Knox Happenings Newsletter – February 2025

Happy February!

One way of maintaining relationships with people is keeping in touch. That’s why I strive to keep in touch with my clients through regular, informative, communications like this e-newsletter. I’m a firm believer that my service to you doesn’t end after you move into your new home but continues in the months and years in between moves.

In addition to keeping in touch with my e-newsletters, I also keep a close watch on the local real estate scene, so when you have questions, need advice, or are looking for opportunities, I’m ready to be there for you.

So, if you, or a friend, colleague, family member, or neighbor have any real estate-related questions or concerns, or need a contractor recommendation, I hope you will think of me!

7 Ways to Save on Your Closing Costs

Buying property isn’t cheap and involves more than just the cost of the property. Associated fees can start to add up so, for some tips on how to cut down on your closing costs, read on.

• 1. Comparison shop lenders. Besides shopping for the best interest rate, also research the vendors each lender uses for things like the survey fee, title search, and title insurance. Compare prices on these vendors and ask to switch vendors if you find a better price.
• 2. Shop around for different real estate lawyers.
• 3. Compare home insurance quotes.
• 4. Negotiate with the seller and find out if they will cover some of the closing costs. This is only likely to happen with a property that has been challenging to sell.
• 5. If you are a first-time home buyer, investigate incentives.
• 6. Try to close at the end of the month to reduce the amount of interest applied before the first mortgage payment.
• 7. Ask lenders if they offer any incentives for choosing to borrow with them – such as cash back or waiving fees.

While some closing costs are fixed, such as taxes, there are several ways you can reduce the amount of your closing costs, so you can walk into your new place with a little bit more in the bank than you would otherwise.

Keeping the Peace: How to Handle Issues With Your Neighbors

When you have neighbors a variety of issues can arise ranging from disagreements over fences or trees, to noise, construction, dogs, etc. How you handle issues or potential issues can make the difference between friend and foe. So, where do you begin?

Be proactive – A lot of would-be issues don’t become so, if you are already friendly with your neighbor, as this promotes open communication. So, if new neighbors move in, introduce yourself. Attend or organize community events (e.g., street potluck or community BBQ). If you are planning a loud construction project, let them know ahead of time.

Talk it out – Nonetheless, issues can still arise, and the best thing to do is to talk to them about it. Don’t assume their actions are malicious or disrespectful without first talking to them calmly. Think about what you are trying to solve, actions you would like to see, and the compromises you would be willing to make before speaking with them. If they come to you with an issue, listen calmly, avoid being defensive, and focus on a solution. Try to find common ground.

Consider a third party – If talking it out isn’t working, consider involving a property manager if you are in a condo, a mediator (look into free community programs that offer mediation for neighbor disputes in your area), a bylaw officer, or a lawyer (for the US use attorney instead of lawyer).

Renting Done Right: Tips for Renting Your Property

Securing a trouble-free tenant is every landlord’s wish, and to do that requires treating the position of landlord as a professional job. As a landlord you should:

• Familiarize yourself with your area’s landlord-tenant laws.
• Tend to anything broken or hazardous and ensure the appropriate number of working smoke and carbon monoxide detectors are installed in the appropriate places (Pro tip: swap the batteries every daylight saving time).
• Research what comparable properties in your area are renting for to determine a fair rent, factoring in all your property-related bills. Increase the rent annually to the legal amount to keep up with the market.
• Use a government-issued lease agreement template and include any additional rules you have. Consider having a real estate lawyer look it over.
• Screen potential tenants by doing an interview, credit check, calling work and landlord references, and checking work history.
• Make sure your property is insured and encourage your tenant(s) to get their own insurance.
• Report rental income on your taxes and take advantage of relevant tax credits.
• If you want to rent your condo, check if it’s permitted and what the condo rules are to ensure you are covering all the bases.

With proper due diligence, you stand a greater chance of enjoying a passive income, without a big headache.

Notable, Quotable, Quotes!

“The key is to keep company only with people who uplift you, whose presence calls forth your best.”
Epictetus

“You cannot tailor-make the situations in life, but you can tailor-make the attitudes to fit those situations.”
Zig Ziglar

“Don’t judge each day by the harvest you reap but by the seeds that you plant.”
Robert Louis Stevenson