investment

LEASED!!!!

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#LEASED

Super excited to get another flagship #Ldnont building under contract. Our downtown is by far one of the most vibrant and the community of #makers and #entrepreneurs we have here is second to none. Proud and honored to have repped both of these amazing firms involved in this transaction and looking forward to a lifelong friendship and growth

Basement Flooding Grant Program

New Flooding Grant program available in London Ontario will give residents some reprieve. Take a look at the images below and check the links out to see if you qualify! 

 

 

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Discover the difference between a "Comp" vs a "CMA"

In Real Estate there's often terminology that can be confusing at times. In this series we are looking to dispel some of the confusion and explain the main difference between a "COMP" and a "CMA".

A comparable property (or comp), is an individual property that is used to asses the value of a home. Say for example you own a 2 Storey home, with 4 bedrooms, 2 bathrooms, a finished basement and a property with all these features just sold two doors down from you, then we would definitely call that a Comp. If for example the Comp didn't have a finished basement, only had 3 bedrooms an 1.5 bath then we would be able to attribute values to those items and adjust the market value of your home accordingly. 

A "CMA" or Competitive Market Analysis takes into account multiple Comps to come up with the best price. The reason for taking a variety of sales to ascertain the best price is to get an idea of the trends in your area. There's always a ton of info the agent should be looking to find out when doing their assessment; 

- Average days on market
- Were there any motivations that caused properties to sell undervalued
- Were there multiple offers on a specific property that made it go over market value.  
-etc..

Make sure you've got representation that's putting in the work to find out all the facts and doing the proper due diligence. A lot of times a good agent with a good network can make the calls and find out things that may make a big financial difference when buying or selling. 

Hope this was helpful to you all our there and please subscribe and give us some feedback on our video series. Happy to cover any topics for our audience!

Real Estate Tip: What does Pre-Approval REALLY mean?!

One of the biggest hurdles in any Real Estate transaction can be the financing condition. What we detail in this quick tip video is that pre-approval doesn't necessarily mean you can waive your financing condition prior to obtaining actual approval. This goes for Commercial Real Estate, Residential Real estate, Farms, Investment, Business purchases etc...

If you have any questions feel free to reach out anytime and we'll be happy to shoot a video just for you!

www.theClosers.ca

Market Update July 2014- Record setting numbers yet again..

That makes it the third month in a row that the sales statistics in the LSTAR jurisdiction (London) have hit record highs. We see it in the streets every day and the buzz among professionals is this have only been getting busier and busier. Our days often begin at 6-7am and end at well after 11pm as the buyers and sellers are making moves at all hours of the day. This month included 4 Multiple on 4 different properties, 20+ contract drafted, 7 new listing opportunities and countless inquiries as to what is going on out there in the wild(literally we were standing in a cow pasture listings a farm with a very friendly cow last night.).  Granted, Real Estate is hyper local and every single community within a city is experiencing differing degrees of activity, so if you're wondering where these are an what types of transactions are happening feel free to give us a call. We'll be happy to tell you what your neighbours place just sold for or what to expect in the next 3-6 months to help you plan accordingly.  519-860-6547 or by email info@theclosers.ca

OMB Rule changes Pt.2- Is my property now " Legal Non-Conforming?"

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As a follow up to our earlier post concern the usage changes to income properties (duplex's and multi-res) we did a little more digging for you guys. If you currently own property in that area it becomes "Legal Non-Conforming. 

Legal Non-Conforming use: 

"It is important to note that all zoning by-laws are forward looking. They speak to the future and not the past. They regulate future uses of a property not existing ones. They are prospective not retrospective in nature. They are not retroactive....

If you have a present use which is legal, then it may continue forever. But, that entitlement applies to that property and that property alone, no others. If a new zoning by-law is enacted, it will apply"-Quote

 

Essentially as long as you continue it's present use without interruption the property is "Grandfathered" and the new legislation does not apply. Where this changes is if you apply for or do any significant renovations or changes to the property the new law then applies. Be aware of this when looking at investments in the designated zone. A property may look great, and the upside may seem to be there, but keep in mind that it's previous use may not continue on once you make the changes you see fit. At the end of the day your Real Estate representative's job is to be aware of all the angles and help you do the necessary digging. 

 

Below is a map outlining the area in question.(**Keep in mind the information below is to be taken as an estimate only. The official map has yet to be released to the public. The office was kind enough to outline the area for us but this is not an official map or to be taken  for official use. 

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