Do You Really Need to Downsize?

One of the more difficult decisions that homeowners must make at one time or another is whether or not their current property matches lifestyle needs. In particular, those who retire often considering downsizing into a small condo rather than dealing with maintaining the home they already own.

Typically, downsizing is considered one step closer to freedom. However, there are consequences that homeowners need to consider before getting rid of their current property in favour of a smaller living space.

Cramped Quarters

One of the most obvious drawbacks of downsizing your home is the significant reduction in space. Moving from a house to a condo can reduce the square-footage of your home by as much as a third or more.

This makes it more difficult for you to host family gatherings and other social events that you may be accustomed to hosting. You also have to make difficult decisions in terms of the furniture, art and other cherished items that you choose to bring with you. Instead of enjoying these and other objects you’ve collected over time, many of these will have to be stuck in storage, sold or given away.

If you’re used to having a large kitchen or a spacious bathroom, downsizing will require an adjustment on your behalf to get used to your new surroundings.

Unexpected Costs

Saving money is one reason why some home buyers want to downsize into a condo. However, the costs involved in selling and moving may end up eating into the savings more than expected. Commission and taxes reduce the profit of home sales.

Condo fees represent another siphon that sharply reduces the profitability of downsizing. Living in a downtown condo, especially often increases the cost of living in terms of energy, fuel, food and other day-to-day necessities.

Moving away from your old neighbourhood may make it more difficult for you to keep in touch with family and friends. Rather than entertaining your loved ones at home, you may have to travel long distances to visit them instead, especially if you’ve chosen a small space in a densely populated downtown neighbourhood.

The lack of green space is one of the biggest complaints that people register against condominium living. People tend to feel more relaxed when surrounded by some sort of greenery, whether it’s a lawn, garden or trees. Condos are typically built in a concrete jungle setting, which you may find off-putting.

Rather than downsizing into a condo, you can opt to switch into a newly built home through a developer like Previn Court. There’s no need to rush into a smaller space when you have the option of living in a home that doesn’t force you to compromise the lifestyle that you love.

Ready to Downsize?

When it comes to downsizing, buying a new, smaller home is the best course of action.  At Previn Court Homes, we know that home buyers are looking for a residence that will make them feel both physically and financially comfortable.  Learn more about our beautiful affordable new homes to buy, or contact us to register for priority updates and special offers, and find the perfect home for your budget.

One of the biggest drivers of the Canadian economy has been the constant growth of the biggest real estate markets in the country. Toronto, Vancouver and Calgary have seen massive gains spurred by international investment in real estate.

During the past decade, compared to other countries, the Canadian economy has been relatively stable due to the strength of our banks, which weathered fluctuating economic conditions admirably.

However, as the Canadian dollar dives and housing prices continue to shoot through the roof, many experts worry about the impending burst of Toronto’s condominium bubble.

Skyrocketing Prices

Despite a real estate market that already features runaway prices, the costs of purchasing a home continues to rise beyond expectations. The Toronto Real Estate Board released numbers that showed a 10 percent rise in Toronto house prices.

However, the price of a single family home increased by 15.9 percent, implying that the demand for this type of housing is much greater than the demand for condos.

Economists at TD Bank agree, projecting a price reduction of three or four percent for condos over the next couple of years. Currently, they note that when measured on the basis of price per square foot, the Toronto condo market has already stopped. In fact, the gap in prices between condos and single-family homes reached a record of $289,000 over the last year.

As a result of these price trends, purchasing a condo in Toronto appears to be the riskier bet in the near future when compared to single-family homes.

Record Rate of Building

In addition to price uncertainty, the Toronto real estate market will experience additional stress due to the rate of new units becoming available, increasing stock as prices fall.

During the first two months of 2015, three times more units than average were completed, consistent with the pattern of frenzied construction over the past decade or so.

Many of these units are sold to investors who initially plan on renting the units out, although experts believe that many will change their mind and simply sell their investments, further pushing prices down.

Relatively few new single-family homes are built, which means that their value as an investment will be secure in the near future. Condos, on the other hand, will witness an excess of tens of thousands of units.

Avoiding the upcoming condo bubble in Toronto is key to ensuring your real estate investments remain profitable. Builders such as Previn Court provide an excellent option to escape the madness of the Toronto real estate market.

Are You Interested in Buying a Home in Alliston?

Are you tired of living in downtown Toronto? Are you considering buying a home in Alliston? We can help. With over 35 years of experience, we have built homes for over a thousand families, including detached, townhome, and unique attached single units, and we can help you find the perfect home for you.

Contact us to let us know your desired number of bathrooms and bedrooms, as well as your budget, and we’ll send you priority updates and special offers on our beautiful new homes.

There’s a certain peace of mind that real estate buyers enjoy when they purchase a newly built home. The uncertainty involved in buying an older construction revolves around how the prior owners treated the house.

Occasionally, previous occupants try to hide shoddy construction or previous problems with the home by falsifying records or performing slapdash renos. Even a good inspector misses a well-obscured flaw, which results in you having to invest in more time and money to fix it yourself.

Guaranteed Quality

Purchasing a newly built home greatly increases the likelihood that you will be fully satisfied with the quality of your home. The use of new material results in better durability and more efficient use of energy, particularly during the summer and winter seasons.

The quality of hardware and technology installed in new homes also tend to be superior compared to older builds. Stainless steel kitchen appliances, and wireless built-in speakers provide examples of modern amenities that provide solid functionality while improving the look of the home.

Flexible Customization

Builders work with home buyers to implement interior and exterior designs that match the needs of you and your family. Prior to completion, you’re able to plan all aspects of the final product, including floor plan, materials, appliances, paint color and a wide range of other details and home accessories.

If you don’t want to deal with the hassle of arranging every single aspect of a new home, builders also offer a wide variety of pre-set plans that take care of all the necessary details.

You Know What You’re Getting Into

The majority of new home constructions are undertaken by builders with a solid track record of success. Unlike smaller outfits, experienced builders are more likely to have an extensive network of contractors and suppliers who help create better builds.

The knowledge that you won’t have to perform any significant repairs or heavy duty maintenance on the home for a long time is another attractive aspect of purchasing a new home. Modern materials and design also reduce the amount of work required to take care of your home.

New homes often have warranties attached to them, so in the rare case that something is wrong with the build, the seller is responsible for making sure that everything is fixed according to expectations.

A recent survey showed that 41% of real estate buyers prefer newly built homes, which shows that many people prefer to avoid the risk of moving into an existing development. Contact a professional, experienced builder such as Previn Court to learn more about how new build neighbourhoods cater to your lifestyle.

Are You Interested in Buying a New Home in Alliston?

Finding the right home for your wants and needs can be very challenging, especially when there are lots of unknowns such as whether an appliance will break down or if the electrical will need to be replaced. At Previn Court Homes, we recognize the peace of mind that a newly built home provides, and our friendly staff takes the time to introduce you to all of the features of our quality residences.

With over a thousand homes built over the last few decades, and plans to build thousands more, we know how to create houses that families call home, and we invite you to explore our models.  Contact us to learn more about our homes, or register for priority updates and special offers, and let us help you find your dream home.

The first year of living in your first property can be a little tight financially but if you know how to set up a new home budget properly, you won’t have to worry.  If you purchased the house sensibly and handled your money intelligently up until now, don’t stop.  Just because you own the home doesn’t mean you’re home free.

For a rainy day

If you want to survive, the first step is to establish some money reserves.  Seriously, without a little extra in the bank you could set yourself up for some nasty surprises that are hard to recover from.

Consider that your home has to be maintained.  Heating, plumbing, electrical and structural damage can seemingly happen out of nowhere and a good maintenance schedule can definitely help.  You also have to think about the weather.

Seasonal expenses are a part of life and if you’ve got reserves set up to deal with them, you won’t go into a panic as the mercury drops.

Depending on the season you may have to think about certain expenses like:

• Winter:  Salt, shoveling, pipe damage, sealing structural holes
• Spring:  Aerating your lawn, landscaping, gardening
• Autumn:  Eaves troughs, roofing, leaf cleanup

Sometimes not knowing how to prioritize payments alone can cause you problems too.  Set up a budget that prioritizes your mortgage and life necessities.  Paying your debts and housing costs comes first.

Let’s not get ahead of ourselves

One important distinction you’ll have to make as a new homeowner is the difference between a repair and an improvement.  You can go all out and renovate to your heart’s content but is that wise during your first year?

House repairs that put you at risk or can lead to further damage are more important than anything else, no matter what your friends or spouse say.  Rushing in will only deplete funds better used as reserves.

That being said, if you do need to have work done, don’t try and save money by hiring a cheap contractor.  You get what you pay for and selecting a contractor who cuts corners can lead to further work being needed.  You also run the risk of violating code with certain unscrupulous individuals and at the end of the day, you’ll be footing the bill – not them.

An ear to the ground

Foresight can save you more money than you’d think.  By taking out comprehensive insurance, cashing in on as many tax credits and getting a professional to look over your taxes you can keep the momentum going from all the smart budgeting you did on the long road to getting your home.

A budget is nothing more than a plan.  When you’ve finally secured your new home you shouldn’t shift gears.  It’s a valuable investment and the best investments are nurtured right up until the end.  Don’t put a new home budget on the backburner unless you enjoy not being able to predict when you’re going to take significant financial hits.

Find a house, within your budget

Clearly, finding a home that meets all your needs, and doesn’t break your budget is also crucial.

Finding the right home for your wants and needs can be very challenging, At Previn Court Homes, we recognize the peace of mind that a newly built home provides, and our friendly staff takes the time to introduce you to all of the features of our quality residences.

House hunting is a daunting task, and most of the homes you’ll come across won’t be what you’re looking for. Besides knowing what you don’t want in a house, there are a number of mistakes you could be making during your search for a new home, which could either make your process longer, or result in you purchasing a home with which you’re not happy.

If you want to get through the house hunting experience smoothly, and end up with a home instead of just a new house, try and avoid the mistakes we identify below.

1.  Doing It on Your Own

Realtors exist for a reason.  It isn’t that you’re not qualified (you’re probably not), it’s that you don’t have back-up. Besides the fact that it isn’t safe to wander into a random house for sale, the seller can pressure you into an unfair deal.  Your realtor can look into the value and check the place out for you and the representation won’t allow the seller to take advantage of you.

2.  Rushing Through the Viewing

When you’re visiting a prospective home, don’t let anything hold you back from scrutinizing every nook and cranny.  Your realtor won’t care, it’s their job to find you a right fit.

It’s too easy to miss glaring damage, deceptive storage space or entire rooms.  Don’t stop on account of the sellers – they were warned you were coming.

3.  Expensive Tastes

If you’ve fallen head over heels for the place you’re checking out and the price is slightly outside of your budget, don’t fool yourself into thinking it’s only a bit more than you were prepared to pay.

The reason why you should be disciplined and stick to your budget is a little thing called interest.  Whatever the amount outside of your price range, you will have to pay interest on it and it’ll be stretched over time.  This can really hurt your wallet and you’re better off stashing the money in an emergency fund.

4.  Getting a Fixer Upper

Don’t overestimate your construction skills because you watch a lot of home reno TV shows.  Unless you’re a contractor, odds are you’re going to severely underestimate how expensive it will be to flip your shabby looking home.

5.  The Terrible Trio:  LAM

Lead, asbestos and mold.  They’re all deadly and we’re afraid of them for good reason.  The thing is, unless your house was built yesterday, it’s going to have some of these elements somewhere, and being too skittish around any of these could mean missing out on the right home.

Sellers and realtors are by law required to disclose the presence of any of these.  Lead paint is only dangerous if peeling or at a junction and asbestos can be easily removed.  The cost of removal can usually be deducted, too.

Looking for a Brand New Home with No Surprises?

Finding the right home for your wants and needs can be very challenging, especially when there are lots of unknowns such as whether an appliance will break down or if the electrical will need to be replaced.  At Previn Court Homes, we recognize the peace of mind that a newly built home provides, and our friendly staff takes the time to introduce you to all of the features of our quality residences.

With over a thousand homes built over the last few decades, and plans to build thousands more, we know how to create houses that families call home, and we invite you to explore our models.  Contact us to learn more about our homes, or register for priority updates and special offers, and let us help you find your dream home.

 OUR SPECTACULAR 3RD PHASE 40′ LOTS HAVE ARRIVED!!!!          STUNNING BRICK AND STONE HOMES  2310 sf  – 3050sf FROM $459,900   IMAGINE…A COMMUNITY WHERE SCHOOLS, SHOPPING, RESTAURANTS, TRAILS…ARE ALL WITHIN STEPS FROM YOUR HOME. 

Buying a new home is one of the most expensive investments you’ll ever make.  It’ll pay off in freedom and increasing value over time, but getting the money together in the first place is a source of frustration for many. Borrowing money isn’t the only option, and by being resourceful and creative, you can save a significant amount of cash quickly to put towards your home.

Whether you’re interested in purchasing a new home as soon as possible, or it’s a consideration for the future, we’re going introduce you to some of the fastest ways to save your money.

Spend Less

This one may seem like a no-brainer but you’d be surprised how difficult it is to do.  The first thing you can do to start saving for your home is to spend less on what you’d typically buy.

This does not mean eating less and living beneath the poverty line.  What it means is to look for alternatives.  If you’re used to certain brands of foods, look for ones that are cheaper and put the difference between the two away as savings.

Sell More

Don’t think you’re a hoarder if you can’t stand to get rid of your stuff.  It’s hard for all of us to say goodbye to something we worked hard to pay for, but if you want to start saving money, you’re going to have to think about selling what you don’t need.

Luckily, this has gotten easier with the internet.  Put out ads on craigslist, kijiji and ebay and watch the money come in.  If you’re in a nice community, think about a garage sale. Every bit helps and you’d be surprised how much people are willing to pay for something you don’t need.

Secondary Revenue Streams

If you want to save faster, you’re going to have to double or even triple your sources of money.

This doesn’t mean working 80 hour weeks and sacrificing sleep.  If you have an extra room, consider renting it out.  Also consider your skills – can you do anything on the side for money?  Plenty of people write, design and repair things on a freelance basis and make money that way.

Set It Aside

No matter what you do, make sure to set the money aside as fast as you can.  Even if you don’t supplement your income somehow, make sure to put some of your paycheque in a savings account right away so you don’t accidentally spend it.

You’ve Saved Your Money.  Now Where Do You Look for a New Home?

Saving for a new home is only first of many steps to owning a home. Once you have some money in the bank and you’re ready to start looking, you’ll need to choose whether you want to move into an older home, or if a brand new home is your cup of tea.

When it comes to new home builds, Previn Court Homes is best in class.  With over 35 years of experience, we have built homes for over a thousand families, including detached, townhome, and unique attached single units, and we can help you find the perfect home for you. Contact us to let us know your desired number of bathrooms and bedrooms, as well as your budget, and we’ll send you priority updates and special offers on our beautiful new homes.

Taxes and accounting in general are always confusing but what if you qualified for home tax deductions?  It’s almost like the opportunities to get some cash back in the form of credits is hidden on purpose.  Luckily you can cash in if you know what to look for.

Give and take

Shaving down your taxes is definitely something to be excited about.  Getting a meaty return isn’t as hard as we think, it just isn’t advertised well.  There are credits for all sorts of things, including getting a new home.

Some of those include:

• Donations:  Into politics?  Donating to charities, political parties or candidates can get you a credit, starting at 15% on the first $200 and going up from there.
• Transit passes:  If you find yourself taking public transit more than driving than you might be able to get a little back for the money spent on passes.  Weekly and monthly passes can be claimed if you’ve got the receipts (or the cards themselves in some places)
• Children:  Expenses for childcare, arts and fitness are covered as well as a separate credit for kids under 18.  If you have children, there are quite a few credits you should look at.
• Medical:  Treatments, medicine and even food in your diet (if you’ve got a special one relating to your health) may all have the potential to be claimed.  Disability credits are worth $1500 per adult alone and there’s some little known ones that can even be claimed for conditions like ADHD or Anxiety Disorders.

Those are just the tip of the iceberg.  These conveniently obscured tax credits can all add up (if you’re eligible) but what you should really be interested in is the home tax deductions.

A little help, please

Believe it or not, as a new homeowner, you’re entitled to a tax credit yourself.  You can get up to a $5000 tax credit if you meet a few requirements.

Firstly, it has to be a new home.  What that means is that you (and your spouse) cannot have lived in an owned home in the past four years.  Naturally, rental properties or the family home are excluded.

Secondly, the home has to be a qualifying home.  The rest is a matter of actually claiming it and filling out the necessary information.  Simply being aware of the credit is almost enough to get it!

The extra help is certainly welcome and it’s up to you to be resourceful.  By combining some of the credits above, the first-time home buyers credit and even claiming moving expenses under certain conditions life gets a lot easier.

Now, we’re not saying there’s a tax credit out there for everything but there are plenty that are out of sight and worth looking for.

Qualifying for home tax deductions and other credits isn’t difficult and if you’re trying to stay within a budget and be smart with your money, they shouldn’t be overlooked.  The effort is minimal and the payoff is worth it.

Take Advantage of the New Homeowner Credit

Finding the right home for your wants and needs can be very challenging, At Previn Court Homes, we recognize the peace of mind that a newly built home provides, and our friendly staff takes the time to introduce you to all of the features of our quality residences.

With over a thousand homes built over the last few decades, and plans to build thousands more, we know how to create houses that families call home, and we invite you to explore our models.  Contact us to learn more about our homes, or register for priority updates and special offers, and let us help you find your dream home.

GET READY! OUR 3RD PHASE WILL BE COMING SHORTLY!  LARGER LOTS, LARGER HOMES. 40′ AND 50′ LOTS.  PRE REGISTER NOW FOR UPDATES.

IMAGINE…A TRULY UPSCALE COMMUNITY WHERE YOU CAN WALK OR BIKE WITH YOUR FAMILY TO SCHOOLS, TRAILS, PARKS, SHOPS, RESTAURANTS…

If you’re on the verge of choosing one of the many new homes in Alliston or anywhere else you no doubt have people giving you tons of advice.  With so much unsolicited input, the right course of action is often a little muddled.

Here are a few examples of advice that you should totally disregard.

Don’t worry, I got this

We’ve all got that one friend, hookup or family member that can help us with any handiwork in a pinch.  The problem is relying on them versus an expert.

Of particular importance is the home inspection.  While it can be tempting to have someone you know and trust check things, a professional has experience on their side, focus and most of all, they’re impartial.

There’s another benefit to hiring for the inspection:  second opinions.  If you’re concerned, a second set of eyes may be able to catch something not found during the first pass.

The second expert most often forgotten is the one we hope we don’t have to see often:  a lawyer.

Lawyers are there for clarity’s sake.  In this case, you’ve got a complex agreement that has to be signed off on detailing all the conditions of the sale.  Sure, you could try, but a lawyer can make you actually understand it.

They’re also there to stand up for you.  Lawyers can represent your interests and make sure they’re recorded in an agreement.  Do you want to be responsible for a forgotten backyard leaking underground oil tank?  Get a lawyer on it and you won’t be.

Dollars and sense

The other thing that’s not surprisingly the cause of unwarranted advice is money.  Some people who survive the home buying experience suddenly think they’re Donald Trump and everyone else might as well work on Wall Street.  The thing is, a lot of what usually makes sense in terms of money doesn’t work that way when it comes to closing on a home.

Let’s talk financing for example.  It’s common for all the people offering you their two cents to say that you won’t have to:

• Spend your own money – There’s a misconception out there that you should just lean on credit, loans and a mortgage.  If you have the money though, why would you want to add a long-term expense and pay interest?
• Get a mortgage online – Go for a low rate they say.  Too bad hardly anyone qualifies for their super low rates, which often end up being a lure for new customers.
• 0 Down Mortgage – This doesn’t account for closing, maintenance, fees and any adjustments or repairs.

Get the right advice, right from the start

When you’re sitting there looking at the options for new homes in Alliston or wherever the search leads you, take people’s advice with a grain of salt.  If you go about it with a clear head and hire the experts to help, you won’t regret the investment later.

At Previn Court Homes, we know this decision is an important one, and we strive to create beautiful homes that will provide long term value.  Since our inception over 40 years ago, we have constructed in excess of 1500 homes in Canada, and in the process made the dreams of 1500 families come true.

Take a tour of our incredible models, or contact us today for more to let us know your needs in terms of bathrooms, bedrooms and budget.