The Power of Equity

Source: http://bit.ly/Xew6d8

Photo Source: CanadianRealEstateMagazine.ca

The ability to access equity is one of the most powerful tools you can use to expand your portfolio. Vincent Power explains how to get around the tighter lending policies that are now confronting many investors

Whether you invest in property for the equity growth or for the rental return, no one can deny that equity will help you buy the next one.

You buy property, watch it grow in value over time or you can increase its value through renovation and/or development, creating equity. In the end, accessing that equity is an important part of owning investment property.

Equity is the lifeblood of a property investor. Without equity the investor can run into problems that can, potentially, only be solved by selling and if you are in it for the long haul, problems like those must be avoided.

The secrets to releasing equity that I will discuss will apply whether you have one property and are thinking about buying an investment property or whether you already own multiple properties. It doesn’t matter whether you are self-employed.

While the details may change for each category, the principles remain the same throughout. Accessing equity is about applying specific principles to your finance position, just as successful property investing revolves around repeating successful strategies over and over again.

Lender diversity is the key

One of the first things to do is to split up the portfolio into separate facilities with separate lenders. For some investors this will be hard to come to grips with. The No. 1 reason that investors end up with a portfolio financed with only one lender is convenience.

I was going to say laziness but perhaps that’s too harsh. There is no doubt that it is very convenient to have a personal banker “on call” to approve any new purchases and there is also the attraction of a lower than normal rate if the portfolio is big enough. That’s the myth. The facts are that your personal banker is not allocated to you alone.

He or she is a personal banker to hundreds of bank clients and all too often they change jobs regularly. Just when you get used to one, they are promoted (if they are good at their job) or transferred to another area (if they aren’t suited to it).

The other issue is that these days banks don’t see large portfolios on their books as a good thing. Think about this. Larger loans attract greater risk for the bank so naturally, they keep an eye on them. At the first sign of danger who will they look at first? The worst part is the bank will always have control over your ability to increase your financial position. I don’t know about you but I do not think the bank has the right to tell me if I can be rich or not!

The simple answer to this inherent problem is to have multiple lenders looking after your portfolio. Yes, this means you have to take responsibility for the management and review of the portfolio but it does give you more safety, more flexibility and more control.

Understandably this is not as easy today as it has been in the past; however diversity is extremely important to your ability to keep moving forward.

Diversity gives you the ability to refinance a single property without notifying every lender that you have done so. Remember we want equity. Equity will enable you to buy again or hold on during tough times. I am not advocating withholding information from a lender here. That would be wrong on so many levels.

What I am saying is that the lender you want to get finance from is the only one, at that point in time, who needs to know about this particular transaction.

Naturally, when you next deal with another lender, at another time, your current details will be required for that loan application.

The existing lenders do not need to know about your new loan until you approach them for another loan down the track. Another advantage of using separate lenders is that each lender has their own method of calculating your maximum borrowing amount.

These calculators are reviewed regularly and get updated when interest rates change as well as when other factors alter either in the economy or the risk profile within the lender itself.

Capital Gain Versus Income

Source: Canadian Real Estate Magazine   Written by: George Dube

Image from: thebull.com.au

When you sell a stock, you owe taxes on your gains the difference between what you paid for the stock and what you sold it for. The same is true with selling a home, but according to George Dube of Dube & Associates, there are some special considerations.

I find that the majority of investors sell properties and automatically assume a capital gain has resulted. Discussions of an alternative possibility are frequently dismissed as heretical. An inappropriate tax filing position can produce an expensive and unexpected reassessment from the Canada Revenue Agency (CRA), particularly if the transaction is one of several and/or audited a few years after the fact, allowing for the addition of interest and penalties for each transaction. However, preparation and education can help shield you from disaster or at least make you aware of the risks you are assuming.

What is a capital gain or income?

From a tax perspective, we must categorize the profits (or losses) realized on the sale of a real estate investment. Generally speaking, we can think of a capital gain as the profit from selling an income generating asset. On the other hand, income is typically generated where we sell an “inventory” item or asset available for sale.

Why do we care?

In short, only 50% of the profits from a capital gain are taxed. Due to tax rate differences between individuals and corporations, for example, plus the different types of income from a tax perspective, investors may at times prefer income treatment. Examples of other reasons for care include:

* Capital cost allowance (tax deductible depreciation) is available to capital assets but not inventory,
* Differences in the length of tax reserves (a period of time where the profits can be brought into income potentially over 3 or 5 years),
* Restrictions on tax free reorganizations (methods of transferring ownership of properties or corporate shares, for example, without immediately incurring taxes)
* Restrictions on deductibility of certain costs

Telling them apart

The Income Tax Act is of minimal assistance here, so we must look to what the CRA and more importantly the courts see as defining characteristics. The CRA provides an excellent reference as to their opinion of how the Income Tax Act should be read in this regard, Interpretation Bulletin 218R.  

As one of the most litigated areas in tax the courts have had ample opportunity to provide commentary. It often comes down to a “question of fact” which provides a fair deal of subjectivity in how to interpret actual events.

First, the courts look to the “primary intention” of the taxpayer. If you are looking to receive income from the investment itself in the form of rental profits, it is more likely that you will realize a capital gain. Alternatively, where you are trying to generate your profits from the sale of the property itself, this is more indicative of an income intention.

There is a cruel joke in my mind called “secondary intention” which provides that where you have a back-up plan to sell the property if plans go sideways, the profit may be classified as income. I’d suggest that the number of serious investors without backup plans is rather limited. Fortunately, there are a variety of cases which contradict these findings, but attention is still needed.

Points of consideration by the courts

The courts have considered a wide variety of factors which they use to help them interpret the intentions of the taxpayers. No one indicator is by itself determinative. Further, specific indicators can often be interpreted in favour of either CG or income.

* Feasibility (can you realistically do what you say you can?)
* Extent to which plans were carried out
* Geography and zoning (are you purchasing in a speculative area or does the zoning permit your stated intentions?)
* Nature of the property (developed vs. undeveloped or high vs. low income capacity)
* Frustration of primary intent (was there something beyond your control preventing you from implementing your plans?)
* Business organization (do you look like a sophisticated business)
* Efforts made to effect sale (unsolicited vs. MLS listing for example)
* Evidence of change of intention (perhaps intending to convert to condo status)
* Nature of business of taxpayer/associates
* Use of borrowed money and terms (leverage, open/closed, capacity for income, etc.)
* Length of time property held (please please please be cautious of rules of thumb)
* Other participants (you are who your friends are, intentions of controlling party, occupation of others)
* Reasons for sale which may be a gauge as to original intention
* Evidence of extensive dealings with real estate

Planning ahead

Most investors are unaware of the many factors the CRA considers in deciding how to categorize real estate profits. Taking a little time to evaluate your current and future portfolio, plus the legal agreements surrounding your relationships with other investors can save untold grief. Implementing a proactive policy of documenting your intentions and providing copies to your advisors prior to questions coming up, can greatly enhance your credibility and support your position should future questions arise.

Please remember that this article is general in nature and should not be relied upon without first consulting with your qualified tax advisor. George Dube, CA, is a partner in Dube & Associates Professional Corporation, Chartered Accountants, in Kitchener, ON.

How to De-Clutter Without Stressing

Source: Zillow.com  By: Sparefoot

 You’ve probably been thinking about how badly you need to de-clutter your home for a while now. Perhaps you tried, but can’t summon the energy to finish this beast of a project. Maybe you just don’t know where to start. But a systematic approach to de-cluttering can prove to be surprisingly cathartic, as you free yourself from the excess material possessions taking up space in your home or storage unit. Purging what you don’t need allows you to start a fresh, uncluttered home life. Spare yourself headaches with this no-nonsense plan for downsizing, just in time for moving season.

1. Put on some high-energy music, similar to what you would listen to during a workout. This will help you work faster, which is crucial to making instinctive decisions about whether to keep or get rid of certain belongings. It will also help sustain your positive energy level throughout the endeavor.

2. Grab several large garbage bags, a few boxes and a marker. Label half of these “Trash” and the other half “Donate.” Label the boxes “Sell.” Then place at least one of each in every room or section of your home.

3. Carefully plan your attack. Determine in what order you will move through your home, one room at a time and one section of each room at a time. Adhering to this plan is crucial to avoid becoming overwhelmed or frustrated with the project. If you bounce around and try to work too many different spaces at once, there is a good chance you’ll give up entirely. Your best bet is to start with the first room off the front door and move inland. The same applies within each room — move through in a circular spiral, from the perimeter around the walls in toward the center.

4. Commence the de-cluttering. Sift through the contents of every drawer, cabinet and shelf that crosses your path. Assess every sock, fork and CD. Instead of getting distracted by the rediscovery of your old Tamagotchi pet, focus on making quick judgment calls on whether something stays or goes. If it stays, let it be. Don’t try to work cleaning and re-organizing into these de-cluttering plans — save that project for another day.

5. Separate sell-able items. When you come across unwanted belongings that definitely aren’t trash and are probably too high-value to donate, consider selling them. If you think you can get cash for any electronic, clothing or furniture item, place it in one of the designated boxes. When you’re done decluttering, immediately schedule yourself a few hours to post ads online later. Hold yourself accountable to getting this done, or you’ll be left with yet more clutter sitting in a pile by the door.

6. Plan a trip to Goodwill or your charity of choice. The same way you have to mandate yourself to sell unwanted belongings, do the same for donations. Pile your bags into the back of your car as soon as possible, and swing by a local donation bank as soon as you have a minute.

7. Victoriously march to the closest Dumpster and toss in your “Trash”-labeled bags. Set a calendar reminder to repeat the process in exactly one year. You’ll be surprised how many of the items you desperately clung to the previous year end up in the trash the next.

KW HOME SALES MAINTAIN STEADY PACE

Source: KWAR

Residential sales through the Multiple Listing Service (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) were down slightly in January compared to the same month last year.

There were a total of 337 residential properties sold last month, a 2.3 percent decrease compared to the same month last year, and a 23.9 percent increase from December 2012.

“January’s sales were in line with the 10-year average for our area,” Dietmar Sommerfeld, President of the KWAR points out.

January’s residential sales included 237 detached homes (up 6.8 percent compared to January 2012) 49 condos (down 34.7 percent), 24 semis (up 14.3 percent), and 26 freehold townhouses (up 4 percent). Residential sales between $250 and $349,999 were strong showing a 32 percent (157 vs. 119 units) increase compared to January last year.

The average sale price of all homes sold in January increased half a percent to $319,283 from the same time last year. Single detached homes sold for an average price of $354,540, a decrease of 2.6 percent compared to January 2012. In the condominium market the average sale price in January was $212,408, a 4.7 percent decrease compared to the same month a year ago.

The KWAR cautions average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is based on the total dollar volume of all residential properties sold. Consumers uncertain about current market conditions should work with a REALTOR® to develop an effective selling strategy. If you are buying, a REALTOR® will negotiate on your behalf and guide you through every step. A REALTOR® understands the local market and must, by law, look after your best interests.

Established in 1937, the Kitchener-Waterloo Association of REALTORS® (KWAR) operates the local Multiple Listing Service® (MLS®) and provides ongoing professional education courses for nearly 1,200 REALTOR® members who serve the communities of Kitchener-Waterloo and outlying areas. The term REALTOR® is a trademark identifying members in good standing of the Canadian Real Estate Association (CREA) who provide real estate brokerage services in compliance with CREA’s By-Laws and Rules, the REALTOR® Code, and all applicable federal and provincial laws and regulations. The MLS® System of the KWAR is operated in association with the MLS® Marks owned by CREA. An MLS® System includes an inventory of listings of participating REALTORS®, and ensures a certain level of accuracy of information, professionalism and cooperation amongst REALTORS® to affect the purchase and sale of real estate.

 

Media Contact: Tania Benninger, Communications & Government Relations Manager, 519-576-1400 ext. 227

Home Sales in Kitchener-Waterloo Steady in 2012

Source: KWAR

KITCHENER-WATERLOO, ON (January 4, 2013) ––   There were a total of 6,212 residential sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in 2012, a slight decline of 0.7 percent compared to 2011’s year-end results.

Coming off two consecutive months of strong housing activity in October and November, fourth quarter home sales were practically on par with last year’s results. A total of 1,268 homes sold through the last 3 months of 2012, 6 transactions more than the same period in 2011.   

Dollar volume of all residential real estate sold last year increased 2.6 percent to $ 1,931,345,147 compared with 2011, reflecting the steady price gains realized in 2012.  The average sale price of all homes sold in 2012 increased 3.3 percent to $311,006. Single detached homes sold for an average price of $353,888 in 2012, an increase of 3.2 percent. In the condominium market the average sale price in 2012 was $213,520, a 4 percent increase compared to the previous year.

“Residential sales activity remained fairly steady throughout 2012,” says Dietmar Sommerfeld, president of the KWAR. “In July the government put in place tighter mortgage lending rules, which is perhaps partly responsible for the slight easing of demand we saw, but overall the Kitchener-Waterloo housing market continues to show its stability.”   

Home sales in 2012 included 4,070 detached homes (down 1.2 percent from 2011), 1,200 condos (down 0.1 percent) 486 semis (down 2.4 percent), and 400 townhouses (up 7.8 percent).

Sommerfeld says that Waterloo region benefits from a very diverse and dynamic economy that will continue to support a healthy housing market and consumer appetite for home ownership in 2012.    

The KWAR cautions average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is based on the total dollar volume of all residential properties sold. Consumers uncertain about current market conditions should work with a REALTOR® to develop an effective selling strategy. If you are buying, a REALTOR® will negotiate on your behalf and guide you through every step. A REALTOR® understands the local market and must, by law, look after your best interests.

Established in 1937, the Kitchener-Waterloo Association of REALTORS® (KWAR) operates the local Multiple Listing Service® (MLS®) and provides ongoing professional education courses for nearly 1,200 REALTOR® members who serve the communities of Kitchener-Waterloo and outlying areas. The term REALTOR® is a trademark identifying members in good standing of the Canadian Real Estate Association
(CREA) who provide real estate brokerage services in compliance with CREA’s By-Laws and Rules, the REALTOR® Code, and all applicable federal and provincial laws and regulations. The MLS® System of the KWAR is operated in association with the MLS® Marks owned by CREA. An MLS® System includes an inventory of listings of participating REALTORS®, and ensures a certain level of accuracy of information,
professionalism and co-operation amongst REALTORS® to affect the purchase and sale of real estate. 

How Much Should You Fix-up Your Home Before Selling It?

Source: aberdeenhomes.ca

The housing market in Ontario is still full-force ahead thanks to these factors:

• Mortgage interest rates continue to stay low
• The economic climate in many regions, such as Waterloo Region is healthy – people feel confident about the future

If you’re not buying a brand new home – there are two paths to take – you either specifically want a ‘fixer-upper’ for obvious reason, or you want to buy a home that’s in ‘move-in’ condition. If the latter is your path, some investment may be necessary in order to attract buyer attention.

Obvious eyesores

• Outdated light fixtures – these are both easy and cheap to replace
• Burnt out light bulbs – agents and buyers will light up your house when touring so make sure all of the lights work
• Dirty trim that ‘used’ to be white – a simple coat of paint will make the walls pop
• Window shades/blinds that have lost the pull string – it’s easy to replace the string
• A toilet that doesn’t flush properly – if not fixed, potential buyers may wonder what other plumbing doesn’t work well
• Leaky faucets – if not fixed, potential buyers may see this as a sign that the home has not been well maintained
• Older cabinets – consider replacing the hardware – it’s cheap and easy
• Older carpets – get them cleaned so they at least look ‘newer’

Remember: A new paint job is one of the more affordable ways to give a house a fresh look – consider painting the interior and front door.

Is your kitchen, bathroom, or somewhere else is just crying out for a remodel? It’s true – there can be value gained from renovating kitchens and bathrooms. However, you also don’t want to pour money into a renovation that potential buyers may choose to rip out anyway. “

General guidelines:

• Don’t personalize the renovation to meet ‘your’ particular lifestyle or taste – keep it neutral and appealing to the masses
• Make mid-range upgrades, not luxury ones – you can’t expect buyers to pay proportionately for luxury upgrades

Two additional helpful tips

• Stage your home! An Interior Decorator or Home Stager can work magic with what you have plus use their design knowledge to add additional warmth and style to your home
• Professionally clean your home! Everyone has tunnel vision with their own home – you’re used to seeing it every day. Hire a cleaning service to come in and maintain your home when it’s on the market. The ‘fresh’ eyes of potential buyers will appreciate the care you took to present it well.

Homes Sales Up in October in Kitchener-Waterloo

Source: Kitchener-Waterloo Association of REALTORS®

KITCHENER-WATERLOO, ON (November 5, 2012) –– Area home sales rebounded in October, with 500 homes trading through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR). Residential sales in October are up 11.6 percent compared to last month’s results, and increased 4.6 percent from October 2011.

October’s residential sales included 322 detached homes (up 1.6 percent), 48 semi-detached (up 54.8), 33 townhouses (up 32 percent), and 92 condominium units (down 7.1 percent).

The average sales price of all residential sales in October was $302,656 a 1.5 percent decrease from the average sale price recorded in October 2011. Single detached properties sold for an average price of $339,592, a 3.8 percent decrease relative to one year ago.
Average prices for townhouses and condominium property types both increased last month, with townhouses gaining 10.7 percent to $287,133, and condominium units increasing 7 percent to $215,831 compared to the same month last year.

“The overall average residential price decreased slightly last month, which is not a surprise,” says Sara Hill, President of the KWAR, “In the past two months the average sale price was showing fairly strong gains even as sales were slowing, so I see this as a slight correction.”

On a year-to-date basis, residential home sales are practically on par with 2011 – with a total of 5,443 sales recorded. The average price of all residential properties sold year-to date is $310,739, an increase of 3.2 percent over 2011.

“The Kitchener-Waterloo housing market continues to show both long-term strength and stability” says Hill. “Shifts in average prices are normal, and home buyers and sellers should work with their REALTOR® to understand the market and set their expectations accordingly.”

Hill reminds consumers to use caution when looking at averages. The average sale price is based on the total dollar volume of all residential properties sold. Average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value.

Established in 1937, the Kitchener-Waterloo Association of REALTORS® (KWAR) operates the local Multiple Listing Service® (MLS®) and provides ongoing professional education courses for nearly 1,200 REALTOR® members who serve the communities of Kitchener-Waterloo and outlying areas. The term REALTOR® is a trademark identifying members in good standing of the Canadian Real Estate Association (CREA) who provide real estate brokerage services in compliance with CREA’s By-Laws and Rules, the REALTOR® Code, and all applicable federal and provincial laws and regulations. The MLS® System of the KWAR is operated in association with the MLS® Marks owned by CREA. An MLS® System includes an inventory of listings of participating REALTORS®, and ensures a certain level of accuracy of information, professionalism and co-operation amongst REALTORS® to affect the purchase and sale of real estate.

Media Contact: Tania Benninger, Communications & Government Relations Manager, 519-576-1400 ext. 227

Home Renovations That Don’t Pay

Source: investopedia.com

Many homeowners choose to renovate for personal reasons, whether something simple as changing finishes in their kitchen to something more complex like adding an addition to the structure. Some homeowners renovate before selling as the market has changed and Buyers are looking for homes that are move-in ready. Updating your home before selling can sometimes be crucial if your home is dated, overly personalized or there are issues with the strucure or layout. Today’s Buyers do not want to do this work themselves, so will continue their house search until they find one that already meets their needs. While many renovations can provide a great return on investment (often increasing the value of the home far greater than what was spent to do so) not all of them do.

 

 

 Making Improvements

 

 

While it’s certainly a smart move to make a few improvements, don’t overdo it. If you spend stacks of cash on remodeling expenses, you’ll probably never recoup your investment – especially in this buyer’s market.So how do you know which upgrades are worth the hassle and which ones aren’t? For the most part, real estate experts agree that new kitchen countertops and appliances, bathroom remodels and energy-saving improvements will pay off in the long run. On the other hand, pros point out that the following four upgrades aren’t worth your time and money.

 

 

 1. Over-The-Top Improvements

 

 

Before you invest tons of money in an elaborate full-house renovation project, consider what the competing properties in your neighborhood have to offer. While you want your house to stand out from the competition, you shouldn’t make unwarranted upgrades that greatly exceed other properties in the area.  Not only will you end up losing money, but you may even scare off potential buyers.Find out how similarly priced homes in your neighborhood measure up, and make improvements based on your specific marketplace

 

 

2. A Swimming Pool

 

 

Believe it or not, a swimming pool rarely adds value to a home in this day and age. First of all, it usually costs a small fortune to have an in-ground swimming pool installed. Secondly, you’re probably not going to recoup your investment. Why? Because many homebuyers view an in-ground swimming pool as a high-maintenance hassle and safety hazard.

 

 

 

 

 3. Replacing a Popular Feature

 

 

Before you consider making a major home change, such as converting your garage into a game room, take a look around. If every other home in your neighborhood boasts a two-car garage, you should probably think twice. Do you really want to be the only house in the area with no garage? Most homebuyers would prefer to have a sheltered place to park their car than a room to play ping pong and darts.

 

 

 

 

 4. Daring Design

 

 

We all want to design and decorate our home so that it reflects our unique style. However, if you’re trying to sell your home, now is not the time to incorporate bold design choices into the décor. If your home already beams with your eclectic tastes, try to tone it down before you plant that “For Sale” sign in the front yard. Homebuyers should be able to imagine themselves living in your home. Hiring a Home Stager to help you tone down your décor to appeal to today’s Buyers is a smart selling move.

 

 

 

 Before You Sell

 

Overall, it’s good to put some work into your house before you try to sell it, as it can add value and make it more attractive to potential buyers. However, there are some things that will have the buyer running for the door – or will at least not add anything to the house’s closing price. Keep these things in mind when you’re getting ready to put up that “For Sale”sign.

 

 

 

 

 

 – If you are considering selling your home and are wondering what the best renovations are to increase its value, speak with a Real Estate Agent and/or Home Stager. Both are knowledgable professionals who can advise you of the best updates for your area and which renovations will bring you the best return on your investment. If you have any questions, please don’t hesistate to contact me. Don

 

 

 

K-W HOME SALES EASE WHILE AVERAGE PRICES INCREASE

Source: KWAR

KITCHENER-WATERLOO, ON (OCT. 3, 2012) – There were a total of 442 home sales through the Multiple Listing System (MLS®) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in September compared to 504 during the same period in 2011, a decrease of 12.3 percent. Year-to-date 4,939 homes were sold compared to 4,991 during the same period in 2011.

Although the number of homes sold decreased compared to last year the average sale price for single family detached properties increased 4.7 percent to $347,666, condominiums 8.3 percent to $223,941, townhomes 4 percent to $262,174 and semis 1.7 percent to $238,834.

“While sales have slowed the last couple of months it has not been the dramatic shift we’ve seen in other regions,” commented Sara Hill, President of the KWAR, “and when considered alongside the increase in average prices I think it reinforces the stability that our region has to offer to homeowners.”

The average price of all residential properties sold year-to-date was $311,677 representing a 3.8 percent increase. More specifically, the average price of a detached home to the end of the third quarter was $354,815, an increase of 4 percent compared to $341,327 to the end of September 2011.

“From my perspective, there may not be as many sales but we certainly have not lost any ground in values as there continues to be a strong stable increase across the Region,” stated Hill.

Consumers uncertain about current market conditions should work with a REALTOR® to develop an effective selling strategy. If you are buying, a REALTOR® will negotiate on your behalf and guide you through every step. A REALTOR® understands the local market and must, by law, look after you best interests.

Media Contact: Harminder Phull, Communications & Government Relations 519-576-1400 ext. 230

Established in 1937, the Kitchener-Waterloo Association of REALTORS® (KWAR) operates the local Multiple Listing Service® (MLS®) and provides ongoing professional education courses for nearly 1,200 REALTOR® members who serve the communities of Kitchener-Waterloo and outlying areas. The term REALTOR® is a trademark identifying members in good standing of the Canadian Real Estate Association (CREA) who provide real estate brokerage services in compliance with CREA’s By-Laws and Rules, the REALTOR® Code, and all applicable federal and provincial laws and regulations. The MLS® System of the KWAR is operated in association with the MLS® Marks owned by CREA. An MLS® System includes an inventory of listings of participating REALTORS®, and ensures a certain level of accuracy of information, professionalism and co-operation amongst REALTORS® to affect the purchase and sale of real estate.

– If you have any questions about the local market stats, or would like to know the value of your home, please don’t hesitate to contact me. Don

Options Abound for Kitchen Flooring

By: Bob Vila   –   Source: www.zillow.com (blog)

While design, color, and surface appeal are important considerations, you’ll also want kitchen flooring that can live up to your lifestyle and provide the comfort and durability you need. Here are some favorites, with their pros and cons:

Natural Stone

Durable and easy to clean, stone offers a timeless appearance suited to most any kitchen decor. Choose larger pieces to create a more seamless look with fewer grout lines. Cons? There’s no denying the look is impressive, but you’ll likely need a strong subfloor and some big bucks to get the job done. Tile and stone can also be cold and uncomfortable if you stand in place for long. (One solution is to place a cushioned mat where you most frequently stand to reduce feet and leg fatigue.)

Photo from http://www.frontdoor.com

Cork

This often-overlooked natural material comes in various colors and patterns and is sustainable, warm, and slightly cushioned. Seal it to prevent water damage and clean the same as you would a hardwood floor.

Photo from: http://www.contempofloorcoverings.com

Linoleum

Easy-to-clean linoleum is available in sheets or tiles in a broad range of colors. Many consumers confuse linoleum with vinyl, but vinyl is a synthetic material with a pattern imprinted on the surface, while linoleum is all-natural with color throughout.

Photo from: http://www.kitchenpicture.co.uk

Vinyl

This budget-friendly material (about $10-$13 per square yard) keeps upping its image as new technology helps it more closely imitate the look of stone, wood, tile, and leather. Vinyl is available in 6- or 12-foot wide sheets or as 12- to 18-inch tiles that are ideal for DIYers. Easy to clean, vinyl is also soft underfoot.

Photo from: Armstrong

Hardwood

Improvements in products and sealers make wood a viable flooring material in kitchens. That’s good news for people with open floor plans, who wish to use the same material in adjoining living areas. Additionally, wood adds a sense of timelessness and warmth that suits any style, from urban loft to cozy cottage to traditional home.

Photo from: furnitures-fashion.blogspot.ca

– If you’re planning to renovate your kitchen and are trying to decide which flooring type has the best return on investment, please don’t hesistate to contact me. Don