5 Jul

Top Home Renovations that Have the Highest ROI

Abbotsford Mortgage

Posted by: Matt Robinson

Home Renovations

Renovating a home with the intention of selling it to make a profit is a booming industry in the house world. Before you start any home renovations, there are some areas of your home that you should focus on to give you the highest return on investment.

To help, your local Chilliwack mortgage broker, Matt Robinson with Dominion Lending Centres has listed five areas in your home that should be the first place you renovate.

#1: Bathrooms

Renovating your bathroom is a must because people can definitely tell if you have spent a decent amount of money purchasing high-quality materials. This increases the overall appeal of your home and gets more buyers interested in making an offer.

Bathroom repairs are averaging at least 100% return on investment. Therefore, really take your time picking out the best bathroom tile, and look up free sources online that provide helpful tips to give your bathroom a more modern look.

#2: Kitchens

Whenever you decide to renovate your kitchen, it will generally cost you thousands of dollars. You may not think this is worth it, but depending on how your kitchen looks can really make or break a purchasing deal. A small kitchen renovation could cost you around $21,000 and resale value is around $17,000, which means you could earn back 81% of the money put into this renovation.

#3: Garage Door

Replacing your garage door may not seem like a big deal, but it can actually make buyers less interested if your garage is in poor condition. You can replace your garage door for an average price of $3,500 and your resale value could be around $3,400, which gives you about a 98% return on investment.

#4: Curb Appeal

Updating your curb appeal is important because this is the first impression your property makes on potential buyers. If you do not renovate the exterior of your home by fixing areas where the paint has chipped or by planting new fresh flowers and grass, you could deter buyers from ever entering your home. Consider these useful tips and also add fresh mulch to give the exterior of your home a cleaner, fresher look. For more useful tips on ways to improve your curb appeal, please contact your Chilliwack mortgage lender at 604.852.1703.

#5: Wooden Deck

You may want to consider adding a wood deck in your backyard to increase seating space and make this area look more inviting. The average cost of placing a wood deck is about $11,000 and the average resale value is around $9,100, which means you could be making about 83% return on investment.

 

Contact Us

If you would like to know more information on top renovations that give you the highest return on investment or if you are wanting details on different Chilliwack mortgage options available, please contact Matt Robinson at 604.852.1703.

2 Jun

Chilliwack Market Update

Abbotsford Mortgage

Posted by: Matt Robinson

Congratulations on making the decision to become a homeowner. Owning a home has a lot of added benefits such as artistic freedom, more privacy, tax deductions, equity, and stable payments. Before you can start reaping these benefits, however, you must first find your dream home. This can be done by familiarising yourself with the current market. As your Chilliwack mortgage broker, Matt Robinson with Dominion Lending Centres can update you with the current residential trends, and inform you on when the best time to buy is.

Chilliwack Market

According to the Canadian Real Estate Association, the number of homes sold in April 2018 was 361 units, which is a 3% decrease from April 2017. Comparing the homes sold from January to April this year was 1,108 units, which is a 2.4% decline from the year prior. In addition, the average price of homes sold in April was $533,020, which is about a 16% increase from 2017, and on a year-to-year basis, the average sold price was $516,393, which is a 17.5% increase from last year.

Zolo.ca, states that the median listing price for singe-detached homes was $662,400, the median price for condominiums was $253,850, and the price for townhomes was $446,000. The change in price per year has increased 6.9%, and comparing asking prices from May 2017 to the present, has since increased 24.2%.

If you are looking to buy a home and obtain a Chilliwack mortgage, now would be the time before the market continues to increase. You could even use past residential pricing as a negotiation tool for cheaper rates and better deals.

Get Started Today

For more information on the current residential market, please contact your Chilliwack mortgage lender. With rates constantly fluctuating, Matt Robinson can go through your finances, let you know your affordability, and suggest when the best time to buy would be. His team at Dominion Lending Centres would love to work with you and help finance your dream home. So don’t wait, call his office today to get started at 604-852-1703.

14 May

Mortgage Rates And Why They Fluctuate

Abbotsford Mortgage

Posted by: Matt Robinson

As your local Abbotsford mortgage lender, I understand the confusion behind understanding mortgage rates and why they fluctuate. Mortgage rates can be determined by a number of different factors including, but not limited to:

 

  • Economy: Depending on how well the economy is doing determines if interest rates will rise and fall. For example, if the economy is doing really well then rates will increase, and the opposite will occur if there is a decline in the economy.
  • Residential Market: If there is an increase in the residential market then there will be more of a demand for mortgages. An increase in demand means an increase in rates.
  • Inflation: Mortgage brokers will analyze past and current rates to see how the market has changed over time. They can then predict where the market will head in the future. These analyses can determine if there will be inflation, and thus affect mortgage rates.
  • Global Factors: This includes unemployment, food and gas prices, and political involvement.

 

Being aware of the current market and understanding how these factors can affect the rise and fall of interest rates can help determine what the cost of your Abbotsford mortgage will be. For more information on factors that affect the economy, please contact Matt Robinson at Dominion Lending Centres at 604-852-1703.

 

Fixed Rate Mortgage

A fixed-rate mortgage is where your monthly rates are set and will never change throughout the duration of your loan term. These rates are determined by the Government of Canada bond yields. Bond prices and bond yields have an opposite effect on each other. This means that if bond prices are decreasing then bond yields are increasing. Bond prices will decrease if the economy is doing well.

 

Bond yields have a direct relationship with fixed rates. So if the economy is doing well then bond prices are decreasing, bond yields are increasing and fixed rates are increasing. If the economy is booming then consumers are purchasing more, which creates a higher demand. An increase in demand means an increase in rates.

 

Variable Rate Mortgage

Variable mortgages have rates that can fluctuate month to month, which is dependent on the lender’s prime rate. The Bank of Canada determines these rates since they choose the target overnight lending rate. The overnight lending rate is the interest banks accrue when borrowing or lending against themselves. If the overnight rate changes then so do the cost of borrowing and lending, which affects the prime rate. Variable rates are influenced by the prime rate, which means if the prime rate increases, then so will your variable rate.

 

Contact Us

To get a more detailed explanation of mortgage rates and how they fluctuate, please contact your local Abbotsford mortgage broker today. Matt Robinson is the local broker that will educate you and help guide you throughout the home loan process. So don’t wait, call his office today at 604-852-1703 to get started.

19 Apr

Mortgage Survival Guide – Abbotsford Mortgage

Abbotsford Mortgage

Posted by: Matt Robinson

Matt Robinson | Dominion Lending Centres

604-852-1703

info@matthewrobinson.ca

 

As a first time homebuyer, trying to figure out how to get a mortgage can be overwhelming. Matt Robinson, at Dominion Lending Centres, has created a mortgage survival guide to help you be more organised throughout the home loan process. Working with Matt Robinson to obtain your first Abbotsford mortgage can help you get the best options and rates on the market.

 

  1. Organisation:

Being organised with your finances can help prepare you for a mortgage. Before you start your home loan application, make sure you know your current credit score. Your income and credit score largely affected how much you are able to borrow. If you notice any faults on your record then you should fix these problems before your application is sent in.

 

  1. Pre-approval:

Contact your local Abbotsford mortgage lender to get pre-approved. This can be beneficial because it will let you know exactly how much you can borrow from the lender, and therefore, know exactly what price range to shop in. Knowing your affordability in advance can save you time by avoiding homes that are not in your budget.

 

  1. Income:

You are given more credibility depending on how long you have been working at your current job for. Lenders appreciate borrowers who have a steady income of at least two years with their current employer. If you constantly switch jobs, now might not be the best time to buy a home because lenders want to see that you are financially responsible.

 

  1. Savings:

Before you start your home loan application, make sure you have enough money in the bank to pay at least 5% of your home’s down payment. The more savings you have, the better your application will look. If you have a lot of debt and no savings, you will most likely be declined for a home loan. In addition, continue saving and avoid making other big purchases until after your loan has been approved. Taking on unnecessary debt can hurt your application.

 

Buying a home is most likely the biggest purchase you will ever make. Make this an exciting time instead of a stressful one. Following this mortgage survival guide will help prepare you for homeownership. If you have any questions or are wanting to get started on your application today, please contact your Abbotsford or Chilliwack mortgage lender at 604-852-703 or email info@matthewrobinson.ca.