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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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Renting Your Home
There are many reasons why homeowners choose to get into the
rental market. Many choose to rent out their homes while waiting for the
market to improve. Some homeowners want to generate rental income from a
second home or vacation property. Still others find themselves with multiple
properties in hand after large life events, such as marriage, relocation, or
inheritance.
Regardless of the reasons for getting into the business of
renting properties, it’s important to get started on the right foot. That
involves asking yourself some hard questions, doing your research, calling in
the experts, and even putting in some elbow grease to get your property ready
for the rental market. Here’s a quick guide to what’s involved.
Mull it over
Owning a rental property is much more than just collecting payments every
month. As a landlord, you are legally responsible for providing a safe,
livable home for your tenants, as well as maintaining the property with
timely repairs. Consider that owning and maintaining rental properties is
running a business. Ensure that you have the time, resources, skills, and
patience for the often-unpredictable nature of the industry.
Do your research
Take a long, hard look at your rental unit and write a list of its
attributes, including square footage, neighborhood, number of bedrooms and
bathrooms, amenities, and yard size. Then, search for comparable units online
to get a good idea for how much you’ll be able to charge.
Number crunching
Once you know how much you’ll be able to charge for your rental property,
consider additional costs, such as the increased price of homeowners’
insurance, the cost of maintenance and repairs, unanticipated damage by
occupants, carrying costs between tenants, and advertising, to name a few.
To outsource, or not to outsource?
If you are interested in renting your property, but don’t want to fulfill the
role of landlord, consider hiring a property management company. In exchange
for a monthly fee, property managers will find and screen tenants, serve as
the main point of contact for occupants, manage repairs, collect rent
payments, and tackle other duties.
Consult a lawyer and accountant
Rental income must be reported on your taxes, but some expenses may be tax
deductible. Consult a qualified accountant to explore the potential financial
gains and losses that come with renting property.
Additionally, consult a real estate attorney in your local
area. While you may be able to find sample rental contracts online, a lawyer
who is familiar with laws and regulations in your local area will make sure
that the lease agreement your tenants will sign is legal, appropriate, and
protects you in case of unexpected events.
Prepare the property
Lastly, get the property itself ready for listing. This can mean tasks as
minor as removing your personal belongings, or more substantial improvements
like upgrading appliances and painting. If you’re utilizing a property
management company, ask them for tips on how to get your property rental
ready.
With good preparation, consultations from experts, and an
honest look at the finances involved, homeowners can find renting property to
be a beneficial way to increase income, delay selling a home until the market
improves, or cover costs associated with owning multiple properties.
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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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The Importance of Getting
Pre-Approved for a Mortgage
Before you start looking
at homes, you should figure out what you can afford by getting pre-approved
for a mortgage. Doing some calculations of your own may give you a rough
number but with so many factors involved it’s always best to get in touch
with a Mortgage Specialist like myself.
Keep in mind that being
“pre-qualified” and “pre-approved” are two very different things despite the
terms becoming interchangeable over time. Pre-qualifying for a mortgage
involves a quick review of your finances to estimate an approximate amount of
a mortgage that you may be able to qualify for. On the other hand being
pre-approved means actually applying for a mortgage with the approval subject
to the home qualifying as well.
Real estate agents and
sellers alike often prefer to work with buyers who have already been
pre-approved for a mortgage because it saves everyone a lot of time knowing
that you can afford the asking price. In multiple offer situations most
sellers will also accept an offer from a pre-approved buyer before
considering anyone else.
In order to get
pre-approved we will need to:
- Gather
Financial Information
Provide
as much financial information as you can including recent pay stubs, previous
tax returns, proof of assets and liabilities along with any debts you may
have. The more information I have the easier it will be to get you
pre-approved.
- Calculate
Your Total Debt Service (TDS)
Your
Total Debt Service is an accurate measure of your ability to pay your
mortgage by taking into account monthly obligations like car or credit card
payments and housing costs. A TDS of 40% or below would be ideal. If you
happen to be higher debt consolidation might give you some relief.
- Perform
a Credit Check
To
perform a credit check I’ll need your social insurance number along with your
spouse’s or any co-signer.
It’s
always a good idea to request a credit report beforehand in case there are
discrepancies. That way you have time to address problems before the process
even begins. You are entitled to a free credit report more than once a year
so long as it’s requested in writing and you choose to receive the printed
copy by mail.
Once we’ve gone over your
financial information, marital status etc. you will need to sign some
disclosures. At that point your mortgage application will be reviewed, signed
and submitted through the underwriting process. When approved Affinity Credit
Union will issue a pre-approval letter which outlines the terms of the
mortgage approval.
Congratulations! Now that you’re
pre-approved for your mortgage you can begin looking for your new home!
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Understanding Your
Down Payment Options
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!
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5 Tips for Getting Organized Before You Move
When it comes to moving, most of us think of the daunting task
of packing up everything we own and lugging it to another place. But
have you considered moving as an opportunity to better organize your
home?
When you’re packing, the last thing on your mind may be
de-cluttering, but streamlining your possessions before you move can
save a lot of time when you arrive at your new home. The less you have,
the less you have to move, and the less you’ll have to unpack!
To get organized as you pack, follow these 5 simple tips:
Take stock of what you have – Are you buried under a
pile of Tupperware containers each time you open your kitchen cupboard?
Is there a VHS player gathering dust in your storage closet? Before you
pack up, take time to go through each room in your home and weed out
anything that you’re not using anymore. A good general rule is to get
rid of anything you haven’t used in the past year (as long as the item
doesn’t hold sentimental value).
Sell what you can – You can help off-set some of
your moving costs by selling any items you don’t plan to use in your new
home. If you have decided to purchase new electronics, furniture, or
appliances, consider selling the ones you have now on sites like Kijiji,
by placing an ad in the local newspaper, or by hosting a yard sale.
Every little bit adds up, and before you know it Aunt Betsy’s old
toaster will be helping to pay for the moving truck.
Pass on what can’t sell – You can feel good about
letting go of items that you no longer use by passing them on to family
and friends who are just starting out, or giving them to charity. Donate
clothes, books, toys and other reusable items to non-profit
organizations such as your local thrift store, church or favourite local
charity.
Label, label, label – When you’re ready to start
packing, make sure you have lots of labels and markers available. Most
people find it easiest to organize boxes by room, adding labels like
“Kitchen,” “Master bedroom,” and “Basement.” Adding a few notes to the
label that describe the contents of each box can be helpful too. Also
consider labeling boxes by how soon you’ll need them (e.g. “Immediate
Use,” “Mid-Range,” and “No Rush”). This may seem like overkill, but
you’ll be thankful for your foresight when you’re looking for the coffee
pot on the first morning in your new home.
Choose your containers wisely – For items you’re
going to store long-term (but can’t bear to part with) consider large,
plastic containers with lids – they’re stackable and keep out moisture
and vermin much better than cardboard boxes do. Be sure to label these
well, especially if you plan on stacking them, so you will be able to
find the things you’re looking for quickly when they’re needed.
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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.
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The New Home “It List”
There are many good reasons to purchase a new home, including
exceptional features that you just can’t find in the majority of resale
homes. Check out this list of “it” features that are available in most
new homes:
Open concept: Think space, not rooms. Today’s living
requires multi-functionality and new homes reflect this. While older
homes have rooms designated for a single purpose (think traditional
dining room), newly built homes feature blended/flexible areas and open
space.
Large kitchen with island: Kitchens in older homes
are often cramped and lacking in functionality. Contrast that with
kitchens in new homes, which include enough cabinets to hold all of your
dishes – plus the option of a large island that will allow plenty of
room for cooking and socializing.
Efficient storage: Newly built homes often include
walk-in closets, pantries and overall bigger closets than older homes.
Plus, the storage spaces in newly built homes are both stylish and
functional.
Green from the ground up: New homes are built using
materials that are much more environmentally friendly than those used to
build older homes. What’s more, energy efficiency is a foremost
consideration with most new homes, with energy efficient windows, doors
and appliances being standard features. It’s pricey to make these
upgrades to resale homes.
Dare to personalize
Since it’s much easier (and often more affordable) to customize a
newly built home than renovate an older one, why not think about the
features you’d include on your personal “It List”? Here’s a little
inspiration:
Wine cellar: If you’re a wine lover, why not create a
space in your home to enjoy your passion? Picture a room in your newly
finished basement with wine cabinets and racks and a wine fridge or
cooling unit.
Outdoor room: The latest trend in home design
involves extending living space into the outdoors. With comfortable,
functional and attractive furniture, special lighting, space heaters, a
built in barbecue or an outdoor fireplace, you can transform your
backyard into a space you’ll be comfortable in year round. Explore the
many available options for walls and screening.
Home spa: Bathrooms are always a main focal point in
a home. Make yours the ultimate in luxury and tranquility with a home
spa. Consider a soaker tub and stand-alone shower with rainfall
showerhead. Use upscale materials like granite, marble and slate and
include spa lighting and maybe even music. What better place to relax
after a long day?
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 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.
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 Having a nice home means that you are
able to create a great ambiance in your home. first, you need to make
your house feels great from the outside so that every time you come in
home, you will be able to feel the comfort even when just looking on
your home. It is important to make you feel comfortable when you look
inside your home. That is why it is important to choose the best
furniture that can show your characteristics.
And if you like to show how modern you are, you will like to have modern furniture
in your home. However, sometimes, it can be really difficult when you
want to have the cheapest as well as the most comfortable. Well, you do
not need to look up in difficult place. This one place offers you many things to
make you feel the comfort.
Here, you can have modern living room furniture
to be matched with anything that you have already owned. Various shapes
and color will give you many options before you can really decide what
you want to have in your home. if you like to have more unique
furniture, you can have contemporary furniture as well.
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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.
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