Home Maintenance Checklist - March

 

 

 

 

 

 

 

 

March is filled with sweet candy, chocolate treats, beautiful bouquets of flowers, and hearts…lots of hearts…everywhere! But, don’t forget to share some of the love with your home! This month’s Home Maintenance Checklist features our annual safety check, which ensures your home’s safety features are preforming properly and that any potential hazards are avoided. Follow these steps and you’ll be on your way to a safer home environment:

• Doors – check hinges are working properly and secure and seal tightly

• Test smoke detector & carbon monoxide (CO) detector – change batteries every six months (when you change your clocks is a good practice)

• Test window locks are working properly

• Test security system (if applicable)

• Potential fire hazards – electrical, natural gas and flammable liquids

• Ensure adequate clearance around furnace, hot water tank, and electrical panel

In addition to our annual safety check, be sure cross off the below items to keep your home in tip-top shape this month:

q Clean or replace furnace filter, HRV or humidifier filter (if applicable)

q Clean range hood/OTR filter

q Check exhaust fans for snow build-up around hot water tank and furnace vents. If you live within a condominium, please notify your property manager regarding any build up.

q Perform annual safety check

 

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The Mortgage Trends
of 2011

Among the various developments this past year there were a few mortgage trends that stood out:

New Mortgage Regulations

The government has yet again tightened mortgage rules for the third time since 2008.

Those with a high-ratio insured mortgage saw the loss of 35-year amortizations and refinances above 85% of their loan-to-value (LTV) ratio. This in turn means that not only do well-qualified borrowers lose an amortization option but more interest expenses are accrued for anyone not able to refinance their high-interest debt.

They also made it difficult for non-bank lenders to offer a Home Equity Line of Credit (HELOC) by removing insurance on secured credit lines.

Record Low Fixed Rates

Nervous investors have been readily buying up safer Canadian bonds – increasing prices and decreasing yields. Therefore we’re seeing other rates drop too. The bond market actually has more influence over fixed mortgages than the BoC’s posted rate which of course trickles down to variable mortgages also.

The Fall of the Variable

Before August 2011 variable-rate mortgages were a good choice for the savvy homeowner but after the U.S. debt downgrade, not so much. However even though the media has declared variable-rate mortgages ‘over’ a comeback is inevitable.

In light of last year’s trends should you be restructuring your mortgage to cash in on these low interest rates? It depends.

The best fixed-rate option would be a closed mortgage however you can’t escape the interest rate that you agreed to pay for five years without a penalty. In order to determine just what that prepayment penalty will be you will need to:

• Calculate the difference between your high-rate mortgage and the current rate to come to the interest rate differential penalty.
• Determine how much time remains in your term.

Of course the best way to know whether switching is a good idea for you would be to contact me today. I can answer all of your questions and help you review your options.

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Understanding Your
Down Payment Options

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Many people mistakenly believe that home ownership isn’t an option for them but the fact is that there are multiple ways to acquire a down payment. Pair that with record low interest rates and it would be foolish not to buy in 2012.

Right now the minimum down payment required in Canada is just 5% of the homes purchase price. However, as a general rule, you should put as much money down as possible. That amount will determine which home you purchase, the size of your mortgage payments along with just how much insurance you have to pay.

Here are some ways in which you can obtain a down payment:

Purchaser’s Savings
January 1st, 2012 introduced the First-Time Homebuyers’ Tax Credit. It will provide a provincial non-refundable income tax credit of up to $1,100 for eligible taxpayers. While the details of the program are still being developed it is known that the personal income tax credit applies to qualifying homes purchased after December 31st, 2011.

Interim Financing
Interim financing (bridge financing) is used when a buyer needs to sell their current home in order to purchase another but the sale of the first home can’t be completed before the purchase of the second. Even though this situation would have the buyer paying more interest, it’s usually nominal and only for a short time.

Rent-to-Own
When you rent-to-own a portion of the rent you’re paying actually becomes your equity once you purchase that property. In order for this to work though the purchase agreement:

• Must acknowledge that a portion of the rent includes a pre-payment of equity on a monthly basis.
• Must show that the monthly rent payment is an amount in excess of the current market rent for the property.
• Must contain at least a partial refund in the event that the purchaser doesn’t exercise their right to buy the property.

In the chance that the property’s value decreases the surplus rent may not be accepted as equity when eventually applying for a mortgage.

Gift from an Immediate Relative
In the instance where a home buyer is unable to come up with a down payment they can seek assistance from an immediate family member if the funds are clear of any repayment obligation. You simply need a mortgage gift letter from them stating that this is the case. Also note that gift money must be in the buyer’s possession at least 15 days prior to closing.

Borrowed Against a Proven Asset
The Canadian Mortgage Housing Corporation (CMHC) permits down payments that have been borrowed against proven assets so long as those assets are “financial in nature, unencumbered by debt, and readily convertible to cash.”

Home Buyers’ Plan (HBP)
First-time home buyers are able to withdraw up to $25,000 from Registered Retirement Savings Plans (RRSPs) like the Home Buyers’ Plan (HBP) to be used toward a home purchase, tax-free. Just be sure that your RRSP contributions sit for at least 90 days prior to being withdrawn in order to be deductible. They also need to be repaid within 15 years.

Affinity Equity Building Program
The Affinity Equity Building Program is a partnership between the city of Saskatoon and Affinity Credit Union. In order to be eligible for the program the applicant must:

• Purchase property that they will reside in within the corporate boundaries of Saskatoon therefore causing a rental unit within the city to become available.
• Have a household income that ranges between $44,500 to $70,000.
• Repay the funds over a five year period.

Now that we have reviewed down payment options you can contact me to get pre-approved for your mortgage and begin looking for your new home right away!

Eco-friendly moving: Tips to relocate responsibly

Moving is typically not an eco-friendly endeavour. From packing up your belongings, to cleaning both your old and new homes and having everything transported from one location to another, there’s plenty of potential to harm the environment. But it doesn’t have to be this way – follow these simple tips and make your relocation a responsible one.

If you don’t need it, don’t take it

One of the simplest ways to reduce your carbon footprint when moving is to reduce the amount of stuff you have to move. Go through you belongings and sort out things you no longer need. Clothing, furniture and books can be donated to charities, thrift stores or sold in a garage sale. If you have items that need to be thrown out, do so responsibly by recycling wherever possible. Always dispose of electronics properly. Check out the Alberta Recycling Management Authority website for tips on how to safely recycle used electronics and to find the collection site nearest you.

It’s also a good idea to consider donation when you’re going through your fridge prior to moving. If you have canned goods that you don’t want to move with you, donate them to your local food bank.

Go green to get clean

Whether it’s the home you’re leaving or the one you’re moving into, you’re likely to be doing a great deal of cleaning during your move. Cleaning products are typically very bad for the environment, as well as your health, so choose green cleaning products whenever possible. Look for products that are non-toxic and biodegradable and read through the ingredient list to make sure they’re all natural. You can also consider making your own cleaner using vinegar and water.

Pack responsibly

It used to be that in preparing for a move you had to gather up cardboard boxes and packing tape – not exactly environmentally friendly. Not anymore – thanks to green moving companies like FrogBox and EcoBox that rent reusable plastic moving boxes. These companies allow you to order boxes online, drop the boxes off at your home on a date that you’ve requested and then pick them up after you’ve completed your move. The boxes are stackable, making them easy to transport. They’re also waterproof and sturdy, so you can be sure that even your most delicate possessions will make it to your new home in one piece. By going this route, you’ll not only save yourself from having to fold and tape boxes, but you’ll also save some trees!

When it comes to packing your breakable items, avoid using bubble and plastic wrap and packing peanuts. Instead, wrap delicates in blankets, towels and linens.

Green transportation

If you’ve decided to hire a moving company to help you with your relocation, look for one that follows eco-friendly practices. Before booking a company, inquire about their environmental policies. Here are some questions to ask:

• Do they use only recycled packing materials?
• Do they have a no idling policy?
• Do they make an effort to reduce fuel consumption through a shortest route possible policy or speed monitoring?

If you’d rather handle your move on your own, be sure to rent a moving van that’s the right size for what you have to move – the smaller the van, the lower the fuel consumption. And to reduce your carbon footprint even further, load your belongings in such a way that allows you to make the fewest trips back and forth.

Today, people are more creative in decorating their living room. They tend not to only focusing their attention on picking the most stunning but comfortable furniture like those of good quality. More people like it not to only consider the furniture to be put in their living room, but also add the home theater system in their socializing place. However, living room is a place where people are supposed to gather and where people are gathering there should be some entertainment items like TV or DVD players. Usually people are considering putting TV and DVD players only in the family room.

But nowadays, people start to be aware of the value of such entertainment in the living room where guests are tending to stay. Thus, people start to think about putting such home theater system along with their Terrys Fabrics furniture in the living room. But people find it uneasy to consider placing the home theater system or even build the home theater room since it can be very expensive to afford that decorative item for a living room. But thanks to the current technology of cinematic devices, it is now available an inexpensive portable home theater system to be placed in your living room. With this portable home theater system, you need not to spend more extra money both for the purchase of the whole units and regular maintenance of it. 

For some people especially women, kitchen is regarded as a place that should be maintained carefully. The condition of kitchen should be clean and hygienic since kitchen is chosen as the place where food materials will be processed and cooked. Therefore, people will buy and prepare the kitchen for the best design and decoration. One of the things that should be bought for the kitchen is cabinet. For some people, they do not expect for usual cabinet. They are looking for the best cabinet doors to beautify the decoration. Besides, they also think about the quality of the product. But, not all the people know the best cabinet door to take. It is because they do not have enough knowledge about the specifications of cabinet door which is good to take.

Therefore, it is good to take a look at several tips of choosing best kitchen cabinet doors for your kitchen. First, since the cabinet is usually made from woods, it is suggested to see the wood material. There are several woods which cannot last if there is water touched to it. There are also several woods which can last even though there is water touch to it. It means that prospective buyers should ask the seller about the durability of the product. Second, prospective buyers can see the best design if they want to match the design with kitchen decoration. Design of the product can also influence the situation of the kitchen. Therefore, design is regarded as one of important points to be considered. Third, prospective buyers should also take a look at the size. Before buying the cabinet door, it is suggested to get the right measurement of the size. So, you will not get wrong size. Those three tips can still be added by other point of views to complete the process of choosing and buying the best cabinet door.