Gunn Real Estate Group

Month: March 2021

  • The Small Interior Features That Will Enhance Your Property

    The Small Interior Features That Will Enhance Your Property

    When it comes to selling your home or redesigning the interior to meet your ever-changing taste, you will want to look at putting time and money into the features that will boost its value and enhance its convenience. Many people turn to redesign the obvious interior features and feel that it will boost its value when in actual fact it is the small features and appliances that really make a difference. Not only do the following features enhance the property price, but they will also make it more practical and convenient for you whilst you are living there.

    Heating and cooling system

    All homes need to have a well-functioning heating and cooling system in order to feel comfortable and efficient. There is no good in being freezing cold or too hot in your own home, so air conditioning repair and central heating services will ensure your systems are working efficiently. Efficient heating and cooling systems will make you more comfortable, make the property appear efficient to future buyers, and increase its value. Effective systems help reduce energy bills, which is a huge bonus for you and potential future owners. 

    Revamp rooms that add practicality

    Splashing out on new interior design trends is a common mistake people make when using their money to revamp their homes. Whilst it makes it feel nice, it doesn’t really add any real value. Instead, you could focus on rooms that involve plumbing and features that make the home more practical, like the bathroom. Years ago, bathrooms were rooms that just needed to be utilitarian. However, nowadays people are looking for their bathrooms to be a place of luxury, somewhere to relax and unwind, in an almost spa-like home experience. Modernizing a bathroom to reflect this is a great way to add value. To achieve this, a whole new bathroom suite isn’t always necessary and you’d be surprised how different a shower can look with new hardware and new tiles. But ripping a whole suite out and starting afresh may also be beneficial, particularly if you want to change the layout of the room. Any new bathroom should still tick all the practical boxes, be easy to maintain, and have a bit of style too.

    Take care of defects

    Having structural defects is one of the biggest issues that can devalue your home. In fact, it can even lose you a string of buyers when it comes to selling, as it can cause prospective buyers to run for the hills. And if it doesn’t, they’ll most likely be looking to knock a wad off the price. Structural defects can be as small as just having a cracked lintel, to as damaging as subsidence. In some cases, mortgage lenders may not lend on properties with serious defects so it’s well worthwhile getting these resolved. Sorting out defects will also make your interior look and feel nicer, which is key when you are living there and want to feel happy in your home.

  • Housing Market for February 2021

    Housing Market for February 2021

    “The London and St. Thomas Association of REALTORS® (LSTAR) announced 824 homes exchanged hands in February, achieving another monthly record for residential sales. Sales were up more than 19% compared to the same time a year ago, marking the best results ever for February since the Association began tracking data in 1978. “

    In our local marketplace, 100% of the listing inventory is selling every 28 days. Another way of looking at it is that every house that was listed in London, On over the last 28 days has sold. Once again this is an indication that the local market for the month of February strongly favoured sellers. The scarcity of listings and overheated demand from buyers has resulted in increasing sale prices, numerous multiple offer scenarios and shorter days on market.   The Covid-19 pandemic has not adversely affected the local real estate market. If you are considering selling your home in the city of London or the surrounding area, there has never been a better time.

    City of London Real Estate Statistics for February 2021

    Number of properties houses sold or leased 

    Median days on market

    Average sale price 

    Median price

    Average sale price of a condominium 

    Average sale price of single family home

    List price to sale price ratio

    599

    7

    $618,707

    $588,000

    $463,493

    $701,882

    115.3% 

    The city of London Ontario currently has 0.6 months of available inventory with 372 properties listed for sale or lease. For reference in February 2020, our market had 1.6 months of inventory which at the time was considered a strong seller’s market. Of the properties currently on the market in London, of those listed 246 are single-family residential dwellings. The remaining are condominium-style properties.  

    We currently have buyers looking for the styles of properties noted below.

    Detached home around old north up to 1.5 million

    Detached home in northwest London up to 1.2 million

    Detached home in North or South London up to $800,000

    One floor bungalow Townhouse in Byron up to $700,000

    2 storey townhouse with 3 bedrooms in Byron or Westmount

    If you or know or anyone who might be thinking of selling please let us know or have them contact us. 

  • How to Buy off the Plan

    How to Buy off the Plan

    If you are thinking of investing in property there are several ways to go about it. You could buy to rent, build to sell, or flip a property for profit. One other way investors make an easy profit of buying and selling homes it’s by buying off plan property. The process for making an off plan property investment is outlined below in more detail. 

    OFF PLAN PROPERTY 

    Off plan property means property that has yet to be built. The idea is to buy a property at current market prices and make a profit on it when it’s sold a year later. In a year’s time the market conditions will have changed. 

    It can be a risky form of investment as it’s based on the improvement of the housing market. However, in some cases  profits of 10% or 20% can be made by purchasing a property before it is ready for sale.

    DO YOUR RESEARCH 

    As with any purchase of property research is important. But it’s even more important when you’re buying an apartment off the plan. Since the property is yet to be built you need to pay particular attention to any concrete information you do have such as location and housing prices. 

    Before investing in an off plan property find out about the desirability of the area and what amenities are available there. Also research the market conditions for similar properties and its viability for rental. Without research you may be financially vulnerable. 

    LOCATION 

    Although it has become something of a cliche the location of a property is still one of the primary factors you should consider. It’s especially important when buying an off plan property that doesn’t yet have any infrastructure. The location is one of the best determining factors. 

    Consider the local area as well as the wider area. Is it being developed or regenerated? This could offer some appeal to potential buyers. Then consider how close the shops, parks, and schools are to property you’re thinking of buying. These are high priorities for many people. 

    KNOW YOUR MARKET 

    Before you invest large sums in an off plan property think about your target market for selling the property. Consult with local estate agencies to find out the type of people who buy in that area. The better you understand your customer the better you can cater to them. 

    Furthermore, with off plan property you will typically be competing with other investors and developers. Find out how many units of a development have been sold and who you are competing with. Knowing more about a property’s demand can give you an edge. 

    PRICE 

    It’s always a good idea to research the property market and find out the average prices that similar properties are being sold for. This should give you a reasonable indication of the profit you can expect as a return on your investment. 

    But be warned. The housing market is continually changing and there’s no guarantee that house prices in the area will stay the same. As with any investment there is an element of risk involved, but with the right research and analysis you can make a calculated estimate.

  • Factors that will Help you to Choose the Right Office Location

    Factors that will Help you to Choose the Right Office Location

    If you are scouting out a location for your office then you need to know that you shouldn’t just be looking out for what looks good aesthetically. There should also be other swaying factors in your decision as well, such as having enough room for all of your staff to work as well as having enough equipment for everyone. If you want some help choosing the right office location, then you will find out everything you could ever need to know in this guide.

    Do you Want a Lease or a Co-Working Space?

    Office leases tend to be much more expensive and they do tie you in for longer in general. That being said, they do give you much more freedom in what you want to do with your space. You can personalise the space with your own branding if you want, and this can give your team a huge boost to their morale. This is especially the case if you work in a traditional sector, such as finance. At the end of the day, co-working spaces tend to be much better if you have fewer staff members working with you and if you have some growth potential. Co-working spaces are also better if you don’t need the space for a long period of time. Being in a co-working space will strip you away from any responsibilities too, including having to replace the toilet roll or even coffee. Co-working can also promote worker well-being too, so this is very important for you to keep in mind. Of course, the price of co-working or an office space for lease will vary but ultimately a lot of it comes down to your local area and the average price overall.

    Hidden Costs

    When you set out all of your moving budgets, you have to account for things such as stamp duty, the cost of hiring a solicitor and even buying agent fees too. Sure, the rent will make up the bulk of your budget but at the end of the day, there are other things that can easily add up and make your costs more than you can probably afford. It’s a good idea for you to learn what the business rates are for the buildings you have and what you’re interested in. Remember that you also need to factor in running costs and also cleaning costs if possible. It’s important for you to factor in fees for things like disposal if you need to get rid of some equipment for any reason at all. If you can read through your lease before you sign up, then this will help you to be more aware of the costs that you need to cover and what your landlord will be paying for.

    Fitting with your Brand Image

    Your office location is essentially an extension of your brand image. If you are a very slick start-up, then people probably won’t respond to you very well if you have a rundown office that is in dire need of repair. If you are a not-for-profit organisation on the other hand, then you may find that this image works better for you. You probably won’t want a high-tech office, as it may send the wrong message. You need to make sure that your office fits in with your brand image where possible, as this will really work in your favour overall.

    Legal Considerations

    It’s so important that you read up on any legal implications that may well come with moving offices as they have probably changed quite a lot since you moved last time. Your new office has to meet various health requirements and you also need to take into account fire protection as well. When you are moving offices, you have to make sure that you don’t forget about handling data so that it’s in line with all of the regulations that are present. This isn’t a legal consideration at all, but it’s important that you check out the crime rate figures. This will give you a good idea as to how safe your area is and it may even determine the insurance that you pay. Insurance policies tend to be higher in areas that have a high crime rate, so you have to keep this in mind if possible.

    Of course, if you don’t take the above into account then you may find that you end up not being able to experience as much success with your business and that you end up paying way more as well. Luckily, all of this can be avoided.