Home Maintenance Tips
Filed Under Buying, Chamberlain Group.ca, Contributors, Selling, monthly · Tagged:
I received this list of great tips for ongoing maintenance for your home from Tom Connell of Whole House Inspections and wanted to pass it along to you all…
Upon Taking Ownership
-
Shot by maarcos (Flickr)
After taking possession of your new home or property you should consider doing the following improvements:
- Change the locks on all exterior doors, for security purposes.
- Install smoke detectors on each level of the home; install carbon monoxide detectors where any fossil fuels may be burned. I.e. near heater, gas range, near garage entry’s, near fireplaces, etc. If these devices are already present, change the batteries and make a note of when you did to schedule future battery replacements the same time next year.
- Install fire extinguishers near stoves, in garages, and keep one handy near fireplaces and woodstoves.
- Create a fire exit plan to evacuate your home or business in the event of fire or other emergency.
- Make repairs of any trip hazards that were not repaired prior to settlement to avoid possible injury. (Both inside and Out).
- Review your inspection report for any main shutoff location of water, gas, and electrical systems. (These locations will be pointed out to you if you joined your inspector during inspection.)
Monthly
- Check that your fire extinguishers are fully charged. Remove and replace heating and cooling filter elements. If they are the reusable type just clean and replace.
- Inspect and clean electronic air cleaners and humidifiers.
- Bleed the radiator valves if you have hydronic heating systems in the home.
- Clean your gutters and downspouts to ensure proper water flow.
- Check plumbing fixtures for leaks, these are used many times daily and a leak can happen quickly.
- Check your water bill, sewer bill and energy bills for excessive costs. Often times these can point to a leak or even a failing electrical device, such as your refrigerator.
Spring and Fall
- Check your roof and flashings for signs of damage.
- Check in your attic for evidence of leaks, make sure vents are not clogged, and level out the insulation if necessary. Often times when windy the insulation around your vents will move around. Trim back trees and shrubs away from the home.
Photo Shot by Kaola (Flickr)
- Check the basement for evidence of leaks.
- Check all walks for movement and repair any trip hazards that may develop.
- Clean and operate all windows and doors.
- Test all GFCI and AFCI devices installed for proper working condition.
- Shut off exterior hose bibs in the fall; turn back on in the spring.
- Test your TRP (temperature pressure relief) valve on your hot water heater. Inspect for the evidence of vermin, termites and insects, treat as needed. Test your garage doors and clean and lubricate all moving parts.
- Clean or replace exhaust fan filters.
- Service, clean or inspect all major appliances in your home per manufacturers recommendations.
Annually
- Replace all smoke detector batteries and carbon monoxide detector batteries.
- Have all heating, cooling and water systems serviced and cleaned. Inspect chimneys and clean them.
- Examine all electrical panels and operate breakers to ensure they are not sticking.
- DO NOT TAKE THE COVER OFF THE PANEL!!
- If you have well water, have your well tested and have your pump and service tank inspected for leaks or evidence of wear.
- All homes are suspect of wood destroying insects (termites, carpenter bees, carpenter ants, etc.), have your home inspected annually by a professional and treated if necessary.
- Your home is your single largest investment of your lifetime. Take these measures to protect your investment. For more home maintenance tips and energy saving advice contact your home inspector.
Your home is your single largest investment of your lifetime. Take these measures to protect your investment. For more home maintenance tips and energy saving advice contact your home inspector.
Looking at Amortizations
Filed Under Contributors, General, Interest Rates, Mortgages · Tagged: Mortgage Renewals/Refinances
One of the most common subjects I have been discussing with clients about in the last few weeks is amortization, so today I wanted to clarify the meaning of it, show you the different options available and provide a few examples. A common misperception is that you pay significantly more interest on a monthly basis by choosing a longer amortization, however this is not true. Although your interest cost over the long term is greater because you are increasing the amount of time over which your mortgage will be paid, it’s how much you pay to principal that makes a huge difference. Lets take a look at an example of a $300,000 mortgage with an interest rate of 3.99% over a 5 year term, amortized over 25 years. These are numbers are taken from our TD Mortgage Payment Calculator.
Principal: $300,000
Payment frequency: Monthly
Mortgage type: Fixed rate
Interest Rate: 3.99%
Amortization: 25 years
Total Payment: $1576.43
Total P+I Payment for term: $94,585.80
Total Interest Cost for Term: $55,697.22
Total Principal Repayment for Term: $38,888.58
Mortgage Balance at End of Term: $261,111.42
Now let’s take a look at the same example, but amortized over 35 years.
Principal: $300,000
Payment frequency: Monthly
Mortgage type: Fixed rate
Interest Rate: 3.99%
Amortization: 35 years
Total Payment: $1320.64
Total P+I Payment for term: $79,238.40
Total Interest Cost for Term: $57,290.85
Total Principal Repayment for Term: $21,947.55
Mortgage Balance at End of Term: $278,052.45
So as you can see from the examples above, there’s not a significant difference in interest cost between the two scenarios for the first 5 years. The difference in interest cost is $1593.63. But the difference in paid principal? $16941.03. So why would anyone choose a 35 year amortization over a 25 year amortization? Flexibility. By choosing a maximum amortization of 35 years, it allows you to reduce your monthly payments. Not sure which option to go with? Talk to your mortgage advisor or give me a call and I can help you crunch the numbers, and determine what makes most sense for your unique situation. No matter what type of mortgage financing you are looking for, it makes sense to speak to me first. If you have any questions or would like to leave a comment, please do so below. Thank You!
Sincerely,
Josephine Ng
www.tdmortgage.wordpress.com
How To Use Apple’s iPad in Real Estate
Filed Under Chamberlain Group.ca, Contributors, Featured Videos, Marketing and Advertising, Technology in Real estate, Videos, iPad, real estate · Tagged:
#FF This Week’s #YYC Tweeps to Follow
Filed Under #FF, Chamberlain Group.ca, Contributors, Twitter · Tagged:
So here is a list of some interesting folks you should consider following on twitter if you are in #YYC (Calgary) that you should check out…
Stuart Crawford is a great guy to follow and interact with. Him and his team at Ulistic.com are a great resource of knowledge when it comes to SEO and Social Media. If you follow him you will get some great tips on how to further your Social Media experience..
Nick is an interesting guy who has many different posts that make you think and want to interact with him…
Good Guy!
Cam Hoff is a graphic a graphic designer in #YYC and a great guy all around… He does awesome graphic design work and is very interesting to follow and interact with. Has great contacts like @ecardoza too!
That’s who I got for you today… So…
WHO IS YOUR #FF? Let us know below!
Verification Code for Technorati
Filed Under Chamberlain Group.ca, Contributors · Tagged:
Technorati’s Verification Code 2XJTXSD3JD47
Calgary Real Estate – Buying a Home on the Golf Course
Filed Under Buying, Chamberlain Group.ca, Contributors, Featured Videos, Videos · Tagged:
Jared Chamberlain, a Calgary REALTOR®, discusses some things to think about when looking to purchase a home in a golfing community. The biggest one of all is the location on the course and where on the hole the home is situated. Please leave your comments here or email Jared at Jared@tcgroup.ca or head to http://www.ChamberlainGroup.ca
Buy New or Existing?
Filed Under Contributors, General, Interest Rates, Mortgage Updates, Mortgages, The Competition · Tagged:
With construction of new homes in Calgary soaring, one major choice that homebuyers often have to consider is whether to buy or build a brand new home or move into a previously owned house. As an existing homeowner, this is a question that will be up for debate before our next move. Buying a brand new home obviously has its advantages but there are also some downsides to it. I came upon an article in the Globe and Mail that goes over the benefits and drawbacks of being a home’s first owner. Here are some things to think about before you decide.
Customization
If you buy brand new, you have the option to customize. This can include the planning and design of every element in your home if you start from scratch or having an input on minor elements such as colors and materials if you buy a pre-planned house. If you buy an existing home, it comes as is and customizing it may involve more work and more money.
Warranty
Builders usually provide a warranty on their brand new homes to cover any defects in the home’s construction. This can offer you peace of mind because you know you won’t have to spend any money on major repairs for the first few years. Having said that, new homes do need time to settle so whether the construction is sound and foundation likely to shift are unknown. Homeowners can also run into issues with builder warranties if the builder goes out of business or if the defect is not covered under the warranty.
Safety and Building Codes
Brand new homes must comply with up to date building codes that apply to the area such as electrical, plumbing, fire safety and natural disaster protection whereas older homes may need to be brought up to date. The one thing that I would have to agree with though is that new homes tend to use less expensive materials that don’t match the quality or lifespan as the materials more likely found in older homes.
Contemporary Style
Newer homes have better layouts because they get with the times but newer homes tend to be farther from the core of the city. If you don’t mind living in the suburbs then this won’t be an issue for you but if want a shorter commute, then you may have to settle for an older home.
Low Maintenance
With a brand new home you can just move right in and not worry about having to get your hands dirty, so if you like something low maintenance, then buying new may appeal to you.
If you decide to buy new, TD can hold your interest rate for up to 12 months from the application date subject to approval of the builder. On single homes, this can be extended to 18 months in the Greater Toronto and Vancouver areas or 24 months on townhomes and condominiums. In a rising interest rate environment, this is a good option to have, especially since it takes a while for new homes to be built. Talk to your lender to see if they have any special programs in place if you decide to buy new or give me a call and I can show you your options. No matter what type of mortgage financing you are looking for, it makes sense to speak to me first. If you have any questions or would like to leave a comment, please do so below. Thank You!
Sincerely,
Josephine Ng
www.tdmortgage.wordpress.com
Original Article: The Globe and Mail
Buy New or Existing?
Filed Under Contributors, General, Interest Rates, Mortgage Updates, Mortgages, The Competition · Tagged:
With construction of new homes in Calgary soaring, one major choice that homebuyers often have to consider is whether to buy or build a brand new home or move into a previously owned house. As an existing homeowner, this is a question that will be up for debate before our next move. Buying a brand new home obviously has its advantages but there are also some downsides to it. I came upon an article in the Globe and Mail that goes over the benefits and drawbacks of being a home’s first owner. Here are some things to think about before you decide.
Customization
If you buy brand new, you have the option to customize. This can include the planning and design of every element in your home if you start from scratch or having an input on minor elements such as colors and materials if you buy a pre-planned house. If you buy an existing home, it comes as is and customizing it may involve more work and more money.
Warranty
Builders usually provide a warranty on their brand new homes to cover any defects in the home’s construction. This can offer you peace of mind because you know you won’t have to spend any money on major repairs for the first few years. Having said that, new homes do need time to settle so whether the construction is sound and foundation likely to shift are unknown. Homeowners can also run into issues with builder warranties if the builder goes out of business or if the defect is not covered under the warranty.
Safety and Building Codes
Brand new homes must comply with up to date building codes that apply to the area such as electrical, plumbing, fire safety and natural disaster protection whereas older homes may need to be brought up to date. The one thing that I would have to agree with though is that new homes tend to use less expensive materials that don’t match the quality or lifespan as the materials more likely found in older homes.
Contemporary Style
Newer homes have better layouts because they get with the times but newer homes tend to be farther from the core of the city. If you don’t mind living in the suburbs then this won’t be an issue for you but if want a shorter commute, then you may have to settle for an older home.
Low Maintenance
With a brand new home you can just move right in and not worry about having to get your hands dirty, so if you like something low maintenance, then buying new may appeal to you.
If you decide to buy new, TD can hold your interest rate for up to 12 months from the application date subject to approval of the builder. On single homes, this can be extended to 18 months in the Greater Toronto and Vancouver areas or 24 months on townhomes and condominiums. In a rising interest rate environment, this is a good option to have, especially since it takes a while for new homes to be built. Talk to your lender to see if they have any special programs in place if you decide to buy new or give me a call and I can show you your options. No matter what type of mortgage financing you are looking for, it makes sense to speak to me first. If you have any questions or would like to leave a comment, please do so below. Thank You!
Sincerely,
Josephine Ng
www.tdmortgage.wordpress.com
Original Article: The Globe and Mail
