Even with today’s affordable mortgage rates, the real estate market can be a challenge for some buyers. Their solution? Some opt for the joint purchase of a multiple-unit dwelling, such as a duplex or a home with a separate apartment. This trend is seen in multi-generational homes, with ’empty nester’ parents and their adult children sharing one property with separate living spaces.
If you choose a joint ownership approach, it’s important to work out all the details before you buy. Everyone involved should agree on all sub-lease and resale provisions upfront and in writing. For example, what happens if someone wants to sell? Does one party have the right to buy out the other? How will a fair price be determined? Or, is the property put on the market with all parties sharing the proceeds? What about ongoing maintenance of the property?
There’s a lot to consider and these matters shouldn’t be left to chance. Get a lawyer involved and draw up an agreement that clearly sets out the rights and obligations of all co-owners.
If you’re thinking of joint ownership, or other creative ways to ease the cost of owning a home, talk it over with the expert. Your Coldwell Banker professional may suggest options you’d never even considered.
Canada’s real estate market will stay strong through next year, according to the latest industry forecast. On June 15, The Canadian Real Estate Association (CREA) upwardly revised its national forecast for 2016 and 2017. CREA predicts national MLS® home sales will rise by 6.1% this year, to reach 536,499 units. Sales are expected to stay at a similar pace next year, forecasting 537,500 homes sold in 2017.
Prices are also expected to continue their upward climb nationally, reaching a national average of $490,700 in 2016, a 10.8% increase over last year, led by strong gains in Toronto and Vancouver. According to CREA, the national average home price is expected to hold steady next year at $491,100, reflecting an expected slowdown in BC and Ontario.
Of course, this national overview is the ‘big picture’. Home prices can vary between communities, within neighbourhoods, or even on the same street. For a closer look at sales and prices in your area, contact your local Coldwell Banker real estate professional.
Buying a home can be a great long-term investment, but sometimes homeowners find they need to move again in a relatively short period of time. This may be due to lifestyle changes such as marriage, having children or relocation for a job change. That’s why it’s so important for buyers to consider the potential resale value of properties they view.
Your local Coldwell Banker professional can help by sharing such valuable information as the average price of resale homes in different areas and news about planned developments that may affect property values in the area. They can also advise you on what features may increase – or detract from – a home’s future value and appeal. This includes features that may already be in the home, or improvements you may be planning in the future. All other factors being equal, potential resale value may tip the scales toward one property versus another. So, when it’s time to buy, remember to talk about resale with your Coldwell Banker professional. Contact Gary & Debbie today…