Taking the reins:Today’s woman in real estate
I love introducing women to the world of real estate. Since I began my career as a realtor, that opportunity has been arising more and more often. The fact is, more single women are buying homes today than ever before.
This can be chalked up to several factors. Many younger women are choosing to focus on their careers rather than getting married and starting families in their twenties. Such financially independent women see no reason to postpone home ownership. On the other side of the coin, it’s the unfortunate truth that approximately 50 per cent of marriages lead to divorce, leaving many women to househunt solo for the first time. Finally, women live seven to ten years longer than men on average, which translates to a significant number of widows finding themselves in the market for a smaller home.
This adds up to a lot of women who are faced with making crucial financial decisions about matters such as mortgages, insurance and investments, for the first time in their lives. Having been raised by a single mother, this is an issue that’s close to my heart. I watched my mom struggle financially, and long ago decided that, married or not, I would take control of my personal finances; for me, real estate investment was key. I strongly believe that engaging with the real estate market can be an excellent way to leverage your current funds. Many people give their savings over to financial advisors, acquiring paper assets; but such investments give them little control over their own finances. Property investment, on the other hand, gives the owner complete control: real estate can be leveraged, improved or rented out as you see fit.
Interestingly, 15 per cent more single women are buying homes as compared with single men. This may be connected with a nesting instinct, with a heightened desire for security, or with a preference for investing in something tangible as opposed to paper assets. Whatever the explanation, it’s a trend I’m happy to see. When women overcome their initial apprehensions about investing, they tend to do very well; in fact, studies have shown that all-women investment clubs regularly out-perform all-men investment clubs by as much as 20 per cent.
The reason for this? I believe that, just as women are more willing than men to ask for directions, they’re not afraid to ask questions when it comes to learning something new. They’ll listen to professionals and weigh all the factors, whereas men are more likely to want to do things their way. Women are also often more moderate risk-takers; having succeeded, they’ll take their money and move on to the next endeavour. Applied to real estate investment, these traits stand women in good stead.
Unlike some career ventures, I believe there is no glass ceiling in the world of real estate investment. Given the motivation and the proper know-how, there’s nothing holding women back from finding significant financial success through property ownership.
Email your questions to news@bennettpros.com
Marnie Bennett formed her boutique real estate marketing firm after meeting with remarkable success as an award-winning realtor and as Executive Vice-President of a market-leading custom home builder. Bennett & Company provides a full range of services to real estate developers, builders, property managers and investors. Marnie is a broker with Keller Williams Ottawa Realty, and team leader of Bennett Real Estate Pros a top-producing five-star team, providing five-star treatment.
Monday, October 19, 2009
Home Smarts - New Homes and Condos Article 4
Understanding Model Homes 101: Looking past the surface
It’s no secret that one of the most enjoyable aspects of shopping for a new home is touring the builder’s decorated models. A well-designed model can help you envision living within its walls, as well as providing excellent inspiration for the decoration of your own space. In these ways, models constitute a valuable resource for purchasers.
On the flipside, builders are well aware that model homes are one of the most powerful selling tools at their disposal. It’s clearly in their interests to dress these homes up to the nines – both to increase their appeal, and to encourage purchasers to splurge on the featured upgrades. They’re banking on an emotional response, and they usually get one. In order to stay objective, what should you be looking for when touring a model home?
With the recent proliferation of television shows about staging and “flipping” homes for sale, you’re probably aware that there’s a real science to creating alluring spaces. Through judicious use of colour schemes, mirrors and well-proportioned pieces, decorators are able to make homes appear larger and more luxurious.
But it’s the lavish application of upgrades that can be really misleading. Many models feature a laundry list of stunning decorating options: hardwood and slate flooring, stone fireplaces, intricately tiled steam showers and well-finished basements. On the home’s exterior, stone may be substituted for brick, elegant front doors installed and the lawn lushly landscaped. The accumulated cost of so many high-end features can run upwards to over $250,000 in some cases pending the type of housing product you are viewing.
It’s easy to imagine losing perspective at the prospect of living in such an incredibly appointed home. That’s why it’s crucial to have a grasp on which features are standard and which are upgrades. Don’t be shy: ask the sales representative to walk you through the home and have them write down exactly what is upgraded, and at what cost.
If the builder has a design centre, it should be simple to compare standard selections with available upgrades. Go over the standard specifications with a fine-toothed comb, so that you understand exactly what is included in the asking price; ask for a menu of upgrades with clearly marked pricing.
Next, take this information home with you and consider carefully. Will this upgrade add value to my home when I sell it in the future; will it increase my home equity? How much will this feature enhance my lifestyle? Can this feature be easily added at a later date?
Be careful not to “over-upgrade” your home. This may seem counter-intuitive but, when it comes to resale value, it’s not necessarily an advantage to own “the castle in the neighbourhood.” Often, those buyers who can afford a spectacular home desire an equally spectacular neighbourhood.
As a general rule, upgrades that recoup their initial expense include hardwood floors, fireplaces, finished recreation rooms and double showers in master ensuites. But above all, keep to your budget; you won’t be doing yourself any favours by overextending yourself financially.
Email your questions to news@bennettpros.com
Marnie Bennett formed her boutique real estate marketing firm after meeting with remarkable success as an award-winning realtor and as Executive Vice-President of a market-leading custom home builder. Bennett & Company provides a full range of services to real estate developers, builders, property managers and investors. Marnie is a broker with Keller Williams Ottawa Realty, and team leader of Bennett Real Estate Pros a top-producing five-star team, providing five-star treatment.
It’s no secret that one of the most enjoyable aspects of shopping for a new home is touring the builder’s decorated models. A well-designed model can help you envision living within its walls, as well as providing excellent inspiration for the decoration of your own space. In these ways, models constitute a valuable resource for purchasers.
On the flipside, builders are well aware that model homes are one of the most powerful selling tools at their disposal. It’s clearly in their interests to dress these homes up to the nines – both to increase their appeal, and to encourage purchasers to splurge on the featured upgrades. They’re banking on an emotional response, and they usually get one. In order to stay objective, what should you be looking for when touring a model home?
With the recent proliferation of television shows about staging and “flipping” homes for sale, you’re probably aware that there’s a real science to creating alluring spaces. Through judicious use of colour schemes, mirrors and well-proportioned pieces, decorators are able to make homes appear larger and more luxurious.
But it’s the lavish application of upgrades that can be really misleading. Many models feature a laundry list of stunning decorating options: hardwood and slate flooring, stone fireplaces, intricately tiled steam showers and well-finished basements. On the home’s exterior, stone may be substituted for brick, elegant front doors installed and the lawn lushly landscaped. The accumulated cost of so many high-end features can run upwards to over $250,000 in some cases pending the type of housing product you are viewing.
It’s easy to imagine losing perspective at the prospect of living in such an incredibly appointed home. That’s why it’s crucial to have a grasp on which features are standard and which are upgrades. Don’t be shy: ask the sales representative to walk you through the home and have them write down exactly what is upgraded, and at what cost.
If the builder has a design centre, it should be simple to compare standard selections with available upgrades. Go over the standard specifications with a fine-toothed comb, so that you understand exactly what is included in the asking price; ask for a menu of upgrades with clearly marked pricing.
Next, take this information home with you and consider carefully. Will this upgrade add value to my home when I sell it in the future; will it increase my home equity? How much will this feature enhance my lifestyle? Can this feature be easily added at a later date?
Be careful not to “over-upgrade” your home. This may seem counter-intuitive but, when it comes to resale value, it’s not necessarily an advantage to own “the castle in the neighbourhood.” Often, those buyers who can afford a spectacular home desire an equally spectacular neighbourhood.
As a general rule, upgrades that recoup their initial expense include hardwood floors, fireplaces, finished recreation rooms and double showers in master ensuites. But above all, keep to your budget; you won’t be doing yourself any favours by overextending yourself financially.
Email your questions to news@bennettpros.com
Marnie Bennett formed her boutique real estate marketing firm after meeting with remarkable success as an award-winning realtor and as Executive Vice-President of a market-leading custom home builder. Bennett & Company provides a full range of services to real estate developers, builders, property managers and investors. Marnie is a broker with Keller Williams Ottawa Realty, and team leader of Bennett Real Estate Pros a top-producing five-star team, providing five-star treatment.
Home Smarts - New Homes and Condo Article 3
Condo Ownership, Part II: Let the hunt begin
Shopping for a new condominium is an exciting process. But, as with all substantial purchases, there are important considerations to be weighed before making your final decision. With this column, I hope to give you a framework for making a wise and informed purchase.
Firstly, if you don’t need to move into a new home immediately, you should know that there are significant advantages to buying your condo during a development’s planning stages. In order for a builder to receive construction financing, that builder typically needs to show that 60 per cent of the units have been sold. To reach this goal, it’s in the builder’s best interest to offer better prices earlier on in the sales process. Buying early can result in substantial savings, and offers the greatest equity growth potential. It also allows you a much wider selection of floor plans and locations within the building.
Consider where you want to live. While the most important factor influencing price in real estate is location, this doesn’t mean that the priciest section of town is necessarily the best for your personal lifestyle. Consider proximity to your workplace, and to the kinds of amenities you feel are important, whether that means shopping, restaurants, greenspace or recreational centres.
Once you’ve zeroed in on a particular condominium development, it’s equally important to consider the location of the unit itself within that development. Examine proximity to the elevator, street noise levels and the quality of the view; often, the higher the floor, the higher the price.
This raises the question: how much do you want to pay? Your personal budget may not allow you to buy the penthouse of your dreams; again, weigh what’s most important to you. Some factors to consider when selecting your suite include functionality of the layout; exposure to natural light; ceiling heights; and access to a balcony or other outdoor space. A development’s curb appeal will affect both your enjoyment of your home and its resale value. The same applies to density; the fewer people sharing your development’s facilities, the better.
All condos are not created equal. What’s behind the walls – mechanical systems, for example – is just as important as those things you can see, though admittedly more difficult for a homebuyer to judge. That’s why choosing a builder with a good reputation is crucial. Research builders by asking your realtor for information; by visiting previous developments; by speaking with current owners; and by researching the equity growth of their homes as compared to others. Be sure to check the builder’s Tarion Warranty Corporation Rating. Tarion is a government regulated organization which licenses all new home builders in Ontario, and provides safeguards to all new home purchasers. Finally, make sure that the builder has a strong customer service team with extended hours.
There’s no denying that buying a home is an emotional process. Just be sure not to let your heart rule your head.
Email your questions to news@bennettpros.com
Marnie Bennett formed her boutique real estate marketing firm after meeting with remarkable success as an award-winning realtor and as Executive Vice-President of a market-leading custom home builder. Bennett & Company provides a full range of services to real estate developers, builders, property managers and investors. Marnie is a broker with Keller Williams Ottawa Realty, and team leader of a top-producing five-star team, providing five-star treatment.
Shopping for a new condominium is an exciting process. But, as with all substantial purchases, there are important considerations to be weighed before making your final decision. With this column, I hope to give you a framework for making a wise and informed purchase.
Firstly, if you don’t need to move into a new home immediately, you should know that there are significant advantages to buying your condo during a development’s planning stages. In order for a builder to receive construction financing, that builder typically needs to show that 60 per cent of the units have been sold. To reach this goal, it’s in the builder’s best interest to offer better prices earlier on in the sales process. Buying early can result in substantial savings, and offers the greatest equity growth potential. It also allows you a much wider selection of floor plans and locations within the building.
Consider where you want to live. While the most important factor influencing price in real estate is location, this doesn’t mean that the priciest section of town is necessarily the best for your personal lifestyle. Consider proximity to your workplace, and to the kinds of amenities you feel are important, whether that means shopping, restaurants, greenspace or recreational centres.
Once you’ve zeroed in on a particular condominium development, it’s equally important to consider the location of the unit itself within that development. Examine proximity to the elevator, street noise levels and the quality of the view; often, the higher the floor, the higher the price.
This raises the question: how much do you want to pay? Your personal budget may not allow you to buy the penthouse of your dreams; again, weigh what’s most important to you. Some factors to consider when selecting your suite include functionality of the layout; exposure to natural light; ceiling heights; and access to a balcony or other outdoor space. A development’s curb appeal will affect both your enjoyment of your home and its resale value. The same applies to density; the fewer people sharing your development’s facilities, the better.
All condos are not created equal. What’s behind the walls – mechanical systems, for example – is just as important as those things you can see, though admittedly more difficult for a homebuyer to judge. That’s why choosing a builder with a good reputation is crucial. Research builders by asking your realtor for information; by visiting previous developments; by speaking with current owners; and by researching the equity growth of their homes as compared to others. Be sure to check the builder’s Tarion Warranty Corporation Rating. Tarion is a government regulated organization which licenses all new home builders in Ontario, and provides safeguards to all new home purchasers. Finally, make sure that the builder has a strong customer service team with extended hours.
There’s no denying that buying a home is an emotional process. Just be sure not to let your heart rule your head.
Email your questions to news@bennettpros.com
Marnie Bennett formed her boutique real estate marketing firm after meeting with remarkable success as an award-winning realtor and as Executive Vice-President of a market-leading custom home builder. Bennett & Company provides a full range of services to real estate developers, builders, property managers and investors. Marnie is a broker with Keller Williams Ottawa Realty, and team leader of a top-producing five-star team, providing five-star treatment.
Homes Smarts - New Homes and Condo Article 2
Condo Ownership, Part I: Understanding the Basics
I’ve watched the evolution of the housing market over the past twenty-five years with great interest. It’s been quite a ride, to say the least. Over the past seven years alone, there’s been a staggering fivefold increase in the percentage of Canada’s new home market share for condo sales. Locally, the Ottawa region has seen condominium sales increase by 25 per cent over the last two years alone.
Why the massive shift? There are a number of explanations. Firstly, for many city-dwelling first-time buyers, it’s become the only realistic financial option. Next, even among those “Generation Y” purchasers with thicker wallets, the hipness factor of condo living goes a long way: to a childless thirty-year-old, an urban loft has more appeal than a four-bedroom home with a lawn to mow. Additionally, as the baby boomers become empty nesters, there’s a growing segment of the population looking to downsize from large family homes. And both younger and older purchasers appreciate the worry-free aspect of condo ownership: maintenance and security issues are kept to a minimum, allowing what we like to call the “lock-and-leave lifestyle”.
While the word “condominium” often conjures an image of a high-rise tower, it’s actually a legal definition that refers to the method of ownership, not the type of building. In purchasing a condominium, you own the interior space of your home outright. Other elements of the building, such as hallways, elevators, recreational facilities and outside grounds, are known as “common elements”. These are jointly owned by you and all the other homeowners in your condominium community. Your balcony or terrace, and sometimes your parking spot, are known as “exclusive use” common elements. This means that, while their upkeep is not your responsibility, they are intended for your use only.
While condo owners are mercifully free from such concerns as pruning shrubs and vacuuming the swimming pool, they do pay for such maintenance through a monthly charge known as a Maintenance Fees, or Condo Fee. This fee also cover the costs of management, administration and insurance for common element areas, and often covers the cost of utilities. In many cases, a condominium “reserve fund” will cover the replacement cost of items such as a broken furnace; as many of us know, those living in typical freehold homes aren’t so lucky.
Maintenance fees can vary substantially between condominiums, depending on both the square footage of the owner’s home and the level of the building’s amenities. For instance, a high-rise condo with a swimming pool and gym will have higher fees than a townhome condominium with minimal groundskeeping. Keep in mind that having such amenities at your doorstep may save you the cost of a fitness club membership. You may be able to entertain in a huge party room, or watch movies with friends in a multi-media lounge – pastimes that would likely be beyond your reach outside of the condominium paradigm.
While condo living isn’t for everybody, an increasing number of people are discovering its benefits. It comes down to weighing what’s important to you.
In my next column, I’ll discuss how to narrow your search for the perfect condo. Till then, enjoy the hunt.
Email your questions to news@bennettpros.com
Marnie Bennett formed her boutique real estate marketing firm after meeting with remarkable success as an award-winning realtor and as Executive Vice-President of a market-leading custom home builder. Bennett & Company provides a full range of services to real estate developers, builders, property managers and investors. Marnie is a broker with Keller Williams Ottawa Realty, and team leader of a top-producing five-star team, providing five-star treatment.
I’ve watched the evolution of the housing market over the past twenty-five years with great interest. It’s been quite a ride, to say the least. Over the past seven years alone, there’s been a staggering fivefold increase in the percentage of Canada’s new home market share for condo sales. Locally, the Ottawa region has seen condominium sales increase by 25 per cent over the last two years alone.
Why the massive shift? There are a number of explanations. Firstly, for many city-dwelling first-time buyers, it’s become the only realistic financial option. Next, even among those “Generation Y” purchasers with thicker wallets, the hipness factor of condo living goes a long way: to a childless thirty-year-old, an urban loft has more appeal than a four-bedroom home with a lawn to mow. Additionally, as the baby boomers become empty nesters, there’s a growing segment of the population looking to downsize from large family homes. And both younger and older purchasers appreciate the worry-free aspect of condo ownership: maintenance and security issues are kept to a minimum, allowing what we like to call the “lock-and-leave lifestyle”.
While the word “condominium” often conjures an image of a high-rise tower, it’s actually a legal definition that refers to the method of ownership, not the type of building. In purchasing a condominium, you own the interior space of your home outright. Other elements of the building, such as hallways, elevators, recreational facilities and outside grounds, are known as “common elements”. These are jointly owned by you and all the other homeowners in your condominium community. Your balcony or terrace, and sometimes your parking spot, are known as “exclusive use” common elements. This means that, while their upkeep is not your responsibility, they are intended for your use only.
While condo owners are mercifully free from such concerns as pruning shrubs and vacuuming the swimming pool, they do pay for such maintenance through a monthly charge known as a Maintenance Fees, or Condo Fee. This fee also cover the costs of management, administration and insurance for common element areas, and often covers the cost of utilities. In many cases, a condominium “reserve fund” will cover the replacement cost of items such as a broken furnace; as many of us know, those living in typical freehold homes aren’t so lucky.
Maintenance fees can vary substantially between condominiums, depending on both the square footage of the owner’s home and the level of the building’s amenities. For instance, a high-rise condo with a swimming pool and gym will have higher fees than a townhome condominium with minimal groundskeeping. Keep in mind that having such amenities at your doorstep may save you the cost of a fitness club membership. You may be able to entertain in a huge party room, or watch movies with friends in a multi-media lounge – pastimes that would likely be beyond your reach outside of the condominium paradigm.
While condo living isn’t for everybody, an increasing number of people are discovering its benefits. It comes down to weighing what’s important to you.
In my next column, I’ll discuss how to narrow your search for the perfect condo. Till then, enjoy the hunt.
Email your questions to news@bennettpros.com
Marnie Bennett formed her boutique real estate marketing firm after meeting with remarkable success as an award-winning realtor and as Executive Vice-President of a market-leading custom home builder. Bennett & Company provides a full range of services to real estate developers, builders, property managers and investors. Marnie is a broker with Keller Williams Ottawa Realty, and team leader of a top-producing five-star team, providing five-star treatment.
Home Smarts-New Homes and Condo Article 1
Forging a Real Relationship with Real Estate
All of us have a relationship with real estate in some shape or form. For most of us, it’s a somewhat emotional relationship that begins with the excitement of purchasing our first home. Others approach real estate as a calculated means of investment. And for a few, it’s a passion.
As a broker with Keller Williams Ottawa Realty, and the founder of my own realty and marketing firm, I’m definitely a member of that third group. I can say with all honesty that, with all its challenges and rewards, there’s no career I’d rather pursue. But I’m keenly aware that, for the vast majority, emarking on real estate transactions can feel like diving into murky waters.
This is the first in a series of columns whose goal is to help you feel more comfortable with this sometimes mystifying world. The issues are myriad: How should I begin the search for a new home or condominium? What do I need to know before I decide to purchase? What pitfalls should I be aware of? How can I increase my wealth through real estate? How can I get the best price for my home when I ultimately decide to sell?
These are just a handful of the questions I plan to address. I encourage readers to write in with any others, and I’ll gladly answer them in this forum. Because, while I’ve been in the industry for over 25 years, engaging with people is still my favourite part of the job.
While most of us think of real estate in terms of property and numbers, that’s only part of the equation; the human element is by far the most intriguing aspect. Because I specialize in both sales and marketing, working equally with homebuyers and developers, I have the privilege of seeing that element from different angles.
I love helping people find the right home. I also love working with developers to help them create homes that people will be drawn to. This isn’t quite as straightforward as it may sound. Times change, and people change with them. The dream home of twenty years ago isn’t the dream home of today; and the desires of a hip urban couple aren’t the desires of a growing family with live-in grandparents. A significant part of my job is to forecast trends; to understand the buying public and the ways they live. To this end, my team and I are constantly reading and researching, conducting surveys and studying trends in other industries.
I formed Bennett & Company after meeting with considerable success as a realtor and as Executive Vice-President of a market-leading custom home builder. Our firm provides a full range of services to real estate developers, builders, property managers and investors, selling both new and resale homes. My passion for real estate seems to be contagious; today, my entire family works with me in the business. Our team also includes seven top-notch real estate agents.
I hope that, through this column, some of that passion will be passed onto you.
Marnie Bennett formed her boutique real estate marketing firm after meeting with remarkable success as an award-winning realtor and as Executive Vice-President of a market-leading custom home builder. Bennett & Company provides a full range of services to real estate developers, builders, property managers and investors. Marnie is a broker with Keller Williams Ottawa Realty.
All of us have a relationship with real estate in some shape or form. For most of us, it’s a somewhat emotional relationship that begins with the excitement of purchasing our first home. Others approach real estate as a calculated means of investment. And for a few, it’s a passion.
As a broker with Keller Williams Ottawa Realty, and the founder of my own realty and marketing firm, I’m definitely a member of that third group. I can say with all honesty that, with all its challenges and rewards, there’s no career I’d rather pursue. But I’m keenly aware that, for the vast majority, emarking on real estate transactions can feel like diving into murky waters.
This is the first in a series of columns whose goal is to help you feel more comfortable with this sometimes mystifying world. The issues are myriad: How should I begin the search for a new home or condominium? What do I need to know before I decide to purchase? What pitfalls should I be aware of? How can I increase my wealth through real estate? How can I get the best price for my home when I ultimately decide to sell?
These are just a handful of the questions I plan to address. I encourage readers to write in with any others, and I’ll gladly answer them in this forum. Because, while I’ve been in the industry for over 25 years, engaging with people is still my favourite part of the job.
While most of us think of real estate in terms of property and numbers, that’s only part of the equation; the human element is by far the most intriguing aspect. Because I specialize in both sales and marketing, working equally with homebuyers and developers, I have the privilege of seeing that element from different angles.
I love helping people find the right home. I also love working with developers to help them create homes that people will be drawn to. This isn’t quite as straightforward as it may sound. Times change, and people change with them. The dream home of twenty years ago isn’t the dream home of today; and the desires of a hip urban couple aren’t the desires of a growing family with live-in grandparents. A significant part of my job is to forecast trends; to understand the buying public and the ways they live. To this end, my team and I are constantly reading and researching, conducting surveys and studying trends in other industries.
I formed Bennett & Company after meeting with considerable success as a realtor and as Executive Vice-President of a market-leading custom home builder. Our firm provides a full range of services to real estate developers, builders, property managers and investors, selling both new and resale homes. My passion for real estate seems to be contagious; today, my entire family works with me in the business. Our team also includes seven top-notch real estate agents.
I hope that, through this column, some of that passion will be passed onto you.
Marnie Bennett formed her boutique real estate marketing firm after meeting with remarkable success as an award-winning realtor and as Executive Vice-President of a market-leading custom home builder. Bennett & Company provides a full range of services to real estate developers, builders, property managers and investors. Marnie is a broker with Keller Williams Ottawa Realty.
Thursday, October 8, 2009
The Ottawa Condo Expert is on the Road
Marnie Bennett is on the road and will be touring Ottawa's most exclusive and luxurious condos. Enjoy pertinent facts about the neighbourhood, the buildings unique features and the builder. Join us on Youtube and view these amazing condo buildings from the comfort of your home or office.
The Galleria
Luxurious Brand New Condo, located in the heart of the City, seconds from the trendy Byward Market. Enjoy breathtaking views of the Peace Tower and the Gatineau Hills from this amazing highrise building. The large windows and natural light create warmth and charm.
To view our Exclusive Bennett Pros videos go to
Youtube-Bennett Pros
The Galleria
Luxurious Brand New Condo, located in the heart of the City, seconds from the trendy Byward Market. Enjoy breathtaking views of the Peace Tower and the Gatineau Hills from this amazing highrise building. The large windows and natural light create warmth and charm.
To view our Exclusive Bennett Pros videos go to
Youtube-Bennett Pros
Subscribe to:
Posts (Atom)
