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Monday, February 27

EMPTY NESTERS: Upsides to downsizing

Joanna Tovia



Your kids have moved out, and you’ve traded in the family home for a smaller abode, one that’s closer to the action (or the beach). Along with the memories you’re leaving behind, about which you’ll have mixed feelings, your new home will bring with it changes to your lifestyle you may not anticipate. Prepare for this exciting next stage in your life by arming yourself with knowledge. If you know what may be coming, you’ll be better equipped to make the transition with ease.

Thursday, February 23

15 TIPS BIG & SMALL TO INCREASE YOUR PROPERTY VALUE

ERIN EBERLIN

Low-Cost Tips to Increase Property Value

There are simple things any property owner can do which can boost the appeal of your property.
While these simple tips may not add tens of thousands of dollars to your property’s value, without doing them, you may not be able to realize the full potential value of your property. These fixes can be done without having to hire any outside help. Although they are low cost, they can make a huge difference in the way your property shows.
  • Clean- Making sure your property is clean will have an immediate return on the value of your property. This includes both the outside and the inside. Garbage, dirt, and strange odors are not attractive features.
  • Paint- You will be amazed by the difference a fresh coat of paint can make. It can revive and brighten a tired space. Neutral colors are universally appealing.
  • Add Curb Appeal- A few strategically placed plants, a new mailbox, outdoor lights or shutters can make your property more inviting. Higher cost and potentially higher return projects include new siding, new walkways, or driveways and adding a deck.
  • Change Fixtures- Changing out a door knob, light switch cover, cabinet handle or even a light fixture is an easy way to breathe new life into a space.
  • Stage the Property- De-cluttering a space and giving each room a function can add value because many buyers lack imagination. Proper placement of furniture, the size of furniture, and amount of furniture is also key.

    Moderate/High-Cost Tips to Increase Property Value

    There are updates you can make to a property that can have an average to high cost depending on the extent of the renovation done and the materials chosen. These types of updates have the potential to add significant value to your property.
    • Add Architectural Detail-You can give a boring room some character by adding a chair or crown molding to it.
    • Change/Add Windows or Doors- This is a valuable addition. Not only does it improve the aesthetics of the home, it also can reduce noise inside the home, help lower heating bills and cooling bills and increase natural light inside the home. French doors that lead out to the backyard add elegance, open up the space, and allow more light to enter the property. Skylights can also help brighten up spaces that may be lacking windows or natural light. Properly positioning windows and doors can also help highlight a beautiful view that your property may have or minimize one that is not so desirable, such as a brick wall or a view right into your neighbor’s home.
    • Change Flooring- Updating carpet or adding hardwood or tile adds value to a property.
    • Reduce Noise- People want to feel like their home is an oasis. There are many ways to reduce noise such as adding insulation, installing double pane windows and doors, installing carpets and rugs to minimize footsteps and placing plants to further absorb noise.
    • Update a Kitchen or Bath- This includes changing a portion of the room, but not an entire gut renovation. It could be changing the flooring or changing countertops. In the bathroom, you could switch out a toilet, sink or bathtub. In a kitchen, it could include buying new appliances.
    • Gut Renovate a Kitchen or Bath- This would be a complete overhaul of the room. It can involve adding new cabinets, new countertops, new flooring, new lighting fixtures, new appliances, new sinks, new faucets, new cabinet handles, new tub, new shower, new toilet or even changing the layout of the room.
    • Update Siding- There are many options for home siding and the best type will often depend on the climate and area where your property is located. It is an update that will improve the aesthetic look of your property and can help lower your utility bills.
    • Create a More Functional Layout/Modernize Floor Plan- For example, it could be taking down a wall between a kitchen and living room. It could be rearranging a kitchen to create more usable space. It could be adding a bathroom to the master bedroom to create a suite. It could also be swapping the location of two rooms, such as an office and a dining room to create a better flow in the home. It could also be taking space away from one room to add it to another room, for example, taking some space from an oversized living room to create a pantry for the kitchen.
    • Add More Square Footage- This does not only mean adding an addition to the property. It could also mean finishing an unfinished attic or a basement to add more living space to the property. It could also mean transforming an attached garage into additional living space.
    • Gut Renovate a Property- Completely redoing a property by ripping it down to its studs and building it back up with a more modern design and materials can increase the value of a property, as long as you are able to sell the property for more than you owe on the property along with renovation and holding costs.

    Do Not Over-Improve

    While you want to improve your property and increase the value, you also want to be cautious so that you do not over-improve your property. You don’t want to spend an amount of money on a renovation where you will not see a return on your investment. For example, putting high-end Viking appliances in a home in a middle-class neighbourhood would be an over-improvement.
    Before you renovate, do some research on your area to find out how much the property will be worth after the renovations, otherwise known as the After-Repair-Value or ARV. Once you properly gauge this new value, you can deduct the price you paid for the home and what you are left with is the maximum price you should spend for the renovation and any soft costs such as financing charges, closing costs, and holding costs if the property will sit vacant while the renovations occur.

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    Wednesday, February 22

    7 Tips on moving in with your Significant Other

    Cody McComas/Flickr

    If that drawer you were gifted at your significant other’s apartment has turned into half a dresser, and your toothbrush is now a permanent fixture in their medicine cabinet, it might be time to consider cohabitation. Moving in with a partner is a major relationship milestone, and both parties are likely to feel nervous in the weeks leading up to the big day.
    To ease these tensions, it’s best to purge your belongings and get organized well before the U-Haul truck arrives. “I’ve been in this business for 13 years, and I am no longer surprised at how little in advance people plan for this sort of thing,” says Josh Cohen, the Founder and CEO of Junkluggers
    If you’re about to make the leap into mutually agreed upon television shows and a never ending pile of laundry, follow these seven pieces of advice for a smooth move.

    1. Take inventory of your belongings.

    two chairs-compressed
    If you and your partner have been living on your own for some time, you’re likely to have duplicates of furniture and other housewares. “That’s where the battles begin,” warns Cohen. Make a list to determine which items you’re going to keep, considering factors such as size, quality and condition. Ask yourselves important questions like, “Is this couch going to fit through the doorframe?”, “In how many months will this particle board coffee table break in half?” and, “Where did this stain on your mattress come from?”

    2. Decide what to keep, recycle, donate or toss.

    moving box-compressed
    Once you’ve selected the furniture, appliances and decor that you’ll have in your new apartment, it’s time to split up the remaining items into four piles. “If it lacks sentimental value, then you should get rid of it,” suggests Cohen. While it may be tempting to throw all of your significant other’s junk into a garbage bag, it’s best to donate and recycle as much as possible. “Tax write-offs are a big benefit of donating to charity, but you’ll also have peace of mind that your stuff isn’t headed for a landfill — it’s getting a new life,” says Cohen. It’s important to know what items can and cannot be recycled. “You can’t recycle finished wood which, unfortunately, is most of the wood out there,” says Cohen. Consult your city’s government website or browse this handy recycling guide if you’re still unsure.

    3. Be willing to compromise.

    If you’re signing a lease together, chances are you’re going to be stuck with one another for six months to a year. Why sabotage your relationship before you even move in? If you absolutely must hold onto your treasured stamp collection, don’t give your SO grief about their taxidermy parakeet. And if you still can’t come to an agreement on which furniture items to keep “you can always get rid of both duplicates and opt to buy something new,” says Cohen.

    4. Create a layout.

    layout-compressed
    “Draw out the apartment floorplan and take note of the square footage of each room,” suggests Cohen. Have a game plan going into your move to ensure that the scale of your furniture is appropriate for the new space. If you’re not much of an artist, there are tons of free apps that will help you to decide on a layout before you get started with the heavy lifting.

    5. Label absolutely everything.

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    “When you’re packing up boxes, label them by room and write down a simple bullet list of all the items that are in the box,” says Cohen. This will save you from major headaches when it’s time to unpack. Numbering your boxes helps, too — that way you can make sure nothing was left behind. Cohen also suggests unpacking as a team, “You’ll both know where things are and can avoid yelling at eachother like, ‘Where did you put this?!’

    6. Acknowledge that moving sucks.

    sad cat-compressed
    “Before the big day, talk to your partner about the fact that moving is incredibly stressful,” says Cohen. A British study found that the majority of people find moving house to be more emotionally taxing than a breakup, divorce or starting a new job. “Agree to take things with a grain of salt and try to work together — hopefully you’ve hired good movers!” jokes Cohen.

    7. Think of a storage unit as a last resort.

    storage-compressed
    We’ve seen enough episodes of Storage Wars to know that most people don’t take full advantage of their storage units. “If you’re at eachother’s throats and you’re really having trouble decluttering, then at least temporarily, I would consider storage space,” says Cohen. “One downfall I would warn people about is that we get a lot of calls to clear out storage units. Often people fill them up because they’re afraid to let go of things, but then they end up paying thousands of dollars in monthly fees to store belongings they don’t necessarily need.”



    www.teambluesky.ca