When a family decides to finish a basement space, there are so many factors to consider it can seem overwhelming. What does your family want to achieve within the new basement? Are you looking for a play area, a family room, a work-out room, home theatre, bedroom, bathroom, kitchen, wet bar, etc? Do you have the square footage required to accomplish what you want? How do you get started and how long will it take? How much will it cost and is it worth the money? What if there is a huge beam in the center of you basement? Do you have to have a building permit? Do you have to remove the items you currently have stored in your basement?

People often know they want their basement finished, but don't know how to put it all together, whether they have the necessary space, or even how to get started. Specialty design/build consultants are able to assess your needs and, after accurate measurements are taken, will design various blueprints to fit your requests. From these drawings you can choose the ideas that best suit your requirements and come up with a final blueprint. With this final blueprint in hand, your designer/builders will be able to determine what the cost of the basement finish will be, and provide a start-to-finish timeline on when the project will draw to a close.

When determining whether finishing your basement is going to be a worthwhile investment you should consider several variables. Are there comparable homes in your area with finished basements? How long do you intend to live there? Will the homes there increase in value, and if so, how fast? With a little bit of research you will be able to answer these questions, and decide if finishing your basement is right for you.

Sometimes a basement has restrictions that need to be considered during the design process. Such limitations can include steel columns, underground plumbing, water meters, sump pumps, window wells, furnaces, water heaters, the height of your ceiling, and the existing floor conditions. Your design/build consultants should be focused on making these restrictions disappear into the architectural design of your basement while accomplishing your goal for the space.

Ensure all necessary building permits, applications for variances, and building code inspections are complete. All building and fire safety codes should be strictly followed, without exception.

In order for construction to begin all items in the basement must be moved to another location such as the garage or a temporary storage facility. This allows construction to be completed without damage to your valuables or disturbance to the construction team.

After thoughtful consideration of these questions, you'll be closer to determining your family's basement needs and how to fulfill them. Gathering all the information upfront will help you achieve those goals.

So you're shopping for a new home.  Your goal is to find the ideal property, in a neighbourhood that is just right for you, with a price range that you can afford.

What do you need - at minimum - to get started?

If your looking for ways to get your ducks in a row, here are some suggestions:

A property wish list.  What does your ideal home look like? How many bedrooms does it need to have? Do you require a spacious recreational room?  A large deck?  A pool?  A nice view?  Get your wish list down on paper.

A Neighbourhood wish list.  Where you live is just as important as what you live in.  What quailities are you looking for in a neighbourhood?  A nearby park?  Walking distance to a good school?  Hiking trails?  A shorter drive to work?  Write it down.

A pre-approved mortgage.  Getting financing handled up front takes the guesswork out of what you can afford.  Home sellers will aslo take andy offer you make more seriously.

Realistic expectations.  99.9% of homes sell at or near the current market rates.  So don't expect to find a bargain that no one else has noticed.  We can help you understand which homes, in which neighbourhoods, are available within your price range.

A great Realtor. Choosing the right real estate professional is crucial to making your home shopping experience less stressfull and more productive.  It also dramatically increases your chances of finding a home that fits your needs and budget.

If you are looking for more advise on finding your next dream home, please give us a call!

WINNIPEG – Besides resulting once again in another month where dollar volume sets a new record for the month as it was up 9% over the previous best dollar volume February in 2008, a significant development this month is a clear shift in overall residential-detached sales activity to price ranges over $200,000. Leading the way is the $200,000 to $249,999 price range where one out of every four homes sold in this category. Last February the same percentage of activity happened in the $150,000 to $199,999 price range. Overall, 56% of homes sold in February went for above $200,000. The under $100,000 sales dipped to only 8% in comparison to 11% in February 2009.

Similarly, condominium sales activity went upward too in comparison to February 2009 but the only difference from residential-detached was it shifted to more activity in the $150,000 to $199,999 price range from the $100,000 to $149,999 one. More than one out of three condos sold in the $150,000 to $199,999 price range where it was more like one out of five last year for the same month.

If you wanted to use an Olympic Winter Games analogy, Winnipeggers are reaching for higher levels in terms of house and condo values where Canadian athletes were going for gold. The current low interest environment is the biggest enabler in this regard as it helps keep affordability within the realm of many buyers.

Another clear difference this year compared to last is the number of home sales in February that went for over list price doubled from 22 to 44%. Another 44% however sold for under list price.

February MLS® unit sales of 712 and a dollar volume of over $150 million would be considered one of WinnipegREALTORS®’ better February’s due largely to the record dollar volume for the month of February. The four previous years to 2009 had sales approaching 800 so there have been better sales results. February MLS® unit sales were up 8% (712/660) while dollar volume rose 19% ($150.6 million/ $126.6 million) in comparison to the same month last year.

Year-to-date MLS® unit sales are up 1% (1,199/1,184) while dollar volume has increased 13% ($252.8 million/ $223.1 million) in comparison to the same period a year ago.

“February market activity shows a real improvement over January and is more in line with what our expectations are for this month,” said Claude Davis, president of WinnipegREALTORS®. “One similar carryover from January is the tight inventory situation in a number of Winnipeg neighbourhoods. It shows by virtue of the fact houses selling this month in these desirable MLS® areas were only on the market two weeks or less whereas the overall Winnipeg and surrounding rural municipalities’ average was 29 days.”

Davis added, “We expect to see a continuation of strong market activity with more listings coming on stream as move up buyers will want to take advantage of affordable mortgage rates before interest rates rise later this year.”

One huge beneficiary of the trend to higher sale prices over $200,000 is the provincial government. For any amount over $200,000 the highest land transfer tax rate in the country applies. So, at 2%, it means for every $50,000 increment over $200,000, the province collects an additional $1,000 in land transfer taxes from the home buyer. A $300,000 home creates a $2,000 windfall for the province based just on the 2% tax rate and another $1,650 for the amount below $200,000.

 “You might say bracket creep is alive and well in Manitoba since there have never been any adjustments made to reflect higher sales prices since the inception of this tax in 1987,” said Davis. “There actually has been one change and that was made in 2004 when the provincial government raised the highest tax rate at the time from 1.5 to 2%.”

An unfortunate result of this land transfer tax is it has impeded the first time buyer from getting into the market to the same extent as has happened elsewhere in the country where there is no land transfer tax or a first time buyer exemption. 

For residential-detached sales, the most active price ranges were the $200,000 to $249,999 and the $150,000 to $199,999 representing 25% and 19% respectively of total sales. The average days on market of sales of residential-detached listings in February was 29 days, 3 days faster than both January 2010 and February 2009.

34% of condominiums sold were from $150,000 to $199,999 while another 28% sold in the next lower price range of $100,000 to $149,999. The average days on market for condominiums was the same as residential-detached at 29 days, a marked improvement over last month’s days on market of 47 days and one day quicker than February 2009.

There's a lot of competition in the housing market these days.  When you put your home up for sale, you're bound to be up against several simular listings.  That's why it's important to make sure your property is in good state of repair so that it makes a good impression on potential buyers.  Here are a few tips:

Doorways: Inspect all doorways closely.  Look for sagging screens, cracked glass, and squeaks.  Consider giving your doors a fresh coat of paint.

Roof: Check for any missing shingles and have them replaced.  Inspect gutters and remove any debris.

- Walls: Look for holes and dents.  Patch and paint where nessesary.

Toilets: Make sure your toilets are secured firmly to the floor.  Nuts tend to corrode, replace if necessary.

 Faucets: Inspect all faucets.  If you have any drips, repair or replace.

Decks & Gates: Any loose boards? Rickety stairs of sagging gates?  Buyers will notice.  Get them fixed.