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Fall Cleaning

150 150 Nisha Muire

Home maintenance in Toronto or anywhere else is a never-ending cycle of vigilance, cleaning, maintenance and repair. Although it might seem like you are on a treadmill where chores are concerned, twice a year those items that you let slip for a few months come into sharp focus and it is important to do a deep clean before heading into the next season; these two important times of year are spring and fall. Everyone knows what spring cleaning is – well fall cleaning is very much the same. However, this time around you are preparing your house to be nearly sealed off for the coming winter – it is for this reason that it is very important to do a thorough cleaning as otherwise you will trap all the dust and grime of the summer in with you for the next several months.

If the thought of such a deep clean is daunting – fear not – here we’ve compiled a check-list of the chores that need to be done so that you can tackle one item at a time.

Inside

Wash all windows
Dust, wash, dry all walls
Dust, wash, dry all light fixtures
Dust, wash, dry all window treatments: for vertical blinds, after vacuuming dust, soak in water with dish soap; for cloth window treatments, check washing instructions.
Vacuum and clean upholstery
Deep clean carpeting
Vacuum refrigerator condenser coil
Declutter and clean garage and/or attic
Wash comforters and pillows

Outside

Clean out gutters
Rake and compost leaves
Prep garden for winter
Check weather stripping around doors and windows
Clean and store patio furniture
Drain and store hoses
Clean, drain and close pool (if necessary)
Clean and store barbeque

Once every item from your fall cleaning checklist has been checked off, you can face the coming cold with an easy mind knowing that you and your Toronto home are well prepared.

Prep Your Garden Beds for Winter

150 150 Nisha Muire

Once the last flower has faded from your Toronto garden and a chill can be felt in the morning air, it is time to start thinking of closing up your beds and preparing them for the winter months. While it is true that you can simply leave everything as is and wait until spring to tackle the clean up – it is best to get it down in the fall so that your garden and your plants are able to rest properly and so are better prepared for spring when it arrives.

FLOWER BEDS
If you have flower beds, then what needs to be done will depend on whether you have perennials or annuals in your Ontario garden. Annuals need simply to be removed and discarded once they have finished blooming and start to die. Perennials are a different story altogether. Depending on the type of perennials in your garden you will want to treat them differently.

Ornamental grasses: Although tradition says that they need to be cut back in the fall, some of these grasses are so pretty and keep their shape and colour all winter long, that some gardeners won’t cut them back until early spring – and some just prefer to keep them all year round to enjoy their wheat-colored beauty.
Flowers with seed heads: Some flowers with seed heads can be left through the winter even if you cut back the foliage. The seed-heads feed wintering birds through the cold days and even provide a sort of shelter from the snow for the garden bed. So, the seed heads can be left intact until the spring time.
Other perennials: The rest of the perennial flowers can be cut back in late fall to prepare them for the winter.
Evergreens: Resist the urge to prune your evergreens until the spring. If they are large then consider covering them with a burlap wrap and securing them with a tie to help them keep their shape under heavy snow.

VEGETABLE GARDENS

Preparing your vegetable garden for winter is rather straight-forward. Simply pull up your old plants, fertilize your garden (after checking to make sure you have the right pH balance), work the soil by tilling and then protect it by covering with mulch or by planting a cover crop that you don’t intend to harvest. Cover crops are simply crops that will protect your topsoil from eroding or washing away. Furthermore, it can be tilled into the soil in the spring for added nutrition. If you have perennial crop plants, cut back old stalks and then cover them with mulch to protect them through the winter.

With just a little time and effort you and your garden can rest easy knowing that all will be ready for when springs rolls around again.

2015 GTA Home and Reno Show

150 150 Nisha Muire

Calling all of Toronto’s future, new and past homeowners! The 2015 edition of the GTA Home and Reno Show is about to open its doors to the public for four days of clever concepts, inspired design ideas, professional advice and all of the fun you can handle. From Feb. 13-16 the International Centre in Mississauga will be taken over by real estate celebrities who will give lectures, provide advice and will even meet one-on-one with people who are seeking everything from ways to decorate a small space to personalized and unbiased solutions from participating contractors for your renovation concerns.

The show is a hotly anticipated event that brings together industry professionals from all corners of the property market to create a one-stop-shop for your questions and concerns. Whether you want ideas for your next reno, you want information on advancements in green housing technologies or you want to check out the winter market where local food and culinary products from across the GTA are showcased, this is definitely not a show you want to miss.

One of the highlights of this year’s show is a conference talk given by Johnathan and Drew Scott – better known as The Property Brothers. The winsome duo from the hit W Network television series will be talking about transforming your house into your dream home. Through the use of videos, anecdotes and solid advice, the brothers will answer your question and give you an excellent global – and budget-friendly, view of the steps needed to take your residence from shabby to chic.

Another fun feature, back by popular demand, is Table Scapes. Designers let loose their imaginations to create gorgeous and wondrous table-settings for theme parties. Ranging from classic to eclectic, the ideas will help you create the most memorable settings for your own gatherings.

Regardless of where you are at with your property – you are sure to find something of interest at the show. For more details, go here for a link to the show’s website: //bit.ly/192AfrJ.

Tips for Buying in a Hot Toronto Market

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Anyone looking to buy a home in Toronto will want to know anything they can do to get the edge on their competition – especially given how hot the market it and how it really doesn’t show signs of slowing down.

While it is true that you can always find a deal or two during the dog days of summer or the coldest months of winter, selection will be limited and you will have to fall in love with whatever is on offer or wait until the busy selling season starts.

One of the best least known ways to close a deal in a hot market without too much competition is to make an offer on days when no one else would even consider being in the market – Easter, Christmas, Thanksgiving weekend and Labor Day – in that order.

While it might seem sacrilegious to suggest making an offer on a holy day, for non-Christians, the first two are just regular days and open for business. Most people would rather be celebrating with family and friends but if you want to jump the queue and get in at the front of a line on a new listing, then making an offer when no one else is likely to do so is the best way to do it. By making an offer on a holiday day or weekend, the sellers are going to be in a more open and receptive mood and are more apt to entertain all kinds of offers.

 

Other tips for buying in a hot marketing include:

Having all of your finances in order. Make sure you are pre-approved for a mortgage so that sellers can see that you are serious and have come to play.

Know what you want in a house and be prepared to make an offer when you find it. Waiting for even a day can push you to the back of the line and drag you into a bidding war.

Showing the sellers that you are serious by scheduling a home inspection and providing all of the necessary paperwork.

If you find yourself in a bidding war, make the seller’s life easier. Offer to pay their closing costs, offer to take the home off their hands sooner if needed, offer to rent it back to them if they need to find a new home themselves; in short do whatever necessary to get the edge on the competition.

Finding a house in a sizzling market can be tricky and sometimes heartbreaking, but knowing how to go about securing your dream home can mean homeownership regardless of the hurdles.

Best Time to Buy A House in Toronto

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With Toronto’s housing market showing no signs of slowing down, it is not surprising that home buyers might be wondering just when the best time to buy a home might be. Although the housing market in Ontario is cyclical – much like any market is, when it comes to real estate, there is no definitive best time despite having distinct busier and slower months. However, there are a couple of things to consider when you plan on jumping into the housing fray:

1) Are you looking for the best deal possible
2) Do you want the most selection from which to choose

Answering those two questions honestly will likely determine when the best time would be to buy for you.

Here are the considerations when it comes to looking for a house – the busiest buying months are in the spring and the fall when listings abound and it seems like every realtor’s phone is ringing off the hook. During the high summer months sales tend to languish as people are off on holiday – the same holds true for December, January and early February, so listings are few and far between.

If you want plenty of selection, then you will want to begin your property search in late February/early spring when homeowners start polishing up their listings to cash in on the buying frenzy that starts when the warmer weather rolls around. If you start your search early, then you might get some of those choice pickings that come on the market before the others and you’ll have more options from which to choose. Should you find nothing to your liking during the spring season, then you can always look forward to the fall season when homeowners are again thinking about selling.

If you simply want the best deal possible and don’t really care about selection then looking during the months of July and August or December to early February is your best bet. However, be prepared for very limited selection. Regardless of what is on offer, you will be able to more likely make a deal with sellers during these months as they are probably wanting to sell their homes for specific reasons and will be more willing to entertain low offers.

So, while there is no definitive answer as to when the best time to buy a house in Toronto is, there are better times depending on your needs.

First Time Fixer-Upper In Toronto

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First-time homebuying in any city can be stressful, when it’s in a city like Toronto where the property market is sizzling, the pressure to find a good deal is even greater. Many buyers who want the best value for their money opt to invest in a fixer-upper. Here are some answers to the concerns you may have as a first-time home buyer of a property with potential.

The number one piece of advice for anyone buying a fixer-upper is to find a good inspector in your area qualified for the type of house you are buying. If you are thinking about buying an older home, make sure you tell the inspection service that you are in need of someone who is knowledgeable about homes of that age. If you suspect that there are structural problems, then calling in a contractor to check out the property is a good idea. In fact, having a contractor take a look at the house will also get you get a better estimate of what you might expect to spend.

When it comes to renovating a fixer-upper, be sure to know your budget and how much each project will cost. The very first thing you should do is to ensure that your infrastructure is solid. If there are any electrical problems to address or plumbing kinks you want to work out, then that is what you should tackle first. Once your infrastructure is good, then you will want to start with the projects that are most important first. Kitchens and bathrooms are where the bulk of your money should go after infrastructure as these two areas will immediately boost the resale value of your home. Budget according to what each project should cost, but allow room for unforeseen problems that might arise.

While renovating a home may seem like the easy route to your dream house, you have to be aware of your financial boundaries. Over budgeting or cost overruns can creep up on you and can cause major dilemmas. Making sure that you do not face these potential problems can be as simple as planning for contingencies, paying a lot of attention to project planning and constantly tracking your progress. If you do get in over your head, take a deep breath and consider the following options: seeking more funding, reducing the project scope, and reassigning your resources to lower cost ones.

The next crucial piece of advice to remember is to be realistic about how long it will take to renovate – usually double what you estimate as most projects will take longer than anticipated. Deciding if you want to live in a house under construction or want to find somewhere else to stay while doing major work is essential to maintaining your sanity and relationship (if you are in one) intact. Unless you’re okay with sleeping in an unfinished house with sawdust and power tools hanging about, finding a place to recharge comfortably every night would be a good idea.

For some couples, rebuilding a home is a fantastic bonding experience, for others it can cause tension and tears. Couples often forget or may not even know that remodeling a home is extremely taxing on a relationships and can put a huge strain on the people involved. Your tolerance will be put to the test through the demanding and strenuous work in renovating your first house together. Making compromises, communication, picking your battles, knowing your limits and not being afraid to ask for help are some key factors in having your relationship survive a remodel.

Choosing to buy a fixer-upper has its rewards; while it may involve hard work, careful planning and patience, it will all be worth it in the end when you have the house of your dreams at the price you wanted.

Hidden Defects and Your Toronto Home

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Buying a home in Toronto can be expensive enough as it is – the last thing any new homeowner needs is to suddenly find themselves faced with the unenviable task of repairing a hidden defect. If you are not familiar with this term, hidden defects are faults with a property that cannot be seen through regular visual inspections. Usually they involve incorrectly wired electricity, mould problems, plumbing issues, roofing defects, foundation cracks, etc… While discouraging, the potential of having to deal with such defects can be minimized by doing your due diligence.

In Ontario there are two types of defects that can crop up on a property sale – patent and latent. A patent defect is something that you can see easily when you walk into a home or that can be uncovered by a good inspector. For instance, if a window latch is broken and the window does not close fully, you cannot then claim damages from the seller to have it either changed or fixed. A patent defect is covered by caveat emptor, which basically means that you are soley responsible for ensuring the quality of the property you are buying.

The other form of defect is the latent defect, which is something that you cannot see easily. Regardless of the problem, you will need to establish whether the seller was aware of the issue and tried to conceal it from you during the sale. If you can prove that the seller was aware of it and either did not declare it or tried to hide it from you, then you can pursue the seller for the cost of repairs and/or damages.

For buyers, it is essential to request that the seller fill out a form called Seller’s Property Information Statement (SPIS). The form requires sellers to fill out “yes” or “no” answers to questions regarding different aspects of the home. While these forms used to be regularly filled out previously, in recent years, sellers have been cautioned away from them for liability reasons. However, these forms can work for the seller’s benefit as well. It is also essential to have insist that the sale only be concluded once a proper home inspection has been done to ensure to surprises down the road.

For sellers, by declaring whatever you know about your property, you are actually protecting yourself by demonstrating good faith. It is best to be upfront because it will minimize the chances of being sued after the fact and of having to return to repair or pay damages. It will also allow you to ask for a higher asking price.

In the end, it is hard to completely protect yourself from defects, but by doing your homework you should be good to go!

For some good reads on this topic go //bit.ly/1xhL1OE and also here //bit.ly/1BZMfT2.

Toronto Down Payments and Closing Costs

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The Toronto real estate market is a very competitive one with housing prices being the second highest in Canada. Therefore knowing how much you should save for a down payment can be a tough decision. After all, conventional wisdom says that 20% of the house price is what you should typically put down when buying. However, when the average house costs nearly $700K, that means you would need to save up $140,000 to put down on a property; add to this the closing costs of the home sale and you might be looking at several years of saving before you are able to fund your real estate dreams.

Down payment
For most people saving up such a sum of money will take far longer than they want to wait when looking to purchase in Toronto and it is why the minimum down payment required for a home sale is 5% of the asking price. However, remember that putting anything less than 20% down on a home will put your purchase into the “high risk” category and require you to have mortgage insurance from the Canada Mortgage and Housing Corporation (CMHC). The lower the percentage of your down payment, the higher the insurance that you will have to pay. The insurance can be paid up-front in cash or added to your mortgage amount. If you aren’t sure from where you will be able to save up for your down payment, there is a very good article on this very subject written by Gail VazOxlade over here //bit.ly/1xCOcUU.

Closing Costs
The costs that most first time buyers forget about when purchasing a home are the closing costs. These include all of the fees you will be called upon to cover in order for the purchase to go through. They include everything from notary fees to home inspector fees to the reimbursement of any monies paid towards property taxes. Here is a shortlist of the costs you can expect to cover:

House Inspection
Notary
Property valuation
Property survey
Land transfer tax where applicable
GST/HST where applicable
Title insurance
Interest adjustments
Prepaid property and utility adjustments
Mortgage life insurance
Movers/van rental for moving

A good overview of what to expect when it comes to costs can be found over here //bit.ly/14ibgPb. Also keep in mind that you’ll need money for renovations, paint, window dressings, etc…

As long as you are prepared with your down payment and the extra costs needed when buying a house, you will have an easier transition when the time comes.

Financial Aid for First Time Toronto Home Buyers

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Toronto is the second priciest city in Canada when it comes to home-buying. It is therefore no surprise that along with a sizeable down payment, many first-time homebuyers need other forms of financial assistance when it comes to making that leap from renting to buying. There are a few incentive programs designed to encourage first home-buyers. We cover a few of them over here.

Ontario Home Ownership Savings Plan (OHOSP)
Conceived as a savings vehicle for first time homebuyers in the province of Ontario, this plan allows you to open a savings account in any financial institution that will give you a tax credit of up to $500 per person ($1000 per couple) on your income tax return. It is not a tax shelter so any interest earned is taxable. To qualify your net income must not exceed $40,000 ($80,000 for couples). There is a maximum contribution to the account of $2000 per year ($4000 per couple) although there is no limit to how much you can actually put into the account. You can make contributions for 5 consecutive years before you have to close the account and you have 2 years to buy a home once the account is closed. You can ask your financial institution for more information on this incentive.

First-Time Home Buyers Tax Credit (HBTC)
The Canadian government has also devised a tax credit scheme to assist new home buyers with their first purchase of real estate. According to the government information page: The $5,000 non-refundable HBTC amount applies to qualifying homes acquired after January 27, 2009, and provides up to $750 in federal tax relief. You can read more about this incentive at the Revenue Canada Agency website.

First-Time Home Buyers RRSP Plan
The most well-known of all first-time home buyer incentives is the RRSP plan that allows first-time buyers to withdraw their RRSPs without penalty in order to use the money towards a down payment on their first property purchase. You then have 15 years in which to repay the amounts taken. You can consult your financial institution for more information on this program.

Ontario First-Time Home Buyer’s Land Transfer Tax Credit
The province of Ontario provides this tax refund of the land transfer tax up to $2000 for first time home buyers up to a maximum property price of $227,500, after which the cost is charged at a rate of 1.5%. So basically, you won’t have to pay the land transfer costs for the first $227,500 on your new home. You can read more about this over here //bit.ly/1B5boNL.

Raising the money needed to purchase your first home is never easy, which is why the federal and provincial governments offer these incentives to new homebuyers to help ease the financial burden. With a little planning, good budgeting and the help of these tax credits and incentives, you can be well on the path to homeownership!

Real Estate Resolutions

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Entering the Ontario property market can be a daunting thought. However, with the New Year just hours away, there’s never been a better time to buckle down your short list of Toronto real estate goals to start the next twelve months off on solid footing. You can now sweep away the old to make way for the new and if you plan on purchasing a home within the next year, then planning for it and budgeting for it are the best ways to ensure that you will be bringing in 2016 in a new home.

While the Toronto property market does not show any signs of slowing as yet, there is hope for those hoping to either enter the real estate game for the first time or to move up to a more luxurious home and neighborhood. In one of our previous articles, found here //bit.ly/1wWtlPf we cover up-and-coming neighborhoods in the city that still offer very good value for money while in this article over here //bit.ly/1xq0sui we talk about the city’s most prestigious neighborhoods. In a third article found here //bit.ly/1wDaJS5 we discuss how urbanization is going to be keeping housing prices up in Canada’s most popular cities including Toronto.

To join Toronto’s real estate game you need to first put together a realistic budget of just how much home you can afford. Next, you need to research those neighborhoods with the kind of homes and services you want in order to lead the kind of lifestyle you envision for yourself. Once you have a budget and a short list of the neighborhoods in which you are interested, next you need to decide what features you want in a house. After listing all of the features important to you, whittle that list down to “must-haves” and “would be nice to have” columns. The “must haves” will be those elements that you definitely want in a home. Although it might sound silly to do this, it is important because, depending on your budget and the neighborhoods you want, you might have to comprise to get the most that you can afford.

Lastly, when looking for a new place, you need to get a hold of a good realtor who can show you the ropes of property buying and who can steer you toward the best deal and those properties offering the most value for your money. A good realtor will not only help you find a home, but they will only show you the kind of home that would interest you, in the communities of your choice.

Once all of these elements are in place, you are sure to find the perfect pad for your family.