The right fit: Ottawa Condo rules and your lifestyle

If you’re like most of my condo-buying clients, your home search is centred around location, suite layout and building amenities. These are the physical aspects of your home, and they’re incredibly important. But there are also intangible aspects, such as rules and regulations, which may affect the way you actually live in your condo.

The vast majority of these rules are reasonable; however, they do vary from condo to condo. They can be found in the Condo Declaration, and it’s well worth your while to read them as part of your home-hunting research. (While rules can be added or eliminated by the condo board, owners are given a vote on important issues, and can demand meetings to review other changes.)

Depending on your lifestyle, you may be passionate or indifferent about any of the following issues, each of which is often regulated by condo rules:

Smoking. Smoke-free condominiums are a relatively new development, but they have indeed made their Ottawa debut. These condos ban smoking even in the privacy of your own suite, so that the highest air quality is maintained.

Rentals. Some Ottawa condominiums have restrictions on short-term rentals (that is, leases of less than a year). One condo complex recently made the news for disallowing renters who don’t constitute a family. While sometimes controversial, such rules are meant to ensure that all residents have a vested interest in maintaining a well-kept building with a pleasant atmosphere.

Pets. Some condos ban all types of pets, while others embrace them. Some place restrictions only on certain types of animals.

Barbeques. While Ottawa has no bylaws pertaining to natural gas-line barbeques on balconies, some condos do restrict them due to safety concerns.

Parking. Condos may restrict parking for commercial and/or oversized vehicles.

Plug-ins for electric cars. This issue caught my eye back in January, when an Ottawa condo made headlines for deciding that a resident with an electric car should pay for his own electricity, and for installation of a meter. At the other end of the spectrum, some “green” condos provide plug-in stations for this very purpose.

While rules and regulations may not be the stuff your condo dreams are made of, I’m happy to report that there are Ottawa condo rules to suit every demographic. Find the set that work for you, and – I promise – you’ll love your home that much more.

Marnie Bennett is a broker and the marketing director for Bennett Property Shop Realty, a full premium service real estate brokerage specializing in marketing and selling new and resale homes, condominiums and investment real estate. Marnie is the host of the weekly radio show the Real Estate Hour, a millionaire real estate investor and a wealth management coach. www.bennettpros.com

After the family home: Great spaces for aging gracefully in Ottawa

You may be familiar with the term “aging in place”, which refers to the appealing idea of staying in one’s own home as one gets older, as opposed to entering a retirement home. While our futures don’t always unfold the way we'd planned, I do encourage my downsizing clients to consider homes that are the most likely to gracefully accommodate them in their elder years.

For instance, a flight of stairs may not present a problem to an able-bodied couple in their sixties. A decade later, they may be wishing they’d chosen differently. High-rise and low-rise condominiums with elevator service are by far the most popular housing choice among my clients who move to the city after retirement. Freedom from upkeep is a huge selling feature, while safety and recreational amenities also play key roles.

But there are certainly other options out there. Many of my baby boomer clients love to garden, play outside with grandchildren and entertain friends outdoors. They’re simply not prepared to sacrifice a private lot. Some communities offer condo ownership of semi- or fully detached bungalows, taking the burden of yard maintenance and snow removal from your shoulders. Alternately, freehold owners may hire yard help when it’s needed.

In addition to their lack of stairs and bright main floor laundry rooms, today’s bungalows can easily be built with features that make them more accessible to people with mobility issues. Most builders are happy to widen doors and hallways, substitute lever door handles and add sleek-looking handrails in bathtubs and showers.

You’ll also want to weigh the benefits of living in an adult lifestyle community versus a more diverse Ottawa neighbourhood. Some baby boomers thrive in a community of peers who share similar interests, finding their social lives completely reinvigorated. Others prefer to be surrounded by families of all ages, in neighbourhoods where Halloween brings dozens of miniature princesses and superheroes to the door.

For a small percentage of downsizers, an in-law suite is the answer. When grown children have a larger home, and are able to provide parents with the type of surroundings – and relationships – they desire, both parties can benefit financially and emotionally.

Whatever path you choose, take it from me: once you have a plan for the future, it’s easier to live in the moment.

Marnie Bennett is a broker and the marketing director for Bennett Property Shop Realty, a full premium service real estate brokerage specializing in marketing and selling new and resale homes, condominiums and investment real estate. Marnie is the host of the weekly radio show the Real Estate Hour, a millionaire real estate investor and a wealth management coach. bennettpros.com

Where will you spend your golden years? - Marnie Bennett

When I was starting out in real estate, it was pretty common – almost expected – for retirees to sell the family house and move to a picturesque little town for some peace and quiet. Maybe they would winterize their cottage and move in year-round, or maybe they’d join the ranks of snowbirds who headed south each winter. But the prevailing idea was that, after decades of working hard and raising a family, retirees were ready to get away from it all.

 

It never fails to amaze me how quickly times change. In recent years, the trend has begun to swing the other way. More and more often, I’m seeing retired clients who are ready to sell their suburban or rural homes and purchase something right at the heart of the city.

What’s the appeal of an urban retirement? Well, there are the usual suspects: arts and entertainment, restaurants and shopping, social groups and recreation, all right at your doorstep. For baby boomers who have spent huge portions of their lives driving to and from work, ditching the car and hopping on public transit feels like freedom.

Yet another big draw for some retirees is that the city brings them closer to children and grandchildren. For those who are widowed or divorced, the city often offers greater possibilities for making connections with others. The simple truth is that where some people find comfort in quiet surroundings, others find isolation.

Finally, some are attracted downtown for the most practical of reasons: you can’t beat the big city for health care. Even if they’re fit as fiddles, today’s retirees are taking the long view.

I don’t want to overstate it: many boomers still embrace the classic ideal of the fishing boat, a heap of novels and gorgeous lakeside sunsets. But many others are suited to cottage life for just a few weeks a year. These clients tell me that they finally have the time and energy to pursue all the interests that have been on the backburner for so many years –  whether it’s seeking out live jazz, exploring world cuisine or joining a racquetball club. And no place offers them more than the vibrant, ever-changing city.

I suggest you examine your own retirement dreams – and have fun doing it!

 

Marnie Bennett, Broker

Visit www.bennettpros.com for all your real estate needs.

Marnie Bennett - Moving on When the Marriage Ends

I’d love it if every one of my columns could be about the rosy side of home ownership. But the reality is that a fair number of my clients will, at one point or another, face the unhappy prospect of divorce. In my role as an Ottawa realtor, there are several ways I can help them get through this painful time.

While a lawyer is the go-to expert on legal matters, I like to make sure that my clients have taken stock of their financial resources and weighed every option before deciding whether to sell or to stay. Unless you’ve got a pre-nuptial agreement, the value of your home will be equally split between you and your partner. While one partner sometimes refinances the existing mortgage, most of my divorcing clients agree to sell the matrimonial home and find individual residences.

It can be tempting to install that For Sale sign right away, but taking the time to find a realtor who is responsive to your needs will ultimately lessen your stress level. The right realtor will provide valuable insights on choosing a next home, given your change in circumstances. When the breakup is particularly angry or awkward, your realtor should feel comfortable mediating between you and your ex-partner during the selling process. And finally, a great realtor will guide you to a skilled professional stager.

Staging your home for sale is always important, but never more so than when you’re selling because of divorce. It’s a fact that buyers will pick up on subtle signs of a house divided; either they’ll be turned off altogether, or they’ll treat it as an invitation for rock-bottom bids.

With that in mind, do your best to reveal nothing about your estrangement. There’s no need to hang a giant wedding photo above the bed – but do maintain the bedroom as though it’s a shared space. If possible, clothing from both partners should hang in the closets; if one partner is using a spare bedroom, it should appear to be a welcoming space for guests. Naturally, legal papers should always be kept in a safe, secure place.

As your surroundings become more neutral, and your emotionally-loaded personal items are boxed up, you’ll find it easier to begin planning for the next stage of your life. Have faith: your home, sweet home is out there.

Visit www.bennettpros.com for all your real estate needs

Marnie Bennett Presents at the Ottawa Home and Design Show

THIS WEEKEND SEPTEMBER 27^th to the 29^th

Looking for all the latest trends in interior decoration?

Join our very own Marnie Bennett and Kristi Blok this weekend at the Ottawa Home and Design Show and learn "The Top 7 Must Knows of Condo Buying PLUS the The New Normal for Condo Decorating"

Marnie and Kristi will be presenting from the
Design and Décor Stage at the following times:

Friday at 1:00 pm
Saturday at 4:45 pm
Sunday at 4:00 pm

Attend one of our presentations and you'll receive "The Ultimate Ottawa Condo Guide" and be entered to WIN a 2hr consultation with Kiki Interiors.

We look forward to seeing you there!

Visit www.bennettpros.com for all your real estate needs

New Heart Felt Message From the Bennett Pros - Must See!

Lights, camera, action!

We just had to share this with you! Be one of the first to view our heart felt message.

We love this song!

We’d love to hear what you think?

Tweet it. Post it. Blog it. Share it.

Visit www.bennettpros.com for all your real estate needs.

Identifying the housing needs of Generation Y

Identifying the housing needs of Generation Y

When considering future trends in housing, builders need to take a long, hard look at demographics. The young adults of today are the homeowners of tomorrow – or so we hope. Generation Y (which ranges roughly from teens to 30-year-olds) has been analysed from here to eternity; the group is usually described as eco-conscious, tech-savvy, urban, exceptionally social and prone to postponing marriage and children. Given labels like these, builders are left to consider what type of housing will appeal to this generation. Let’s take them one by one:

Eco-conscious. It’s not hard to believe that this generation is “greener” than those before: these kids have been taught about saving the planet throughout their school years, and have been recycling their entire lives. Many of them will be drawn to homes with green features – the splashier, the better. Homes with green roofs and solar power, for instance, will catch their eye.

Tech-savvy. Naturally, this generation will look for homes that are wired for current and future technologies. To sell a home that’s truly “internet-ready”, developers may consider purchasing package deals at a discount from the provider, with fees to be bundled into condo fees. But where Gen Y’s technomania will really come into play is in the way homes are marketed: through social media, smartphone apps and whatever else is headed down the pipe. This is beginning to happen, but soon it will be the norm.

Urban, Social and Single. It’s true that many Gen Y (or echo boomers, as they’re sometimes known) are drawn to bigger cities for school, work, the culture and the nightlife. To satisfy their social needs, their ideal home might be situated in a lively, walkable downtown area, close to cafes, restaurants, trendy shops and dog parks. Condominiums are the most likely bet to meet all these criteria; they can also function as meeting-places, if they’re outfitted with rooftop patios, gyms and lounges. Condos are usually the most affordable option for buyers with a single income; and buyers without children are typically less likely to miss backyard space.

It’s also been well documented that many Gen Y-ers live at home with their parents – never having left or having “boomeranged” after college or university. (This fits with one of the other stereotypes about this group – that they are emotionally close to their parents.) Some are wisely saving for a downpayment on a home, but certainly not all. Gen Y-ers are just beginning their career paths, and many of them don’t make a whole lot of money. Many rent their own places and will continue to rent for a long time.

So, what’s the answer? As far as urban homes go, it might be a radical downsizing of condos and apartments. “Pocket condos” have been around forever in New York City, and are now showing up in many major cities. They can combine location, thoughtful features and terrific common spaces at an affordable price. The only question is whether Generation Y is willing to make the trade-off: fewer possessions for a greater urban experience. Only time will tell!

 

Visit www.bennettpros.com for all your real estate needs.

 

Marnie Bennett hits it out of the park as Ottawa Condo Sales Stay Stong

With condos now accounting for over two-thirds of new home sales in Ottawa, Bennett Property Shop continues to rule the leaderboard

While condo sales in some parts of the country began to level off in 2012, the condomarket in Ottawa continued its upward trajectory. For starters, one in five resale homes sold last year were condominium-class residences. But the truly impressive numbers, released in CMHC’s fall report, showed that multiple-unit dwellings accounted for a whopping 73 per cent of all new home starts in Ottawa. As only a small fraction of these consists of rental units, it would seem the Capital has conclusively entered the age of the condo.

Astonishingly, there’s one independently-owned firm that’s responsible for more than a quarter of the city’s new condo sales. Headed up by Ottawa’s own Condo Queen Marnie Bennett, Bennett Property Shop Realty has chalked up more than 2,000 new condo sales over the last five years alone. Given that the average price of Ottawa condos hovers around $260,000, this means Bennett and her team have generated sales for their developer clients in the neighbourhood of 500 million dollars. If that figure grabs your attention, you’re not alone.

The ability to generate such heady numbers is one very good reason that Bennett’s boutique company is known as Ottawa’s go-to marketing and real estate firm for builders and developers. With a 24-member real estate team and a comprehensive marketing arm, Bennett Property Shop has accompanied numerous condo and housing projects from conception to sale, building long-term business partnerships with industry leaders along the way.

“Sometimes we’re consulted from the very start; other times, we’re brought in just before a condo launches to handle sales. We’re used to working full tilt – we can handle whatever’s thrown at us,” says Bennett, laughing.

Bennett is forthright about the secret of her marketing success. “I’ve been in this business a long time,” she says. “I know how to strike the right balance between innovative approaches and the tried and true. We’re not afraid to go with the bold strokes – that’s what gets the attention of home buyers – but there’s got to be substance underneath.”

Along with other real estate insiders, Bennett sees no evidence of a condo bubble on the horizon. “Condos really are becoming the housing of choice among many home buyers,” she says. “In Toronto, condos now make up over 50 per cent of all new home sales – and if you take a look at RBC’s 2012 report, you’ll see that this is completely in keeping with demand. As a city grows in population, it’s natural that housing will begin to shift from sprawling single homes to more space-efficient condos. It’s one of the ways cities evolve.”

Another statistic worth noting is the increase in value of Ottawa condominiums. Sales of condos in the upper range – that is, those priced at half a million dollars and up – doubled in 2012. Numbers like these can’t be explained by inflation alone.

“The media often point to first-time home buyers as the reason that the condo market is thriving,” says Bennett. “And it’s true, they do account for a large slice of the pie. But we’re finding that there’s a growing appetite for upscale, downtown condos among middle-aged professionals and baby boomers. From where I stand, it looks like a trend that’s going to continue.”

 

Visit www.bennettpros.com for all your real estate needs

Marnie Bennett - Taking the Reins: Today's Woman in Real Estate

Taking the reins:

Today’s woman in real estate

I love introducing women to the world of real estate. Since I began my career, the opportunity has been arising more and more often. The fact is, more single women are buying Ottawa 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 house hunt 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 in 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.

Marnie Bennett

Visit www.bennettpros.com for all your real estate needs.

Marnie Bennett says don’t let tighter CMHC rules thwart your real estate aspirations

TheGlobeandMail.com reports low interest rates and easy mortgage terms are creating higher prices in Canada’s housing market. Marnie Bennett, millionaire real estate investor and wealth coach educates Canadians to help find the kind of home they need and can afford while avoiding the type of problems the housing market has caused many uniformed buyers in America.

Canada Mortgage and Housing Corporation (CMHC) is a gatekeeper of sorts, deciding who gets to buy a home and who doesn’t based on its standards. It used to be strict about its rules by making sure that there were down payments and forcing people to pay off homes in no longer than 25 years.
A few years ago, however, CMHC changed its rules and started allowing what home purchasers in America were used to when it came to buying a home. Canadians could pay off their mortgage’s interest first and pay back their principal over 35 years. This gave purchasers greater financial ability to buy bigger homes, but at the same time, it left mortgagees with more debt down the road.

These changes did not really come about because CMHC wanted to lower its standards as much as it did. Instead, according to TheGlobeandMail.com, the crown corporation didn’t have a choice as it was faced with a lot of competition and needed to bring in more business.

And, financially, CMHC did very well from the relaxed standards it had implemented by increasing its earnings from $375 billion in profit in the year 2000, to nearly triple that in 2006 when it made over $1 billion in profit.

In addition and for a variety of reasons, in the last few years, home prices have risen much faster than income has in Canada, and Canadians now collectively owe more than $1 trillion – almost three times the amount they held in mortgage debt in 2000.

This “short-term gain for long-term pain” sort of debt (that resulted from the relaxation of the CMHC rules) is the exact type of ill-considered or unwise debt that Marnie Bennett can help prospective buyers to clients avoid.

Marnie Bennett acknowledges the spike in housing costs that has been greatly aided by such bad mortgage decisions and, advises and educates the general public as to how to avoid such pit-falls and instead educates consumers on how to find the perfect deal for their family. Real Estate values relate to local market conditions and not global conditions. So finding the perfect investment or home is a matter of knowing socio economics of the city, the demographics, trends and employment rates.
Intelligently, last year the Canadian government cut the maximum length of a mortgage back to 25 years, so now fewer people will be lured pre-maturely into the housing market and will end up struggling to afford over-priced houses for longer periods of indebtedness.

Far-sighted financial commentators and observers are now calling for specific benchmarks to be created and adhered to in order to keep such damaging mortgage rules changes from happening again, and in order to prevent political goals from unwisely impacting upon the long-term financial structure of the economy.

Although some realtors claim that the government panicked and needlessly intruded into this marketplace and unnecessarily cooled or slowed down sales, Ms. Bennett was glad to see responsible actions were undertaken and has found that these betterments have not harmed her ability to continue to find wise real estate opportunities for her clients.

Marnie Bennett is a self-made millionaire real estate investor, an award -winning businesswoman, real estate wealth coach, international speaker and a radio show host.

When divorce rocks the matrimonial home

We’ve all heard of people who stay in an unhappy marriage for the sake of the kids. But what about staying married for the sake of the house? It may sound crazy, but many of us have deep rooted attachments to our homes. They hold memories – some happy, others sad, but all meaningful. It can be scary to contemplate leaving the place where, more than any other, we feel we belong.

 That said, few of us would advise our friends to remain in a bad marriage simply to keep their beloved house. The latest Canadian study shows that 40 per cent of first marriages end in divorce. That’s a lot of people facing the same tough decisions about what to do with the “matrimonial home”, as it’s known in the legal profession. Some can afford to stay in the same dwelling, but sadly, many cannot. Couples may even find themselves in a custody battle of sorts, when neither partner wants to give up the family home. And then there are others who are all too eager to move out and make a fresh start.

Should you find yourself in one of these unfortunate, yet ever so common, situations, here is what you need to know. In Ontario, the Family Law Act states that the full value of the matrimonial home should be divided equally between you and your ex. It doesn’t matter whether one of you bought the home prior to your marriage, whether it was left to one of you in a will, or whether only one name is on the title. The only exception to this 50/50 split occur when a pre-nuptial agreement exists, or when the court finds unusual circumstances that make such a split unfair.

 There are many things to consider here – finances, logistics, emotional attachments and chiefly the children in these situations. Part of you may be ready to move, but you question the wisdom of uprooting your children from everything they know.  In all cases, these decisions require a great deal of soul-searching as well as professional advice from your lawyer, mortgage broker and real estate agent.  Remember that these situations are common and that talking to a professional is the best decision you can make for yourself and your family.

Selling the home to a third party is often the best scenario from both a financial and an emotional perspective. (Resentment can certainly build when one partner witnesses the other still living in the family home.)  By the same token, it can be difficult for divorcing partners to sit down with a real estate agent and calmly discuss matters such as the listing price and negotiating tactics. A good agent will guide you through this process with minimal discomfort and help serve as an objective voice.

Whatever path you do choose, make every attempt to embrace this chance to have a new beginning, and a happier home.

_____________________________________________________________

Marnie Bennett is the marketing consultant for Bennett Property Shop Realty, a full premium service real estate brokerage specializing in marketing and selling new and resale homes, condominiums and investment real estate. Marnie is the host of the weekly radio show the Real Estate Hour, a millionaire real estate investor and a wealth management coach. bennettpros.com