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2024 Trends for Properties for Sale in Comox Valley

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Happy New Year everyone! If you’re planning on buying or selling properties in Comox Valley in 2024, there is a lot to know. Tucked away on the eastern coast of Vancouver Island, Comox Valley is a hidden gem in the real estate landscape. With jaw-dropping West Coast views and a vibrant cultural scene, you won’t find real estate like this anywhere else.

In this post, we will be delving into some of the forecasted Canadian real estate trends that could impact this year’s market in Comox Valley, BC.

Follow along below to learn more about what to expect as a buyer or seller in 2024!

Canadian Trends in Real Estate for 2024

Canada has experienced a rocky few years in the real estate sector. With interest rates at an all-time high and increased demand for housing, finding a home has been a challenge for many Canadians. Especially, for those in provinces like British Columbia where the cost of living is above the national average. However, despite these conditions, the real estate market is anticipated to return to a new normal this year. 

According to a report by Royal LePage, the Canadian housing market will see a 5.5% year-over-year increase in the aggregate price of homes by the end of 2024. This will result in a national average home price of $843,684. Royal LePage’s findings also suggest that home prices will return to pandemic peaks by the end of the year. The biggest change in 2024, is said to be Canadians’ acceptance of new interest rates. In the past, buyers and sellers have been eagerly waiting for interest rates to lower so that they could re-enter the market. However, this year, experts are predicting that a “great adjustment” will occur as more Canadians come to terms with mid-single-digit borrowing costs. 

Royal LePage predicts that the adjustment won’t begin until the second half of the year. This also happens to align with their estimate that the Bank of Canada won’t begin to cut interest rates until the late summer or fall. Despite this, many lenders are already offering discounted fixed-rate mortgages. 

Major markets near Comox Valley like Nanaimo and Victoria are forecasted to be in a buyer’s market for the majority of 2024. Entry-level home prices in these areas are expected to be between $750,000 to $850,000. Additionally, single-detached homes will be the most sought-after housing type in these cities. 

How Will This Year’s Trends Impact Properties for Sale in Comox Valley?

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If you’re a buyer or seller in Comox Valley, you may be wondering how the Canadian market trends will impact properties in your area. For first-time buyers, the new normal may present favourable conditions to enter the market. Especially, if you’ve planned and have accumulated enough savings. Anticipated adjustments in the latter half of the year, may bring affordability and improved access. Thus, making it a potentially favourable time for buyers to make a purchase.

As 2024 unfolds, buyers might find it in their interest to consider a fixed-rate mortgage. With many lenders already offering discounted rates, a fixed mortgage could provide increased stability and predictability in mortgage payments. 

For sellers, it will be important to understand buyer preferences and price listings strategically. This year on Vancouver Island, many buyers will be looking for single-family detached homes. Those with properties that fit under this label could benefit from tactically pricing their property to capitalize on this trend. 

Moreover, since housing prices are projected to rebound to peak pandemic levels, sellers may have an advantage in pricing their properties competitively. However, it is important to talk with your agent or a real estate professional about the price of your property before listing. Too high of a price could deter buyers and cause your home to go stale on the market. Be sure to do your research and consult an expert to ensure the best possible ROI for your property!

Contact us Today!

2024 is going to be a big year for real estate in Canada! If you are curious about buying or selling properties for sale in Comox Valley this year, we encourage you to contact us today! Moreover, if you have any questions about properties in the area, be sure to reach out to us! We are excited to get your new year’s real estate goals on track.

A home in the Comox Valley is a great lifetime investment. Be sure to check out our social media here, and return next month for more real estate-related content! We look forward to working with you this year!

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How to Make Comox Valley Houses More Sustainable

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Reducing your home’s impact on the environment is a great way to take action and preserve the Comox Valley landscape. Building a greener and more eco-friendly town is an integral part of reducing our carbon footprints. By making small changes to our homes, we can save both money and the surrounding ecosystems. Many of the improvements we are going to discuss in this post can be done at little or no cost and take very minimal effort/time. In addition to these, we are going to list a few larger improvements that will require a higher upfront investment, but equate to greater long-term savings. Follow along below to discover the ways that you can make your Comox Valley houses more sustainable!

Budget-Friendly Ways to Make Comox Valley Houses Eco-Friendly

  1. Limit & Properly Dispose of Waste

Limiting and properly disposing of waste is a great way to start improving your household’s sustainability. It’s also a hands-on way to educate kids about the importance of local waste management. Consider creating an area in your home that is dedicated to the separation of waste. This could be under your kitchen sink, in the garage, or in another convenient location. Make sure you have the appropriate recycling bins (glass, plastic, paper/cardboard), waste bins, and compost bins. Happy separating!

  1. Research Rebates

The initial cost of making big changes to your home like adding solar or investing in energy-efficient appliances can be expensive. Because of this, the government sometimes incentivizes these sorts of projects by offering rebates to help with the initial cost. Doing some research to see if you can get money for making a sustainable upgrade is a great step in the right direction! 

  1. Xeriscape Your Home

The landscaping in our yards is often centred around a lush, green lawn. While lawns are appealing and good for playing with children, they are detrimental to the environment. Grass requires an incredible amount of water and care in order for it to remain a vibrant green. And, in Comox Valley, water restrictions usually dictate that our lawns will be beige for a large part of the year anyway. Our recommendation is to switch to xeriscaping. Xeriscaping is a form of landscaping that focuses on using native plants and eliminating the use of grass. This will help you cut down on your water bill and give back to the land.

  1. Use a Clothesline

Drying clothes outdoors is something that people have been doing for centuries. While it may not always be possible due to weather, it remains an effective way to reduce energy consumption and save money.

Luxury Upgrades to Make Your Home More Sustainable

  1. Invest in Quality Windows

Poor windows are notorious for causing loss of heat in our homes. This is especially true for those who live in an older home with single-pane windows. Leaky windows can cause you to spend thousands of dollars more on your monthly heating and cooling bills without even knowing. If you want to cut back on energy loss, start by resealing your windows. If you find that this doesn’t make much of an impact, consider replacing your windows with more energy-efficient ones. 

  1. Consider Solar

Nowadays, many property owners are switching to solar energy. New technologies have made solar much more accessible to homeowners looking for a greener way to live. Implementing solar energy in your home will drastically reduce the amount of electricity you consume. And, you’ll make your home sustainable since it will be running primarily on clean energy. Many companies offer rebates for solar, so be sure to look into this prior to investing!

  1. Switch out Your Appliances

In one home, there are several appliances that are used on a daily basis. For instance, a refrigerator, freezer, oven, HVAC system, dishwasher, washer and dryer. The amount of energy required to operate these appliances on a daily basis is considerable. If you truly want to cut back on energy bills, investing in energy-efficient appliances is a must. Look for Energy Star appliances if you choose to make the switch. However, it is important to not throw away aging appliances that still work—this defeats the purpose of being environmentally friendly. Instead, see if you can find new homes for your appliances when they’ve exceeded their use. 

Contact us About Comox Valley Houses!

If you are curious about buying Comox Valley houses, we encourage you to contact us today! If you have any questions about properties in the area, be sure to reach out to us! We are excited to get your fall real estate goals on track. A home in the Comox Valley is a great lifetime investment. Be sure to check out our social media here, and return next month for more real estate-related content! We look forward to working with you in the near future.

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Are You Ready to Buy a House in the Comox Valley?

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Buying a home is a dream for many Canadians. If you’ve been renting for the last little while, you might be wondering when is the best time to buy. Owning a house is a great way to bolster your financial security and build equity. Although renting a home in Comox can provide you with freedom and less responsibility, you’ll eventually find yourself ready to be a homeowner. From unexpected rent increases to wanting your own space, there are a variety of reasons why renters ultimately end up buying a place of their own. So, how do you determine if you’re ready to buy? To help you out, we listed six different reasons that you’re ready to own a house in the Comox Valley.

Signs to Buy a House in the Comox Valley

  1. Your Rent is Going up

As a renter, you know all too well the troubles of annual rent increases. When your rent goes up each year, it becomes difficult to afford monthly costs while also saving for the future. This may have you feeling like you’re throwing away your hard-earned money. Dissimilar to renting, owning a house allows you to invest your money into an asset that’s yours. You also have full control over what you do, who lives in your space (e.g. pets), and what renovations you want to make. If you’re sick of rent increases, consider owning a house and investing in a property of your own. 

  1. You Have Good Credit

Credit is often a major component that holds renters back from purchasing their own house. If you have good credit (around 650), then you will likely qualify for a mortgage. The healthier your credit score is, the better chances you have at securing a great mortgage. Not to mention, the easier it will be for you to get approved. If you have excellent credit, it might be time to think about ending your lease and purchasing a home that’s yours. 

  1. You’re Able to Put Down Enough Money

Your down payment is almost as important as your credit score when it comes to buying a home. Having a solid down payment will help you out down the road. The more you put down on your home, the more you’ll save in mortgage costs. Additionally, having a substantial down payment (20% or more) will ensure that you don’t need mortgage default insurance. Besides your down payment, it is also important that you have enough saved to cover closing costs, any immediate repairs, maintenance, and emergency funds. 

Additional Signs

  1. It Makes Sense for Your Lifestyle

Owning a house is a big lifestyle change. So, the question is, are you ready to take on that commitment? When you buy a home, it’s crucial that you are ready to settle down for a while. If you know that you will be moving in the near future, it’s probably best to continue renting. You’ll want to be able to live in the home long enough to either make a profit on your investment, or at minimum, break even. It is much easier to terminate a lease than it is to sell a house, so keep this in mind while deciding what the best course of action is for you.

  1. You Can Manage Your Debt

Debt management is another key aspect that can help you determine your financial readiness for buying a house. Lenders pay close attention to your debt-to-income ratio when you apply for a mortgage. While no lender expects you to be free of debt, too high of a ratio can cause you to be denied a loan. This is because the more debt you have, the more risk you pose to the lender. Be sure to consider this before making the choice to purchase a house. 

  1. You Know What You Want

Before you buy a house, it’s a good idea to know what you want. This means determining where you want to live, what kind of property you want to live in, and what needs to be in the area. These are big decisions that you likely won’t have the answer to right away. Spend some time in different Comox neighbourhoods at different hours of the day to help you find the best location. Moreover, talk with your agent to see if they can provide you with some insight.

Contact us Today!

If you are curious about buying a house in the Comox Valley, we encourage you to contact us today! If you have any questions about properties in the area, be sure to reach out to us! We are excited to get your fall real estate goals on track. A home in the Comox Valley is a great lifetime investment. Be sure to check out our social media here, and return next month for more real estate-related content! We look forward to working with you in the near future.

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How to Add Value to Condos in the Comox Valley?

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Home renovations are a great way to add value to your property. However, it is important that you choose the right upgrades for your space. After all, making the wrong renovations can end up hurting your return on investment. The best remodelling projects will ensure that your home doesn’t exceed the average price point of similar homes in your area. You want to make sure that when all is said and done, your home has the updated features and finishes without being on the upper end of the price spectrum for comparable properties. In this article, we are going to be going over everything you need to know about renovating condos in the Comox Valley. Follow along below to learn more!

Before you Begin…

Before you can begin doing renovations in a condo, you will need to get written approval from your strata. There are very few renovations that homeowners can conduct without prior approval from their strata board. If you are planning on doing any sort of rewiring, altering plumbing, or removing walls that will need written consent beforehand. 

Instead of waiting for your strata council to meet, you can send them an email to speed up the process. In your E-mail, be sure to break down each project into small steps. You’ll also want to include your anticipated start and finish dates, building permits, and insurance information. 

Ideas for Renovating Condos in the Comox Valley

  1. New Flooring/Soundproofing

Condos are often constructed with carpet since it helps to dampen noise throughout the building. However, carpeted floors are not favourable for most buyers. Especially, if they are in rough shape or outdated. By updating the flooring in your condo you can get a better ROI. Installing hardwood flooring or replacing old carpets with new ones is a good idea. Whatever flooring you choose, you want to make sure that it’s easy to clean and maintain. 

  1. Energy Efficient, Quiet Appliances

Nobody likes a loud washer and dryer. Or, a dishwasher that doesn’t clean the dishes. If you notice that your appliances are starting to go, it’s a good idea to replace them. Buyers often search for homes with new appliances since they tend to be more energy efficient. Not to mention, more aesthetically pleasing. If you’re thinking of updating your appliances, choose models that are stainless steel. By installing them prior to listing, you can make them a point of sale! 

  1. Maximize Your Kitchen Space

In a condo, maximizing space is everything. So, if you can make your kitchen feel or look bigger, it’s probably a good idea. One of the best ways to improve your kitchen is by adding more counter space. If you have room for a kitchen island or the potential for more counter space, capitalize on it! While you’re at it, consider replacing old laminate countertops with granite, quartz, or marble. This will instantly elevate your kitchen!

More Valuable Remodelling Projects!

  1. Add Built-in Storage Wherever Possible

Storage comes at a premium in condos. From cabinetry to closet systems, it all makes a big difference in how you are able to store your belongings. Smart storage systems are essential in small homes because they help maximize the space that you have. Additionally, the level of storage that your unit possesses can make the difference between your listing and someone else’s. Having great storage will help reduce clutter, promote organization, and create more living space. Talk with a contractor about how you can add built-in storage solutions to your condo. 

  1. Upgrade Doors to Save Space

Upgrading your condo’s doors is a great way to maximize space and update the look of your unit. Most condo doors were chosen by the developer because of their affordability rather than their functionality for the space. Consider replacing closet doors with sliding or bi-fold doors. Bonus points if they are mirrored! You can also change out the hardware on your doors or repaint them for an updated look. Sometimes the simplest changes can make all the difference. 

  1. Don’t be Afraid to Repaint

If you want to update your condo but are on a tight budget, consider repainting. Sometimes, all it takes is a fresh coat of paint to revamp your space completely. If you’re planning on selling right away, choosing neutral colours is best. 

Contact us About Condos in the Comox Valley Today

If you are curious about what other things you can do to up the value of your condo in the Comox Valley, we encourage you to contact us today! If you have any questions about homes in the area, be sure to reach out to us! We are excited to get your summer real estate goals on track. A condo in Comox Valley is a great lifetime investment. Be sure to check out our social media here, and return next month for more real estate-related content! We look forward to working with you in the near future.

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How to Maintain the Value of Real Estate in the Comox Valley?

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Buying a home is one of the biggest investments a person will make in their lifetime. So, it is important that homeowners take the time to protect their investments. When it comes to real estate, this means keeping things clean, making updates when needed, and doing regular maintenance. If you have plans to one day cash in on your investment, it will be critical that you have taken care of your property. After all, it is difficult to turn a profit on a poorly maintained home. To help you get a better understanding of how to protect the value of your real estate in the Comox Valley, we’ve compiled a list of tips. Follow along below to learn more!

Ways to Protect the Value of Your Real Estate in the Comox Valley

  1. Improve Your Curb Appeal

If you want to sell your home, you need to give the best first impression. To do so, it is important that you maintain your home’s curb appeal. This means weeding garden beds, replacing soil where needed, mowing the lawn, pruning plants, and raking away debris. Moreover, you may consider pressure washing outside surfaces like your driveway, walkways, steps, deck, siding, or fence. It is also good practice to repaint the exterior of your home if it is looking faded or weathered. Simply spending a couple of hours per week in your yard can drastically improve your curb appeal. Thus, protecting the value of your property!

  1. Perform Regular Maintenance

Nobody wants to pay full price for a home in disrepair. So, it is crucial that you spend the time and money to perform regular maintenance. This doesn’t just mean fixing major issues with your plumbing, HVAC system, or electrical. It also means taking care of the little things. For instance, replacing broken or missing shingles, tending to your leaky faucet, cleaning your gutters, and other mundane tasks. By staying on top of your home maintenance, you can preserve your property’s value. 

  1. Keep Renovations to Code

Home renovations can be super exciting! Not to mention, great value boosters for your home’s worth. However, this is only the case when renovations are kept to city code. While your renovations may better suit your lifestyle, they can seriously harm your property’s worth if they aren’t done right. To avoid making any mistakes, be sure to do your research before taking on a new home improvement project. And, don’t be afraid to hire a professional if you’re not confident you can get the job done right. The last thing you want is to spend more money down the road!

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More Tips!

  1. Update Appliances When Needed

After years of living in a home, appliances start to break down. From toilets to kitchen ovens, lots can begin to malfunction. This is no fault of the homeowner, but rather the years of wear and tear. No matter how well you take care of your appliances, they’ll all need to be replaced eventually. When you replace older items, don’t feel pressured to buy the most expensive, high-tech model. Although, whenever possible, look for something that is energy-efficient. 

  1. Clean Often

As a homeowner, you likely lead a busy life that makes it hard to keep up with cleaning. However, doing your best to clean on a weekly basis can do wonders for your property value. Instead of waiting until your showing day, try and clean on a more frequent basis. This will make things easier for you in the long run and ensure that your property ages well. 

  1. Protect Your Home From Pests

Pests are a major red flag for potential buyers. Things like rodents and insects can harm your home’s structure and create an unsanitary living environment. Unfortunately, many homeowners wait until it’s too late to deal with these sorts of problems thinking that they will go away on their own. However, without human intervention, you can easily have an infestation on your hands. If you notice signs of pests in your home, contact a professional pest control expert to help you out. Pests are not something that you want to ignore!

Contact us About Real Estate in the Comox Valley Today!

If you are curious about what other things you can do to maintain the value of your real estate in the Comox Valley, we encourage you to contact us today! If you have any questions about homes in the area, be sure to reach out to us! We are excited to get your summer real estate goals on track. A house in Comox Valley is a great lifetime investment. Be sure to check out our social media here, and return next month for more real estate-related content! We look forward to working with you in the near future.

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Property for Sale in Comox Valley – Things That Fail a Home Inspection

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Understanding how much your home is worth is an important part of selling. And, depending on who you talk to, you’re likely to get a very different answer. One way that buyers gauge the value of a potential home is by getting a home inspection. This is done to ensure that everything is working as advertised and they aren’t going to invest in a home full of problems. From the HVAC system to the roof, a home inspector checks all major areas of the home to assess the condition and determine if there are any problems. Although you may think you are ready to sell, a home inspection can unearth some issues that may make it difficult to close a sale. This is why it is important to identify these issues before listing your home on the market. In this article, we went over some of the most common things that fail a home inspection. Follow along below to learn more!

Check Your Property for Sale in Comox Valley for These Issues!

  1. The Proof is in the Roof

Roofs are an expensive fix. In fact, they may be one of the most dreaded homeowner repairs. Buying a home only to discover that it needs a new roof would be a serious kick in the teeth. If you were a buyer, you likely wouldn’t invest in a home that needs a new roof. So, make sure that you check yours before listing your home for sale. Roofing problems are especially common in older homes. If you notice things like missing shingles, damaged shingles, loose flashing, or leaks from your ceiling, this is a good indication to have a professional assess the damage. 

  1. HVAC Problems

Homes with HVAC problems present an immediate red flag for buyers. In today’s day and age, homeowners rely on their HVAC systems to keep their homes at an appropriate temperature for the season. Besides heating and cooling, your HVAC system is also responsible for ventilating your home. Dirty HVAC systems can cause illness due to poor indoor air quality. Home inspectors are certain to check that your HVAC system is in operating condition. If you’ve been regularly maintaining the unit, then you shouldn’t have much to worry about.

  1. Mould

Mould is responsible for an assortment of illnesses and foul smells. If you find mould in your kitchen, bathroom, ceilings, floors or other areas in your home, be sure to contact an expert. Furthermore, you should call an expert right away if your home has been experiencing drainage issues, a musty smell, or excessive moisture as these can all be signs of potential mould growth. Any licensed home inspector will be able to help you determine if there is mould present in your home. 

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More Items to Check Before Listing Your Home for Sale

  1. Plumbing

Plumbing issues are a hassle to deal with. So, it comes as no surprise that many buyers shy away from purchasing homes with plumbing problems. Whether it’s a leaky faucet or poor drainage, these are not qualities that prospective buyers want to hear about. In addition to this, you’ll want to make sure that your home has adequate water pressure. Contact a professional plumber if you have any concerns about the plumbing in your home. 

  1. Electrical System

Electrical problems can present all sorts of hazards. From fires to shocks, there are several risks involved with having a faulty electrical system. Each year homeowners put their homes at greater risk of having electrical problems by overloading circuits with appliances that have high energy demands. If your home is constantly blowing a fuse, the lights in your home are dim/flickering, and/or you have discoloured outlets, it might be time to have your electrical replaced. After all, no buyer wants to invest in a home that could be at risk for an electrical fire. 

  1. Structural Issues

Have you noticed any cracks in your foundation outdoors? What about pooling water near the base of your home? Do you see cracks in your stucco? Is the wood in your home rotting? How about insect/rodent damage? All of these things can point to structural damage that will scare buyers away. Have an inspector check the structural integrity of your home before listing to ensure all is well. 

Contact us Today!

If you are curious about what other things can fail a home inspection for your property for sale in Comox Valley, we encourage you to contact us today! If you have any questions about real estate in the area, be sure to reach out to us! We are excited to get your summer real estate goals on track. A house in Comox Valley is a great lifetime investment. Be sure to check out our social media here, and return next month for more real estate-related content! We look forward to working with you in the near future.

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How to Maintain Your Comox Valley Home’s Value?

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Purchasing a home in the Comox Valley is a big investment. In order to maintain the value of their home, homeowners must be prepared to do a lot of upkeep. Without regular maintenance, homes can quickly become dilapidated and lose their value. If you are planning to sell one day, it is crucial that you protect your home’s value to ensure that you can still turn a profit on your investment. Those who fail to maintain their property value could risk losing a large profit! This is why this month’s article is going to be focussed on ways to protect your home’s value. Below we will be going over our top tips for how to ensure your home is profitable when it comes time to sell. Continue reading to learn more!

Perform Regular Maintenance

If you want to maintain your home’s value, you will need to perform regular maintenance duties. After all, very few buyers will be interested in purchasing a home that’s falling apart. One of the best maintenance tasks that you can do as a homeowner, is clean your home regularly. Keeping a neat and tidy home is a great way to ensure that it ages well. Plus, if your home is clean (inside and outside), then you will be better able to spot issues when they arise. 

In addition to this, repainting every 5-10 years is another good maintenance task to perform in order to keep your home looking new. If you just moved in, be sure to take care of any major issues that you are aware of right away. For instance, electrical problems, water damage, and plumbing issues should be addressed immediately. However, it is also important to make little fixes/take preventative measures so that you can avoid larger problems down the road. For example, weatherproofing, replacing broken roof tiles, cleaning gutters, repairing insulation, or fixing a leaky faucet. Staying on top of your regular maintenance duties is the number one way to ensure that your home maintains its value!

Make Sure Your Comox Valley Home is in Line With Government Standards

After living in your home for a while, you may be tempted to make renovations/upgrades. This is a normal desire and can often help increase the value of your home. However, this is only the case when improvements are done right. Before you start any project, consult with a professional or at the very least do some research. You’ll want to keep in mind how your proposed project will affect your ROI, what kinds of permits are needed, and whether it is worth the extra money.

If you decide to go ahead with your project, be sure that everything is built to local health and safety standards. This means that if you are an avid DIYer, having a professional come and inspect your project is a good idea. Furthermore, it is crucial that you obtain the necessary permits to complete your project. Failure to do so could cost you a lot of money later on. Especially if you are making a major upgrade! Overall, making sure that your home stays up to government standards is very important. 

Upgrade Your Curb Appeal

Lastly, if you are planning on selling in the near future, then you should consider upgrading your home’s curb appeal. The first impression your home gives off is crucial to potential buyers. In fact, most buyers will form their judgements about a home within the first few seconds of looking at the property. In order to give the best first impression, it is important to maintain your home’s curb appeal. This means weeding garden beds, replacing soil where needed, mowing the lawn, pruning plants, and raking away debris. Moreover, you may consider pressure washing outside surfaces like your driveway, walkways, steps, deck, siding, or fence. It is also good practice to repaint the exterior of your home if it is looking faded or weathered. Simply spending a couple of hours per week in your yard can drastically improve your curb appeal. 

Contact us Today about finding a new Comox Valley Home!

If you are curious about what other items you can do to maintain the value of your home, we encourage you to contact us today! If you have any questions about houses in the area, be sure to reach out to us! We are excited to get your spring real estate goals on track. A house in Comox Valley is a great lifetime investment. Don’t hesitate to contact us with any concerns or inquiries about real estate in Comox Valley. Be sure to check out our social media here, and return next month for more real estate-related content! We look forward to working with you in the near future.

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When is the Right Time to Buy a Home in Comox Valley?

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2022 was a rocky year for homeowners and real estate professionals alike. And, if you’re wondering how 2023 is going to pan out, you’ve come to the right place. The real estate market on Vancouver Island is generally known to be quite stable. However, in the last two years, it has seen some ups and downs—much like other typically stable markets in Canada. Since the beginning of 2022, citizens of Canada have been hopeful that with time, the prices of real estate would come down. And, in many places, housing prices have come down—with a catch of course. In this article, we will be taking a closer look at housing trends in Comox Valley, and more generally, Vancouver Island.

Follow along below to learn more about whether or not you should buy a home in Comox Valley!

What to Expect When Buying a Home in Comox Valley in 2023?

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If your goals for 2023 involve buying a home in Comox Valley, there are a few things you need to know. Firstly, home prices have undoubtedly gone down in 2023 and are rumoured to continue to drop off. This is not to say that prices have dropped dramatically. Instead, they have simply cooled from their peak.  For homebuyers, this is good news. It means that the market is stabilizing. Another thing that buyers and sellers need to be wary of, is the cooling-off period that was announced last July. On January 3, 2023, this new rule was formally implemented in British Columbia.

According to CTV News, this new legislation is intended to provide “buyers some protection in the face of rising interest rates and what [the government] calls high-pressure sales tactics.” It is important to note that the cooling-off period does not apply when homes are auctioned or when the home is on leased land. The cooling-off period allows buyers three business days to think about their purchase. Furthermore, it allows buyers to back out of the deal for a number of reasons including: 

  1. They no longer want to purchase the home
  2. The pruchaser cannot secure financing
  3. They cannot arrange a home inspection

However, despite this new recession period, backing out of the deal is not free. If a buyer back out of a deal, they will have to pay 0.25 percent of the offer. On a one million dollar offer, that equates to a $2,500 fine. The reason for a fine is to prevent buyers from having an unfair advantage. 

Interest Rates, How to Navigate the Market, and More.

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The other thing that buyers need to be wary of, is interest rates. If you’ve paid attention to the news at all in the last few months, you’d know that the Bank of Canada has been increasing the key interest rate bit by bit. This has resulted in the average cost of a mortgage skyrocketing. For those with variable-rate mortgages, the pressure has been immense. And, in the case of first-time home buyers, many have been forced to hold off on their dreams of homeownership. Most analysts have predicted that 2023 will be a rough year in terms of mortgages. However, with that, they also predict that rates will come down again by early 2024. 

So how do you buy a home given the conditions? And, is it risky to sell your current home? The answer is not one-size fits all. Depending on you and your specific situation, the current conditions might not impact you in a way that prevents you from buying or selling. However, for others buying a home could be pushing the bounds a little too far. If you are unsure, we encourage you to consult with one of our Comox REALTORS® to find an option that best fits your unique position. Buying a home in Comox Valley is a big milestone, and it is important to take the time to assess the situation before rushing into anything! 

Contact us About Buying or Selling a Home in Comox Valley. 

If you are curious about buying or selling a home in Comox Valley, we encourage you to contact us today! If you have any questions about the market conditions in Comox, be sure to reach out to us! We are excited to get your spring real estate goals on track. A home in Comox Valley is a great lifetime investment. Don’t hesitate to contact us with any concerns or inquiries about real estate in Comox Valley. Be sure to check out our social media here, and return next month for more real estate-related content! We look forward to working with you in the near future.

real estate content rewind 2022 in comox valley

2022 Recap of Real Estate Advice in Comox!

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It’s that time of year again when we write our year-end blog recap. December is quickly passing by and 2023 is right around the corner! Over the course of 2022, we wrote several articles about real estate in the Comox area. From January to November we have posted eleven different articles to help our buyers and sellers find the information they need. Achieving your real estate goals can be tricky. However, we hope that some of our content helped to steer you in the right direction. In this article, we will be going over a brief recap of all of the articles we wrote during 2022. Follow along below to learn more!

Winter and Spring Blog Recap of Real estate advice in Comox:

Jan – Transit & Comox Valley Houses For Sale

Getting to and from your everyday destinations is an important part of your daily life. While many people opt for a car, living in Comox Valley houses for sale provides a host of other transit options. The city is equipped with buses, bike paths, boat access, float planes, ferries, and more. This article is filled with information about transit in Comox Valley

Feb – January Update on Comox Properties For Sale

Understanding the current market statistics is an important part of buying a home. This article goes over the real estate stats from January of 2022. Check it out for a trip back in time to see how real estate prices were doing at the beginning of the year. 

Mar – Average Price of Properties in Comox Valley

In March, we wrote all about the soaring real estate prices and the jump in interest rates. Our March article talked about buyer motivations, and the cost of housing in Comox, and provided an update on the national real estate market. 

Apr – Summer Activities Near Homes for Sale in Comox!

Are you planning on moving to homes for sale in Comox this summer? If yes, then we recommend reading this article. Discover a list of fun summer activities to familiarize you with the town. By participating in some Comox summer fun, you can get to the locals! Make friends and find new favourite hangout spots by exploring Comox Valley.

Summer Blog Recap:

May – Comox Real Estate: Economic Drivers in Comox Valley!

If you are looking to move to Comox real estate, it is important to consider the economic drivers within the city. Comox has various economic drivers that can help you create and foster a business. Or, find a job within your interests. The city of Comox and surrounding areas have diverse economies that thrive in industries like tourism, agriculture and construction.

June – About Cumberland BC Real Estate.

Living in Cumberland BC real estate is a quiet place to settle down. Sea-to-sky views and lush green trees are the perfect backdrop to any home. Cumberland has a fascinating history as a former coal-mining town. If you’re looking for a great place to call home, Cumberland BC real estate is the place to move.

July – Making Your Property in Comox Valley Energy Efficient!

Energy efficiency in your home can help you save thousands of dollars. For most individuals, the costs associated with living in their house account for a large portion of their income. Going green shouldn’t require months and months of saving. In fact, it’s possible to save the planet on a budget! Most of the changes we wrote about will even help you save money over time. 

Aug – New Measures in Place for Buying a Comox Valley Property.

After a rocky start to the housing market in Canada, many government officials worked to reduce high-pressure sales. There were several efforts made in British Columbia over the early months of 2022 to combat the scorching real estate market. Check them out in this article. 

Fall Blog Recap of Real estate advice in Comox:

Sept – Home Improvements to Add Value To Comox Valley Properties.

Home renovations are a great way to add value to Comox Valley properties. Or, make the space more inviting. However, not all home renovations are worth your time and money. It is important that you choose the right home renovation projects so that you can get a sufficient return on your investment. 

Oct – Home Security for Properties for Sale in Comox!

While Comox Valley’s crime rate is virtually zero, having a thorough security system is never a bad idea. Those buying properties for sale in Comox should consider investing in some basic home safety equipment. Contrary to popular belief, it doesn’t cost an arm and a leg to keep your home safe. Read more about this in our October blog post!

Nov – Selling a Stigmatized Property For Sale in Comox 

Selling a stigmatized property for sale in Comox can be a tricky feat. It is important that you consider any stigmas associated with your home and how they can affect the listing price of your property. In this article, we went over all things to do with buying and selling stigmatized properties. 

At Royal Le Page Comox we want to thank our clients for another great year in real estate! 2022 came with lots of surprises and we were happy to have all of you stick with us. Check back next year for more real estate content and information. As always, be sure to contact us with any questions or concerns you may have. We look forward to working with you in the new year. Happy holidays to everyone!

comox homes with curb appeal

Home Improvements to Add Value To Comox Valley Properties

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Home renovations are a great way to add value to Comox Valley properties. Or, make the space more inviting. However, not all home renovations are worth your time and money. It is important that you choose the right home renovation projects so that you can get a sufficient return on your investment. Because of such high-interest rates, it is expensive to afford home renovations. Materials and lending rates are through the roof. Thus, forcing homeowners to pick and choose their renovation projects. In this article, we will be going over the top renovations that you should make to your home before the year is over. Follow along below to learn more!

Add Space to Comox Valley Properties.

Since the onslaught of the pandemic, buyers are looking for space now more than ever. This means homeowners need to make their properties feel as spacious as possible. Adding outdoor spaces, workspaces, and recreation spaces to your home is a sure way to add value. Any kind of remodel that increases your square footage or gives the illusion of more space, will be a worthwhile investment. 

One of the ways you can achieve this is by creating a home office. If your property doesn’t have a workspace, it is a good idea to add one. Whether you build a detached building on your property or convert a room is up to you. However, there are a lot of folks looking for a home with adequate office space. An in-home office is a great addition that is certain to add value to your property. According to HomeLight, a home office can add over $10,000 in resale value. In fact, if you decide to add a detached office space it can provide about $66,000 in value to your home. 

Another way to add value by making space in your home is to finish your basement. If you have an unfinished basement, you’re practically throwing away valuable space. Take charge and make it your winter project. A finished basement can add $50,000 in value to the asking price of your home. You can leave this space blank or turn it into a gym, office, or lounge area.  

Next, is opening up the floorplan. If your home is dated and feels cramped because of the walls, consider knocking some of them down. Free-flowing space in the kitchen and living areas is essential to buyers. Open layouts are the key to good workflow.

What About the Outside?

Curb appeal and outdoor spaces are another big draw for buyers. A lackluster exterior will make buyers question how you’ve taken care of the interior. Don’t make this mistake! An attractive landscape will entice buyers from the moment they see the property. And, it will give them the idea that your home is well-taken care of. Performing simple tasks such as weeding, cutting the grass, and replanting dead plants, can make all of the difference. 

If you want to take your home’s outdoor areas to the next level, consider hiring a professional. Investing in a rock wall or raised garden beds can help enhance the look and feel of your home. Moreover, adding or re-building a patio in your backyard will provide buyers with more usable outdoor space. This is great for those who want to entertain guests or enjoy the Comox Valley weather. 

Another way that you can add curb appeal to Comox Valley properties, is to get new doors and windows. A bright and bold front door can make a big difference in the overall look of your home. And, it can help improve the home’s energy efficiency. The same thing holds true for windows. Brand new windows on your home not only look great but also help to insulate the home. 

While we are on the topic of doors and windows, consider replacing your garage door. These large features have a big impact on the look of your property. If your neighbours have newly renovated garage doors, consider jumping on the bandwagon. HomeLight has found that a new garage door will give you a 133% ROI. Upgrading your garage door is a simple way to make Comox Valley properties stand out!

Contact Us About Comox Valley Properties!

Improving the look of your Comox Valley properties will help you add value to the asking price o your home! By choosing your renovations wisely, you can stand to make a great ROI! If you have any questions about renovating a property in Comox Valley, be sure to reach out to us! We are excited to get your fall real estate goals on track. A property in Comox Valley is a great life-long investment. Don’t hesitate to contact us with any concerns or inquiries about real estate in Comox Valley. Be sure to check back next month for more real estate related content! We look forward to working with you in the near future.