Is there any need for us to concern ourselves about the financial problems of our country, isn't the hardest part over and done with now? There are probably more challenges facing the Canadian economy than we think.

We have all heard the Bank of Canada's views on this; that any issues are only short-term and then things will be improving rapidly. This is based exclusively on a probable but uncertain supposition that levels of energy costs will not rise, and that they’re more likely to decline. The recent reasoning for the depression, however, is thought to have arisen from events in Japan. A perfectly valid reason, but underneath this problem the consumers are the individuals who determine our economy. The disaster in Japan will affect us, just as it affects the rest of the world, but it is definitely not the principal reason. We therefore have to look closer to home, with the employment situation being poor, the increasing gas prices and all around prices increases, the future is unpredictable.

In the US previous to the depression, the Canadian debt, how much income a person has compared to how much debt, was only slightly lower than the Canadian ratio is presently. Another thing in our favour is that the banking sectors are on a lot firmer ground, meaning that if there was a bad situation with debt, then the banks would still stay strong. There wouldn't be as many problems if there was a recession which led a fall in house prices, opposed to the US four years ago. This all has an knock on effect on monetary bailouts which are improbable especially compared to the problems surrounding the US Banking and US politics.

The US and Canadian economy are closely linked, so trouble facing the US could impact adversely on Canada, including banking and British Columbia real estate. Consequently, it doesn’t matter how robust and stable the situation on the domestic market at present is; US problems have the potential to hit us hard. The contagion might hit from Europe, which is at the moment having some serious problems with Portugal, Ireland, and Greece. Circumstances have a way of escalating and drawing other countries in with tightening of credit which could affect the property market, shifts in the equity market and the fall of commodity prices; all with the chance of destroying Canada's economic potential.

1. Colour schemes that are at the flamboyant side of individual taste need to be changed. Your children may love their bedroom with the bright pink walls with ballet dancer transfers, but any potential buyer is only going to see the work needed to change it. Be sure to pick a neutral theme, and stick with simple modifications that people can easily adjust and modify themselves when they purchase your home. A potential new owner's first impression could be the deciding factor on whether they want your home or not, so keep decoration neutral.

2. An untidy yard: Having a front or back yard that is a mess can definitely reduce the value of your home. You may have dogs who have turned the garden into dying grass with big holes all over, or children that have run around so much it is just a pile of dirt; this means that any potential buyer is going to know that they need to spend time and money making it look beautiful again.

3. Many individuals ignore something like a leaky tap until it becomes a problem; don't forget any plumbing problems need to be dealt with immediately. Anything from a leaky tap to a leaky pipe could have catastrophic consequences if left unattended. Out of all the advice given this is probably one of the most important ones, never ignore faulty plumbing. This can result in mold in the home which can make a home practically unsaleable.

4. Where the property is set: This is one area that you can't do anything about. As a BC real estate professional, my listings are usually in nice surrounding. When looking to buy a new home, the location of that property is possibly the first thing a potential buyer considers. Things such as reputable schools, a quiet environment, and close proximity to shopping and public transit are what people usually look for. A beautiful example of this is a well-known case of one neighbourhood with a substantial difference in value between the even and odd-numbered houses. Did some of you ever wonder why? The odd-numbered ones backed on to an interstate highway and some ugly utility lines, and the effect was that the even-numbered houses were worth about 10 percent more than the odd-numbered ones.

5. Bathroom/kitchen carpets: Carpets soak up moisture which in turn leads to damp and mold, so even though carpets may feel pleasant under foot, they are a breeding ground for mold and are hard to keep in good condition. In addition, carpets in kitchens are likely spattered with various food items, so you’re definitely better off with a hardwood floor or tile in either of these two areas.

Off-Street Parking - An Issue?

One thing that is very uninviting to a potential viewer is seeing lots of cars parked in front of your property. Many people think just because they don't have a garage there is nothing they can do about parking their motor vehicles on the street. If you don't have the area available to extend your drive, then check with your local council who may provide you planning permissions to drop the curb of the pavement next to your house. An off-street parking space can add up to 10 percent to the house market price.

Swimming Pool/Tennis Court

Think about whether you would like a pool indoors or outside, also look at the position of your property before making the final decision If you live in colder climes, an indoor pool or one inside a swimming pool enclosure may be more useful and will interest more buyers. An outdoor pool with a cover on it will, on the other hand, concern buyers since it would stay that way for most of the year when it's cooler. A more favourable choice would be a lovely heated indoor pool, possibly with attractive doors leading out to a decking area; bring the outdoors inside. An exquisite pool just invites house buyers to think about themselves having fun. Putting in a pool, when finished correctly, is going to be something that will add a nice sum of money to the value of your property, about 10 percent.

A tennis court is one more extravagance you can add to your house, but only in certain neighbourhoods it should fit in with the other houses. As with the swimming pool, a tennis court can add up to an extra 10 percent to the value of your house.

These builds are without doubt something you can offer a potential viewer. Unfortunately these type of additions could make the potential buyer base a lot smaller. Nevertheless, if all goes well, you will sell your property for a price that may surprise you.

Building a Waterside Attraction

My experience with dealing Vancouver MLS listings proved me one theory. This type of feature more often than not will hold its value, so you should at least make the cost of installing it back when you sell your house. You may find, according to a survey, that it might increase the value by a third, which is fantastic news. I know many of us wish we had a stream or lake in our grounds, unfortunately few of us do; although there is nothing stopping us installing a pond. More conventional definitions of a pond say: areas of water where light penetrates to the bottom of the water body' and 'bodies of water shallow enough for rooted water plants to grow throughout,' You can make a pond extremely uncomplicated or you could build one to contain fish and make it feature of the garden with fixtures surrounding it.

Do your research before you even start building a pond; the water source, the depth you want and will the water be flowing freely so mosquitoes are avoided are just some items to find out about. Professional advice at least, should be pursued before attempting this type of job, after all if it is done right it will definitely pay off.