"Real"ator Encouragement for a New Home Owner

I don't know about you, but I rarely* look at mail from realtors. Whether its targeted - "I have buyers for your home" - or just the glossy, guy-on-the-bus stop post card, it hits the blue box. On a related note, one of my managers suggests you should never buy a house whose face you could sit on. Seems like solid advice to me!

* Rarely. Up until a few months ago, I NEVER looked at this mail. Karl is not the realtor I used when I bought my house, but at this point, he's definitely the realtor I would go to when I want to sell. An acquaintance I met through a friend, he's also young and lives in our neighborhood. He's been a great resource if I have questions - he suggested making my basement reno a priority and a roofing company when my roof took on sieve-like qualities.

These, very important, points aside, I simply enjoy his marketing tactics. No glossy post cards or park benches, just the odd letter. Honest and sharing some personal and market updates. As a bonus - a pizza courtesy of Karl and one of his friend's local pizza joints!

I believe word of mouth and personal referrals are important in real estate. This is where you get your business, but there aren't enough good realtors out there so the good ones get even better lipservice and stand a part even more.

Ask me to name a realtor when I moved here, I would have shrugged and said "I don't know, I used so-and-so". Not because I felt you should, but I didn't know anyone to recommend. I believe there are not enough good realtors out there... why else don't we all automatically know someone when asked for a recommendation? Ask me for a good restaurant, and I'll tell you 5.

To Refinance or Not?

I will be the first to admit, that I have been a very irresponsible blogger this week. No post since Tuesday (and I actually wrote it Monday). Geez!

I have reasons though, and I think they are good ones! First, this week turned out to be insanely busy. We wrapped up Brownies and I went to my info night for rowing (that will be a rant for another day). I talked with my mortgage broker and met with a realtor, and I also went on a date (!! Pretty uneventful so not much to share even if this were THAT kind of blog)

I have spent a lot of time with my variable-rate-mortgage friends lately, and after hearing about their 3.25% rate for the umpteenth (I think that is a word that should only be said, not written), I was more than a little envious. My 5.76% rate doesn't look so hot, in comparison, so I called my broker this week to see what we could do about it. With prime below 2.5%, in some cases there is more merit in paying the penalty and getting the low rate.

Turns out, I am not one of these cases. Since I took a 5 year fixed rate, I am locked in for another 3 1/2 years (approximately), so I have not paid off enough of my mortgage (and therefore "own" enough) of it yet to justify the penalty. Also, since my rate is quite a bit higher than today's interest rates, the difference in lost interest to ING (yes, I have an "unmortgage") is pretty substantial. When it is all said and done, it would cost me $12,000 to payout my current mortgage. YIKES!

The good news I got this week? I don't have to upgrade my electrical right away!! This is something I have worried and thought about since I moved in. My neighbour and I got together with a realtor she knows one evening for a couple of drinks, and I asked him some questions about the value of upgrades, in terms of resale. I was also pleased to hear that the curb appeal of my house is great. Maybe it has become so familiar to me, I think it's blah? I am also going to hold off paving my driveway for now. It was extra exciting to hear that I can focus my energy (and finances) on finishing my basement and the little things inside my house!! Pink, striped office, here we come!

Have a safe and happy long weekend!

Sick of Winter Already? How About a Condo in the Sunshine State?

After battling snow squalls this weekend and soggy weather this week, last night's Consumer Alert on CTV news caught my attention - time to buy Florida condos? Sign me up!

In all honesty, purchasing a second home is several years down the road for this homegirl, let alone an investment condo in the sunny state. However, recognizing that real estate can be a terrific investment opportunity, it was nevertheless fun to allow myself to, at very least, be tempted.

And the temptation is certainly there. A condo in Sarasota, that was cited as an example, sold for $176,000 in January 2005. The price tag last month - $90,000 in November!

Of course, buying investment properties can be a 'buyer beware' game, and there are many items to be aware of, including outrageous condo fees, higher property taxes for non-residents and extra insurance requirements (think hurricane season).

Is your interest peaked by an investment property? Check out the video at CTV News.