Real Estate Insider: November 2020
Posted on November 13th 2020 by Lalovich
We’re covering the good, the bad, and the ugly this month, Real Estate Insiders! We’ve tracked down a collection of hot topics ready for your real estate reading enjoyment as we cover the one sure thing in 2020: change. Learn how to go about the high stakes of selling your home for a few dollars more, the lawful thing to do in a stand-off against property damage, plus we even found a star in the dust for renters and their credit score!
‘Til Debt Do Us Part
Divorce doesn’t have to be a nasty and expensive process. Between 40% and 50% of Canadian marriages end in divorce—are you and your spouse are thinking of doing the same? The first step should be to read this article to get informed on the process, and make sure the lawyers aren’t the only ones that come out on top.
Pandemics, Death, and Taxes
The only three certainties in life, or so it may seem these last few months. With the national debt growing to staggering numbers due to COVID-19, who is going to foot the bill? Experts are all pointing to the same conclusion: taxpayers. Read the three ways the government is expected to respond to the growing debt once the pandemic is under control.
Supply and Demand—For Insurance?
We discuss supply and demand often when explaining the rapidly rising real estate prices in Canada. It can also explain the rapid increase in rent. One aspect that people don’t usually consider is insurance premiums. British Columbia has seen an astronomical increase in insurance premiums, which correlates with rapidly rising condo fees, shrinking the margin for investors. The worst part is that this is expected to be nation wide problem. Should condo investors be worried? Read here to find out.
Make Your List and Check It Twice
Thinking of selling your home in this scorching market to reap the rewards? Seller beware: make sure to check your mortgage contract. There could be penalties that could eat up all your “hard earned” appreciation—don’t say we didn’t warn you!
Let’s keep the Insurance Companies Out Of This…NOT!
It’s tempting to want to fix small fire or flood damages yourself out of fear of rising insurance premiums. This article explains exactly why that is a BAD idea. If you happen to have a fire or a flood, your insurance company should be one of your first calls (after 911 of course).
Ensure That Your Insurance Is A Sure Thing
Has the pandemic got you re-thinking your business plan to work from home? It might not be as easy as setting up a home office or workshop in a spare room. The first step is to make sure your zoning and insurance are aligned with your ideas! Read here if you think your hobby could be become your side hustle.
To Downsize Or Not To Downsize?
That is the question. It was once typical for the Golden population to sell their large family home for something smaller, more affordable, and with lower maintenance. Times are changing as condo and small home prices continue to skyrocket. Will this be a problem for young homebuyers in the near future?
Out With the Old, In With The New
The Packard Plant owner has shifted his plans for the historic 40-acre site from reuse to demolition—it makes sense considering he got it for a steal! Read more about his future plans to help make Detroit great again.
A Glimmer Of Hope For Responsible Tenants
Rent payments are the largest financial obligation for many people. Now, you can use it to bolster credit reports! This is a huge step forward for young homebuyers and new immigrants who struggle with building credit. Will you be using this system to help your credit? Find out what you have to do to be included!
ATTENTION FELLOW REALTORS:
Should you set up a personal real estate corporation? Whether you have been seriously considering it or have no idea what it is, this article is for you!