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Shots across
the
bow
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Thoughts about real estate from the buyer's point of view A monthly newsletter sent out to previous and present clients as well as a selected list of different businesses in the Niagara Peninsula |
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March 2007
Here's the answer ..... In case you don't know what the answer is -- and I certainly didn't -- you're looking at a fantasy. It couldn't happen. Polar bears and penguins live poles apart, ha, ha. The bears are found only in the Arctic and the penguins only in the Antarctic. We're forever learning, aren't we? Nothing's perfect As most real estate people will tell you -- and your local builder will, without doubt, confirm -- there's no such thing as the perfect house. There are imperfections in all the houses you look at and, even if you have one custom built, you can fully expect to decide in due course that there's something wrong with it. It isn't quite as bad as owning a boat -- which the sailing fraternity often likens to having a hole in the water that you constantly have to pour money down. But just as you need to take care of yourself so you don't become old and decrepit too soon or too quickly, a house is likely to keep having aches and pains that call for some attention. Nevertheless, it isn't so much a matter of money as a case of ongoing time and effort -- and there's a great deal of help you can call upon. The Home Inspection idea Making any offer conditional upon a satisfactory report from a qualified home inspector isn't essential, although it's usually a worthwhile step (even, in fact, if you're purchasing a brand new home). However, it's real benefit lies in "telling you what you need to know from hereon in" rather than identifying something that's obviously wrong (whether you noticed it or not) and either justifies a price reduction or supports a listing/offered figure that's below the norm. In this regard, you'll be made aware of how soon (or otherwise) you'll have to redo the roof, replace the furnace, make some clearly needed repairs, or (heaven forfend) install new weeping tiles. And all of these items affect the value -- or ought to do so. But most home inspection companies accompany their report on the present and future condition of the house with what amounts to a reference manual that, if you take/make the time to read all its pages, will give you a crash course in the fundamentals of home construction and maintenance. It's perhaps some literature you can usefully fall back on whenever there's nothing worth watching on TV. The Big Box (and smaller local) Stores No names, no packdrill, but there's a ton of advice and knowledge you can glean from the guys (and, you betcha, the gals) who, ahem, man the hardware, homeware, and related shelves and counters. With few exceptions, they've either Been There and Done That or they know enough to help you do likewise. It's really no oversimplification to say that all you have to do is Follow the Instructions. The DIY industry is an extensive one and you'll find experts you can talk to in almost any store that sells the necessary tools and materials. Moreover, the internet search engines can lead you to all manner and means of How Things Work and How You Can Fix Them. Home improvement people If you don't have the confidence -- or, of course, the time -- to deal with things that need attention, there's no great lack of tradespeople, handymen, Mr FixIts, and on-the-side service folk who'll gladly come to your aid -- and usually at no inordinate expense. It pays to do some shopping and to give someone a try-out before trusting them with a major job. But your friends, neighbours and, yes, the hard/home/whatever-ware counter people are a likely source of recommendations (and, where warranted, due warnings). It's also fair to say that most real estate agents/agencies know who's capable of doing what. In fact, many of them have a list of contacts they've made use of and come to trust. Strong walls and a good roof A house with "good bones" is a phrase some people use. It implies a solid structure, not necessarily with brick, but certainly with materials that look as though they'll last a lifetime -- or even several lifetimes. In this regard, most century old homes were intended to give their occupants a sense of security and comfort. It wasn't easy to break into them, nor did they quickly succumb to the ravages of the elements. You needed fireplaces in the winter and it made sense to keep the doors and windows open in the summertime. However, these old houses have readily accommodated the upscaling and upgrading that successive generations of owners have applied to them They didn't fall down or resist the changes. The bones merely accepted the idea of some new clothes. For instance, look at how easily brownstone industrial buildings are being turned into state-of-the-art lofts and apartments. Admittedly, these conversions call for deep development pockets, but the primary expense is in cleaning up the land and grappling with the planning authorities. Once everything is approved, the exterior and interior turnaround proceeds wihout dificulty. Cost and life expectancies Today's homes are no different. There may be new materials, larger rooms, more bathrooms, and layouts that have changed from yesteryear -- although not necessarily so -- but, somewhat akin to languages, they are living things. They allow for shifts in public taste and usage while their bones remain, if you will, the same as always. They, too, aren't going to fall down. You and they can expect to grow old together gracefully. Even so, experience has shown that some improvements are more worthwhile than others. Additions are best made compatible with the original. And the alterations should be aimed at increasing your own comfort or convenience rather than with an eye to pushing up the value. Related to this is a page that you should be able to find in the Home Inspection manual you receive. It tells you what it will cost to do what and how long the results are likely to last. In turn, there's a decidedly useful report available from the Appraisal Insitute of Canada that compares the possible return on different improvements. The joys of home ownership Needless to say, if you're a tenant you don't have to wory about all this. You simply need to contact your landlord and ask/expect him/her to put things right. Once you own a home, though, you need to keep a watch out for what may go wrong -- and the more you're aware of the possible breakdowns the better. Furthermore, an ounce of prevention will, as the saying goes, be much less expensive than a pound of cure. Nevertheless, there's no reason why your house won't outlast you or a long list of successive owners or occupants. Indeed, you have only to realize that in Europe and Great Britain there are countless buildings -- and they include houses, albeit built for the nobility centuries ago -- that go back into the 1500s and 1600s or even earlier. Houses, regardless of their style and components, are intended to last. Some of them do get torn down and replaced with alternative structures. But they do and will remain standing, just as long as people look after them. With every good wish to you, as always.
Duncan Pollock, Real Estate Broker,427 Gate Street, Niagara-on-the-Lake, Ontario, Canada L0S 1J0 Tel: 905-468-3154 Fax: 905-468-3812 Cellular: 905-704-9037 email: duncanpollock@sympatico.ca Note: E-mail addressed changed as above on Nov 3 2007 website: http://www.duncanpollock.com
PS. One of
my web pages provides a list of the other newsletters
I've sent out. If you choose to go to it, you can click on any
title to bring up its full text.
PPS. I've recently been invited and encouraged to create a second website, one that deals with my approach to the industrial, commercial, and investment real estate market. You can reach it, if you're so inclined, at http://www.iciniagara.com. |
This is an online copy of my March 2007 newsletter -- and you can find a list of the other ones I've sent out by clicking here. If you aren't already included in my mailing list, you are most welcome to add your name to it so you can receive a similar "Shot Across the Bow" each month. There's nothing hard sell involved, I can assure you. Rather, the idea is to share my thoughts with you about how I believe buyers can be better served by the real estate industry. Thank you. |
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