sellers believe they’ll end up with more money in their pocket by selling without an agent. However, this is rarely the case. An agent will almost certainly earn more for you than you ever could on your own, even in this fast-paced seller’s market. How could this be? 

Licensed agents are well trained, certified and have access to many resources an FSBO seller does not.  

Here are a few of the many ways an agent can help maximize your sale.

Listing at the Right Time

When you hear the term “Seller’s Market,” it’s a general principle that more people are looking to buy a home than there are houses for sale. However, prices fluctuate in every market, and timing matters greatly. You can’t rely on general principles if you want to maximize your sale. For example, everyone “knows” that Spring is the best time to list your house. But each city is different, and there are other factors at play. Sometimes a new law comes into effect that can affect housing prices. 

Nothing feels worse than selling your house today, only to find out you might have gotten thousands more by waiting a couple of weeks. 

No matter what the market is doing, there are still better times than others to list your house for the maximum return.

Upgrading the right way. 

As a seller, you know you need to get your house in tip-top shape before listing it on the market. But do you know what upgrades to make? Some renovations will increase your bottom line by thousands of dollars.

Some won’t help at all and are a waste of your time and money. Other upgrades can actually hurt your sale. An agent with experience in your area knows what buyers are looking for. This insight will save you a lot of expense and hassle from performing unnecessary renovations.

Effective marketing strategies 

Many home sellers list their homes on the MLS, and that’s the extent of their marketing. But the biggest single factor in getting the most profit from your house is finding the right buyer.

An experienced agent often has a roster of clients who are already searching for a home in your area.

Finding a highly-motivated buyer means your house will sell quickly, with minimal hassle and at a price you can be satisfied with. 

Expert Selling and Negotiation Skills

Without representation, you’ll have to deal personally with everyone who expresses interest in your home. This means constant phone calls, emails and sudden knocks at the door from passersby who saw your sign.

Do you know how to weed out those who want to beat you down on price and those who just want to walk through because they’re nosy?

And when you do stumble across an interested prosper, are you prepared to do a complete sales presentation and negotiate top dollar for your property? 

As you can see, selling a house is more complicated than you may have thought. And we haven’t even talked about the paperwork yet.

Handling the legalities 

Every real estate transaction involves several legal, binding contracts.

If you accidentally violate one of these agreements, you may end up spending your profits on lawyer’s fees. Or a sale you thought was a sure thing could fall through because of some faulty paperwork.

Think of your agent as an investment.

Many real estate agents provide complete service, start to finish. They even pay many of the expenses of selling your home out of their own pocket, including the staging and marketing expenses. 

If your house doesn’t sell, it costs you nothing.

At the highest commission rate, you only have to sell for 6% more to earn back every penny of your agent’s fees. However, you can expect much more. The average sale through a Realtor® is 20% higher than a sale by owner. What does that math look like?

Let’s say you sell your house for $500,000. An agent would add an extra $100,000 to your final price.

Since the maximum commission would be $36,000, you’d have at least $64,000 in extra profits.

Perhaps even more important than the price is the peace of mind that comes with using an experienced real estate agent. You will likely get more money from your sale, and you’ll have less to worry about and fewer expenses. 

Want to know more about how to sell your house the right way? Here are some other articles that will help:

• Our Top 7 First Time Seller FAQs
• How to Set the Right Home Price the First Time
• The Costs of Selling a Home: What to Expect

Are you ready to take the first step in finding an agent to help sell your home? You can learn more about our process in our free seller’s guide.

If you are thinking of upgrading your home in the near future, you undoubtedly have many questions on your mind. Some are easier to answer than others. 

Want to know how much your current home is worth?  That’s as easy as doing a quick assessment.

The most pressing question that we get asked a lot is “What should I do first?” Is it better to sell your home before you look to purchase a new one? Or should you look now and buy while still in your current house?  Depending on your financial situation, and the current real estate market, there is a strong case for both.

The Pros and Cons of Buying First

The significant advantage here is equity. The longer you keep your current home, the more equity you build. And with the market going up, your home naturally increases in value over time.

You can use this equity to finance your new purchase. Now, you’re building wealth on two properties. Buying first is ideal in many situations, but it’s not the right choice for everyone. 

Who should buy first?

Buying first is an excellent option if both of these scenarios apply:

1. Your finances allow you to hold two properties comfortably. (Interesting fact: this is the exact strategy some investors use to build their long-term wealth!) 
2. You don’t need to move urgently and have time to decide and plan. If you buy first, there is no rush to leave your current house. You can take your time packing and moving, which eliminates most of the stress from the process. Buying first also gives you all the time you need to find the perfect home, and you won’t need to settle for anything less.

The disadvantage is it can be a heavy burden to carry two mortgages. And unless your financial situation is very secure, buying first can be risky. If you cannot make both mortgage payments, you could lose one or both properties.

The best way to minimize this risk is to thoroughly analyze your finances to know if you can afford two payments, and for how long.

It’s also wise to have all the minor repairs and staging done on your current home, so it’s ready to sell on short notice if you ever feel overwhelmed. 

Want to know more about what it means to sell your home this year? Here are some more resources to guide you:

• Housing Market Insight for January 2022
• What You Need to Know About Selling a Home in 2022
• Our Top Seven First-Time-Seller FAQs

The Pros and Cons of Selling First

The advantages of selling first are clear. You have the cash in hand for a down payment on your new home. With this guaranteed financing, you can place strong offers and compete with other buyers. Selling first takes all of the guesswork out of the equation. You will know precisely what price range you can afford.

The disadvantage is how quickly the market can move after you sell. Prices are still on the rise. If you sell too early, you may find it challenging to re-enter the market.

Selling first may also put you in a time crunch. Closing dates are firm and don’t give you much time to find and purchase a new home.

Again, these risks can be reduced by having a plan in place.

You can research what’s available in different areas. For example, a home in Burlington right on the Lakeshore may be out of your price range. But if you’re flexible about your location, you’ll find more affordable options.

With a plan in place, you’ll be in a solid position to move quickly with your sale and subsequent new purchase.

Who should sell first?

You should always sell first if you have any concerns over your finances or you know you can’t bear the cost of two mortgages.

1. Selling first is ideal when you need to move quickly. If relocating for a new career, you probably won’t want the workload of owning two properties even for a short time.
2. You’re not comfortable with the risk associated with buying. Even if your finances allow you to carry two mortgages, it doesn’t mean you should. Deciding whether or not to take that risk is a highly personal choice, and not one to take lightly. 

What does buying a home look like in 2022? Check out some of our other informative articles below:

• What You Need to Know About Buying a Home in 2022
• The True Cost of Buying a Home
• What You Need to Know About the New Stress Test Changes

Whether you decide to sell or buy first, you need a strategy and expert guidance. A professional real estate agent who is familiar with the area is a resource you don’t want to be without. If you have any questions about buying or selling, we can help!

Many Canadians who currently rent are dreaming of homeownership. If you fall into this camp, you may be wondering whether 2022 is the time to make your dream come true. The truth is, there are many things to consider—including which option will most benefit you financially. 

If you’re trying to decide whether to buy or rent the next place you call home, here’s what you should know…

The current market

When you’re thinking about buying, it’s important to understand local market conditions. There’s no doubt that we’ve been in a seller’s market for some time now, and (while we certainly can’t predict the future) there’s no indication that this trend is going to change anytime soon. 

While 2022 has just begun, last month’s numbers can provide us with some much-needed insight. In Halton Region, the average home price is on the rise—and for December, it reached $1.34 million. In Milton, it was nearly $1.35 million, and in Burlington, it was $1.23 million.

In other words, it’s hard to get a foot in the market right now. Given the sums of money involved, it’s critical to think your decision through. That said, if you have the time and resources to compete, there are some substantial benefits to doing so. 

From long-term appreciation to greater financial security, there are many reasons why so many buyers can’t wait to take this step—even if it means starting with a small condo when they’re looking forward to buying a house. Let’s take a closer look at the financial advantages of purchasing a piece of real estate right now.

The first step towards buying a home is making sure you’re informed. You’ll find in-depth information about what the process is like right now in our recent blog posts below.

• How New Government Policies Could Help First-Time Buyers
• Your Guide To The First Time Buyers Incentive. Is It Worth It?
• Best Burlington Condos For First-Time Buyers

The financial perspective

Studies frequently show that in most cases, owning a home is more financially beneficial than renting in the long run. To start with, as The GTA’s population grows, so too does the number of people who need a place to live. That’s putting rentals in high demand, so it’s no surprise that rents are on the rise. Unfortunately, when you pay this monthly cost, your money doesn’t work for you. It helps your landlord pay their mortgage.

If, on the other hand, you decide to buy, a significant portion of your mortgage payments will go towards your principal. In a sense, it can be considered a forced savings account (since you’re constantly building equity). When you look at it this way, you can see how monthly rent can be significantly more costly than your mortgage payments. 

When it comes to improving your financial situation, owning a home gets even better. You’ll not only benefit from equity but long-term appreciation. In the vast majority of cases, local real estate becomes more valuable over time. While the market fluctuates, it also bounces back—and an experienced agent can help you get top dollar when you’re (eventually) ready to sell.

Buying a home also gives you the opportunity to bring in passive income if and when you decide to move into another home. By renting out the living space you buy, you can grow both your bank account and your personal net worth. Having an investment property is also a great way to diversify your portfolio. 

Ready to learn more about the purchase process? Start by downloading our buyer’s guide right here.

Your long-term priorities

Let’s say you don’t have your future financial security in mind, nor are you thinking about growing your wealth by investing. The truth is, you’ll almost certainly need to think seriously about money matters in the years ahead. Owning a piece of property can give you a significant headstart.

Of course, there are other reasons to buy a home, the biggest one being your quality of life. If you’ve always envisioned yourself in a place you can truly call your own—where you can renovate to your heart’s content and take pride in ownership—that’s one of the best possible reasons to purchase if you can afford to.

All of that said, there are situations where renting is the better option. Will it put you in financial peril if you buy today? Are you unsure of where you want to be in the near future? Does the commitment of owning (and all the potential hassle and costs associated with ongoing maintenance) feel like a deterrent?

At the end of the day, the decision to buy or rent is a significant one, and it shouldn’t be taken lightly. The good news is, a real estate professional who’s passionate about what they do should be happy to answer your questions—and help you determine whether buying is right for you!

Have unanswered questions about buying a home? We would be happy to discuss them with you. Get in touch here.

For many Canadians, getting their foot in the door of the real estate market is harder than ever. New stress test rules are making it harder to borrow. While recent years have seen the minimum down payment rules shift in favour of a larger lump sum. And that’s not even mentioning the current seller’s market climate with steep competition and rising real estate prices. 

However, all is not lost and the dream of homeownership is still a viable possibility for millennials and their contemporaries. 

Especially when we consider that a major part of the Liberal Party’s election platform hinged on policies targeted to help first-time buyers. 

Let’s take a look at how some of these programs could help you reach homeownership in 2022:

The Tax-Free First Home Savings Account

Currently, Canadians can draw funds tax-free from their RRSP for a house downpayment, however, the catch is that they are then beholden to pay that money back after a certain period of time. 

The Liberal Party has promised to implement a new type of savings account that will help first-time buyers save for a down payment without requiring them to repay. The account is designed for Canadians under 40 and will allow them to save up to $40,000 toward the purchase of their first home.  

Additionally, if you save $40,000 but do not use the full amount for your down payment, the leftover funds will revert back to an RRSP. 

Did you know that we host monthly webinars for first-time buyers? You can sign up for our latest webinar right here. 

The Buyer’s Bill of Rights

In today’s competitive seller’s market, buyers can feel discouraged about bidding on properties. First-time buyers especially, since they are the ones with less experience and, in most cases, less purchasing power. 

The Liberal Party’s Buyer Bill of Rights intends to soften some of these issues. Policies like a ban on blind bidding, establishing the legal right to a home inspection, and numerous clauses that improve the transparency of real estate transactions in favour of the buyer. 

Ready to buy your first home? Take a look at some of our great resources for first-time buyers:

• How Will Rising Interest Rates Affect Buyers?
• Our Top 6 Milton Condos for First-Time Buyers
• Our Top 8 First-Time Buyer FAQs

Doubling the First-Time Home Buyers Tax Credit

A lot of Canadians rely on the First-Time Home Buyers Tax Credit to help with many of the extra expenses associated with buying a home. It’s a helpful resource to pay for things like closing fees, moving expenses, and more. 

Currently, the tax credit is capped at $5,000 but the plan for 2022 is to increase it to $10,000. 

Want to learn more about getting a mortgage? We spoke with some of our amazing mortgage broker contacts to answer some of the top questions you might have. You can read the post here.

Still Available: The First-Time Home Buyer Incentive

This program has been around for a while now and has seen some improvements made over the year. The incentive is a shared equity mortgage designed to help qualified first-time homebuyers enjoy a lower monthly mortgage payment without having to pay a larger lump sum down payment. 

The incentive is shared with the Government of Canada. And the amount depends on the overall purchase price of your home. Although you are required to eventually pay back the investment, you are not required to pay interest or ongoing payments on the loan. 

Get your buying journey started by downloading our Buyer’s Guide right here. 

It’s happening: 2021 is drawing to a close. The ongoing pandemic has led to plenty of ups and downs this year, and the real estate market has been no exception. Low inventory and high (in fact, record-breaking) home prices have meant that many sellers achieved incredibly successful results—but what will the year ahead bring?

If you’re planning to sell in 2022 and you’re wondering what will come next, you’re not alone. We can’t predict the future of real estate, but given our decades of local experience, we can certainly provide some context and make a few educated guesses.

Here’s what you should know if you’re putting your home on the market in 2022…

You’re in a good position, no matter the home you have

There’s no denying that the local real estate market has been a hot commodity of late, and detached homes have been the most in-demand housing type. We’re seeing many buyers who are seeking more space during the pandemic, purchasing houses with some outdoor square footage. That said, we’re seeing a flurry of activity across housing types.

For one thing, limited inventory means many buyers need to be more flexible. That means they’re purchasing properties that don’t necessarily fit their ideal criteria and those that may not be in perfect shape. In addition, many buyers are looking to the future, thinking about what will constitute a good investment in the years ahead. 

For example, while bungalows have always made fantastic family homes, we’re seeing a resurgence of interest in this particular property type. Often, they afford buyers the opportunity to rent out their basements as separate apartments (an increasingly popular way to make some extra income). In some cases, they also contain the extra space required for the much-coveted home office.

Not only are some buyers more inclined to think about a range of property types, but they may also be more willing to consider various locations. In some cases, former city dwellers are moving away from urban centres in light of the pandemic. This has boded well for sellers in suburban and primarily residential communities—and likely will for the foreseeable future.   

All of that said, consider the fact that interest rates are set to rise by Q3 of 2020. When that happens, affordability will go down for many home buyers. That may or may not have an impact on how you should price your home (depending on who your most likely buyer is). A real estate professional who knows the local market can help you understand all the nuances involved. 

Wondering whether selling with our team is right for you? Learn more about what it’s like to work with us.

• How we Help Sellers
• Our Seller’s Guide

Buyer competition will likely remain strong

As a seller, you’re in a good position right now, as the market is very competitive. The most recently-released statistics for Oakville-Milton reveal that in November, the number of new listings added for that month were the lowest they’ve been in over a decade. At the same time, sales rose by nearly 5 per cent year over year.

Low inventory has meant more buyers competing for properties that are on the market, and we believe we’ll see more of this in the new year. If that happens, it’s going to mean more multiple offers scenarios, quicker sales, and more transactions where the sellers receive offers over asking. 

It’s worth noting that we may see a rise in the number of sellers looking to take advantage of these conditions. Even if low inventory persists to the extent that it currently exists, many of the sellers who do make a move will likely take steps to ensure their property looks its best—and you should too. It could mean the difference between selling your home and selling it for more than you ever could have predicted.

Expert advice will help you make the most of the situation

When it comes to the best time to sell, is the spring still considered ideal? Should your home be staged—or is it unnecessary when the market is this hot? Does it make sense to price your home below market value right now to generate multiple offers?

Sellers always have questions about how to get the best possible price and conditions. That’s especially true right now when many of the so-called “rules” of the market have gone out the window (at least for the moment). The good news is, with conditions so strongly in your favour, it’s a matter of making the best of a good situation.

If you’re preparing to take this life-changing step, your best bet is to find a real estate agent who will help you price, prepare, and market your property for the best possible price. It’s all about building a strategy based on long-term local expertise, which is why it’s so important to find a professional who can provide it. 

Interested in learning more about selling with us? Here are some of our latest selling posts:

• How to Set the Right Price the First Time
• Our Top 7 First Time Seller Tips
• The Costs of Selling a Home: What to Expect

The bottom line

If you’re preparing to sell in 2022, you’re well-positioned to achieve fantastic results. That said, there’s a lot of uncertainty right now, including in the real estate market. Now is the time to do your research and find a skilled agent who can act as your guide. Remember that even in a market that favours you, strategy is a must!

2021 was a landmark year for the real estate market in Canada. Not only did we see some of the busiest months on record, but we also saw housing inventory drop to the lowest level on record. Across the board, it was a record-setting year too, with prices rising and interest rates at the lowest they’ve been in years. 

For buyers, 2021 has been a tumultuous year, to say the least, and if you’ve been following the real estate market closely as we have, you’ll know that buying a home in these conditions is sometimes challenging.

So what does 2022 hold for the real estate market? Only time will tell, but we can make a few assumptions and predictions about what we will see in the new year. In this post, we’re providing our insight and advice on buying a home in 2022. 

Let’s get started…

Interest Rates are Rising

One of the biggest drivers of the current market conditions is the low-interest rates we are currently experiencing. Essentially, the Bank of Canada initially lowered interest rates in an effort to help the Canadian economy during the pandemic. As the country’s pandemic recovery continues to improve, regulators have determined that it is now safe to start increasing the rates again.

Expert economists predict that we will see interest rates go up at least three times in the next year or so, with the first jump happening sometime in the spring. 

As a buyer, this means you should do what you can to lock in a mortgage rate with your preferred lender sooner rather than later. Most mortgage interest rates can be secured for 30-90 days, so even if you are planning to purchase in February or March of 2022, you should get a head start with your mortgage approval process now to fully benefit from the current low-interest rates. 

Our team hosts monthly webinars for first-time buyers. Sign up here to learn everything you need to know about buying. 

The Market Will Remain Competitive

Housing supply remains a significant issue facing today’s buyers. Simply put, there are not enough homes on the market right now to satisfy the demand of buyers who want to purchase. As a result, many homes that are listed for sale sell quickly and often over the asking price. In many cases, listings go into a multiple offer situation where there are numerous buyers vying for the home and competing to present the best offer. 

So far, we believe that the supply issue will remain present well into 2022, and therefore, we will continue to navigate a competitive seller’s market. 

The best way to find success buying in this type of market is to work with a professional real estate agent who knows sellers in your area and can help you by showing off-market listings and helping you to craft compelling offers that will motivate sellers while also preserving your investment and protecting your best interests. 

Looking for your dream home? Check out our featured listings right here.

Tradition is No Longer the Status Quo

Most real estate markets across the country have two distinct ‘busy’ seasons. Typically, the fall market and the spring market are the most active markets in real estate. In fact, many sellers will strategically list their homes at those times because they know that most buyers will be active in the busy periods. 

However, after 2021, we can say with some confidence that this decades-old tradition is not as relevant as it used to be. More sellers are choosing to list their homes at a time that works for them on a personal level. 

There are many benefits to listing a home for sale in the ‘offseason’, and as a result, buyers need to be available and ready at all times of the year, not just during the traditional fall and spring markets.

We’re passionate about helping buyers find their perfect home. Check out some of our buying resources here:

• Our Top 6 Milton Condo Buildings for First-Time Buyers
• 5 Questions You’ve Always Wanted to Ask a Mortgage Broker
• A Buyer’s Guide to Pre-Emptive Offers
• Our Top 8 First-Time Buyer FAQs

Canadians Will Become More Concerned with Affordability

Limited housing supply and increased buyer demand will continue to contribute to rising prices in the Canadian market. However, at the same time, Canadians are becoming more concerned with affordability. 

As a result, homes with investment opportunities such as duplexes and basement apartments might become more popular in the future. 

Along with this type of thinking, many Canadians are still looking for homes with more space. Working from home is becoming more prevalent in the wake of the pandemic, and although buyers won’t exit urban markets at the same pace as 2020, we do expect to see many buyers choose to move out of bigger cities like Toronto and invest in smaller communities with more space and lower prices.

The Liberal Party’s Plans

After the federal election from this past fall, we learned a lot about what the Liberal Party has in store for Canadians when it comes to the housing market. The government has promised to implement policies such as a tax-free first-time home buyer savings account, rent-to-own measures, a buyer’s bill of rights, and improvements to the first-time home buyer’s incentive program, and more. 

How to Buy a House in 2022

If buying a new home is on your list to do for 2022, the best way to go about it is to work with a professional REALTOR®. In a competitive seller’s market when market conditions are not favourable for buyers, you need someone on your side to help give yourself an advantage. 

Professional REALTORS® know the area and the market and can provide you with advice and strategies to appeal to sellers, find your dream home, and successfully buy a house this year. 

Want to learn more about buying a home in Canada this year? Download our buyer’s guide here. 

For many Canadians, homeownership is one of those life goals that you work hard to achieve. And once you’ve arrived, there’s nothing that feels better. However, today, buying your first home can present a challenge. 

One of the best strategies for first-time buyers to get their foot in the door is by purchasing a condo. Condos are a great investment and since they are typically less expensive than single-family detached homes, it’s more affordable for first-timers to save a downpayment and finance the purchase. 

Additionally, condos are typically located in accessible areas close to amenities such as dining, retail, transit, and more. Condos also minimize the maintenance for the homeowner, since much of the building upkeep is covered by condo association fees. 

When you consider the trifecta of affordability, location, and convenience, it becomes totally clear that condos are an excellent investment for those entering the market for the first time. 

If you’re looking for a great condo opportunity, you can start with our top 6 Milton condo buildings for first-time buyers here: 

1. GreenLife Downtown 

Situated at 383 Main Street East in Milton, GreenLife Downtown is a fantastic opportunity for environmentally-conscious buyers. This six-storey condo building features fantastic high-efficiency and environmentally friendly tech such as solar panels and geothermal heating. 

With its prime location in the heart of Old Milton, GreenLife Downtown offers fantastic views of the Niagara Escarpment while remaining close to urban conveniences. 

Built in 2012, the building features various unit sizes and floor plans running from 685-1,375 square feet. One of the main selling points of GreenLife Downtown is the affordable condo fees, ranging from $78-$160 per month, it’s a great value when you consider the building amenities such as the environmentally friendly development, party room, and fitness room. 

Want to learn more about living in Milton? Check out some of our other Milton-centric blogs right here:

• Thinking of Moving to Milton? Check Out These Area FAQs
• Your Quick Guide to Milton Real Estate
• Your Quick Guide to Living in Milton

2. GreenLife Westside

If downtown doesn’t appeal to you, consider the GreenLife Westside building. Built in 2014, this six-storey energy-efficient building is located at 33 Whitmer Street in Milton. Although public transit in this area is not as accessible as downtown, GreenLife Westside has ample parking for residents and visitors who drive. 

The building is close to urban amenities such as the local Shoppers Drug Mart, Starbucks, and Ajs The Grocery found only a 10-minute walk away. Nature lovers can also enjoy the convenience of having several fantastic parks and walking trails nearby including Centennial Park, Rattlesnake Point, and Kelso Conservation Area. 

Like its downtown partner, GreenLife Westside has a variety of floorplans and unit sizes ranging from 647 square feet to 1470 square feet. The building also includes a party room, meeting room, recreation room, security system, and barbecues permitted. 

3. Ambassador Condominiums

The Ambassador Condominiums consist of two six-storey buildings located at 1419 and 1421 Costigan Road in Milton. Build by Valery Homes in 2014, The Ambassador includes 150 units of varying sizes from 602 square feet all the way up to 1,354 square feet. 

Surrounded by green space and featuring beautiful building amenities such as a designer lobby and a sunroom lounge overlooking the yard, this condo was built to impress. The building amenities include a party room and exercise room.

Situated in a quiet residential neighbourhood, The Ambassador is close to the Milton GO Station as well as the 401 for easy commutes and transit access. The area also features abundant parks, walking trails, dining, shopping, and other conveniences. 

4. Viva and Viva2 Condominiums

Built in 2016 and 2017 respectively, Milton’s Viva and Viva2 Condominiums are situated in the residential neighbourhood of Clarke. These four-storey buildings are located at 1360 and 1370 Costigan Road. 

Close to outdoor recreation such as parks, walking and bicycle paths, and more, these condos are perfect for first-time buyers who want to capture the beauty, convenience, and comfort of living in south Milton–an area that is quickly on the rise! 

With one and two-bedroom options and floorplans ranging from 585-1,040 square feet, Viva and Viva2’s open-concept, contemporary design provides opportunities for first-time buyers, investors, and downsizers alike. 

The buildings feature a party room and proximity to transit like the 401 and Milton GO Station. 

Buying your first home can be complicated, but it doesn’t have to be! Read some of our first-time homebuyer blogs right here:

• 5 Questions You’ve Always Wanted to Ask a Mortgage Broker
• Our Top 8 First-Time Homebuyer FAQs
• Multiple Offer Scenarios: Tips for Homebuyers

5. Parkside Residences 

Located at 1379 Costigan Road, Parkside Residences is a six-storey condominium complex built in 2010. As part of the Milton neighbourhood of Clarke, this condo is situated close to many local amenities such as shopping, dining, conveniences, and recreation. 

With units ranging from 619-1,056 square feet, and being an older building, Parkside Residences is perfect for buyers entering the market for the first time. Building amenities include a party room, barbecues permitted, visitor parking, and more. 

One thing to note about Parkside Residences is a pet restriction, so if you have pets, this building might not be for you. 

You can also download our Buyer’s Guide to learn everything you need to know about buying a home with the Katherine Barnett Team. Download the guide for free here. 

6. Art on Main

As the newest condo on our list, Art on Main is an incredibly stylish, luxurious, all-encompassing condo experience. Built by Fernbrook Homes, Art on Main is located at 1050 Main Street East in Milton. 

Featuring 2-bedroom and 2-bedroom + den floorplans, Art on Main is redefining the local condo experience. With exceptional finishings and absolutely astonishing building amenities, Art on Main is sure to attract buyers looking for an elevated experience in one of Milton’s most exciting neighbourhoods. 

Close to incredible neighbourhood amenities and featuring ground-level retail in the building, Art on Main has everything you need. Building amenities include a state-of-the-art fitness centre, pool, party room, billiards room, rooftop terrace, barbecue stations, pet spa, and 24-hour concierge service. 

When you are considering taking your first step into the real estate market, a Milton condo is an excellent investment to start with. Whether you crave the condo lifestyle or you see owning a condo as a great way to build equity before upsizing into a detached home, Milton condos are always in demand for buyers, investors, and renters alike. 

Here at the Barnett Real Estate Team, we strongly urge our homebuying clients to not only see their home purchase as a new start for their family but also as a smart, long-term investment.

Even if our home buying clients intend to live on the property themselves, important factors such as size, location, layout, and more all contribute to the long-term appreciation of a property and can stand to make the home’s owners a lot of money if they decide to eventually sell later on.

However, there are quicker ways for homeowners to start seeing returns on their real estate investments than simply waiting for its value to appreciate over time.

If you’re interested in earning regular passive income from your home while you still own it, consider acting on one or more of these four ways you can start earning money from your home today.

1. Basement Apartments

If you’re lucky enough to own a home with a basement, one of the best ways you can start earning passive income immediately is by renting it out to a tenant. These days, polished basement apartments are very desirable among the renter crowd, and can make ideal homes for singles and couples who want to live in safe, family-friendly residential areas.

Of course, first, you’ll need to ensure your basement actually qualifies as a safe, rentable basement apartment. Depending on where your home is located, you’ll have to consult with your local municipal planning and building departments about your plans to add a second unit or convert your basement into a rentable apartment.

They will be able to help guide you on what constitutes a safe and rentable basement suite and which zoning, by-law, and building code regulations you’ll need to follow and/or implement in order to have your apartment up to code.

There are a number of different codes your apartment must pass in order to comply with your municipality’s safety regulations, with the most common relating to ceiling heights, room sizes, window placements, heating and ventilation, fire safety, electrical codes, and more.

However, once you’ve either had the approval to rent your basement out or to being renovated in order to get your basement up to a safe, rentable standard, you could easily be looking at this method of passive income paying for the majority of your mortgage. Through regular rent payments from your tenant, this is a great way to earn some extra monthly cash flow from your home.

While owning a home with a basement apartment sounds like a great idea on paper, there are a few things you should know about the process before committing to it the idea. To help, here’s our Guide To Basement Apartments And Secondary Suites.

2. Coach Houses

If you don’t currently have a basement, it isn’t up to rentable standard, or you simply don’t want to rent it out at all, you can also explore the route of earning passive income through a coach house or detached guest suite on your property too.

Of course, if you want to be able to legally rent out your coach house, you’ll have to jump through a few of the same zoning, by-law, and building code hoops to get it approved by your municipality and provincial governments as well.

However, considering the current need across Ontario for more affordable housing options, the provincial government actually passed some legislation just a few years ago that encourages homeowners with coach houses to explore renting them out. Although they are currently rare in our region, they may begin to gain popularity as the legislation becomes more widely-recognized.

The list of safety and zoning standards for coach houses are quite similar to those for basement apartments, though they also include regulations surrounding things like the coach house’s size and distance from the main dwelling and street.

Just like our basement apartment example, you may need to spend a little time, effort, and cash getting your coach house up to a rentable standard. However, once you do that, find a tenant, and start earning regular passive income, you’ll soon start to see returns on your coach house investment and make your money back completely — and then some!

How will recent changes to the real estate market affect your buying or selling decisions? Here are some updates you might want to know about:

• Everything You Need To Know About Buying A House In Milton
• How Will Rising Interest Rates Affect Buyers?
• Is Now A Good Time To Sell Your Investment Property?

3. Short-Term Rentals

If you don’t plan on living in your new home full-time, a great option for you to explore while you’re away is to list your home as a short-term rental. Through apps and services like Airbnb, renting out your home for the weekend, week, or even longer is easy — and the best part is, you can tailor it to your personal schedule.

Short-term rentals are ideal if you regularly travel out of town or you’ve invested in a holiday home elsewhere. And the thinking behind them makes sense — if you’re not currently living in your home, why not make some extra cash from it while you’re not there?

As always with short-term rentals, however, you’ll need to make sure the concept is suitable with your lifestyle before committing to listing it on a service like Airbnb. Just like staying in any hotel, your guests will expect certain accommodation standards from their hosts. If you’re not able to easily clean and maintain your rental home between each and every guest visit, you’ll have to hire a property manager or third-party service provider to do that for you.

Ultimately, the success of this concept comes down to how much you stand to make from your short-term guest rentals versus what it’ll cost you to maintain your home for them. If the math checks out, however, and you successfully host your first few guests, you’ll no doubt become more efficient at the entire thing and will start regularly earning some very useful passive income.

At the Barnett Real Estate Team, we help home buyers at every stage of their real estate journeys reach the next stage of their homeownership career. Find out more about our unique home buying process and how we can help you achieve your biggest real estate dreams by reading through our informative home buying guides here:

• How We Help Buyers
• Buyer’s Guide
• Start Buying

4. Long-Term Rentals

Of course, one of the best ways to earn consistent passive income from your home is to list it as a long-term rental. This option is obviously for homeowners who don’t permanently live in their space and have most likely purchased a home for the sole purpose of renting it out.

Whether you’ve got a comprehensive real estate portfolio or this is your first time investing in an income suite for passive income, being a landlord is no easy job. If you thought the sound of setting up your home for short-term Airbnb rentals was a lot of work, you’ll be responsible for doing even more as a permanent landlord.

As the property owner of a tenant’s home, any issues with the home, its functionality, regular maintenance, and any damages will come directly to you, and ultimately your tenant’s problems will become yours. That’s all part and parcel of being a landlord, however, and while it certainly is a lot of responsibility, the rewards can be very much worth it in the long run.

Depending on the size, location, and demands of your long-term rental’s local renter market, you could end up earning enough passive income from your tenants to pay the majority if-not-all of your monthly mortgage payments on the property. Now that sounds like a pretty good system, right?

If you want to recruit a permanent tenant for your long-term rental property, you should also strategize an exit plan if you want to sell your home while they still live there. That’s why we wrote this guide on Selling a Tenanted Property: What You Should Know.

Basement apartments are an increasingly popular trend we’re seeing among homeowners these days. As housing prices continue to rise, and the housing supply continues to diminish, people are looking for alternative ways to navigate the market. 

If you followed the recent federal election, you’d know that housing affordability was a major part of each party’s platforms. However, policies and laws can only go so far and many Canadians want to take things into their own hands. This is where secondary suites and basement apartments come into play. 

Here’s everything you need to know about buying a home in Milton with a basement apartment…

What Defines a Basement Apartment?

Basement apartments, sometimes also called secondary suites or accessory apartments are defined as a “self-contained dwelling” created by converting a section of the main dwelling into a secondary dwelling. 

Basements make popular accessory suites because it’s often fairly easy and inexpensive to turn a basement into its own apartment. 

What are The Benefits of Basement Apartments? 

Whether you’re a first-time homeowner or an empty nester, there are many benefits to having a basement apartment as part of your house. 

Getting your foot into the real estate market as a first-time buyer can be difficult. As home prices in Canada continue to rise, it’s becoming increasingly hard for young people to afford to buy a home. For these types of buyers, a basement apartment is a great option because it means they can collect rent from a tenant to help supplement their mortgage payments, improving affordability overall. 

Empty nesters can also reap the benefits of a basement apartment. These types of homeowners are typically dealing with excess space in their homes. If they aren’t quite ready to downsize but want to maximize the use of their space and make a little extra money, a basement apartment is a great option. 

Basement apartments are essentially real estate investments and can be used to further your space in the market, give exceptional landlord experience, and help you increase your investment portfolio. 

Buying a House with an Existing Basement Apartment vs. Building New

Basement apartments can significantly increase the value of a home. So if you are in the market for a property with an existing basement apartment, expect to pay a higher price initially. 

However, building a basement apartment might take an initial lump sum investment on your part, but in turn, will increase the property value should you want to sell later. 

If you’re currently in the market for a home, and you know you want to rent out the basement, it’s certainly worth looking into buying a house that has an existing basement apartment. It would save a lot of work and time on your part. 

However, it’s also important to consider the ROI. Do some research into how much building an accessory suite would cost vs. how much rent you could charge in that neighbourhood. This might give you a better idea of whether or not buying an existing house with a basement apartment is better for your unique situation rather than renovating and building your own. 

Ready to buy a home? Get started here:

• Our Top 8 First-Time Buyer FAQs
• The True Cost of Buying a Home: What You Need to Know
• A Buyer’s Guide to Pre-Emptive Offers

Thinking About Building a Basement Apartment? Don’t Forget About the Legalities

Building a basement apartment in Milton requires some careful planning and consideration on the homeowner’s part. For example, before you start building, you need to obtain a building permit and ensure your apartment meets certain regulatory standards:

• The basement apartment must be located in a detached single-family home. 
• It must have access to municipal sewer and water with either laundry in-suite, laundry connections, or shared laundry services.
• There must be at least three legal parking spaces on the property.
• Ceiling height must be at least 6′ 11″ (2.11 m), and 6’5″ under beams
• It must not be greater than 85m² or 915sq/ft in size. 
• 45 min floor and wall fire separation (requirements are different in older buildings)
• The dwelling must have its own private entrance.
• The home must have a walkout egress or window egress with a minimum 3.8 sq/ft clear opening.
• The building must have all the appropriate permits and inspections.

Legal vs. non-legal basement apartments is a hot topic in Milton and the GTA. Learn more about it in our blog What Makes a Basement Apartment Legal in Milton here.

How to Maximize Your Basement Apartment Income

Building a basement apartment is more than just sectioning off a part of your home and collecting rent. You are essentially becoming a landlord, which comes with significant responsibility. 

Although no two renters are alike, here are some general features that renters look for in a basement apartment:

• High-quality appliances and finishes (think, faucets, tub, shower, sink)
• Higher-than-average ceilings
• Large, bright windows
• Nice lighting 
• Open-concept floorplans
• All-inclusive utilities 
• Proximity to public transit, healthcare, grocery, and amenities

Read our quick guide to Milton Real Estate here to learn more about the best neighbourhoods for your unique needs.

It’s also important to attract the right type of tenant for your property. Consider your location and your ideal tenant and ensure that you are doing everything you can to attract that type of person to your listing. It’s also a good idea to complete credit checks and have your tenants fill out applications before agreeing to rent the apartment. 

Did you know we host first-time buyer webinars every month? Sign up to join our next webinar for FREE here.

During the restrictive lockdowns of 2020, most Realtors® across the GTA and Ontario recognized that they needed to pivot their business to help cater to an increasingly online demographic. Although real estate is considered an essential service and home showings were permitted during the lockdown, many agents decided to take a more digital approach to showcase properties. This meant investing more in high-end photography, video, and virtual tours.

As COVID cases in Ontario decline, many buyers and sellers are feeling more comfortable with the idea of entering a stranger’s home for a showing or an open house. In fact, the province also recently announced that open houses are now permissible under new guidelines, although, our team still prefers to avoid them for now. However, things are not completely back to normal in our area. There are many things we need to do to ensure our clients are safe, comfortable, and confident during showings.

Here are a few of the things we’re doing to make sure your next in-person home showing in Milton is a smooth, enjoyable experience — whether you’re a buyer or a seller.

At the Barnett Real Estate Team, we’ve been following the latest COVID-19 safety protocols since the start of the pandemic. To learn more, read about What We Are Doing To Keep Our Clients Safe here.

We Typically Start Online

For our buyer clients, we suggest starting off your home showing process virtually. We call this stage our Market Education stage, and it takes place after our initial consultation. Once we’ve established a solid understanding of the types of properties you’re interested in, we present the listings we believe you’ll feel excited about via our virtual Market Education stage.

Here, we’ll detail all of the important features of each listing we’ve identified for you during an in-depth digital presentation and discussion. We’ll sort out what you like about the properties, what you dislike about the properties, and further inform you about the current state of the listings market to help you gain a better understanding of what you’re most likely to find available.

Once we’ve found a listing of interest that you want to view in more detail, we’ll book an in-person showing with the selling party. This way, we not only save on time by not having to physically visit each listing, but things are also much safer for everyone involved.

If you’re thinking about buying a home, you deserve to feel confident that your Realtor® is always looking out for your best interests. Learn more about How We Help Buyers here.

Showing Time Slots

No matter if you’re a buyer viewing a home in person or a seller navigating through the home showings process, every in-person home showing must follow a pre-established time slot guideline.

While this is no new invention in the world of real estate, gone are the days of mass open houses (for our team, anyway) and loosely scheduled showing periods. Today, we need to respect rigid rules need for the benefit of everyone’s health and safety.

The new guidelines are simple — there can only be one showing at a time with solely the potential buyers and their real estate representative present. Additionally, the showings must respect a 30-minute time block, with no overlap between showings.

Are you planning on selling your home for the first time? You’ve probably got a lot of questions. Read through Our Top 7 First Time Seller FAQs here, or Contact Us here to ask us anything more specific.

How to Prepare for a Showing for Sellers

When acting as listing agents, our team also insists on conducting a stringent set of COVID safety measures during each in-person home showing. No matter who they are, each person who enters a listing we’re showcasing must follow our precautionary measures.

For starters, face masks are mandatory for anyone on the premises. Additionally, we also place hand sanitizer dispensers at the primary entryway of the home and in other high-traffic areas as well.

Should there be any specific items or areas within a home the seller doesn’t want visiting potential buyers to touch, we place clear “No Touching” signs near or on them.

Selling a home is no easy task, even if it isn’t your first time around. To see how we help make the entire home selling process easier for our clients, learn more about how we help sellers from the link below or via our Seller’s Guide.

• How We Help Sellers
• Get Our Seller’s Guide

Your Home Away From Home

In order to mitigate the number of people present during a home showing, we always require our selling clients to leave their homes while potential buyers are viewing the property in person. Sometimes it’s just for a few hours, or occasionally it can be for the better part of a day or two.

However, in some instances, when our selling clients have an extensive amount of home showings scheduled over the course of a short period of time we’ll extend our services to find more comfortable accommodations for them that better suit the time period which they’ll be away from home for.

For example, should a selling client need to vacate their homes for a weekend, we would explore the option of putting them up in a hotel room nearby for the duration of their showings. We find this not only alleviates stress levels for our sellers but also allows us to not have to worry as much about timing issues from visiting buyers.

From a health and safety standpoint, knowing our selling clients are far away from any potential exposure to COVID during their home showings also offers us a lot of peace of mind. And from our client’s perspective, they’re able to enjoy the convenience of staying in one stable location during the showing process, which is especially meaningful to them if they have kids, pets, or work from home.

At the end of the day, it’s our goal to ensure all of our clients feel as safe, satisfied, and happy when working with us a possible.

Whether you want to buy or sell a home, the job of a professional Realtor ® is to make your entire experience as easy and enjoyable as possible. Learn more about Why You Should Work With a Realtor® here.