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        <title>Calgary Real Estate Blog</title>
        <link>http://www.justinhavre.com/blog/calgary-real-estate/</link>
        <description>Justin Havre's Calgary Real Estate Blog brings you the latest market news and property listings, as well as tips for buying or selling a home. </description>
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            <guid>http://www.justinhavre.com/blog/the-best-of-the-best-calgary-neighborhood.html</guid>
            <link>http://www.justinhavre.com/blog/the-best-of-the-best-calgary-neighborhood.html</link>
            <author>justin@justinhavre.com (Justin Havre)</author>
            <title>The Best Of The Best Calgary Neighborhood</title>
            <description> <![CDATA[ 
In 2011 Avenue Magazine ran a survey looking for the best Calgary neighbourhood. Which neighbourhood won this prestigious honour? Elboya.


As part of the inner city with mature trees proudly lining the streets, this is a part of Calgary that rightly deserves its fame for being the best Calgary neighbourhood. Elboya is like a piece of hidden nature with downtown lurking only 4 km away. Green space and pathways surround this neighbourhood of single family homes and condominiums.


If you have a family and want the best of the best this area may be exactly what you need. There are 2 elementary French Immersion elementary schools, 2 French immersion and 1 regular junior highs and 3 high schools - 1 regular and 1 French immersion.


Stanley Park is a favorite for area residents with tennis courts, an outdoor pool, a beach, sports fields and much more. It is the perfect place to head to with a picnic basket in hand and a bottle of sunscreen for the day.


The hilly terrain of Elboya offers a great view of the Rockies in the West and the cityscape of Calgary to the north. The Elbow River runs along the north side, which helps to contribute to this community's "back to nature" feel.


Walkers and joggers will love the supply of trails. Calgary's pathway system is connected to Elboya and major transportation routes are close by.


This is the perfect neighborhood if you're looking for a piece of sanity within the beating heartbeat of Calgary. It's a place where you can raise your children safely but close enough to downtown to take part in the hustle and bustle of city life. It's rare to see this type of special community in any city and the close-knit members of this neighborhood certainly appreciate it. In real estate terms land values will always keep their value plus rise over time. The average price for property in Elboya right now is slightly less than $1,500,000. This is for homes only.


With the older homes there are plenty of opportunities for renovations to make the home your own in this best of the best Calgary neighbourhood. This is prime real estate for sale in Calgary and it really doesn't get any better than this folks.
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            <pubDate>Tue, 01 May 2012 21:55:00 -0600</pubDate>
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            <guid>http://www.justinhavre.com/blog/alberta-feel-it-great-video-that-will-show-you-why-we-love-it-here.html</guid>
            <link>http://www.justinhavre.com/blog/alberta-feel-it-great-video-that-will-show-you-why-we-love-it-here.html</link>
            <author>justin@justinhavre.com (Justin Havre)</author>
            <title>Alberta Feel It - Great Video that will show you why we love it here</title>
            <description> <![CDATA[ 



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            <pubDate>Thu, 05 Apr 2012 23:07:00 -0600</pubDate>
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            <guid>http://www.justinhavre.com/blog/canadian-foreclosures-are-not-as-lucrative-as-foreclosures-in-the-us.html</guid>
            <link>http://www.justinhavre.com/blog/canadian-foreclosures-are-not-as-lucrative-as-foreclosures-in-the-us.html</link>
            <author>justin@justinhavre.com (Justin Havre)</author>
            <title>Canadian Foreclosures are not as lucrative as Foreclosures in the US</title>
            <description> <![CDATA[ 
As Realtors here in Calgary we get daily request from buyers that are seeking foreclosure homes that are for sale in Calgary &amp; surrounding areas. These buyers seem to believe that they can get a great deal on bank owned properties just like buyers and investors in the US are picking them up for cheap. Canadians need to understand that our housing market and banking system is completely different than our neighbours to the south.


First of all What is a FORECLOSURE?


Foreclosure is the legal right of a bank or lending holding a lien on the property to gain ownership and control or the right to sell the property and use the proceeds from the sale to pay off the mortgage that is in default along with legal fees, commissions, court costs, property taxes, etc. This process is different in US because in Canada the laws are different.


In Canada, there are two main methods that a lender can use to gain ownership or control over the property where the loan is registered on title is in default. The first one is the bank or lender taking title to the property and then selling it. The other allows the lender to get a court order to sell the property without having title.


It is true that both the banks in Canada and the US would want their non-performing loans off their books so they can lend that moeny to other borrowers to earn interest on performing mortgages.


In Canada, a bank or lender must protect the property owners equity. The bank must attempt to obtain fair market value of the property in the current market. This is where the major difference lies between Canadian foreclosures and foreclosures in the US. Whichever way the bank goes about selling the property or what the outstanding mortgage is that is in default, under the Canadian Securities Act, a bank is mandated to achieve FAIR MARKET VALUE for the property. So buying a Canadian property through the bank's back door at a huge discount is unheard of in Canada. It does happen in the US and we see it all the time on Real Estate TV Shows from the US.


So how does this process work in Canada?


Typically the bank will be in communication with the borrower if a mortgage payment has been misses. If after 30 days, the bank still does not receive the mortgage payment, the banks lawyer will then send a demand letter stating that they require the borrower to pay off the entire mortgage balance since the borrower is in default and has not made a payment.  If the mortgage is not paid off immediately, the bank will then start the foreclosure process. The property owner then has a redemption period of typically up to 6 months where they can either refinance the property to payoff the outstanding mortgage, interest and legal fees. Once the initial redemption period is over the property owner or any other loan holder with a registerd lien on title may request an extension of the redemption period of up to an additional 6 months. If the property owner has very little or NO EQUITY, this period will not be extended and the bank takes control of the property either through a Final Order (becomes the owner of the property) or by Conduct of Sale ( takes control of the property sale)


When the bank has control over the property, they will hire a local Realtor to conduct a Comparative Market Analysis of the property as well as obtaining an independant appraisal. The bank or the lawyer representing the bank will often use the appraisl to set the asking price of the property or set the list price very close to it.


The bank is mandated to get fair market value for the property and they must prove this in court that the property was property marketed and seen by as many potential buyers as possible to achieve a final accepted offer. The bank can't accept an offer that is substantially lower than the asking price, especially if it has only been on the market for a short period of time, as there is not enough proof that the bank attempted to obtain fair market value for the property. If there is very little traffic or interest in the property, the bank will usually adjust their asking price every 30 days as the Realtor will conduct a Comparative Market Analysis every 30 days to the bank or the lawyer handling the sale. Unlike many typical property sellers, the Banks will contine to lower their asking price until they get an offer. Depending on whether the bank is the tile holder of the property ot if they are conducting the sale through a court order, the offer may require court approval to be accepted. If the bank has title of the property, then no court approval is require and once the offer is accepted and the buyers condtions are lifted, the sale is Final.


If a bank has the title of the property and if they use a lawyer to represent them in the sale, the lawyer will usually have about a 10% flexibility in their asking price without having to go to the bank for approval. Usually when a buyer makes on offer on a Bank owned property, a Schedule A usually forms part of the purchase contract. This document basically protects the bank and the buyer acknowledges that they are purchasing a property "AS IS WHER IS, WITH NO WARRANTY OR REPRESENTATION" No Real Property Report will be provided by the Bank so if there are any encroachments or issues with the land survey of the property, the buyer will then take full responsibility of these. No Chattels or appliances are included, if they are left on the property, who knows if they work or will work.


I have personally sold Bank Owned properties where we have had people lined up down the drive way to view the property and with competing offers selling for $25,000 over list price. Now the buyer paying that price, could have gone up the street and bought a well cared for home where they do have a seller who has taken good care of their property.


So Buying a Canadian Foreclosure Property at bargain prices or at 50 cents on the dollar simply DOES NOT HAPPEN.


If you are facing FORECLOSURE see our usefull links at the bottom. If you need to sell 
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            <pubDate>Sun, 12 Feb 2012 11:20:00 -0700</pubDate>
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            <guid>http://www.justinhavre.com/blog/wanted-altadore-properties-with-minium-50-foot-frontage-calgary-real-estate.html</guid>
            <link>http://www.justinhavre.com/blog/wanted-altadore-properties-with-minium-50-foot-frontage-calgary-real-estate.html</link>
            <author>justin@justinhavre.com (Justin Havre)</author>
            <title>Wanted: Altadore Properties with minium 50 Foot Frontage - Calgary Real Estate</title>
            <description> <![CDATA[ 
We have active clients that are looking to purchase properties in Altadore in SW Calgary. These properties must have a minium of 50 foot of frontage and will be used for redevelopment. If you are thinking of selling your home in Altadore, please do not hessitate to contact us before you list your home with anyone else.


Contact Us HERE 


 
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            <pubDate>Sun, 05 Feb 2012 16:02:00 -0700</pubDate>
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            <guid>http://www.justinhavre.com/blog/calgarys-real-estate-market-predicted-to-see-modest-gains-in-2012-and-2013-says-real-estate-expert.html</guid>
            <link>http://www.justinhavre.com/blog/calgarys-real-estate-market-predicted-to-see-modest-gains-in-2012-and-2013-says-real-estate-expert.html</link>
            <author>justin@justinhavre.com (Justin Havre)</author>
            <title>Calgary's Real Estate Market predicted to see modest gains in 2012 and 2013 - Says Real Estate Expert</title>
            <description> <![CDATA[ 
Calgary's Housing Market expected to take off in 2013


In an recent interview with local radio station 660NEWS, Canadian Real Estate Investment Network guru Don Campbell predicts that the Calgary Housing Market will take off. He indicates that the best way to predict house gains is by tracking job growth and population numbers.


Don Campbell says that between now and 2016, Calgary and Edmonton will become Canada's hot beds for real estate. He predicts that house prices in these two cities will rise by 5 to 7% in 2012 and post gains of 7 to 10% in 2013.


What do you think? Do you think he has any merit in his predicitons?
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            <pubDate>Thu, 17 Nov 2011 15:20:32 -0700</pubDate>
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            <guid>http://www.justinhavre.com/blog/august-brings-incredible-interest-rates-as-low-as-299.html</guid>
            <link>http://www.justinhavre.com/blog/august-brings-incredible-interest-rates-as-low-as-299.html</link>
            <author>justin@justinhavre.com (Justin Havre)</author>
            <title>August brings Incredible Interest Rates as low as 2.99% </title>
            <description> <![CDATA[ 
This last week has brought some great news for people that have been sitting on the fence or are thinking of making a purchase in the Calgary Real Estate market this fall. If you thought that 3.49% interest rate was good on a 5 year fixed mortgage, think again. There are two major banks are&nbsp;now currently offering this mortgage option at 3.09% with a rate hold for 90 days. Another major bank has countered this by offering a 4 year fixed rate mortgage for 2.99%.&nbsp; 

&nbsp;So if you have a 5 year fixed rate mortgage of 3.09% (Amortized over 30 years) It would cost you $425.40 per month per $100,000 you borrow. At 2.99% this would drop your monthly payment down to $420.07. 

If you would like some more details on who these lenders are, feel free to contact us and we can put you in touch with some of our preferred lenders. We anticipate that this will take a lot of people off the fence and make it a very active fall market.
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            <pubDate>Mon, 15 Aug 2011 07:53:05 -0600</pubDate>
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            <guid>http://www.justinhavre.com/blog/understanding-closing-costs.html</guid>
            <link>http://www.justinhavre.com/blog/understanding-closing-costs.html</link>
            <author>justin@justinhavre.com (Justin Havre)</author>
            <title>Understanding Closing Costs </title>
            <description> <![CDATA[ 



 
Closing costs &mdash; the list of charges that you need to pay to complete a real estate transaction &mdash; come as a surprise for many home buyers. Since closing costs are additional costs over and above the price of a home, you should budget at least 2.5% of the purchase price for closing costs, in addition to the down payment.

Your exact closing costs depend on where you live, how much you are borrowing, and how you are financing your mortgage.&nbsp; The rules and regulations surrounding the various mortgage fees can be complex, and can vary from lender to lender.&nbsp;

Below you will find a brief explanation of these costs. Some of these fees may (or may not) apply to your specific situation. Use this is a guideline and then talk with your lawyer or real estate agent who can provide a more realistic estimate for your situation. 

Home inspection fee: A professional inspection is a definite must for buyers purchasing properties older than 5 years. A typical home inspection can cost anywhere from $300-$400, but that they are well worth the investment. Typically, a home inspection&nbsp; is not required if you are purchasing a new home. 

Legal costs and disbursements: A lawyer or notary will charge a fee for their professional services for work involving drafting the title deed, preparing the mortgage, and conducting the various searches. The disbursements, on the other hand, are out-of-pocket expenses incurred, such as registrations, title search, supplies. These fees usually cost between $600-$800.

Mortgage appraisal fees: Lenders usually require a professional appraisal of the market value of the property in order to process your loan. This could range from $100-$250. This may be waived depending on how you negotiate the mortgage with your lender.

Land survey fee or title insurance fee: A recent survey of the property is usually required by the lender, and if one is not available, it normally costs anywhere from $600-$900 for a new survey. In lieu of a survey, most lenders today will accept Title Insurance, at a much lower price of approximately $225.

Land Transfer Tax: Most provinces charge a land transfer tax payable by the buyer. This tax, which is based on the purchase price, varies from province to province. In Alberta there is no Land Transfer Tax

High ratio mortgage insurance: This is required if your down payment is less than 20%.

Fire Insurance: All mortgage lenders will require a certificate of fire insurance to be in place from the time you take possession of the home. The cost can vary depending on the property size and extras being insured, as well as the insurance company and the municipality. The cost can vary anywhere from $250-$600 for most properties.

GST/HST is payable for newly constructed homes. Many builders include this cost in the purchase price so that the buyer does not have additional fees at closing. Therefore, on the offer, the purchase price will say &quot;Plus GST&quot; or &quot;GST Included&quot;, and it will identify who will receive the new home GST rebate


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            <pubDate>Fri, 05 Aug 2011 16:54:15 -0600</pubDate>
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            <guid>http://www.justinhavre.com/blog/market-watch-june-2011-resale-housing-market-sees-high-gains-in-may.html</guid>
            <link>http://www.justinhavre.com/blog/market-watch-june-2011-resale-housing-market-sees-high-gains-in-may.html</link>
            <author>justin@justinhavre.com (Justin Havre)</author>
            <title>Market Watch - June 2011 Resale Housing Market Sees High Gains in May </title>
            <description> <![CDATA[ 



 
Positive economic news and low borrowing costs led to strong sales through the first five months of the year, including the increase in May. At the same time, the market has become much tighter compared to last year, due to a substantial dip in new listings.

Overall, the market is in a balanced position, however there are significant differences amongst individual communities and property types stressing the importance of getting local expertise if youre thinking of buying or selling.&nbsp;Ontario - residential condominium market sees highest gains in May 

Toronto, June 3, 2011  Greater Toronto REALTORS reported 10,046 sales in May 2011  up 6% compared to May 2010. This result was the second best on record for May under the current Toronto Real Estate Board (TREB) service area. The number of new listings in May, at 16,076, was down 15% compared to last year.

&ldquo;Positive economic news and low borrowing costs led to strong sales through the first five months of the year, including the increase in May,&rdquo; said TREB President Bill Johnston. &ldquo;At the same time, the market has become much tighter compared to last year, due to a substantial dip in new listings.&rdquo;

Homes were on the market for an average of 23 days and sold for an average price of $485,520  up 9% compared to $446,593 in May 2010. The strongest rate of price growth was experienced for single-detached homes sold in the City of Toronto.

&ldquo;We have seen clear-cut seller's market conditions emerge over the past two to three months,&rdquo; explained Jason Mercer, TREB's Senior Manager of Market Analysis. &ldquo;The robust price appreciation that we have seen will hopefully prompt more households to list, resulting in a more balanced market later this year,&rdquo; continued Mercer.

The median price was $400,000 in May, compared to $376,750 recorded during May of 2010.

Hamilton, June 3, 2011  The Greater Hamilton, Burlington and their outlying areas experienced an increased number of listings for the month of May and a small decrease in the number of sales overall.

The average sale price of all properties rose again in May when compared to last year. The largest gain in average sale price was in the residential condominium market.

&ldquo;The condominium market in our area is where we saw the most growth in May,&rdquo; said REALTORS Association of Hamilton-Burlington (RAHB) President Ann Forbes Arndt. &ldquo;The average sale price is up almost 11% over May of last year and sales were higher than the 10-year average for the month.&rdquo;

Residential sales saw a slight decrease in the number of sales compared to May of last year, while the average sale price rose 3.8%. Year to date residential unit sales were 8.4% lower year than last year.

&ldquo;Every community in our jurisdiction has their own localized market with larger swings than we see in the overall numbers,&rdquo; said Arndt. &ldquo;Hamilton Mountain saw a 20% increase in numbers of sales, while Dundas showed a decrease of 32.4%. Dunnville is a smaller community but has seen big increases in sales over the same month last year, percentage-wise.&rdquo;

Burlington had the largest increase in average sale price at 8.8%; other areas with significant increases in average sale prices in May were Hamilton Centre and Ancaster. Dunnville and Grimsby were the only communities with significant decreases in average sale price.

British Columbia  Fraser Valley housing market shows local variation

Fraser Valley, June 2, 2011  The Fraser Valley Real Estate Board processed 1,608 property sales on its Multiple Listing Service (MLS) in May, an increase of 9% compared to 1,477 sold during May of last year, and an increase of 6% compared to Aprils 1,516 sales. 

Sukh Sidhu, president of the Board, reports, &ldquo;Overall, the Fraser Valley market is in a balanced position, however there are significant differences amongst individual communities and property types stressing the importance of getting local expertise if youre thinking of buying or selling.

&ldquo;For example, sales of single family detached homes in South Surrey/White Rock, Cloverdale and North Delta remain brisk with those markets favouring sellers, however in Abbotsford and Mission high inventory and downward pressure on prices is good news for buyers. In Langley, Surrey Central and North Surrey, conditions are balanced for sales of detached homes.&rdquo;

Variation is also evident in home prices. In May, the benchmark price for Fraser Valley detached homes was $529,810, an increase of 2.8% year-over-year. The benchmark price is the predicted sale price of a typical property in the Fraser Valley. Contrast that to Mays average price of $630,870 for detached homes, an 11.6% increase compared to May 2010  influenced by the sale of higher-end homes or homes with larger lots.

Sukh Sidhu explains, &ldquo;The average price and its percentage change often do not provide an accurate picture of the real market, which is why we talk about prices of &ldquo;typical&rdquo; homes that most people are buying or selling.&rdquo;

In May, the benchmark price of Fraser Valley townhomes was $324,730, a decrease of 1.1% compared to $328,295 in May 2010. The benchmark price of apartments was $250,988 in May, a decrease of 0.5% compared to the $252,221 price in May of last year.

May finished with 2.9% more active listings on the MLS than it had in April  9,978 compared to 9,697  however, 12.6% fewer than the 11,411 listings that were active during May of 2010. The Board received 3,070 new listings in May, an increase of 5.2% compared to April and a decrease of 11.2% compared to the 3,457 new listings received in May 2010.

Alberta - local housing market up

Edmonton, June 2, 2011  The local real estate market is looking up according to the current statistics released by the REALTORS Association of Edmonton. The average residential sales price is up, the price of a single family detached home or a condo is up, number of sales is up and inventory is up over the previous month. 

&ldquo;Local market housing sales this year are tracking as we forecast in January,&rdquo; explained REALTORS Association of Edmonton President Chris Mooney. &ldquo;Historically for the month of May, the days-on-market (50 days) is at the second lowest point in four years while the sales-to-listing ratio at 53% is at the second highest point in the same period. Both metrics are a good indication of market optimism.&rdquo;

The average price of a single family detached home in May was $380,545, up a quarter of a percent from last month. An average priced condo sold for $241,079, up an amazing 3.65% from April. Duplex and row house prices declined 2.96% month-over-month but the average residential price (including all types of residential properties) was up 1.39% from a month ago.

Median prices in most housing categories were up: single family detached up 1.13%, condo up 3.64%, Duplex/row house down 2% and all residential up 0.8%. There were 1,857 residential sales in May (up 24.9% from April) with listings of 3,525 properties (up from 3,278 in April). As a result, inventory increased from 7,715 properties to 8,180.

&ldquo;There is a wide range of property on the market right now but it is turning over quicker than in recent months,&rdquo; said Mooney. &ldquo;The local economy is picking up, the demand for labour is increasing but the national situation is keeping interest rates low. We anticipate increasing prices and sales through the summer ahead as we originally forecast.&rdquo;

Total Edmonton and area MLS System sales in May were $701 million for an annual total-to-date of $2.574 billion. 


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            <pubDate>Thu, 16 Jun 2011 09:57:40 -0600</pubDate>
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            <guid>http://www.justinhavre.com/blog/tips-for-securing-your-basement-windows.html</guid>
            <link>http://www.justinhavre.com/blog/tips-for-securing-your-basement-windows.html</link>
            <author>justin@justinhavre.com (Justin Havre)</author>
            <title>Tips for Securing Your Basement Windows</title>
            <description> <![CDATA[ 



 
Basement windows present a significant security vulnerability for many homes. Although the basement itself may not hold anything of value, often doors or windows leading to the basement are not as well protected as other entry points to the home, and therefore, burglars see it as easy access to the rest of your home.

Here are a few quick tips to guide you through improving the security of your basement windows.

Use good outside lighting Make sure your basement windows are always well-lit during the evenings and at night. A dark place is always more likely to be broken into.

Keep basement windows visible from the outsideA basement window that is concealed by plants or shrubs is attractive to burglars because it provides them a cover under which they can easily operate.

Install security bars and good locksHeavy security bars made of iron or steel offer sufficient protection against intruders. However, you must install these bars in such a way that firefighters can still use the window as an exit point, in case of an emergency. Most of these bars can be manipulated from the inside so that the window can provide an escape route.

Use a reliable set of locks and keys for the basement windows, if they do not have secure latches or other locking mechanisms. However, you must be able to open at least one window in the basement without the use of keys, in an emergency situation. 

Advertise your home security systemA monitored home security system is one of the most effective ways of preventing break-ins. Make sure any passers-by can clearly see your home security stickers. Your basement windows must be secure and set up in alliance with the security system.

Use shatter-proof glassTo improve the security of your basement windows, it can also be beneficial to have shatter-proof glass installed as a replacement for regular glass. Since basement windows are usually fairly small in size, installing shatter-proof glass can be relatively affordable. Unless you have experience in glass installation, its highly recommended that you hire a professional to upgrade the glass in your basement windows. Research professional glass installation services in your area, and choose a highly rated service provider that has positive customer reviews.

Block the view into the basementUse glass block for your windows, so that any outsider cannot peek in and see what is going on inside your basement. The intruder will not be able to tell if the basement is empty or occupied. Glass block is also extremely strong and difficult to shatter.

Plant tactical landscapingTo help limit access to your basement windows, you can also use tactical landscaping methods. Plant low, thorny bushes around your basement windows, making them difficult or nearly impossible for an intruder to access. If you are worried about the appearance of your home, you can use Hawthorne, Rosebushes or Barberry bushes to create a visually pleasing &ldquo;barrier&rdquo; around your basement window area. If you need to have access to your basement windows, you can also use thick, thorn-free shrubbery that still provides limited access.

The most effective home security strategies are those devised with your home's particular layout and weaknesses in mind. Always remember to protect every potential entry into your home, not just the ones you use every day.


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            <pubDate>Mon, 06 Jun 2011 10:20:13 -0600</pubDate>
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            <guid>http://www.justinhavre.com/blog/deciding-between-a-new-or-existing-home.html</guid>
            <link>http://www.justinhavre.com/blog/deciding-between-a-new-or-existing-home.html</link>
            <author>justin@justinhavre.com (Justin Havre)</author>
            <title>Deciding Between a New or Existing Home</title>
            <description> <![CDATA[ 



 
When trying to decide whether to buy an older home or a newly constructed one, many questions come to mind. Start by educating yourself and knowing the pros and cons of each. 

Real estate agents don't like to call a house a &quot;used&quot; house. It makes it sound too much like a used car, doesn't it? But when you're buying a home you only have two choices: new or used. Real estate agents prefer to call a used home an &quot;existing home&quot; which sounds a lot nicer!

If you're deciding between buying a new home and buying one that someone else has owned, you need to consider several issues. 

In most cases, existing homes have a touch of character with their own charm and details. They are usually located in more established neighbourhoods with mature trees and desirable landscaping, and may be closer to city services such as schools, libraries, hospitals, shopping centres and public transportation.

Older homes may have better quality materials and workmanship that are too costly for newer homes, and may come with window coverings and appliances which are often included with the home. If you are lucky, you may still get an updated kitchen and bathrooms if the home has been renovated. 

However, existing homes are generally less energy efficient and are typically more costly to heat and cool. They may need updating and require expensive repairs, and sometimes it may be difficult to find or match older building materials. 

Newer homes usually have bigger rooms, more built in wardrobes and closets, and more bathrooms. If you are building a new home you can also influence the layout and the finishes within the home as part of the negotiations with the builder or developer.

Whereas with an existing home you will inherit what the previous owner built or remodelled over time. Very rarely will an existing home be built and finished exactly to your liking. Think about how much renovating you'll need to do to an existing home. If you can buy an existing home that's been totally renovated in a great neighbourhood within a good school district this might be a better choice than moving into a newer neighbourhood with an unestablished school district.

On the other side, buying a newly-built home tends to cost more than an existing home, unless you buy outside of the city, where land is cheaper. Of course, you will have to consider the price of gas to get to your job.

And it isn't just about getting to your job. You'll also want to think about how long it will take to get to a grocery store, dry cleaners, your kids' school, your house of worship and other places you get to by car.

While new homes are more expensive, they might also increase in value faster than an existing home. That said, it may be challenging to buy a new home in your neighbourhood of choice, unless you buy a lot, hire a developer and build your own home-which can get quite costly.

However, with new homes you get warranties and guarantees on appliances that come with the new home. Dangerous building materials, such as lead and asbestos, will likely not be a problem. A new home will meet modern safety and building codes and usually use building materials that offer improved insulation, thereby reducing your heating bill.

You may be able to upgrade or customize such features as floor coverings or paint colours and sometimes the floor plan. New homes often have more closet and storage space and most importantly don't require as much maintenance. 

New homes though have their own disadvantages. Higher taxes could be required to bring water, gas or electrical services to a still under-populated area. Resale could be difficult if the entire neighbourhood is not yet complete, and you may have to cope with construction noise, dust and mud. New neighbourhoods frequently lack the relaxing appearance of mature trees, and your new subdivision may require costly landscaping. 

You can make the case for and against buying either a new home or a &quot;used&quot; home. It's great to live in a brand new home, but there's nothing like the feel of an established neighbourhood. The bottom line is price: it depends on what you want to spend, where you want to live, and what kinds of amenities you'll want to have.


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