Pages

Wednesday, February 25

First - Time Buyers Guide to Home Maintenance

Christine Tusher
When you buy your first house, you have a lot going on with moving in, perhaps buying some furniture, hosting your first party at the house and getting used to those mortgage payments. With all that excitement, it’s easy to overlook routine home maintenance, especially when you’ve never had to tackle these tasks before.

To keep things from getting overwhelming, we’ve created this home maintenance guide for first-time owners. And don’t worry — most of these tasks take just a few minutes or a quick call to a trusted pro. Take a deep breath and dive into the 11 home maintenance to-dos you’ll need to handle in the first year of buying a home.

Thursday, February 19

5 Ways for New Homeowners Down Payment a Reality

The goal of owning a home may be more achievable than you think

 
By Goldengirl Finance
    
Maybe in your head, you’re already a homeowner. You have your kitchen cabinets and paint colors all picked out. You imagine your future kids playing on the lush green lawn…
There’s only one thing holding you back: You need a down payment. For an average-priced Canadian home ($358,000), the minimum 5 percent down payment rule means you’ll need to save nearly $18,000 to become a homeowner.
That’s a lot of cash. But don’t worry - you don’t have to resign yourself to renting for the rest of your life. Here are a few simple tips that’ll help you achieve your goal (and secure better financial stability at the same time)…

5 ways to dive into a down payment

  1. Accept that saving is necessary
Most people don’t like setting money aside in a savings account. And that makes sense given Canada’s paltry 3 percent savings rate. Yes, you could borrow a down payment, or beg your parents for it, or even borrow it from your RRSP. But here’s the thing: Owning a home is a big financial responsibility. It’s expensive. It carries risk. If you develop poor financial habits or take on too much debt, it’s also a responsibility that can sink you financially. In other words, while there are easier ways to get a down payment, saving it is the bestway - and the one that’s most likely to lead you down the path to financial security.
  1. Find out what you need
This seems obvious, but you might be surprised by how many people forget to set a goal. As a result, they either assume they need way more than they actually do (though a higher down payment is always better), or they fall behind because they think they’re saving enough already. So, first thing’s first - go visit amortgage broker. He or she will look at your income, savings and debt, and help you determine how much home you can afford.
Next, go out and have a look at the neighborhoods you want to live in. If they don’t fit your budget, find other neighborhoods you like. At the end of all this, you want to have a realistic budget for your future home. Then, all you have to do is calculate five percent of that price. That’s your starting point. If you want to buy a house, you need to save at least that much.
  1. Get motivated
Whether you have to save $10,000 or $50,000, the reality is that it’s going to take some time. Staying on track will take focus and motivation. How to get it? The key is to keep your eye on the prize. Keep a spreadsheet on the fridge. Cut out photos from home magazines of how you’ll decorate your dream home. Cook a special dinner every time you hit a major milestone. Count down the days it’ll take you to reach your goal. Do whatever it takes. Just figure out what keeps you moving toward your savings goal and use it to help you get there.
  1. Conquer cash drains
If you really want to get serious about saving, you’re going to have to take a hard look at your spending. Beyond paying for food, rent and utilities, where is your money going? Where can you cut back? The more additional cash you can free up, the more you’ll be able to save, and the sooner you’ll achieve your goal. Plus, if you cut out the clutter, you may even be able to make room for the little luxuries that really make you happy. (Pedicure? Pumpkin spice latte? It’s up to you!)
  1. Earn some extra cash
Sealing up cash leaks is key, but bringing in additional income is a great way to accelerate your savings. Consider adding a few hours of overtime, taking a part-time job on the weekend, or even earning some extra money doing freelance work on the side. Whatever you do, just be sure that any extra income goes straight into savings. Otherwise, it’ll be all work and no payoff.

Don’t give up

Saving money isn’t easy, but it’s always, always worthwhile. Remember that dress you bought on impulse and never wore? Or the fancy dinner that failed to meet your foodie expectations? A home isn’t like that. It’s something that you’ll use and enjoy every single day. Once you pay it off, it’ll even afford you some additional financial security down the road. In other words, the hard work of saving up for a home of your own is totally worth it.  In fact, if you get started now, your vintage-inspired kitchen and lush yard just might be closer than you think.


www.teambluesky.ca

Wednesday, February 4

Kitchen DYI Townhouse Renovation

Mitchell Parker


The townhouse that Annie Spano wanted to buy had gone to the dogs — literally. Previous owners’ large dogs had chewed up a lot of the molding and stained the floors with urine. “It was a wreck,” Annie says. Her husband, Michael, thought she was crazy for wanting to ostensibly throw money away. “When he walked in, he was appalled and disgusted,” she says. “He couldn’t see past the filth. But I saw a blank canvas and envisioned everything I could do.”