As the vibrant colours of fall begin to take over, it's the perfect time to get your home ready for the cooler months ahead. Here are five essential steps to ensure your home is cozy, safe, and energy-efficient this fall:

1. Inspect and Clean Gutters: Falling leaves can quickly clog your gutters, leading to water damage and potential roof issues. Clean out any debris and ensure your gutters are securely fastened to prevent problems during autumn rains.

2. Seal Windows and Doors: Drafty windows and doors can cause your heating bills to skyrocket. Check for gaps or cracks around frames and use weather stripping or caulk to seal them up, keeping your home warm and energy-efficient.

3. Service Your Heating System: Before the cold sets in, have your furnace or heating system inspected by a professional. Replace filters and make any necessary repairs to ensure your system is running efficiently all season long.

4. Check Smoke and Carbon Monoxide Detectors: As you start using your fireplace or heating system more frequently, it's crucial to ensure your smoke and carbon monoxide detectors are in working order. Replace batteries and test each unit to keep your family safe.

5. Prepare Your Yard: Rake leaves, trim back overgrown shrubs, and store outdoor furniture to protect them from the elements. Additionally, consider aerating your lawn and fertilizing it to help it recover from the summer heat and prepare for winter.

By following these simple steps, you can ensure your home is well-prepared for fall, keeping it safe, warm, and comfortable throughout the season.

• Extra Income: Renting out your house or even just a room on Airbnb can generate significant additional income. This can help cover mortgage payments, property taxes, or fund other expenses or investments.

• Flexible Use of Space: Airbnb allows you to rent your property only when it's convenient for you. You can block off dates when you want to use the space yourself, ensuring that it’s always available when needed.

• Meeting New People: Hosting on Airbnb gives you the opportunity to meet travelers from all over the world. This can be a culturally enriching experience and a way to build connections with people from different backgrounds.

• Property Maintenance: Regularly hosting guests can encourage you to keep your property well-maintained and up-to-date. The steady flow of visitors means you’ll likely keep up with repairs and improvements more regularly than you might otherwise.

• Utilization of Unused Space: If you have extra rooms or areas of your house that aren’t being used, Airbnb allows you to make the most of that space. Instead of letting it go to waste, you can turn it into a profitable asset.

Summary: Unna Real Estate Group can provide a comprehensive evaluation of a client's property, advising on the best way to present it on Airbnb. You can help set competitive pricing based on market trends, location, and property features to maximize earnings

Buying:

When buying a property, several costs are involved beyond the purchase price. Here are the key expenses that buyers should consider:

1. Down Payment

It can vary from 5% to 20% (in some special cases more) of purchase price

2. Closing Costs

Closing costs include various fees and expenses associated with finalizing the real estate transaction. They typically range from 2% to 5% of the purchase price and may include:

• Loan Origination Fees: Charged by the lender for processing the loan application.

• Appraisal Fee: Paid to a professional appraiser to determine the property's value.

• Home Inspection Fee: Paid to a professional inspector to check the property's condition.

• Title Insurance: Protects the buyer and lender against disputes over the property’s ownership.

• Recording Fees: Paid to local government entities for recording the property's sale.

• Attorney Fees: If required or desired, for legal representation during the transaction.

• Credit Report Fee: Charged by the lender to check the buyer’s credit history.

3. Property Taxes

Buyers may need to pay a portion of the annual property taxes at closing, depending on the time of year the purchase is made. These are often prorated based on the closing date.

4. Homeowners Insurance

Lenders typically require homeowners insurance to protect the property against damage or loss. The first year’s premium is usually paid at closing.

5. Private Mortgage Insurance (PMI)

If the down payment is less than 20% of the home's value, the lender may require PMI. This insurance protects the lender if the borrower defaults on the loan. The cost of PMI varies based on the loan amount, down payment, and credit score.

6. Homeowners Association (HOA) Fees

If the property is part of a homeowners association, buyers may need to pay a portion of the HOA fees at closing. These fees cover the maintenance and upkeep of common areas and amenities.

7. Prepaid Interest

If the loan closes in the middle of the month, buyers may pay interest on the mortgage for the days between the closing date and the end of the month.

8. Moving Costs

Moving costs can include hiring movers, renting a moving truck, purchasing packing materials, and other related expenses.

9. Miscellaneous Expenses

There may be other costs, such as utility setup fees, repairs, or upgrades needed before moving in.

Being aware of these costs can help buyers budget effectively and avoid surprises during the home-buying process.

Selling:

Selling real estate involves various costs that sellers should be prepared for. Here's a breakdown of the key expenses:

1. Real Estate Agent Commissions

• Typically the largest expense, real estate agent commissions are usually around 5% to 6% of the sale price. This amount is split between the seller's and buyer's agents. For example, if a home sells for $300,000 with a 6% commission rate, the total commission would be $18,000.

2. Closing Costs

• Sellers are responsible for certain closing costs, which can include:

  • Title Insurance: Protects the buyer and lender from title defects. The cost varies by location and sale price.

  • Escrow Fees: Fees for the escrow service that manages the transaction, including holding and distributing funds.

  • Transfer Taxes: Local or state taxes imposed on the transfer of property ownership. The rate varies by location.

  • Attorney Fees: If an attorney is involved in the sale, their fees are part of the closing costs.

  • Recording Fees: Fees charged by the local government to record the sale of the property.

3. Home Repairs and Improvements

• Sellers often invest in repairs or improvements to make the property more appealing to buyers. This can include fixing structural issues, updating outdated features, or making cosmetic improvements. The cost varies depending on the scope of the work.

4. Staging Costs

• Staging involves arranging furniture and decor to make the home more attractive to potential buyers. Staging can significantly impact the property's perceived value and marketability. Costs vary depending on the size of the home and the extent of the staging.

5. Mortgage Payoff

• If the seller has an existing mortgage, the remaining balance must be paid off at closing. This includes any prepayment penalties that might apply.

6. Capital Gains Tax

• If the property has appreciated in value, sellers might owe capital gains tax on the profit. However, primary residence exemptions may apply. For example, single homeowners can exclude up to $250,000 of capital gains, and married couples can exclude up to $500,000, provided they meet certain conditions.

7. Home Warranty

• Some sellers offer a home warranty to the buyer as a selling incentive. This warranty covers repair costs for major home systems and appliances for a set period after the sale. The cost usually ranges from $300 to $600.

8. Utilities and Holding Costs

• Sellers may need to continue paying for utilities, property taxes, and homeowners insurance until the sale is finalized. If the property is vacant, there may also be costs associated with maintaining the property, such as landscaping and security.

9. Relocation Costs

• These costs include expenses related to moving to a new home, such as hiring movers, renting a moving truck, and temporary storage.

10. Miscellaneous Fees

• There may be additional costs, such as notary fees, courier fees, and fees for obtaining required documents like a property survey or homeowners association documents.

Understanding these costs can help sellers budget appropriately and maximize their net proceeds from the sale.

What to know exactly how much will cost if you buying and selling real estate? Please contact us and find out what is included in our service fee!

As we smell the summer air and feel rejuvenated, there's no better time to cross some home project off your bucket list. We've compiled a list of projects that will make you and your home feel better and may also increase the value of your property.

Let's start with the Cheapest of them all...

A Deep Cleaning

Have you heard of spring Cleaning? Of course you have, let's make it a summer cleaning. Clean the areas of your home that don't get much attention during your routine cleaning, like curtains, Blinds, Basement, Storage Areas, Closets, Kitchen Cabinets, Garage etc etc. Take out the power washer and give the outside of your home a deep clean too. This is the cheapest of all improvement projects but can have a significant increase on the value of your home.

Painting

While painting can become expensive if you hire professionals, which is usually the best way to go, some people have the artistic touch and can give it a go themselves. Summer is a great time to get out that paintbrush and give it a go. Painting not only the inside of your home but some areas outside can give you a significant boost in the value of your home.

Landscaping

What better time to get some landscaping done than summer. Be careful though, landscaping costs can get out of hand. Some people believe that by spending $50,000 on landscaping, their home is now worth 50K more. That is NOT how it works. Improve your home's curb appeal by cleaning up the front yard, planting flowers, adding a flower bed, solar lights, and some decorative touches. That will most likely increase your property's value.

Deck Addition

Well, if you don't have a deck, summer is a great time to build one. If you already have a deck its also a good time to think about some add-ons. Nicer Railings, Accent lighting, or maybe just freshen it up. Power washing your deck and then staining/painting it will definitely give it a better appeal, translating to an increase in value.

New Kitchen/Remodel

We promised to leave the most expensive for last. Kitchens and Bathrooms seem to be the thing that most buyers pay close attention to. So using the summer months for a Kitchen Remodel is ideal. You'll also be able to use the nice weather outside to cook some meals while you're under construction.

Of course, Real estate is so unpredictable and for that reason we at Unna Real Estate Group always advise, never to put all your eggs in one basket. Most buyers are looking for a "complete package". So if you've spent 100K on your kitchen but the rest of your home doesn't look a par, then you probably won't get a good return on your investment.

Reach out to us any time before starting your projects and we can have a chat about them.

Laneway & Garden Suites in Toronto

(Laneway & Garden Suites… What are they? Why are they becoming so popular?)

The housing crisis in the Greater Toronto Area, particularly in the city's core, persists despite market changes, with property values remaining high and homeownership challenging for many.

In response to financing challenges, homeowners have explored options like secondary units to generate extra income for mortgage support, with basement or second-floor apartments traditionally being popular choices.

The Changing Lanes Program introduced by the City of Toronto in 2018 allows homeowners to build Laneway Suites, providing new rental housing options within established neighbourhoods.

A Laneway Suite is a self-contained residential unit situated on the same lot as the main house, typically located in the backyard next to a public laneway, offering additional housing choices.

The Changing Lanes program simplifies the process for homeowners to construct a laneway house without the need for various approvals, making it easier to enhance their property.

Homeowners interested in building a Laneway Suite can reach out to the City of Toronto to determine eligibility based on property criteria.

For properties without access to a laneway, the City of Toronto introduced Garden Suites in 2022, offering detached housing units in the backyard as an additional housing option.

Garden Suites, like laneway suites, provide smaller housing units that can accommodate family members or serve as rental units, aligning with the city's efforts to diversify housing options.

Both Laneway and Garden Suites contribute to various housing factors, increasing property value, expanding rental opportunities, and enhancing homeowners' financial flexibility.

These initiatives offer additional housing solutions and benefits to homeowners, tenants, and buyers in Toronto's competitive real estate market.

As always, different rules and regulations apply on every property, feel free to contact us to discuss this or any other Real Estate Related topic. 

Consistent Flooring

If your home features various types of flooring, consider creating a more cohesive look by sticking to one or two types. This can make your home more appealing to potential buyers. While not all carpet needs to be replaced, consider removing any outdated or stained carpets for a fresher appearance.

Brighten Up the Kitchen

White kitchens are a timeless favourite among buyers. To enhance the appeal of your kitchen, opt for a clean and illuminated white colour scheme. Upgrading cabinets or giving them a fresh coat of paint can also elevate the overall look.

Upgrade Countertops

Outdated countertops can deter buyers. Consider upgrading to materials like granite, marble, or white or gray quartz for a modern touch. If you choose to replace the countertops, ensure that the rest of the kitchen is cohesive to avoid mismatched aesthetics.

Fresh Paint

Before listing your home, painting the interiors is recommended by over half of Real Estate Professionals. Popular choices include Sherwin-Williams Agreeable Gray and Benjamin Moore’s Revere Pewter for a neutral and inviting appeal.

Deep Cleaning

Thoroughly cleaning your entire home can significantly enhance its appeal to potential buyers. Focus on decluttering, deep cleaning bathrooms and kitchens, and paying attention to details like grout lines and mould spots. Consider hiring a professional cleaner for a more thorough job.

Feng Shui: Front Door

• Enhance the front door area with a lovely plant and lights on both sides to attract positive energy.

• The front door, known as the “mouth of qi,” is crucial for welcoming energy and opportunities into your home.

• It sets the tone for visitors and your experience of the space.

Feng Shui: Hallway

• Hallways symbolize opportunities. Keep them clutter-free with coats and shoes in a closet, and add a mirror and fresh flowers to uplift the energy.

Feng Shui: Kitchen

• The kitchen is vital in feng shui, representing nourishment and gathering.

• The stove’s placement is essential for success and control in your life and career.

• Use a Quartz crystal in the refrigerator for enhanced nourishment.

• Remove broken items as they can bring negative energy.

Feng Shui: Living Room

• Ensure furniture is proportionate and does not block doors.

• Use lamps strategically to activate wealth energy.

• Open windows for nine minutes to clear the space.

Feng Shui: Dining Room

• Place a mirror on the wall and fresh flowers on the table to optimize dining space energy.

Feng Shui: Bedroom

• Consider the position of mirrors for a restful sleep.

• Choose light neutral colours, solid headboards, and bedside tables for support and romance.
  
  

Feng Shui: Bathroom

• Keep the bathroom clean with the lid down and introduce plants to prevent wealth drainage.

Feng Shui: Garden

• Maintain the front garden for future prospects and the back garden for health and wealth.

• Well-kept boundaries provide support for the occupants.