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Newsletter February 2020 | Your Neighbours | Buying Second Home

Updated: May 10



Hello,

With the new year fully underway, now is a great time to figure out what you want to achieve in 2020. Will this be the year you sell your home or perhaps you’re thinking of buying a vacation property? Maybe 2020 is the year you’ll add your dream deck to your home? Whatever changes you’re thinking of making, We're here for you.


What to Do When Your Neighbor’s Home Hurts Your Home Value

After years of careful planning, searching, and saving to buy a home, it’s normal to take pride in your home. However, that doesn’t mean you plan to stay in the same place forever, and you can’t control who your neighbors are and whether or not they maintain their home. If you’re getting ready to list your home and the condition of your neighbor’s home is negatively impacting your own home value, here are some steps you can take.


Talk to your neighbors.

Your neighbor may want to improve their home’s exterior but may not have the time, tools, or know-how necessary to accomplish their tasks. Consider offering your neighbor your lawn mower, ladder, or some of your time to help them.


Consult your HOA.

If your neighborhood has a homeowners association, there are most likely covenants and restrictions which dictate acceptable standards for the exterior of your neighbor’s home. If you suspect your neighbor is in violation of these standards and don’t want to be the person to alert them, notify your HOA.


Speak to housing code enforcement.

Even if your neighborhood doesn’t have a HOA, if your neighbor has an overgrown lawn or abundant yard debris, they may be violating local housing codes. Contact housing code enforcement to see what guidelines are being abused and what steps can be taken to address problems with your neighbor’s house/yard.

Selling your home when you live next to difficult neighbors can add to an already stressful process. However, the final results will be worth it. Once you’re ready to start looking for your next home, We can help you identify bad-neighbor warning signs to help you avoid a similar situation in the future.


Building a Deck This Year?

Are you planning to add or replace a deck this year? Before you stock up on lumber, here are some details you should address to ensure your deck will improve your home’s value and curb appeal.


Design

What you plan to use your deck for will have a big impact on other considerations you’ll need to make. Will your deck include a grilling station? A hot tub? Built in benches?


Size

Choosing the right size deck to fit your needs and visually balance the home can be tricky. As a general rule, the deck shouldn’t be more than ¼ the size of your home. There are of course exceptions to the rule, especially if you’re planning on having a large number of people on your deck at the same time.


Materials

A lot of time and resources go into making a deck, so you want it to last a good, long time. Be sure to use materials that are durable, safe, and easy to maintain. Consider the different pros and cons of various kinds of wood, pavers, stone, vinyl, PVC, and composite materials.


Labor

Finding a qualified deck builder or backyard contractor can make a big difference in the quality of your deck. Do your research beforehand to ensure your contractor is licensed and insured. You’ll also want to check their testimonials to be sure the people they have worked with in the past were happy with their results and experience.


Budget

Be upfront with your deck builder about your initial budget and how flexible it is. Your final cost could change based on the design, size, and materials you choose. Be ready to discuss and revise your budget before the building process begins so that there are no surprises during the construction phase.


3 Things to Consider Before You Buy a Second Home...

Buying a second home is a great way to lock in a great vacation spot and earn some extra rental income. However, there are also some financial realities that many homeowners aren’t aware of before they purchase their second home.


CRA Limitations

If you rent your second home more than fourteen days a year, the IRS qualifies that home as a rental/investment property. As such, the income you gain from your home is taxable. Your second home also won’t qualify for the same deductions as your primary home.


Risk & Liability

It’s easy to overlook problems like leaks and water damage in a home that goes unoccupied for long periods of time. Empty homes are also more likely targets for vandalism. Hiring a property management company to keep an eye on the home can help ensure you catch potential problems before they get out of hand.


Other Expenses

Expenses such as home insurance, security monitoring fees, and running utilities can add up in your second home. On top of these costs, you have annual maintenance costs and repairs that will inevitably pop up over the years.

Understanding the expenses involved with owning a second home is an important part of purchasing your next home! That way, you can make a plan. Vacation rental services like Airbnb make it easy to cover the costs of owning a second home or even profiting from it. You can also use remote monitoring technology, such as video doorbells, access control systems, and environmental monitoring to minimize the risk of missing important developments while away from your home.


Buying a second home is a great investment, but one that you need to be well informed about before you commit yourself. For more information about buying a second home or an investment property, give us a call!

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© 2020 by CLARK KENT Team | www.KawarthaRealEstate.Forsale

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