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THE GUIDE TO YOUR HOME
› Understanding your
Mortgage
NOV., 2009
› What to look for in a home › 4 steps to interior renovation › Improvements to sell your home
2 Wednesday, Nov. 18, 2009
Understanding Your Mortgage Options How to Choose a Mortgage that’s Right For You Congratulations! You’ve decided to begin your search for a new home, or perhaps you’ve already found the home of your dreams and are ready to make an offer. It’s now time to consider your mortgage options. But with so many different choices available, how can you select the right kind of mortgage for your needs? To help you make an informed decision, Canada Mortgage and Housing Corporation (CMHC) offers the following answers to some of the most common questions Canadians have about choosing a mortgage: What is the difference between conventional and high-ratio mortgages? A conventional mortgage is a loan for
No Down Payment O.A.C See Store For Details
how frequently you will make payments on your mortgage – usually either monthly, biweekly or weekly. For more information or a free copy of CMHC’s Homebuying Step by Step guide, or for information on any other aspect of owning, maintaining or buying a home, visit our Web site at www.cmhc.ca or call CMHC at 1-800668-2642. As Canada’s national housing agency, Canada Mortgage and Housing Corporation (CMHC) has been a source of objective, reliable housing expertise for more than 60 years.”
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• Handscraped hardwood floors exact appearance of having a hard offer texture, richness wood floor. It comes in individual as well as a unique beveled edge boards, just like real look and feel to your hardwood flooring. flooring. • Durability - Laminate is just about the toughest floor you can put down • Handscraped floors are not inexpensive, but they will last for your family. It will take punishment from your kids or pets that would a long time, show minimum wear and offer a truly unique destroy other flooring. Our laminates carry the ‘AC3’ rating which meets or look. exceeds all residential standards as well as most commercial standards. • Low maintenance no wax finishes perform beautifully • Value - Laminate costs a fraction of what hardwood flooring does. Good without effort. quality hardwoods start at over $5 sq.ft which is more than double the • Precision tongue and groove milling, micro beveled edges. cost of this premium product. • 7 coats treffert aluminum oxide anti-scratch finish. • Installation - Laminates employ an easy to use ‘click’ system which • Janka hardness rating of 1360. requires no glues, nails or staples. It is one of the easiest floors for do-itWe have 3 different colors in stock for immediate pick up. yourselfers. Plus, usually there is no need to change your sub-floor. Reg. $5.99 sq.ft.
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up to 80 per cent of the purchase price (or market value) of a home. With a conventional mortgage, the buyer supplies a down payment of at least 20 per cent, and mortgage insurance is usually not required. If your down payment is less than 20 per cent of the purchase price, however, you will typically need a high-ratio mortgage. High-ratio mortgages normally have to be insured (by CMHC, for example) against payment default. What are fixed, variable or adjustable interest rates? When you choose a mortgage, you have to decide whether you want the interest rate to be fixed, variable or adjustable. A fixed rate is locked-in for the entire term of the mortgage. With a variable rate, the payments remain the same each month, but the interest rate fluctuates in accordance with the overall market. For adjustable rate mortgages, both the interest rate and the mortgage payments vary based on market conditions. Talk to your lender to find out which option is right for you.
Should I choose an open or closed mortgage? With a closed mortgage, you pay the same amount each month for the entire term of the mortgage. Closed mortgages can be a good choice if you want a fixed payment schedule, and you don’t plan on moving or refinancing before the end of the term. An open mortgage allows you to pre-pay a lump sum or even the entire loan at any time without a penalty. An open mortgage can be a good choice if you’re planning to sell your home in the near future, or if you want the flexibility to make lump sum payments. What about the term, amortization and payment schedule? The term is the length of time (usually from six months to 10 years) that the interest rate and other conditions of your mortgage will be in effect. Amortization is the period of time (such as 25 or 30 years) over which your entire mortgage debt will be repaid. Lastly, the payment schedule s e t s o u t
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4 Wednesday, Nov. 18, 2009
Top Interior Improvements to Get Your Home Sold Real estate industry experts say there may be a light at the end of the tunnel with respect to home sales. Declines in home sales over the last year have led to a number of foreclosures and homes on the market. First-time buyers are finding they can finally get the house of their dreams -- for an affordable price. That means there are individuals out there looking for homes right now. As a homeowner, if you are thinking about putting your home on the market in the months to come, certain improvements can help it to stand out in a sea of competition. Some improvements will be necessary (to meet home inspection), while others can attract the eye of potential buyers. Here’s a listing of the top improvements that also generate a good return on investment. *Paint: Your style may not be everyone else’s style. Therefore, think light and bright for wall colors and
other accents, such as bathroom tiles and kitchen flooring. Neutral colors are the key to attracting the most buyers. *De-clutter: Buyers are buying your home, not the personal belongings that may be in it. To help them envision their own furniture and accessories in the space, remove as many personal effects as possible. Also, thin out furniture if it is overwhelming in rooms. Now is a good time to invest in a storage unit to house the removed items until you move into your new home. * Kitchens and Baths: It’s no secret that kitchens and baths often sell homes, and offer an 80 to 90 percent return on investment. An updated kitchen and bath with neutral colors, clean tiles and grout, new fixtures, and perhaps new countertops or vanity surfaces can go a long way toward getting a home sold. However, be sure not to over-improve these
spaces, otherwise it could be wasted money. Visit comparable properties to ensure that the renovations you make are on par with the neighborhood. * Repairs: Make any repairs necessary to improve the aesthetic appeal of the home. For example, peeling paint or spots on a ceiling may be indicative of a water problem and could be a red flag to buyers. Be sure to replace any cracked tile, damaged floor surfaces, trim or molding, cracked or damaged stairs, rotted wood, or any other repair that is within the realm of your capabilities. Larger repairs that you may or may not be willing to embark upon can be remedied by pricing the home accordingly and stating that they’re the responsibility of the buyer. In addition to the modifications mentioned, here are some more improvements -- both inside and outside of the home --that can get your home sold faster: * add a bathroom * install central heating/cooling * add a deck * replace windows * add a room * finish a basement or garage space
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Wednesday, Nov. 18, 2009 5
Bring the Outside In: 4 Steps to Interior Renovation
A
s more and more homeowners choose to stay and play in their current homes instead of selling, Brad Staggs, HGTVPro.com and DIY show producer and host, and a licensed contractor, offers five solid interior renovation tips, each of which easily can be accomplished in a weekend. “One of the longest-lasting decorating trends is to bring the outside in,” says Brad. “Homeowners enjoy the look of natural, real products in their home, and real wood fits in with al-
most every design style.” First Impression: If the first thing your visitors see upon entering your home is cold tile flooring or worn carpet, it’s time to make a grand entrance. Rip up that dated look and replace it with clean, fresh, easy-to-maintain wood flooring. The room will be brighter, more elegant and easily customizable with a gorgeous throw rug, or a custom stain job. Kitchen Face-Lift: According to the DIY Network, kitchen renovations are one of the best ways to add value to a home. To keep the project from be-
coming overwhelming, take it one step at a time. Brad recommends starting with the kitchen island. “The kitchen island is often the visual focus of the room in which family members gather. Change the look of the island with some decorative pine beadboard paneling and you’ll love the whole new look it gives the room!” Clean up the Bathroom: Why neglect the one room in your house everyone will see? Create a fun, whimsical rest stop by decorating following a theme: Create a beach bathroom by installing beadboard paneling at chair-rail
level, then topping off the look with whitewashed wooden shelves displaying favorite seashells and driftwood. Feeling creative? Use pine moulding, painted a cool, beachy color, to frame out the wall mirror. Dine in Style: Often the most formal room in the home, try this easy project to add another layer of style to the dining room -- picture frame moulding. Just below the chair rail, install -round moulding pieces, cut to create a square or rectangle on the wall. Paint the frames an accent color, and get ready for the compliments to roll in!
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6 Wednesday, Nov. 18, 2009
Keep Your Eyes Open When Buying a Home
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or months now the tides have been in the buyer’s favor in terms of the housing market. With an abundance of properties on the market, coupled with low interest rates and dropping home prices, now could be the perfect time for a first-time buyer to get a dream home. Buying a home can be a nervewracking proposition. Unlike purchasing a car, you can’t take a home out for a test drive. You can only gauge what the home is like through repeated visits to the property and a thorough walkthrough by a home inspector. When many home buyers walk into a home for the first time, they envision what they’ll do with the place, including where to put the furniture or what color to paint certain rooms. While these thoughts are certainly warranted, they could overshadow the more important aspects of viewing a home: looking at the structure and systems of the home. What good are gleaming
hardwood floors if they are buckled or unlevel, potentially indicating a prior flood or structural shifting of the home? There are many things a potential buyer should look out for including what can be seen by the naked eye. These include cracks in the walls or the ceiling, indicating shift of the structure. Cracks in the foundation of a home could be a sign of serious structural problems. Take a look at the heating/cooling system as well as the hot water heater, etc. Are they newer and in working order? Have they been routinely inspected and maintained by a service person? Replacing major systems of the home can be expensive and laborintensive. Electrical system problems will be harder to detect. That does not mean, however, that you cannot look for any potential electrical problems. For example, exposed wiring in rooms or in the basement could indicate a problem.
Also look at the electrical outlets. Do they feature two prong holes or three? Older homes may not have the amperage needed to power many electronics and appliances. Although you can convert two-pronged outlets to three with special outlet converters, you might risk overloading the circuits and starting a fire. A quick look at the electrical box will tell you if you have fuses or circuit breakers. You can also see if the home is electrically overloaded, or if there are more circuits for which to set up if you decide to renovate your home. Water and leaks in a home can cause much damage and undesired expenses. Preliminary plumbing inspection can tell you whether a home is a money pit or one you should still consider. For instance, you should run more than one faucet at the same time to check water flow. Check the drainage of sinks, showers and the toilet to detect plumbing blockage. Look at the pipes. Are there a mix of metal and plastic ones? This could indicate prior plumbing problems, or amateur repairs. Look at the ceilings under upper-level bathrooms or a laundry area. Are they freshly painted? While this might mean the seller was cleaning up when placing the house on the market, it could also indicate he or she was covering up wa-
ter stains. The same can be said for new flooring in bathrooms or kitchens. Anything that seems dramatically out of character with the rest of the house might be a sign of a cover up. If you think the home could be the right one for you, consult with a home inspector for a thorough inspection prior to purchase.
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