It’s difficult to breathe easy if you know your home has asbestos lurking in the attic or basement. But it’s understandable that you might feel anxious knowing your house contains a substance that’s currently thought of as public enemy number one.

Don’t fret or buy into the hype. Vermiculite-containing asbestos has gotten an undeservedly bad rap. It’s true that some Canadian homes have it. It’s true that a mine in Montana is responsible for supplying most of it to North America. But here’s the catch. As long as you don’t touch it, it’s fine.

Vermiculite-containing asbestos will only pose a threat if you are breathing in its fibres. According to Health Canada, as long as asbestos fibres are enclosed or tightly bound in a product such as asbestos siding or floor tiles, there are no significant health risks. However, if
you think otherwise, your level of exposure is what you need to watch.

Look for:
 The concentration of asbestos fibres in the air
 How long you were exposed
 How often
 The size of the asbestos fibres inhaled
 The amount of time since the initial exposure

Commonly found as insulation on basement boilers and pipes and in attics, asbestos was also used in vinyl floor tiles, some glues and linoleum, window caulking, roofing materials, siding material and plaster.

If you learn that your home has asbestos, leave it alone if it’s in good condition. You don’t want to disturb it and cause its fibres to freefall throughout your home. If you find asbestos that is torn or damaged curtail access to that area of your house and keep an eye on its deterioration.
Never try to remove asbestos products yourself. Speak to a trained and qualified asbestos removal or abatement professional. If you are planning to remodel your home and the renovation would disturb the asbestos-containing building material contact a qualified asbestos removal professional first.

The price for laboratory analysis may be worth the peace of mind before any project begins. A quick internet search shows the average cost for an air test is $500.There is plenty of professionals available to choose from.

Typically, an assessment includes a visual inspection of the building for evidence of asbestos, substance samples to identify the type and concentration of asbestos, airborne asbestos analysis to identify asbestos fibres that are in the air and a detailed report on the findings plus a
plan on how to remediate the situation.

For more information visit the Health Canada website 

Buying a home with even a wee bit of remorse is about as certain as death and taxes. It happens to us all unless, of course, you have money to burn and you acquire homes like the rest of us buy coffee.

Unfortunately, that’s not the case for most people. We invariably suffer some level of doubt, fear and worry once we’ve signed on the dotted line. Is the house too big or small for our needs? Did we pay too much? Is something major wrong with it? Will we get along with the neighbours? Will the house be a happy home? What if we see something we like better?

Our anxieties and fears emanate from the fact that purchasing a house is a large and life-changing event. But there are ways to calm your concerns.

Before you buy do your homework. Ensure that the property and neighbourhood meet your needs. Hire the right realtor. Ask questions and don’t be afraid to air your concerns with your agent. Determine your price and stick to it. Think about the home’s resale value.

So let’s say you’ve done all that and now you’re simply waiting till you get possession. And still buyer’s remorse haunts you. Put down the Xanax because there are healthier ways to deal with your angst. Here are some suggestions:

Check Your List

Before setting out to purchase your home you probably made up a list, either in your mind or on paper, of wants and needs. Review this list now. How does your house stack up? What attributes made you select this home? Did finding this home take a lot of showings? It’s important that you analyze the facts as this may help you discover why you’re now feeling remorseful. Perhaps you’d feel this way regardless of the house.

Stop Talking About It

Initially you were pumped so you told anyone who’d listen and that, of course, means friends, family and neighbours. But often your closest allies will be your harshest critics, questioning how much you paid for the house or the neighbourhood you selected or even the style of home you picked. You’re best to stop telling people about the house. And if you can, tune out the questions and criticism that comes your way.

At the same time, you may have moved to a certain neighbourhood because it’s near family and good friends. Seek out those individuals who will support and encourage your decision. Ask them to remind you about the positive things you had to say just after buying the house.

Freeze Further House Hunting

Do this immediately. This will only cause you more self-doubt and pain.

Your Realtor Can Help

It’s normal for questions, doubts and fears to crop up that you don’t have the answers to. Unanswered questions, especially for first-time home buyers, can turn a mole hill into a mountain, prompting more worry and anxiety. Your realtor can help ease your panic. Remember, it’s their job to help you through the anxiety-provoking process of buying a home.

Make It Your Own

Once you’re in the house, put your own stamp on it by painting, renovating and decorating in your inimitable style. Your remorse is more likely to fade after you’ve transformed your new home in colours and ways that suit only you.

Don’t Obsess

The stress of purchasing a home that you now regret can be all-encompassing. Try to remember that life is more than your house. Maintain your exercise and fitness routines, your time with friends and family, your leisure activities. Hang out with the kids and remember that a move affects them too. How are your children doing? Do they like their new school? Take time to travel or get away for a weekend. Don’t let the house overwhelm you.

As homeowners or wannabe homeowners, we’re always looking at ways to save a few dollars here and there.

Did you know the Canada Mortgage and Housing Corporation (CMHC) offers up to 25 per cent back on the CMHC mortgage loan insurance premium when you purchase a green home or make energy-saving improvements to an already existing home?

And that’s a good thing because not only do you save on your insurance but you also end up saving in the long run with lower energy bills. In Canada, running our homes is an expensive proposition, accounting for more than 16 per cent of the total energy consumed. Not only are energy-efficient homes comfier and healthier, they also serve to reduce greenhouse gas emissions and the cost of running your home. Depending on the level of energy efficiency achieved, you could be entitled to a premium refund of either 15 or 25 per cent.

Most new homes qualify for the top refund as they’re generally built under a CMHC-eligible, green building standard. All other homes are assessed using the NRCan EnerGuide Rating System (ERS).

If you are purchasing a condo know that units built to the LEED Canada New Construction standard automatically qualify for a 15 per cent refund. If the building is designed to be either 20 per cent more energy efficient than compliance with the applicable building code, you may be eligible for a 15 per cent refund. If the building is 40 per cent more efficient, you could get a 25 per cent refund.

If you decide to buy and renovate your home, it must be assessed by a Natural Resources Canada (NRCan) qualified energy advisor prior to and after your green home improvements are made. The partial premium refund is based on the level of energy efficiency achieved.

Applications must be submitted within 24 months of the closing date of the mortgage and the supporting energy efficiency documentation must be no more than five years old. NRCan is introducing updates to the EnerGuide rating scale.

For details about the program, including a list of eligible building standards and specifics on the required EnerGuide rating, check out CMHC’s website at www.cmhc.ca/greenhome.

Source: www.cmhc.ca

The demand for a three-bedroom home is still a strong one but many homebuyers are now drawn to two-bedroom dwellings thanks to changing lifestyles that rethink the traditional way we look at housing.

There are plenty of reasons that go into deciding if you require a two- or three-bedroom residence and often affordability, convenience and ease-of-use factors play a big part. Where you are in the life cycle might be a first question you want to ask yourself. Do you have young children who will inevitably outgrow the coziness of sharing a bedroom at some point? Are you an empty nester looking to take long and expensive trips so less house means fewer headaches and expenses? Maybe you are just starting out so budgeting and economies of scale are top of mind. A smaller home would definitely fit the bill.

It’s true that three-bedroom homes are the most desired, according to the National Association of Realtors. Actually, it’s three bedroom homes with two-bathroom dwellings that appeal to the largest numbers, which are families with one or two kids still living at home.

So it’s a pretty safe bet that if your home comprises two bedrooms only it won’t be highly sought after by couples looking to start a family or those who already have children. That third bedroom harbors a lot of power within our mindset. Often it holds hopes and dreams to act as a den or office, as a guest room for visiting family members and friends or perhaps as a play room for little ones.

But homebuyers come in all shapes, sizes and preferences. And plenty are not looking to add to our population numbers. Often they are professionals who have disposable income thanks to the absence of children and frequently they are looking for features that offer luxury and comfort.

Transforming that unused third bedroom into a grand spa bathroom complete with steam shower, heated floor, oversized tub and dressing space might be just the answer for childless buyers looking for a little self indulgence.

Not only will you get to enjoy the comfort of a luxury bathroom while living there, but when the time comes to sell, there will be plenty interested buyers who feel the same way.

There’s no need to let the myth of having a third bedroom get in your way, especially if you have upscale features that make up for the difference.

A new year always brings with it hope and promise for a bigger, brighter and better future. Given that level of optimism, it’s probably a good idea to have some kind of strategy in place to help you achieve your goals.

Here are a few suggestions to help you reach your 2019 real estate related resolutions:

Buyers 

Do you have any idea about your credit rating? How does it fare? You may want to inquire before you apply for a mortgage just to be on the safe side. Speaking of mortgages, get pre-approved for one before you go house hunting. This will indicate what price range you can afford based on a review of your finances. A pre-approval will also provide written confirmation of the lender’s interest rate for a certain period of time. This could come in quite handy especially with interest rates predicted to rise.

Know what you are getting into. The dream of home ownership is fabulous but sometimes consumers get caught up in the pretty little details and don’t factor in the hard reality. A home is probably the most expensive proposition you’ll make. Can you afford it? Is your down payment sizable enough? What is your household income? Is it expected to rise? What are your long-term income/revenue prospects? Do you have enough to cover closing costs, estimated in the range of 1.5 to four per cent of your purchase price?

The Canada Mortgage and Housing Corporation (CMHC) offers a wealth of information and tools to help you figure out if home ownership is right for you. Visit www.cmhc-schl.gc.ca to learn more.

Sellers 

Find a reputable and qualified agent, not your cousin Jimmy. Remember you will be spending a fair bit of time in their company so it’s wise to select a realtor you like or, at least, can tolerate.

Get your financial house in order. Yes, you need to wrestle with your finances when selling as well. Will you have enough after selling to purchase another home? Or do you plan to invest your proceeds or perhaps start a new business with the money? Remember that there are costs you will incur as a seller – home repairs, legal and realtor fees, house inspections and appraisals.

The work. Know that there will be a lot of it. From keeping your house tidy and clean at all hours to getting rid of or reducing clutter, overstuffed closets, sheds and garages, junk drawers, unpleasant smells, unsightly decorating – and on and on. Remember the key is to pare down so store or pack away rarely used small appliances, jewelry, toiletries, out-of-season clothing, reading material, unused toys, artwork and photographs.

If you want your home to present well you will need to give it a serious once over and fix and replace outdated, broken and shabby items. Ask friends or your realtor for help with this as an extra set of eyes will identify problems that you don’t readily recognize.

Sources: www.nexthome.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.

You know the old saying that if something seems too good to be true it probably is? Well, the same principle kind of applies when it comes to condo fees.

There are no quick fixes or mystical remedies that will magically help you reduce your condo fees. That said, there are measures you can take that may help in the medium and long run. Your persistence and stick-to-itiveness will be put to the test and may eventually pay off. But know this: while you can put certain measures in place that may relieve the burden of mounting condo fees, the chances of reducing or rolling them back is pretty much slim to none.

So what is a condo owner to do? Here are a few suggestions:

Toronto, Ontario, Canada

Get involved

To ensure reasonable condo fees, you may want to have a say in how your condo is operating. Do you prefer the notion of building a reserve fund for those emergency repairs that are sure to one day happen? Or are you more comfortable keeping fees lower and only raising them under duress? By joining the condo board and attending meetings you will learn why your condo fees are what they are. Only once you see where your fees are going can you actually make some headway about changing direction. Do you think your condo corporation is being over charged for certain services? Being a member of the condo board means your voice will be heard.

Do your homework

It’s easy to get sucked in by the dulcet tones of salespeople who flaunt fabulous party rooms, fun-filled hot tubs and a fitness centre? But know that these amenities come at a cost. According to the National Bank, the average condo fee in the GTA averages 65 cents a square foot. On a 600 square foot condo that would be $390 per month and for a 1,000 square foot unit, your condo fee would hit $650.

It’s also a good idea to investigate condo fee increases at other buildings by the same developer. Fees undoubtedly vary based on the building’s location, amenities, age and the size of the units so comparisons are sometimes difficult to ascertain. By scrutinizing the developer’s history you will determine if the builder has earned a positive or negative reputation when it comes to managing condo fees and the like.

 Reserve fund

You need to find out about the health of the reserve fund of the condo you’re interested in. Is there a good chunk of savings for major work or an emergency repair or has the well run dry? Find out what major work has taken place and what is slated to take place in the future. A well-run condo corporation should be able to provide this information.

Sources: www.torontostar.com, www.ideas.nationalbank.ca

There is so much to learn about buying a home, and let’s face it, dry and boring finances can easily be cast aside as you explore the features of HVAC systems, paint chip shades and new schools for the kids.

But the type of mortgage you choose is an important step forward in how to properly finance your future. Let’s take a look at the difference between a closed and open mortgage.

Closed

These types of mortgages are appealing because the interest rate is always lower than an open mortgage. They also offer longer terms as well. If you’re looking to save money on your monthly loan payments this may be your best bet. Usually, those who select a closed mortgage are homeowners whose income is relatively set. Borrowers who pick this type do not plan on paying off their mortgage in the short term.

This is not the type of mortgage you would take if you were expecting a big inheritance or other significant increase in your income. The reason for this is because you will face a penalty if you try to pay off a portion of or your entire mortgage. And the penalties can be high. If you can, you’re best to wait until the renewal term of your mortgage comes due before making any changes.

To be fair, most lending institutions are not as severe as they once were when it comes to paying off or paying down your mortgage. Most permit some kind of allowance that lets you pay off a certain portion or percentage of your mortgage without penalty.

Open 

This type of mortgage offers a higher interest rate and shorter borrowing terms but it has a kind of flexibility that is important to some borrowers. The beauty of this kind of mortgage centres on the fact that it lets the borrower pay back the mortgage or part of it without penalty. An open mortgage is perfect for those who plan to sell their house or who are soon anticipating a significant infusion of money and planning to pay down their mortgage debt with it.

These mortgage rates tend to be variable, which is another benefit. You can move into another mortgage product at any time if you decide a variable open mortgage is not suitable for you.

Sources: www.creditfinanceplus.com, www.youngandthrifty.ca, www.lowestrates.ca

November may seem like a kind of nothing month when it comes to tending to your lawn, gardens and flower beds. It’s time to hunker down for a frosty Canadian winter so why not put off worrying about the great outdoors until the arrival of warmer temperatures next spring?

That simply won’t work. Even though the signs of winter are everywhere there are a few finishing touches we need to tend to in order to keep our properties if not looking great, at least presentable.

Lawns

They take up our biggest outdoor space and also a lot of time, money and effort to maintain. Don’t neglect them now. It’s a good idea to fertilize your lawn in November. Try an organic fertilizer or consider making your own. Using synthetic fertilizers has detrimental effects on our environment, causing the depletion of soil nutrients, air pollution and chemical run-off.

You’ll need to cut your grass one last time this month before the snow flies. Clip at its normal height but be sure to remove all grass clippings with a rake or use a mulching mower. It’s also okay to rake the clippings onto flower beds.

If you’re feeling super handy-dandy you may want to service your lawn mower by cleaning, sharpening and oiling its blades. While you’re at it, change the oil and empty the machine of all gas before storing it away.

Protection

Wind, sun and cold can wreak havoc on certain evergreens and new plants. Wrap them in burlap to protect them from the elements. Also consider wrapping screening around the trunks of fruit trees to protect them from small animals. Most rose bushes require mulch so be sure to cover them with a good layer of leaves or other mulch product.

Fallen leaves

You’ll save money if you use your leaves as mulch for your flower beds or as material with which to build your compost.

Water

Don’t forget to give your evergreens a good strong soaking before winter snowfalls. According to Mark Cullen, wet roots mean evergreens will winter better. It’s not a bad idea to continue watering trees and shrubs until it freezes also. And remember to turn off your outdoor water faucets and drain and store your garden hoses.

Dream

As you put the final touches on your lawn and garden for the year, think about your likes and dislikes. Begin formulating a plan for next spring. What will you move? What will you get rid of? And, most notably, what would like to add?

Sources: www.greenhome.com, www.torontostar.com,

Next to January and February, November might just be one of the year’s most hated months.

Its drab and rainy weather does little to endear us, as does its call to winter with cooler temperatures, unwelcome snow and dreaded ice. There aren’t even any terrific holidays this month to buoy us out of our seasonal-related misery. And for some of us, it’s a time to start stressing about the coming holiday season and all the excessive consumption that entails.

But November is not all doom and gloom. When it comes to real estate, in fact, it may be one of the best months to sell your house. Here’s why:

Quick sale

If you’re looking for a transaction that is fast November is a good time to list your property. People who are looking now are likely more serious and motivated. As a result, they tend to have more urgency so a quick sale that can get you out of your current home before, say, Christmas might just be possible. Know this: if buyers are trudging through snow, ice and generally crummy weather conditions, they mean business.

You’re an introvert

You don’t really like people very much so the prospect of having hundreds of potential buyers traipsing through your door is enough to send you over the edge. Selling your home in November definitely means you’ll have to contend with strangers but the numbers will be far less than in the spring market.

Less competition

Real estate inventory shrinks from about November to January and while that sounds like an unlikely scenario for successful sales, just the opposite is true. You may be even more so in the driver’s seat as a seller with less competition during this time. In fact, sellers might find they can get prices they could not command previously.

Seasonal splendour

Not everyone hates fall and winter. Each of those seasons showcases a unique and remarkable beauty unto its own. Don’t let cooler temps or drizzle get you down. As a seller, play up the loveliness of fall and winter. Adorn your front door with a seasonal wreath or favourite decoration. Let your garden spotlight the charm of the season with fall and winter blossoms and the changing colour and shapes of foliage. Your efforts will be appreciated.

Sources: www.time.com, www.ctvnews.ca,