UNDERSTANDING CHANGES TO HOME INSURANCE

,

As climate change continues to impact weather patterns, staying informed about your homeowner’s insurance policy is more important than ever. In recent years, some insurance providers have changed their policies to include or exclude coverage for natural disasters such as floods, wildfires and storms, depending on your region. We explore the latest changes in home insurance and provide tips on reading and understanding your policy to help you navigate these challenging times.

STANDARD HOME INSURANCE POLICIES

Home insurance policies typically cover damages caused by several risks, including fire, theft, and some natural disasters. In Halton Region, a standard home insurance policy generally includes the following coverages:

  • Dwelling coverage: This covers the structure of your home, including the roof, walls, and built-in appliances, against damages.
  • Personal property coverage: This protects your personal belongings, such as furniture, electronics, and clothing, from damage or theft.
  • Liability coverage: This provides protection in case someone is injured on your property and sues you for damages.
  • Additional living expenses: This covers the cost of temporary housing if your home becomes uninhabitable due to natural disaster, fire or flood.

ENHANCED FLOOD COVERAGE

Flooding has become a significant concern in recent years, with several areas prone to fl ash floods and water damage. Insurers are now offering enhanced flood coverage, which includes protection against overland flooding and water damage from rainstorms. This coverage often includes structural damage to the foundation, walls, electrical systems, and plumbing, as well as content coverage to protect against the loss of personal belongings damaged by floodwaters. It is important to note that this coverage is often optional and may require an additional rider and premium.

EXTREME WEATHER EVENTS

Home insurance policies generally cover damages caused by other extreme weather events, such as:

  • Windstorms: This includes damage from high winds and tornadoes.
  • Hail: Coverage for damages caused by hailstones impacting your home.
  • Lightning: Protection against fi res or electrical damages resulting from lightning strikes.
  • Wildfi res: Covers the cost of repairing or rebuilding your home and replacing personal
    belongings. Also covers the cost of temporary living if your home becomes uninhabitable.

REVIEWING YOUR POLICY TERMS AND EXCLUSIONS


Thoroughly review your home insurance policy to ensure you have adequate coverage. Here are some tips to help you navigate your policy terms and exclusions:

UNDERSTAND WHAT IS COVERED

Read through your policy to identify the specifi c perils covered. Ensure you have coverage for the most likely risks in your area, such as flooding, windstorms, and hail.

CHECK FOR EXCLUSIONS

Pay close attention to the exclusions section of your policy. This section outlines what is not covered. Common exclusions include:

  • Floods: Determine if you are considered in a fl ood-prone area and whether you require a special rider or additional coverage.
  • Wildfires: With the incidents of wildfi res increasing in some areas of Ontario, verify that your policy includes this coverage. While wildfi res are not typical in Halton and the
    surrounding area, changing weather patterns may lead to further coverage changes.

VERIFY COVERAGE LIMITS AND DEDUCTIBLES

Ensure that your coverage limits are sufficient to rebuild your home and replace your belongings in the event of a total loss. Consider the replacement cost of your home rather than its market value. Also check the deductibles for each type of coverage. A deductible is the amount you must pay out of pocket before your insurance kicks in.

ADD NECESSARY RIDERS

If your standard policy does not cover certain risks, consider adding endorsements or riders to enhance your coverage. For instance, you can add fl ood or wildfi re coverage to protect against these specifi c perils if they are omitted.

CONSULT WITH AN INSURANCE AGENT

A knowledgeable insurance agent can help you understand the fi ne print of your insurance policy and recommend additional coverage based on your needs.

Staying informed about changes to home insurance policies and understanding the coverage for natural disasters is essential for homeowners in our area. By reviewing your policy carefully, understanding the exclusions, and considering optional riders, you can ensure that your home and belongings are well-protected against the increasing risks of natural disasters.

BY Julie Achtermeier
/0 Comments/by

FIXED-RATE VS. ADJUSTABLE-RATE MORTGAGES: WHICH MIGHT BE RIGHT FOR YOU?

,

As a mortgage broker here in Canada, I know that diving into the world of mortgages can feel like stepping into a labyrinth of numbers and jargon. In this article, I will explore two of the most common mortgage options in Canada: fixed-rate and adjustable-rate (often referred to as variable rate) mortgages. We’ll break down what each one means, explore their pros and cons, and look at real-life scenarios to help you figure out which might be right for you.

What Is a Fixed-Rate Mortgage?

A fixed-rate mortgage means that the interest rate you secure at the beginning of your loan remains constant for the entire term, whether it’s five, ten, or even twenty- five years. This means your monthly payments stay the same, providing stability and making it easier to plan your budget. This consistency can be reassuring, especially if you’re focused on future financial planning and want to protect yourself from unexpected increases in interest rates.

Pros of Fixed-Rate Mortgages:

  • Stability: You know exactly what you’ll pay every month, making budgeting a breeze.

  • Protection: If market interest rates rise in the future, your rate remains unchanged, saving you from potential increases in your payments.

Cons of Fixed-Rate Mortgages:

  • Potentially Higher Initial Rates: Fixed rates in Canada might be higher than variable rates, especially when the Bank of Canada’s interest rate is low.
  • Less Flexibility: If interest rates drop significantly, you’ll need to refinance to take advantage of lower rates, which can involve additional fees and paperwork.

What Is an Adjustable- Rate (Variable Rate) Mortgage?

An adjustable-rate or variable mortgage has an interest rate that can change periodically, depending on the Bank of Canada’s benchmark rates. Variable rate mortgages often have a lower interest rate compared to fixed-rate mortgages, making monthly payments more manageable. However, there is always the risk that interest rates may adjust, which can impact your monthly payments.

Pros of Adjustable-Rate Mortgages:

  • Lower Initial Rates: You may enjoy lower payments compared to a fixed-rate mortgage.

  • Potential Savings: If the Bank of Canada’s rates stay low or decrease, you might save money over time compared to locking in a higher fixed rate.

Cons of Adjustable-Rate Mortgages:

  • Uncertainty: Your mortgage payments could increase if interest rates rise, making long-term budgeting more challenging.

  • Complexity: Understanding how rate adjustments work requires a bit more attention to economic trends and terms outlined by lenders.

Real-Life Scenarios: Which Option Fits You?

Suppose you’re planning to stay in your Canadian home for a long time – perhaps 10 or 15 years. In this case, a fixed-rate mortgage could be your best friend. It offers predictability and peace of mind against market shifts, something quite valuable when managing monthly expenses in cities like Toronto or Vancouver where housing costs are significant.

Conversely, if you foresee moving within a few years or expect your financial situation to change, a variable rate mortgage might work in your favour. The lower interest rate can ease the financial burden as you settle into homeownership. For instance, if you’re a young professional expecting to relocate for work in 5 years, the potential savings can be a smart choice, even if you face adjustments later on.

Financial Planning Tips Based on Market Trends

Stay Informed: The Canadian mortgage market is influenced by decisions made by the Bank of Canada. Keep an eye on economic news and interest rate forecasts to anticipate changes.

Think Long-Term: Reflect on how long you plan to live in your home. Your horizon can greatly affect whether a fixed or variable rate is more advantageous.

Seek Advice: Mortgages can be complex, but you’re not alone. A seasoned Canadian mortgage broker can offer insights tailored to your unique financial situation and help you navigate these decisions with confidence.

Choosing between a fixed-rate and an adjustable- rate mortgage doesn’t have to be intimidating. By understanding your options and planning ahead, you can find the right choice for your lifestyle and financial goals.

By: Jason Woods
289-925-9599
jason@jason-woods.com
www.jason-woods.com

/0 Comments/by

BACKYARD KITCHEN PROJECTS & LOCAL BY-LAWS

Adding cooking structures to your backyard can provide new opportunities for dining and entertaining and allow you to create the perfect outdoor kitchen. While jumping in and getting started is tempting, be sure you understand the local by-laws and regulations first. Municipalities each have their own fire safety, zoning and placement by-laws for outdoor cooking and burning to ensure you and your neighbours stay safe. Before tackling your backyard kitchen project, consider these structures and what restrictions may apply in your area.

Pizza Ovens

Pizza ovens have evolved from simple brick structures to sophisticated designs that can perfectly cook a pizza in minutes. The appeal lies in their ability to reach high temperatures, which is essential for achieving the perfect crust and toppings. Pizza ovens can be used to bake bread, roast meats, and even cook desserts, making them a versatile addition to any outdoor kitchen. These ovens can be built from scratch using brick and stone, or purchased as pre-fabricated units.

Smokers

Smokers are a fantastic addition to any backyard kitchen, allowing you to slow-cook meats and other foods with a rich, smoky flavour. Whether using a charcoal, electric, or propane smoker, the slow cooking process allows for tender, succulent results that are difficult to achieve with other cooking methods. Smokers come in various sizes and styles, from compact units suitable for small patios to larger, more elaborate setups for serious barbecue aficionados.

Chimineas

Chimineas, traditionally used in Mexican and Spanish cultures, are charming, freestanding fireplaces often used for warmth and ambiance in outdoor spaces. They are aesthetically pleasing and serve a functional purpose, providing a cozy focal point for outdoor gatherings. Modern chimineas come in various materials, including clay, cast iron, and aluminum, each offering different heat retention and durability benefits.

By-laws and Regulations


Before investing in your backyard project, consult the Town of Oakville or the City of Burlington website for specific by-laws and regulations in your area. Some key points to note include:

  • Maintaining a safe distance from buildings, fences, and combustible materials. For instance, chimineas and other open-flame devices must be placed at least 3 meters (10 feet) away from any structure.
  • Using fire-resistant materials for construction and ensuring that pizza ovens and smokers are installed on a stable, non-combustible surface.
  • Having a fire extinguisher or a hose readily available in case of emergencies.
  • The Town of Oakville has strict regulations regarding smoke and nuisances (By-law 2006-174) that prohibit open-air burning unless it consists of a small, confined fire, supervised at all times, and used to cook food on a grill or barbecue.
  • The City of Burlington regulates the setting of open-air fires and when open-air fires may be set (By-Law 65-2019). Consult the appropriate city websites for more
    information.

Smoke and Nuisance By-laws

Be considerate of smoke levels to ensure they do not become a nuisance to neighbours. Excessive smoke that affects neighbours can lead to complaints and a violation of nuisance by-laws. To mitigate smoke issues:

  • Ensure proper ventilation and consider the prevailing wind direction when placing your smoker or pizza oven.
  • Avoid using wet or green wood, which produces more smoke. Instead, opt for seasoned hardwoods like oak, hickory, or maple.
  • Regularly maintain and clean your cooking equipment to ensure efficient operation and minimal smoke production.

Building Permits

Depending on the size and scope of your project, you may need to obtain a building permit from the town or city where you reside. It is advisable to consult with the town’s building services department to determine the specific requirements for your project.

Backyard kitchen projects can significantly enhance your outdoor living space, offering new ways to cook and entertain. Understanding and adhering to local by- laws and regulations ensures a safe, enjoyable, and compliant setup.

By Julie Achtermeier

/by

Rain, Rain, Go Away: A Guide To Floodproofing Your Home

,
Severe weather events have become more common nationwide, specifically in Ontario. The most recent, an extreme rainfall event in July 2024, saw record-breaking flooding in Mississauga, along major highways, and in parts of Toronto including Union Station. Many homes and businesses sustained flood damage, leaving homeowners worried about the next extreme weather event.

As a homeowner, you can take the initiative to help floodproof your home and offer some protection against severe rainfalls before the next weather event occurs. Here are some guidelines from the experts to help you get started:

INSTALL A DRAINAGE SYSTEM

Installing a drainage system on your property is one of the best ways to channel water away from your home’s foundation. A proper drainage pipe installed under your lawn or garden may help prevent future flood damage, especially if the area outside tends to get soggy after heavy rain.

Determine where the water runs off and dig a trench toward that outlet. This area could be the curb or an existing water body but should not be directed towards a neighbour’s home. You can hire someone to do this or follow DIY instructions online. Also, consider adding drainage next to your driveway by installing channel drains, pavers, or gravel.

ADD POROUS OUTDOOR SURFACES

Consider changing your outdoor space to include porous surfaces. Instead of concrete or asphalt, install gravel or brick to encourage the water to seep into the ground. Use an absorbent mulch to manage heavy rain and add native plants to your gardens to help prevent erosion and improve water absorption. To collect water from downspouts, purchase a rain barrel. They are an inexpensive way to collect water during heavy rain and are an environmental solution for watering lawns and gardens during drier periods.

CLEAN DOWNSPOUTS REGULARLY

Downspouts can quickly become clogged with twigs, leaves, and other organic matter, specifically in areas with mature trees. Animals can also nest in downspouts or eaves, causing blockages. If you are comfortable cleaning them yourself, make it a habit to empty them in the spring and at the end of autumn when all the leaves have fallen. Or, hire a service to clean these for you. If you notice water overflowing from the eaves during a rainstorm, you may have a blockage that requires immediate attention.

RAISE HVAC EQUIPMENT

HVAC equipment such as air conditioners, propane tanks, boilers, and central heating are usually located outside or in your basement. These areas are the most vulnerable to water damage. A simple way to prevent damage is to elevate them to higher ground. It may not be possible to relocate them to another floor, but you can use building platforms to raise them off the ground if the risk of flooding is a concern. You may wish to consult with a contractor and an HVAC expert for more information and advice about doing this safely.

PROTECT YOUR FOUNDATION

In depressed areas, water can accumulate around your foundation and seep through cracks into your basement. You can help prevent this by sealing your foundation with a few simple steps:

  • Apply a waterproof sealant (e.g., hydraulic cement) along the walls of your basement
    and paint them with waterproof paint, such as epoxy paint, masonry paint, or acrolein
    elasticized paint.
  • Install watertight shields for your windows and doors.
  • Seal all cracks and holes with waterproof caulking.
  • Consider installing flood vents that allow water to flow back outside if it enters your
  • basement (consult a contractor).

GET FLOOD INSURANCE

Flood insurance is an excellent way to protect yourself financially if you are in an area prone to flooding. Check with your insurance broker about what options are available to you. Depending on where you live, your home insurance policy may or may not cover flood water from rain, so ensure your home insurance policy adequately insures you. Also, confirm whether there are any limitations or exclusions in your policy.

As severe weather events become more prevalent, it’s critical to take the necessary steps to help protect our homes. A small investment now could lead to huge savings later.

BY JULIE ACHTERMEIER

/by

Our Aging Population: Housing Options Available Where You Live

,

Retirement is around the corner for many in Canada today, with a quarter of the demographic falling into the senior category by 2030. While so much of the population is hitting this milestone, their housing options may differ from what they once envisioned. Downsizing to a smaller home or condo is much more expensive than a decade ago, and options are limited. Retirement homes are becoming more expensive, and long-term care homes have become less desirable as stories of neglect and loneliness emerged during the pandemic.

In this issue, we look at emerging trends for supporting senior living.

Age in place

According to a November 2023 study by the CMHC, seniors who can afford to stay in their original homes choose to age in place as long as their health allows. Many communities provide more support for seniors in their original homes through activities, check-in services, and health care support. The City of Hamilton now provides several community services for aging adults (55+), all outlined in their fully downloadable and printable Older Adult Guide available online.

The goal of these services is to support seniors as they enjoy their retirement years while maintaining their original homes for as long as possible, including options such as food
delivery, yard work assistance, house cleaning, and in-home care options.

Co-housing

While much of Canada copes with housing challenges, alternative living arrangements are becoming
available to seniors. Co-housing is a structured community where each resident has a home but shares amenities. Some are retrofitted buildings, apartments or townhomes, and while most are not age- restricted, they have a senior focus.

The Canadian Co-housing Network (CCN) is a non-profit organization with 49 communities across Canada, either built or under construction. Hamilton is one of the communities actively looking for land to build 15 to 30 units by 2025. The CCN also aims to create homes with a smaller carbon footprint by using environmentally friendly building choices and designs with sustainability in mind.

Naturally occurring retirement communities (NORCs)

A NORC is a community or geographic area where many older adults reside and strive to bring services to a building or neighbourhood. The University Health Network (UHN) in Toronto researched how home care could be streamlined and publicly funded for NORCs, reducing travel time for many personal support workers (PSWs) by bringing them to several clients simultaneously in the same area.

In Hamilton, the El Mirador apartment building is supported by Oasis Senior Supportive Living. This NORC emphasizes physical fitness and healthy living programming. A dedicated team at the UHN is mapping potential sites to expand their reach and offer more housing options for seniors as the population of this demographic grows.

Co-living

Since home prices soared during COVID-19, so did the level of creativity families developed for sharing accommodations and affording a home. While we have seen multi-generational living grow, we also witnessed the emergence of co-living: seniors choosing to buy a home together and share expenses. This phenomenon is more common for older women who have become widowed, divorced or have grown children, and they prefer the company of friends to living alone. With Ontario zoning laws now allowing up to three separate residential units per property, this option is more accessible to those with the equity to pool resources.

While the age-in-place movement has grown, long-term care homes will remain necessary for those facing mobility and severe health challenges. As the population ages, the healthcare system will need to adapt. Those in good health want more choices of how and where they live, with services in place to support them.

By: JULIE ACHTERMEIER

/by

7 Things To Know When Purchasing A Cottage Or Vacation Home

,

PURCHASING A COTTAGE OR VACATION HOME CAN BE AN EXCITING VENTURE, OFFERING A PERFECT GETAWAY FROM THE HUSTLE AND BUSTLE OF CITY LIFE. HOWEVER, IT’S ESSENTIAL TO APPROACH THIS PURCHASE WITH CAREFUL CONSIDERATION AND THOROUGH PLANNING.

HERE ARE SEVEN KEY THINGS TO KNOW BEFORE DIVING INTO CANADA’S COTTAGE OR VACATION HOME MARKET.

UNDERSTANDING THE MARKET

The cottage market can differ significantly from the urban housing market. Location, accessibility, and seasonal demand can influence property prices. Researching the market trends in the specific area you’re interested in is crucial. Pay attention to historical data on property values and consider working with a local real estate agent specializing in cottage properties.

FINANCING YOUR PURCHASE

Securing financing for a vacation home can be more complex than a primary residence. Lenders may require a larger down payment, often around 20-35%, and the interest rates might be slightly higher. Ensure you have a solid financial plan and get pre-approved for a mortgage to streamline the buying process. Consulting with a mortgage broker can help you find the best financing options.

SEASONAL ACCESS AND MAINTENANCE

Many cottages are located in areas with seasonal access, which can impact your ability to visit year-round. Consider how this will affect your usage and maintenance of the property. Some cottages may require specific preparations for winter, such as shutting off water supplies and protecting against harsh weather conditions. Ensure you budget for ongoing maintenance costs and potential seasonal expenses.

ZONING AND REGULATIONS

Each municipality has different zoning bylaws and regulations that can affect your use of the property. Some areas may have restrictions on rental income, building renovations, or the addition of structures such as docks or boathouses. Understanding these regulations before purchasing is essential to avoid surprises and ensure your plans align with local rules.

INSURANCE CONSIDERATIONS

Insuring a vacation home can be more challenging and costly than insuring a primary residence. Cottages are often in remote locations, increasing the risk of damage from natural disasters or delayed emergency response times. Work with an insurance broker to find comprehensive coverage that addresses these unique risks and provides peace of mind.

RENTAL INCOME POTENTIAL

If you plan to rent out your vacation home to offset costs, investigate the rental market in the area. Understand the demand for short-term rentals and the potential income you could generate. Be aware of any municipal regulations regarding short-term rentals and factor in the costs associated with marketing, managing, and maintaining the property for guests.

LONG-TERM INVESTMENT

Consider the cottage or vacation home’s long-term investment potential. While these properties can provide personal enjoyment and potential rental income, they may not appreciate at the same rate as urban properties. Evaluate the property’s long-term value based on its location, condition, and market trends to ensure it aligns with your financial goals.

FINAL THOUGHTS

Purchasing a cottage or vacation home is a significant decision that requires careful consideration and planning. By understanding the market, securing appropriate financing, and considering factors like seasonal access, zoning regulations, insurance, and rental Income potential, you can make an informed choice that provides both personal enjoyment and financial stability. Consulting with real estate agents, mortgage brokers, and insurance specialists can provide valuable insights and guidance throughout the process.

By Jason Woods
/by

Six Things Not Covered on Your Home Insurance Policy

, ,

As a homeowner, it’s critical to understand what may not be covered under your Home Insurance Policy, especially with more of us working from home or running small businesses. For most Home Insurance Policies in Canada, these top six items are likely not covered. To be sure, please check your policy or call your Insurance Broker.

Flood & Earthquakes

In the last few years, Canadians have experienced severe flooding in Ontario, Quebec, Alberta, New Brunswick, British Columbia, and Manitoba. Flood or overland water is excluded from your policy; however, due to this emerging threat to homeowners, insurers are now offering flood insurance coverage as an additional cost. Contact your broker to ask how you can purchase this coverage if you feel at risk. Keep in mind that it will be more difficult to qualify for this coverage if you live close to a lake, river or floodplain.

Earthquakes are considered catastrophic and excluded from your policy, along with earth movement, which includes earth shifting and sinkholes. While these occurrences are not typical in Canada, some companies offer earthquake coverage for an additional premium, and the deductible is typically quite high.

Pest Infestation

A standard home insurance policy does not cover damage caused by “pests.” The removal of any of these animals or pests is also not covered. Since infestations and the resulting damage are usually considered matters of home maintenance, the responsibility falls on the homeowner to pay for repairs or pest control measures. The best defence is a good offence – stay on top of home repairs and schedule an inspection if you suspect you may have a problem.

Freezing of Indoor Plumbing

Most homeowners are unaware that being on vacation or away from their home during the winter months requires someone to visit your home to check your furnace and ensure water pipes are not frozen. If your plumbing freezes while you are away and you did not have someone checking your home every four days, most policies would not cover the cost of repairs. If you are away for less than four days, the exclusion does not apply.

A Vacant Home

If you leave your home for 30 days with no intention to return to it (for example, you bought a new house and put your old one up for sale), there is no coverage after 30 days. Most insurance companies will offer limited coverage; however, you must notify your insurer before leaving it vacant. Insurance companies view vacant homes as ideal targets for arsonists and vandals as no one is there to check on the house. 

Mould

If you suddenly find a mould problem in your home, your insurance company will have no part in the cleanup or repairs. According to your insurance company, mould development means that you were not properly maintaining your home. You will have to pay for any repairs, regardless of how or when the mould developed. 

Home-based Businesses

You need to notify your insurer if you have a home-based business or start-up. Home insurance is not business insurance, and using your home for any business-related purpose could void your home insurance policy. Speak to your broker or insurance company to find out what additional insurance you may need, depending on the nature of your business. For example, working at a computer all day is very different than operating power tools. And bringing clients to your home for a business meeting can be risky without personal liability insurance. If that client were to slip and fall, you might be dealing with an expensive claim without the proper coverage.

When it comes to home insurance, knowledge is your best friend. Understanding what is and is not covered will help you adjust your policy where needed.

/by

Home Reno In The Cards for 2022: Our Top Five Tips Will Help

, , , , ,

Home renovations have always been a great way to improve your home’s return on investment (ROI) but knowing where to invest your money these days can be a challenge. Here are the top trends for 2022.

Minor kitchen remodel

Minor kitchen enhancements can give you more value than a significant renovation if you focus on the right areas. Upgrading appliances, adding new hardware, and repainting cabinets or replacing countertops may be all you need to bring your space to life. The era of plain white or wood cabinets has passed. Adding colour is this year’s big style change. Following the lead of European kitchens, we are seeing gorgeous greens, creams, taupe and even pinkish brown. Create a DIY weekend project or hire a local painter.

Larger bathrooms

With more family members living under one roof, bathroom space is often in high demand. Consider adding a double sink, walk-in shower and more storage. Homeowners are also adding luxuries to the bathroom to create a spa-like atmosphere with heated floors, touchless faucets, and backlit mirrors. Neutral shades of white, beige and grey are still popular as they don’t date and allow you to change accent colours with the seasons for a fresh, new look every few months.

Efficiency upgrades

There’s never been a better time to consider how renovations may impact climate change. Most new appliances are now energy-efficient, and many products incorporate recycled or reused materials. Upgrading windows? Be sure to choose a company with an ENERGY STAR product to help reduce heating and cooling bills and qualify for a Government of Ontario rebate (www.nrcan.gc.ca/energy-efficiency). Switching from wood to vinyl frames means no warping or rotting and no upkeep. Be sure to order from a reputable company with a lifetime or 25-year warranty and check customer ratings online. Solar-powered lights make a great addition to outdoor living space, refurbished old furniture pieces look great indoors and out, and eco-flush toilets are a smart upgrade to bathrooms.

Build that deck

While the pandemic days are still not quite behind us, many continue to find solace in outdoor living spaces. Although now isn’t the season for building decks, planning and booking that contractor ensures you can get the work done in the spring or summer. There are many types of wood to choose from, with some in higher demand than others. Do your homework to determine if wood is still a better option financially than a composite deck. Traditionally, composite has required a considerable investment because the materials tend to last longer, and there’s no upkeep. Wood requires a routine investment in staining and resealing, and not all grains are resistant to insects. Cedar and redwood are often your best bet; however, prices and demand for these types have increased significantly in the past two years.

Upgrade your entrance

One of the best investments you can make in your home is to upgrade the entry door and garage and create a stunning curb appeal. Entry doors now come pre-hung and are a great DIY project or hire a professional. A steel door is a better option than wood as it is durable and does not warp or crack with the changing seasons. Replacing the garage door is also a great way to update your look and it can quickly be done in a day. The ROI for both doors cover the cost of the product and installation and is never a waste of money, especially if you are looking to sell in the near future. You can reuse your current motorized opener and wiring and replace the door itself to save money.

/by

Easy Swaps To Give Your House An Instant Upgrade

, , , , ,

Sometimes the simplest decorating swaps can yield the biggest returns. These one-hit-wonder changes will invigorate your spaces with minimal effort on your part. But be forewarned: One swap may make you want to do another … and another. But that’s what makes decorating fun, right?

Swap standard-issue pillows for something with personality.

Ditch the pillows that came with your sofa and layer in a contrasting colour or pattern. But don’t toss the old pillows into the donation bin just yet. Oftentimes these pillows have reusable forms and will fit inside new covers. Or if y ou’re handy with a sewing machine, stitch new covers to size and you’ll save the expense of new pillow forms.

Swap a cluttered, utilitarian nightstand for something prettier.

Bring some luxury to your life by simply giving your nightstand a little love. Clear out the unnecessary clutter (we mean that pile of receipts and five random pens) and add a few pretty accessories that make your bedroom feel more like a retreat and less like a dumping ground. Designate a drawer for the basics, such as chargers.

Swap a plain lampshade for a patterned cousin.

Most lampshades are plain white, which can stick out like a sore thumb in a room where colour or muted neutrals reign. Do your whole room a favour and replace these offending lampshades with something that blends in better.

Swap a coffee table for an ottoman.

This swap is particularly effective if y our coffee table is part of a matched set with your end tables. An upholstered ottoman softens a furniture arrangement and provides another opportunity to add pattern and colour. Add a large tray to the top as a stable spot for drinks and accessories.

Swap silver for gold.

The gold trend is here to stay, so what are you waiting for? Start small and work in a few gold accessories to a specific spot. If y ou want to start riding the next trend, go with copper or rose gold.

Swap solid curtains for patterned counterparts.

Ditch plain window treatments for something a little livelier. Keep the new curtains within the same colour family as your old ones, and use the existing patterns in your room to determine the scale of the new window treatments. For example, if you have small- and large-scale patterns in your room, opt for curtains in a medium-scale pattern.

Swap bulky furniture for airy pieces.

Heavy, solid-frame accent furniture (such as end tables and ottomans) can weigh down a space. Replacing this dead weight with less-bulky pieces will make a space feel lighter and more refined.

Swap basic hardware for a custom combination.

Who says all hardware needs to be the same? Forge your own path with a mixed-and-matched set of knobs, pulls and bars.

/by

Should You Buy A Student Rental Property?

, , , , ,

If you have children about to enter university or are considering a property investment, purchasing a home to rent in a university town can be a lucrative business. But before you hire a realtor, be sure to do some research and understand this new venture’s benefits and potential drawbacks.

Benefits of Renting to Students

Choosing a property close to the school ensures you will always be able to fill the home with student renters who are looking for affordable housing. International students present an opportunity for a steady income stream as most come to Canada alone and must rent accommodation.

Renting to students can seem a bit daunting as these are tenants without a credit history and no source of income, but in most cases their parents are paying their way and will be the ones responsible for the rent. Getting a parent or guardian to sign the rental agreement helps ensure you will be issue-free throughout the year.

As a bonus, if you have a child attending university, you have the peace of mind knowing you’re providing a safe home for them to live in while they attend school.

Drawbacks of Student Rental Properties

The main downside of renting to students is that they are young adults who are not accustomed to looking after a home and may not treat it with the same care and consideration as a mature working adult. Parties run rampant in university settings, which can lead to unruly behaviour and damage to the home. There is also the concern of uncleanliness and improperly stored food, leading to vermin, mould, or insects. Choose your tenants wisely!

Becoming a landlord in another city or town makes it more challenging to maintain the property, like cutting the grass or replacing a broken appliance. If your primary residence is more than an hour away from the rental, it would be wise to find a local plumber or home improvement company in the area to save you a long drive in the evening to unclog a toilet.

What to Consider When Purchasing a Property for Student Tenants

Ultimately, you want the rent to cover the mortgage cost and have some additional money set aside for repairs or emergencies. It makes the most sense to purchase a home with maximum rental space. A 3-bedroom home can become a 4- or 5-bedroom by adding two rooms in the basement, for example.

Today’s student is looking for affordable, yet desirable living accommodations so minor upgrades will go a long way. Choose quality products for installations like toilets and sinks. While it may cost a few extra hundred dollars upfront, they will last longer and cause you less in repairs in the long run. When choosing flooring, use laminate or vinyl-tiled options, which are cost-effective and durable.

Where to Buy

A recent report from Canadian Real Estate Magazine listed the top five cities for making a real estate investment in 2021. Ironically, all five have a large Canadian university. Windsor (University of Windsor and Odette School of Business), Guelph (University of Guelph), Hamilton (McMaster University), Kingston (Queen’s University) and Vancouver (University of British Columbia). With the exception of Vancouver, each of these cities boast an affordable housing market which makes it a win-win situation when combining affordable house prices with a high demand for rentals.

Overall, students can be great tenants, and their short-term leases allow you time for updates, renovations, or the flexibility to sell when the time is right. With the proper planning and foresight, renting to students can be a rewarding and lucrative business.

/by