Condo amenities and condo fees are a funny thing. Since one very much depends on the other, you need to be mindful of what features you really need because it’s easy to get sucked in by splashy features that sound like they will improve your life.

Does the notion of star gazing each evening from a 30-storey observatory platform appeal? How about mini putting? Maybe you would like access to a communal dog grooming salon where you can wash your Doberman after a muddy walk? Perhaps shooting hoops on a basketball court would do?

Developers are continually looking to up the ante on their development’s amenities in an effort to market their condo buildings. While some might say an outdoor TV-viewing area is a bit much, others might be pushed into buying because they think that’s the best feature ever.

The point is these amenities have to be paid for, as does the maintenance of them. As your condo ages, expect your fees to rise in an effort to cover the cost maintaining declining amenities such as hot tubs and swimming pools. If you’re not a swimmer or a hot-tub soaker, you may decide that paying for those features is not worth it.

Condo fees are nothing to sneeze at. In fact, next to your mortgage payment, they are likely your next biggest expense in owning a condo. According to Condos.ca, the average condo fee in Toronto in 2017 was 65 cents per square foot. On a 1,000 square foot condo that comes to $650 per month. Condo fees in the city naturally vary and can drop as low as 50 cents per square foot to as high as $1.

Though condo fees also cover other expenses of condo life such as some or all of the utilities and the building’s reserve fund, there are some developers who take a different approach. One reportedly surveyed and then listened to residents on how they wanted to use the spaces. Others say developers here should model after their European counterparts who offer amenities that might be described as no frills.

While Zen gardens, yoga studios and squash courts sound tempting, you need to think long and hard as to whether you would actually use them. Know what you realistically will use. Understand the difference between the must-haves and the nice-to-haves.

Sources: www.condoessentials, www.ratehub.ca, www.globeandmail.com, www.condo.ca

As we slide into December, it’s easy to lull ourselves into a kind of winter hibernation. In an effort to keep our homes warm and our spirits bright as we brave the cold, dark days of winter, we light fires or turn up the thermostat a few degrees, sip hot cocoa and binge on episodes of our favourite Netflix series.

But believe it or not, December is about more than vegetating and the holidays. It’s also the perfect time to check up on your home’s winter maintenance. Let’s take a look at some DIY tasks around the home that are best left to that final month of the year.

Furnace air filter

Yes, they need replacing, perhaps more often than you are currently doing. In fact, home maintenance experts claim they should be replaced somewhere between every one and three months to keep a clean flow of air in your house. Try to replace them with a high-quality filter as they will do a better job of removing mold, pollen and other particles from your indoor air.

Fire & Gas

Make sure your smoke alarms and carbon monoxide detectors are in good working order. This is the time of year when the most house fires occur due to people spending more time inside their homes. They’re looking for warmth from their fireplaces and ambiance from Christmas tree lights and candles but if not properly used, these items can pose a risk. Also ensure that your fire extinguishers are fully charged and still valid.

Insulate your attic

This is a mind-numbingly tedious job but super important to your comfort and wallet when trying to prevent warm air from escaping your home. Most homes should be outfitted with attic insulation of some kind. And it is possible to simply add more if you think yours is not doing the job. Before doing so make sure your current insulation is not damaged due to mold, water or unwelcome critters. If so, it should be replaced.

Drain garden hoses

Before the GTA descends into a deep freeze, now is a good time to disconnect all garden hoses. Water inside a hose naturally expands when frozen and can split your hose. While you’re at it, it’s also wise to drain and protect outdoor water taps to prevent them from freezing as well.

Sources: www.todayshomeowner.com, www.lowes.ca,

Saving up for a down payment on your first home can seem like a goliath task these days. With the average house price in the GTA fluttering around $700,000, the notion of making a dent in your savings on a down payment may seem daunting, if not insurmountable.

If you’ve already been saving your nickels for retirement, there is some help to be had thanks to a federal government program known as the Home Buyers’ Plan (HBP). The HBP lets first-time home buyers withdraw up to $25,000 from an RRSP to put toward the down payment on a house. Since a couple can each withdraw funds they can pool their assets and withdraw as much as $50,000. How that benefits first-time home buyers is that the funds withdrawn from the RRSP are not immediately taxed as long as you meet the deadline to return the funds within a specified time.

Do you qualify?

You do if you or your partner did not own a home that was your principal residence in the four calendar years prior to purchasing a house with an HBP.

Pay back

It’s an unfortunate reality but under this Canada Revenue Agency program, the RRSP funds have to be paid back within 15 years. The good news is that you don’t have to start paying back your RRSP until the second calendar year after the withdrawal. So if you used the HBP in 2018, you have until 2020 to start paying back your RRSP.

No tax benefit

Because you are paying back what you originally contributed to an RRSP, there is no tax relief as you would have experienced the first time around.

Expectations

You are expected to make payments every year under the HBP and the repayment expectations are far from onerous. Annual repayments are 1/15 th of the withdrawal total so if you borrowed $15,000, your annual repayment would be $1,000 per year for 15 years.

If, for some reason, you can’t meet the yearly repayment or can only manage a part of it, then the payment or the part that you couldn’t pay is added to your taxable income.

The HBP has been in place since 1992 and though some critics say it should be scrapped because people need to save for retirement, others say its absence would harm the housing market.