BARBARA GRUMME'S BLOG!

Tenant Screening: IMPORTANT information for landlords

admin — Thu, 17 May 2012 20:09:41 +0000

The #1 piece of advice: Do a credit check!

Its cost is minimal compared to the cost of what could happen if you get a bad tenant.

#2: Never, ever contact a prospective tenant’s existing landlord.

Contact previous landlords. If this is a bad tenant, the existing landlord likely wants to get rid of them.

#3: Knowing what to ask, and the language you use to ask a question, is incredibly important.

There are questions landlords should and should not ask prospective tenants in order to keep on the right side of the law.

By asking very open-ended questions, such as “Tell me about yourself,” the prospective tenant will tell you perhaps a lot you need to know in order to make your decision.

There are ways to stay on the right side of the law and still get the info you need. While you can’t ask an intrusive personal question like “Are you planning to have any more children?” you are allowed to ask: “How many people will be living in the unit? What are their names?”

Adapted from Canadian Real Estate Magazine

Privatized CMHC? Potential impacts on buyers & landlords

admin — Thu, 17 May 2012 18:18:07 +0000

The government could eventually remove itself from the mortgage insurance game — an assertion Jim Flaherty reiterated recently, only weeks after becoming what may be the first finance minister to seriously suggest it.

“Is it inevitable that the government, the people of Canada, will always own the residential mortgage insurance company?” Flaherty told the Senate banking committee “The answer to that is no, it’s not inevitable that that will be forever owned by the people of Canada because it’s not an essential service.”

“I think there is a role to regulate but whether we, the Canadian people, have to be the owners and shareholders of a financial institution to do this is a question,” Flaherty told reporters. “Over time, I don’t think it’s essential that a government financial institution provide mortgage insurance in Canada.”

Flaherty’s comments have amplified speculation that the Conservatives are intent upon eventually creating a CMHC that operates entirely without government backing. Flaherty is also echoing the suggestions of economists from the right-leaning CD Howe Institute, long-time advocates the government abandon its role as CMHC back-stop.

That kind of step back would end the Crown corp’s six-decades-long history in that position at the same time, charge some brokers, threatens the ability of qualified Canadians – especially first-time buyers — to get into their own homes.

To the extent that move makes it harder for Canadians to buy, say analysts, is the extent to which landlords will benefit from an expansion of the rental market.

Adapted from Canadian Real Estate Magazine

Cottages: The new cash cow for investors

admin — Thu, 17 May 2012 18:14:12 +0000

A new Leger poll shows cottage buyers are thinking more and more like property investors. Some new buyers are purchasing recreational properties mainly for the traditional reasons – the lifestyle benefits – while demonstrating a growing interest in renting out those purchases to cover the cost of acquisition.

The Leger poll suggests they are renting out their cottages, cabins and beach homes to ensure they can afford them.

Among intended buyers, 51 per cent said they would rent their property either to a tenant that was referred by someone they knew, or otherwise, to offset the cost of ownership. That thinking represents something of a sea change for recreational property owners. Among current owners answering poll questions, 83 per cent said they do not rent out their recreational property to offset carrying costs. Only 10 per cent indicated that they would “like to.”

On the other side, only 32 per cent of would-be owners said they are prepared to reduce their spend to get into a cheaper property. Even fewer, 25 per cent, were ready to buy a fixer-upper in order to trim property costs.

The survey hints at the growing willingness of Canadians to take on the role of landlord in order to protect the lifestyles to which their generation has become accustomed. Those younger buyers have also seen the cost of cabins in Ontario cottage country more than double in the last 20 years as a scarcity of lakeside lots drives up property values.

But becoming a real estate investor/landlord isn’t the answer for everyone looking to bridge the gap between their funds and the cost of acquisition. Some areas have bylaws that restrict rental activity while others have strict noise regulations that might limit the ability to attract renters.

Adapted form Canadian Real Estate Magazine

7 things graffiti artists don’t want you to know

admin — Thu, 17 May 2012 18:04:12 +0000

Graffit can be a costly issue for affected landlords. The headache goes beyond “curb appeal” and extends to increased vacancies and the cost of removing or repainting tagged walls, doorways, walkways and, even, windows.

And while graffiti removal companies are usually effective, they can also be pricey. Here’s that list of the top seven ways to steer clear of that trouble and avoid being targeted by graffiti artists.

Top 7 things graffiti artist don’t want you to know:

1. For frequently hit walls, property owners looking for the ultimate solution to graffiti can treat their exposed walls to a coating of an epoxy-based paint, which can cost up to $150 a gallon, but comes clean with power washing.

2. In some parts of town, landlords might choose to commission a mural to cover a wall to reduce graffiti, which is one of the City of Toronto’s approaches. In some cases the city will reimburse owners for up to half the cost of the mural.

3. Montreal tried a different approach last year by distributing virgin vines around the city, which are attached to walls by suction cups. Landscaping and plants can reduce accessibility to walls and appeal for taggers.

4. Illuminate the wall with a low-power sodium vapour bulb, which makes colours appear less vivid to the taggers, mounted high up and protected by a grill.

5. Keep objects and equipment, such as garbage bins and ladders, away so they can’t be used to reach higher levels.

6. Avoid painting surfaces in light colours: opt for forest green, or browns. Keep extra paint on hand to easily cover graffiti.

7. Consider the “broken windows” approach – keep grounds tidy and free of refuse and brush. This includes cleaning up graffiti as soon as possible, to make the whole area seem cared for.

From Canadian Real Estate Wealth Magazine

Aging and Home Ownership: Where Do You Want To Be?

admin — Wed, 09 May 2012 17:19:46 +0000

Research published in Statistics Canada’s Canadian Social Trends (J. Lin, “The Housing Transitions of Seniors,” 2005) found that those who waited until over age 65 before downsizing sold their homes in favour of renting, while those who downsized before they were 65 tended to stay owners.

Other trends are noted by Canada Mortgage and Housing Corporation in their recent Housing For Older Canadians publication are:

- the proportion of homeowners without a mortgage increases with age

- the proportion of older Canadians living in apartments increases with age

- activity may be compromised if a person has difficulty hearing, seeing, walking, climbing stairs, bending, etc. … the proportion of seniors with disabilities who require help with everyday activities increases significantly with age

- transportation options have to be considered as well … car ownership decreases with age

- many older Canadians own their home, which is often their most important asset when they retire

You may wish to consider:

How well can you “age in place” in your present home? Will you be able to successfully maintain it, even if you develop disabilities? Are there non-car dependent transportation options in place for you?

The statistics which show those who wait until past 65 before downsizing sell in favour of renting, while those who downsize before 65 tended to stay owners. may provide food for thought if your present home may not be optimal for you in the future. Talk to Barbara about your options if you have concerns.

Why Barbara Grumme?

admin — Wed, 09 May 2012 17:15:59 +0000

In a nutshell …

Honesty, integrity & genuine concern
Hard-working & creative
Top-notch negotiating skills, extensive market & technical knowledge, 20 years experience

Why Century 21?

admin — Wed, 09 May 2012 17:15:04 +0000

In a nutshell …

Power of best-recognized international brand
Niagara Region experts
Personalized, 24-hour/day service from consultants (not salespeople)

Why Hire a Realtor?

admin — Wed, 09 May 2012 17:14:09 +0000

In a nutshell ….

Avoid the pitfalls
Make sure you get the best terms & best price
Protect your best interests in complex, time-consuming negotiations & legal documents

I can help!

admin — Wed, 09 May 2012 17:11:16 +0000

Buying or selling your home is a huge decision that plays an integral part in your financial future. I can give you two things that are invaluable: expertise and experience.

I am there to serve the best interest of my clients. I can guide you through the details of the complicated buying or selling process. My extensive knowledge of the housing market can help you make the best possible choices.

Buying? As your Buyer Representative, I will work for you. You can rest assured that your interests will be well represented. I can help you find the right property, perhaps one that is not on the market. I will explain buying process and procedures, help determine what financing assistance you may need and arrange lender pre-approval. I will review disclosures, documents and regulations, and provide advice on property condition, neighbourhood, etc to help you make informed decisions.

Let me put my 20 years experience, top-notch negotiating skills, & extensive market knowledge to work for you!

I can help!

admin — Wed, 09 May 2012 17:09:24 +0000

Buying or selling your home is a huge decision that plays an integral part in your financial future. I can give you two things that are invaluable: expertise and experience.

Selling? I will develop a marketing plan that can include scheduling open houses, placing advertisements and listing your property. I can pre-screen buyers so only those who are truly interested and qualified view your home. When it comes time to negotiate a price, I can act as a mediator between you and the buyer. This will allow you to remain at ‘arm’s length’ during the often-stressful negotiation process.

Let me put my 20 years experience, top-notch negotiating skills, & extensive market knowledge to work for you!