3 March, 2010

Your Home Is Not An ATM!

Filed under: Discussion, Real Estate — TimAyres @ 11:23 am

Something’s been bugging me for a while now, and I’ve been meaning to write about it. You know the commercials on the radio and TV. I probably hear them half a dozen times a day, more if I’m listening to a Canucks broadcast.

“Making your home equity work for you…..”

“If you own your home,” say the commercials, “we’ll lend you money.”

Sounds great, right? Free money! Against the value of my home! More and more, Canadians’ chief source of wealth these days is the equity built up in their home. Equity is the difference between the market value of the home and the outstanding balance on the mortgage on the property.

Homeowners should approach equity take-outs with extreme caution, because managed improperly, they can cost dearly. Many financial advisers will tell you it makes good financial sense to refinance high-interest debt such as personal loans, lines of credit, and credit card debt with low-interest mortgage money. While this is true, one needs to first examine how the indebtedness happened. If you’ve got $30,000 of student loans at a high interest rate, it makes good financial sense to pay them out with lower interest money. However, if you’ve racked up $30,000 of credit card debt at really high interest rates by consistently spending more than what you make, what is stopping you from doing it again once you’ve paid it out?

The point is: spend within your means. Irresponsible credit use is one of the biggest financial problems in this country, if not the world.

Some people have the mistaken assumption (and perhaps some members of my profession are partially responsible) that real estate prices only go up. We don’t have to look far back in history to bust this myth. If you had purchased a home in Victoria in the spring of 2008, with a 5% down payment, there is a very good chance you owed more on it than it was worth by February or March of 2009. Real estate prices fluctuate, and the worst situation you can be in is to owe more than you could get for your home if you had to sell it.

Treating your home like an ATM is a great way to end up in that situation.

-Tim Ayres – Sooke Real Estate Professional

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21 January, 2010

Upcoming Free Victoria BC Real Estate Seminar: Buying A Home

Filed under: Buying, First-time Buyer Friday, Real Estate 101, tips — TimAyres @ 2:23 pm

House for Sale in Sooke

Is 2010 the year you decide to stop paying rent and invest in your future in the form of your very own home? How much do you need and how can you save for a down payment? What’s the best type of mortgage for you? What homes are available and what sorts of programs are out there to help a first-time buyer?

All these questions and more will be answered at a fun, free, interactive seminar I’m putting on next month with two other professionals.

A Certified Financial Planner will talk about how to save for that ever-important down payment, and government programs to assist home buyers. Find out the details of how to borrow from your RRSP tax-free to help you buy a house, and other tricks of the trade.

Robert Boyd, Mortgage Expert with Dominion Lending will present on the various types of mortgages that are available, how to apply, and how to get the best rate possible to save you money. Learn about mortgages and rates, amortization and prepayment and take the mystery out of mortgages

Tim Ayres (that’s me!), REALTOR® with Royal LePage Coast Capital Realty will walk you through the home-buying process – how we search for a home together, showings, offers, negotiation and finally, getting the keys to your new home. Find out what to look for, how to ensure you get what you need, and how having an experienced REALTOR® on your side can help.

When: February 9th, 2010, 7PM.

Where: Investors Group Westshore office, 201 – 630 Goldstream [map] – [street view]

The seminar is free, but we have limited space, so please phone me at 250-885-0512, fill in the form below or visit TimAyres.ca/seminars for more information.

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-Tim Ayres – Sooke Real Estate Professional

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19 October, 2009

Name The New Roaster at Sooke’s Stick In The Mud Coffee House

Filed under: Community, Just For Fun, Sooke businesses — TimAyres @ 11:57 pm
Work's Boring... I'm Going To The Stick

Work's Boring... I'm Going To The Stick

If you’ve been by the fabulous Stick in The Mud coffee house in Sooke lately, you’ll notice that owner/operator/coffee nut David has cleared out and opened up a back room. What, besides a random-looking door-like window in the wall, is this all about?

David has ordered himself a state-of-the-art, top-of-the-line, so-awesome-it-deserves-more-hyphens coffee bean roaster from Diedrich Manufacturing in Idaho (not just for potatoes anymore!) He was out to visit Idaho a few weeks ago to see his contraption being constructed. It will be ready to ship in early December and arriving at the shop a few weeks after that. The challenge, says David, will be finding gas fitters to install the beast a few days/weeks before Christmas. So if you know anyone that will be working just before Christmas…

Every good roaster needs a name, and The Stick’s is no exception. So, he’s having a contest to name the roaster. Just go into the shop, write down your name and put it in with the rest. Include your name as well, and a contact method so you can get your reward if you win: the very first coffee beans roasted in Dave’s new machine.

I think this is very exciting, and I’m happy for Dave that he’s ready to take his business to the next level. By importing raw beans and custom-roasting them, Dave will be able to not only cut out the middle man roaster, but will have full quality and creative control over what goes into his customers’ cups. But then, those that are regulars like me would expect nothing less from the pusher in the alley in Sooke.

The Stick In The Mud is located just off West Coast/Sooke Road and Otter Point Road, at 6715 Eustace Road in Sooke.

-Tim Ayres – Sooke Real Estate Professional

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15 July, 2009

Real Estate Prices Victoria BC vs Sooke

I’ve been working with quite a few first-time buyers in Victoria lately. It’s become somewhat an exercise in frustration, as the homes that are available in their price ranges (typically under $400,000 without a rental suite/apartment, or under $500,000 with one) have been mostly disappointing, sometimes very much so. In one case, in a beat up currently rented place near Mayfair Mall, the smell in the basement was so unbearable, we left through the side door.

You’ll find the odd gem, but then you’ll often be competing with other buyers when it comes time to make an offer. This is very stressful for first time buyers, and often it pushes the price beyond where they’re comfortable.

My solution: move to Sooke. It’s not that far, yet prices are much friendlier, and the selection of homes is greater. Of course it won’t work for everyone – the couple I was out with this evening both work in Victoria, and she’ll be going back to school to UVic, and he often bikes to work, which are both a bit of a trek from Sooke. Plus they really enjoy the in-town lifestyle, so it just won’t work for them to buy in Sooke. Not that they aren’t tempted!

And for good reason. Let’s compare a couple of houses currently on the market:

House for Sale in Victoria

House for Sale in Victoria

$385,000 – Built in 1948, 3 beds, 1 bath, 950 sqft, 6800 sqft lot in Saanich West. Hard to tell from the pictures, but it looks OK, needing a few updates, and probably a roof too.

House for Sale in Sooke

House for Sale in Sooke

$379,900 – Built in 2007, 3 beds, 2 baths, 1660 sqft, 7300 sqft lot in Sunriver Estates. Essentially a brand-new home, with garage, warranty, gas fireplace, and all sorts of other modern features, in a new subdivision in Sooke.

Searching Sooke, there are 46 other single family homes on the market under $400,000 – ranging from older homes with suites, to brand new homes yet to be built, to rural acreages. This compares with 20 for sale under $400,000 in Victoria (6) Saanich East (7) and Saanich West (7) – which in total is a larger and more dense geographical area than Sooke.

If you don’t mind the drive to work, or if you happen to be self-employed, you really should check out the value for your dollar in Sooke.

That being said, there are still good houses in the first-time buyer price ranges in Victoria proper, and I know I’m going to find this couple the right home. It just so happens that there are more options in Sooke.

If you’re looking for an experienced, dedicated agent to help you buy or sell a home in Sooke, Langford, Colwood, or Victoria, I’d love an interview! Call me any time at 250-885-0512, email Tim@TimAyres.ca or fill in my contact form.

-Tim Ayres – Sooke Real Estate Professional

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20 October, 2008

Sooke Real Estate Under $300,000

Filed under: Buying, Real Estate, sooke real estate — TimAyres @ 2:07 pm

First Time Buyer? Investor? Looking to stop renting?

There are currently 21 properties as of today (October 20th, 2008) for sale in Sooke under $300,000. And we’re not talking tiny, cramped condos or bachelor pads. The type of properties available for this price range varies from spacious condos and townhouses in waterfront complexes in the Sasseenos area, a small acreage in the Otter Point area, half duplexes in the town core, and even some under-construction brand-new townhouses. The best buy might be the 0.39 acre parcel on Church Road which will be ripe for redevelopment in the future. There are also lots of mobile/manufactured homes in Sooke for between $75,000 – $200,000.

Sooke MLS Real Estate Listings under $300,000

The link above is updated live, so feel free to bookmark it! If you have any questions about how you can get into your own home for under $300,000, give me a call at 250-885-0512 or send me an e-mail to Tim@TimAyres.ca

For your information, a $300,000 property would cost you approximately $1400 per month if you put 5% down and took out a 30-year mortgage, according to RBC’s mortgage calculator, based on a rate of 5.0%. I know several excellent mortgage brokers who can get you pre-qualified with the best rates, saving you thousands of dollars in interest.

-Tim Ayres – Sooke Real Estate Professional

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17 September, 2008

Victoria Real Estate Board Green Task Force Tours Eco-Sense Sustainable Home

Filed under: Developments, News, Real Estate, technology — TimAyres @ 3:04 pm
The Eco-Sense House in Victoria, BC

The Eco-Sense House in Victoria, BC

As a volunteer on the Victoria Real Estate Board’s Green Task Force, I was fortunate enough to visit a truly one-of-a-kind project in the Highlands District near Victoria yesterday. Ann and Gord Baird are the people behind Eco-Sense. Part lifestyle, part science experiment, part eco-pioneering, this truly amazing and simply fascinating home is nearing completion atop a rocky pinnacle in the rural municipality about 20 minutes outside downtown Victoria.

What’s so special about Eco-Sense? The short answer: Everything. Ann and Gord have invested myriad time and energy to research, design, and build North America’s first code-approved, seismically engineered load-bearing insulated cob house. As if that wasn’t enough, the home features a BC Hydro grid intertie system, meaning that their electrical meter flows both ways. When their solar and wind energy array is producing more power than the home requires, it reverses the flow of electricity, selling the excess to Hydro. Furthermore, the house is also heated by the sun with a solar hot water system, which also provides the hot water for the plumbing.

Ann and Gords Living Room

Ann and Gord's Living Room

From the foundation up, every detail has been thought about and constructed in a way that is not only environmentally sound, but also economically so. The foundation was poured with high fly-ash (a by-product of Albertan coal-fired power plants) concrete, and fabric forms were used to reduce waste wood. Total cost of forms? $300.

What’s cob? Cob is a building material; a mixture of sand, clay, and straw. Ann and Gord took this one step further and introduced pumice (lightweight, porous volcanic rock) into the mix to decrease the weight of the mixture, and to increase the insulative value. The cob is structural; there is no load-bearing framing in the walls of the home. One of the parts I found most interesting is the wiring and plumbing. Channels for the wires are carved out of the walls, the wiring installed and inspected by the city, and then simply filled over with more cob or plaster. It’s simple, seamless, and it works! Not only is the cob functional, but when finished in a lime-plaster it is also beautiful.

The house features lots of natural light. Light pipes direct sunlight from the roof into a dome-light-like fixture in the ceiling. Also, embedded in the walls are old glass bricks, and wine and beer bottles (my favourite were the blue ones). Other lighting is LED. While the bulbs cost considerably more than incandescent or compact fluorescent, they’ll last quite literally a lifetime, and use a mere fraction of the electricity.

Ann and Gord explain about their home.

Ann and Gord explain about their home.

Nearly all wood in the house is recycled, from local sources including the demolished Mayfair Lanes bowling alley (they even used the nails!).

The house has a composting toilet (no water use), a rainwater collection system for gardening, and a greywater (from sinks, laundry, and showers) treatment system, which is also used for irrigation.

It’s not easy being an eco-pioneer. Since no one has ever done the things that Ann and Gord have been doing, they have had to get each little step approved by the municipality. In fact, they had to shop around for a municipality that was willing to work with them to see this project through. Everything has been done to code, and that meant a few sacrifices. To appease the plumbing inspector, they had to install a flush toilet which has now been removed. They even had to install a $30,000 septic system, even though they aren’t going to be using it. Their toilet uses no water, and the rest of the wastewater is grey water, which is being treated and used for irrigation. Their modified cob mixture had to be strength tested in the lab. However, a nice by-product of building walls out of a non-flammable material is that you get a nice discount on your insurance.

The low-slope roofs will be living roofs, planted with native species. This replaces the vegetation that is lost where the house sits, and also helps insulate the home and purify the rainwater which also flows more evenly and slowly because the soil retains some water before it drains out.

Cob floors, before finishing

Cob floors, before finishing

Now, one thing that’s always bugged me about so-called “green” buildings is that they cost ever so much to build, that it’s hard to get people to buy into it. Every system in the Eco-Sense house has been evaluated on a triple-bottom-line basis. All things considered, Ann and Gord figure that their per-square-foot cost is around $140. Standard construction starts around $150 as I understand it. This is also including an estimate of their labour cost over 15 months, and a very pricey $60,000 alternative heating system. Therein lies the beauty of what Ann and Gord are doing. They are building Eco-Sense the way they see as best for the planet, but realize that other people might have different ideas. You could do more or you could do less. The point is that there are alternatives to frame construction for single family, two-storey dwellings.

This was the kicker for me. It made sense to my logical business brain. Here are two people, who have a

Recycled glass is used extensively in the home.

Recycled glass is used extensively in the home.

lifestyle they want to live that has less of an impact of the natural environment, and they are demonstrating that it can be done very well while remaining with reach of the average family. Once municipal codes and building techniques catch up with the innovation that these two eco-pioneers are forging in the Highlands District of Victoria, it will become even easier and more within reach of the common man.

Why should only the rich be able to afford to be nice to our planet when it comes to housing?

-Tim Ayres – Sooke Real Estate Professional

For more information, check out Eco-Sense.ca. Ann and Gord offer fascinating tours for the general public, as well as private tours for technical/tradespeople. Many thanks to Ann and Gord for sharing their work with us. More photos can be found on my flickr page.

EDIT: For even more, check out Gord’s Flickr page, and the eco-sense blog

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24 August, 2008

Horrible MLS Photo Of The Day #173

Filed under: Horrible MLS Photo Of The Day — TimAyres @ 6:00 am

August 24th, 2008

From a reader in Vancouver, comes this gem from their MLS®. There is so much wrong here I don’t know where to begin. From the GARBAGE on the counter to the tinfoil on the stove, this is easily one of the worst all year!

See all the usual suspects here.

-Tim Ayres – Sooke Real Estate Professional

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15 July, 2008

Sooke House Insurance Higher Because Of Wind and Snow!?

Filed under: Buying, Discussion, sooke real estate, tips — TimAyres @ 6:55 pm

This via Twitter and the Kids In Victoria Forums.

Everyone needs house insurance whether you own or rent. Typically, when you move, you notify your current insurer of the move and they will ask you questions about the house – age, size, heat source, etc. Your real estate professional can also send over a spec sheet to the insurance agent. The insurance broker will give you a quote and all goes well. Usually.

All locked up - Good insurance!

All locked up - Good insurance!

A new Sooke Resident posted a case that her current insurer (whom she’s been with for many years) tried to tell her that when she moves to Sooke from Colwood later this month that the cost of her insurance policy will nearly double. When asked why, she was told “Sooke gets more wind and snow than Victoria.”

Sooke-ites, wipe off the coffee you just sprayed all over your screen and regain composure. Of course we know it’s not true. This winter, I think Langford and Colwood got way more snow than us, and even in the winter of ‘06-’07 with all the wind storms, I don’t recall Sooke having a worse time than any other coastal community.

I and many other KIV-ers suggested that she phone around or visit some local Sooke insurance brokers and get a better quote. If anything, I’d suppose that insurance in Sooke would be less due to lower house prices and little crime.

What do you think? Anyone experience anything similar? Post in the comments below.

-Tim Ayres – Sooke Real Estate Professional

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28 October, 2007

This House Rocks!

Filed under: Just For Fun, Real Estate — TimAyres @ 9:41 am

Pardon the Pun:

Maison Dans Les Roches - 1

Plougrescant

This is not a digital manipulation. It is an actual house in France called Maison dans les Roches (House Between the Rocks) de Plougrescant. I believe it is located in the Brittany region. Beyond that I wasn’t able to dig up a lot of information on it. Pretty fascinating, though.

Tim Ayres

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27 August, 2007

More On The Origin of Real Estate

Filed under: Real Estate 101 — TimAyres @ 4:54 pm

Hello all,

I recently had a visitor to my blog comment on a recent Real Estate 101 post. The visitor chatted with me through the Meebo chat widget to your right and mentioned that my definition was a little narrow.

For a broader definition and more information on the term, visit http://en.wikipedia.org/wiki/Real_property or http://en.wikipedia.org/wiki/Real_estate

Thanks for the suggestion, Blog Reader – and I will try and post relevant links at the bottom of future Real Estate 101 posts.

Remember, you can subscribe to this blog using the Feedburner e-mail subscription link in the sidebar or via your favorite news reader.

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