Wednesday 2 March 2016

10 Ways Home Buyers Self-Sabotage Their Chances At Home ownership

10 Ways Home Buyers Self-Sabotage Their Chances At Home ownership

anita-clark-authorBy Anita Clark  |  Read Bio
Via bigstockphoto
Let’s face it, you need a strong stomach, a large dose of hang-in-there-and-hold-on-tightly, as well as an ounce or two of patience stored away to make it through a real estate transaction these days. Even “easy” deals can and often do get hung up over minor details. With all the pitfalls ready to snare prospective buyers before they take the keys and begin moving into their love nest, the last thing these consumers need to do is get in their own way!
So, long before you take possession of that cute craftsman, jump for joy at the views from your new condo, or strip down and run around your new private acreage, you need to do everything in your power to avoid these 10 real estate loan killers.

1. Just Sign Here

Although it is tempting to sign up for all those snail mail credit card applications, show some restraint, at least until after you close on the home. Getting approved for more credit can actually lower your credit score and give creditors pause about your ability to repay any new debt. The lenders I know are all great peeps, but they universally do not want to suddenly see credit surprises, so do your utmost to avoid the temptation to acquire more credit card bling.

2. Early Payoff Temptation

Figuratively, just keep your extra cash under the mattress until you are a new homeowner. When you pay off debt it updates your credit score date of last activity. Generally, while paying off debt early can be a smart move, during the home loan process is not the ideal time to have that revelation, as it can have a negative impact on your credit score. Sleep on the funds and pay off those nagging debts after you have the house keys in hand, not before. If you must indulge, make an extra payment across all your balances at the same time.

3. Charge It!

The new thingy, bright and shiny, must have, want so badly can nearly taste it, and fill-in-the-blank item can wait! It.Can.Wait. There is no quicker way to sabotage your home loan than to run up your credit cards while waiting for your loan to get through all the wickets. Your credit score will drop quickly and you may find that incredibly reasonable interest rate is no longer available to you, or worse yet, you no longer qualify for the home loan. A good rule of thumb is to ensure your card balances remain below 30% of their available limit.

4. Credit Card Consolidation

You could get penalized by moving around your balances and maxing out one (or more) card(s). Again, either wait until you own the property or complete the debt consolidate long before you decide to buy a home. If your lender gives you the green light, go for it, otherwise your best move is to make no move at all.

5. Cash is King

It can be, especially if you have fully documented where the money came from. Undocumented funds might as well be fool’s gold as your lender will ignore this unsubstantiated cash. The cash may be legit but it cannot be used to verify your income or as a down payment without a paper trail.

6. Avoid Closure

This is not a Dr. Phil moment! It is a prudent move to avoid closing credit card accounts while getting a home loan. Your debt ratio will go up, your credit history will be affected, and your lender, agent, significant other, etc. will not be happy with the outcome. Check with your lender before making this move, but the exception is closing old accounts showing an available balance if you believe they are already negatively affecting your credit score.

7. More is Less and Less is Better

Wait, what? The less you do to affect your credit the better. Period. That means tasks like creating new accounts, large fund transfers, changing your name, and being a loan cosigner need to wait until after you sign the closing documents.

8. Ignorance is Not Bliss

If your lender tries to contact you and needs you to send them something or call them back, you need to follow their instructions. You need them more than they need you so do everything in your power to be proactive when requests are made.

9. Not Making Periodic Payments

Please continue making regular payments on all your debt! Do not skip ANY payments. If you do miss a payment let your lender know as quickly as possible so they can determine if/how your loan application has been affected by your faux pas.

10. Not Being Transparent

Trying to hide credit issues will catch up with you. So will incorrectly reporting income, debt, and your work history. Your lender will find out anyway so it is best to be brutally honest from the beginning. You may be surprised by their willingness to help you, so help yourself by being as transparent as possible.
These are just a few of the ways consumers can get in their own way and sabotage their loan before the ink is dry. If in doubt about the process or approach you need to take, talk with a qualified mortgage professional. Getting and keeping a loan puts you on the path towards home ownership!

Saturday 27 February 2016

Know when it's time to replace your smoke and carbon monoxide alarms

Know when it's time to replace your smoke and carbon monoxide alarms

(NC) If you're like most homeowners, on more than one occasion you've found yourself looking around and thinking…“Have we really been in this house that long?”
Along with the happy memories, and the dated paint or wallpaper, are two devices essential for your family's safety - smoke and carbon monoxide alarms. And just like the decorating, these too need a refresh every so often.
Smoke and CO alarms monitor the air non-stop with advanced circuitry and highly accurate sensors. They even self-check themselves continuously to make sure they will be ready should danger strike.
As they stand guard over the years they also have to contend with pet hair, dust, cooking grime and other airborne contaminants. So is it any surprise that, whether battery powered or wired into your home's electrical system, these potentially life-saving devices eventually need to be replaced?
To be certain your family is safe, check the age of all your alarms. Look for a date of manufacture sticker on the outside edge of the alarm or, for older models, on the bottom. You may need to unplug or remove the alarm from the ceiling temporarily to find it. Once you know the age, follow the guidelines of the National Fire Protection Association: Replace smoke alarms immediately if they are older than 10 years (or if you can't find a date of manufacture) and CO alarms if they were manufactured prior to 2009.
Canada's leading alarm manufacturer, Kidde, offers a complete selection of smoke and carbon monoxide alarms with the longest lifespan – a full 10 years.
To keep your family protected, follow these replacement rules whether your alarms are battery powered, plug-in or hardwired.

Wednesday 24 February 2016

How to spend less on your energy bills

www.realtorpankajpatel.com
(NC) Heating bills can be one of your family's largest expenses. Homes are typically heated by natural gas, electricity or heating oil. In Ontario, natural gas is the most affordable choice for heating your home – rates change based on the market every three months, but natural gas still costs less than half the price of electricity or oil.
About 60 per cent of your annual natural gas use goes toward keeping your home warm. Since many natural gas costs are passed through directly to the customers, reducing your natural gas consumption can help to lower the bills. Here are some tips from Enbridge Gas Distribution on how you can keep your energy costs low.
• Check your windows and doors. Is the caulking or weather stripping doing its job? Look for cracks, feel for drafts, and replace the caulking or weather stripping as necessary.
• Lower the temperature on your thermostat by three degrees when you're sleeping or out of the house.
• Is it a sunny day? Open the curtains to let the sun shine in. Not only will you get some needed vitamin D, but the sun will help to warm your home.
• Close the air vents and doors to rooms that you don't frequently use – like guest bedrooms or basements. Considering making a DIY draft-stopper to use at the bottom of these doors.
• Check with your natural gas utility to see if they have billing programs – such as Enbridge's Budget Billing Plan which allows you to distribute your charges fairly evenly for the majority of the year.
• See if you qualify for low-income assistance programs – like Enbridge's Home Winterproofing Program.
More energy efficiency tips are available online at enbridgegas.com/energyefficiency.

Monday 1 February 2016

10 Tips on Improving Indoor Air Quality

10 Tips on Improving Indoor Air Quality

You work hard to stay healthy, eating the right foods and getting lots of exercise. The air you breathe also affects your health but it’s harder to make sure it’s clean because you can’t see it or feel it. And you don’t want to wait until you get sick or one of your children is diagnosed with asthma. That’s why the government focus on Indoor Air Quality (IAQ) is so important, and why this article offers you a collection of tips on improving indoor air quality in your home.
This is a new problem as we seal gaps to tighten up the envelope wrapping our homes to conserve energy. These gaps used to allow unhealthy indoor air to be exchanged with fresh air from outside. Please don’t look for an easy solution, and don’t be fooled by the advertising on air filter packages that promise healthy living. It simply isn’t true. (Read: How the Right Home Air Filter Can Save You)

plants are often included with tips on improving indoor air quality, but they're not very effective at this unless you have a huge number of plantsTips on Improving Indoor Air Quality

There’s a lot of misinformation swirling around, and packaging that claims things are green or healthy, when there’s no proof to substantiate the claims.
Houseplants are a great example of this. They’re lovely for decoration and there are also lots of articles telling us indoor house plants help improve air quality. The truth is while laboratory tests showed excellent results removing VOC in the 1980s, subsequent testing in residential settings hasn’t supported these findings. (Read: How Well Do House Plants Perform as Indoor Air Cleaners?)
So here are tips on improving indoor air quality in your home, focusing on what you bring into your home, along with things you do at home.

candles are one of the most surprising tips on improving indoor air qualityStop Buying Productes that Bring Pollutants into Your Home

You probably don’t realize how many different ways you introduce unhealthy pollutants into your home. So hopefully once you know, you’ll do a better job of reducing or eliminating things that have a negative affect on the air you and your family breathe at home.
  • Don’t smoke inside your home.
  • Don’t use candles, or at least avoid those made with paraffin that releases chemicals. Beeswax and soy candles are good alternatives, as long as they aren’t scented with essential oils versus synthetic fragrances. You should also trim wicks to 1/4″ to reduce the amount of soot given off.
  • Buy products that don’t have unhealthy chemicals like VOCs. Everyone’s heard of low/no VOC paints but what about these products? For product specific pollutants, visit the National Institute of Health’s Household Product Database.
    • Aerosol spray products for paints, cosmetics and pesticides.
    • Upholstered furniture and carpeting, plywood and pressed wood products if they contain formaldehyde.
    • Appliances with refrigerant used in air conditioners, freezers, refrigerators and dehumidifiers. Freon used in older appliances is being phased out due to ozone.
    • Cleaning products like air fresheners, bleach, toilet bowl cleaners, citrus or pine oil cleaners, furniture polishes and more.
    • Personal care products including nail polish and remover, colognes, perfumes, rubbing alcohol and hair spray.
    • Dry cleaned clothes, spot removers and cleaners used for fabric/leather.
    • Home office and hobby products like inks, toners, correction fluid, glues and other adhesives, etc.
    • Home maintenance products including caulk, grout, insulation, paint and stain, adhesive removers, contact and model cement, etc.
    • Pet care products like litter stain/odor removers, flea and tick control products, etc.
    • Lawn care products and pesticides like lawn fertilizer, pool products, herbicides, etc.
    • Ozone generators which are dangerous for children, the elderly and people with breathing problems. The EPA and American Lung Association advise against these “air purifiers”.

Proactive Tips for Improving Indoor Air Quality

  • Don’t allow appliances to exhaust air and/or moisture inside your home. This means no ductless range hoods and bathroom/dryer vents should always be vented outside. Seriously, this was a common problem we found in my handyman business that had to be corrected.
  • Make sure all fixtures that burn fuel are vented to the outside, away from windows and HVAC intake vents. These include furnaces, fireplaces, range tops, exhaust fans and similar appliances.
  • Work with chemicals outside, and not in your garage. You should strip paint, solder and glue, tune up your lawn mower or snow blower outside.
  • Ensure adequate ventilation for your house, changing filters on your HVAC equipment and using additional air cleaners as needed. Air cleaners should be UL 867 certified and meet California’s ozone release requirements. Weather permitting, open doors and windows and use ceiling fans except when there are high levels of allergens outdoors.
  • Keep your home dry, using dehumidifiers if necessary. Take immediate action to remove water and wet materials, like drywall and insulation in a flooded basement, to prevent the growth of mold.
  • Take steps to keep your home clean, leaving shoes at the door, using a high efficiency (HEPA) vacuum cleaner and washing bedding to reduce exposure to allergens and dust mites.
Photo credit for candle photo: Kensal Walk – Living Room via photopin(license)

Saturday 30 January 2016

Protecting your basement from winter water damage

Protecting your basement from winter water damage

Friday 29 January 2016

4 questions to ask yourself before starting a renovation

(NC) One of the worst mistakes a homeowner can make when tackling a major renovation is to jump in sledgehammer first without a plan. Whether you're an aspiring homeowner looking to enter the housing market with a “fixer upper,” or coming into the New Year looking to renovate and add function or value to your space, a renovation can be a good solution, but it can also be mess.
Dust and hard work aside, a renovation has obvious appeal as it generally brings a higher resale price. Many don't realize that planning for a renovation sometimes requires even more work than the execution itself, but if you're up for it, the end result is a bigger and better home.                                              www.realtorpankajpatel.com
So, here's what you need to ask yourself before any renovation:
1. What is your budget?
When planning for a renovation, always be conservative. If your budget is $100,000, plan to spend $80,000. Renovations are almost always guaranteed to go over budget, as unforeseen issues pop up. Having a contingency plan from the start will get you through when you check in to see if the work is on track.
2. What is your timeline?
Knowing this in advance as well as the scope of work being done will help you determine whether you stay in your home during a renovation or go elsewhere. Living through a major renovation is never easy, but if you decide to do it, keep in mind the added cleaning at the end of the day to make the space livable again. It's always a good idea to request a payment schedule that is tied to your timeline and project milestones.
3. Have you done the required research?
In the case of renovations, there is no such thing as over-asking or over researching. It's good to have a rough idea of what materials cost in advance, as well as what is needed for a particular job. Also, don't be afraid to do your homework when it comes to picking the right contractor. Get several quotes and references and check out any sites in progress to get an idea of how they work.
4. What is my resale goal?
Ask yourself how much you're looking to increase your home's value. This will help determine how much you should be investing in order to hit the target. For owners renovating with resale in mind, investing in spaces like the kitchen, bathroom or new flooring, although more costly than minor cosmetic changes, can pay off big time when it comes time to sell. If you're not sure of how long you'll be staying, it is always safe to renovate for the future. Investing in classic, quality finishes now will keep you happy in your space and increase its value in the long run.If you're planning a renovation, take your time and plan ahead to do it right. More renovation help is available at the Destination Renovation booth at the upcoming 2016 GTA Home + Reno Show, February 12-15 at the International Centre in Mississauga. www.gtahomeandrenoshow.com.

Sunday 20 December 2015

Don’t overpay for heat this winter

Don’t overpay for heat this winter


Don’t make these mistakes when heating your home

Don’t make these mistakes when heating your home

Follow this safety guide if you’re putting up holiday lights

Follow this safety guide if you’re putting up holiday lights

Published Jessica Vitullo - December 7, 2015

www.realtorpankajpatel.com

December is finally here! If you’re planning on decorating your home with holiday lights to celebrate the season, you’re likely not the only one on your street! But putting up lights can be dangerous. Consider working with a licensed electrician and be sure to follow our guide on how to stay safe.

Choose the right holiday lights

Indoor and outdoor lights aren’t the same. Some lights are rated for indoor use, some for outdoor. When you’re at your local home hardware store, read the package instructions to see which lights you’re buying.
It’s also important to pay attention to the recommended wattage. Don’t exceed the recommendation, or your holiday lights might blow out before Santa arrives!

Avoid damage and overloaded circuits

If you buy a bundle of string lights and notice the cord, plugs or ornaments are damaged, do NOT use them. Instead, simply replace them. Damaged electrical products can be hazardous to your home (and to you during the installation process).
You also want to make sure that you’re not plugging in too many lights into the same outlet. An overloaded circuit can overheat and start a fire. The only fire that should be happening in your home is a controlled one within the fireplace!
The same goes for using extension cords. Plugging in too many plugs into an extension cord can lead to overheating.
You do NOT want to be this guy!
You do NOT want to be this guy!

Install holiday decor wisely

It’s easy to get carried away with holiday lights. After all, don’t you want your home to look like the homes in this video?
To make your home look like any of these, you have to be extra careful!
  • No more than 3 light strings should be connected together. Be sure to read instructions on your lighting package to be sure.
  • The bulbs themselves should NOT touch supply cords or wires.
  • Secure the lights properly using power clips.

Lastly, remember the following:

  • If the children are near you, watch to ensure they don’t place anything cords or lights in their mouths.
  • Don’t let your pet get to the lights either.
  • Turn them off when you go to bed or leave the house.
You spend so much time doing the decorations outside that you want to keep them around all year, right? WRONG. It’s important to take them down once the holiday season is over. They are not built for year-round use.
If you’ve never put up holiday lights before, then make this season your first year! This expert shows you exactly how to do it:
Need some help from an electrical perspective? There’s no shame in speaking to an expert, someone who knows and understands electricity! Reach out to an electrician using our directory to find someone who can ensure your home is lit properly. Hey, they might even be able to do the installation for you!

Friday 18 December 2015

Enjoy a maintained furnace all winter long

 
www.realtorpankajpatel.com

It’s that time of year again when the snow falls, temperatures plummet and furnaces break. Although we rely on our furnaces to keep our homes warm and cozy in the cold winter months, many of us don’t give our furnaces a second thought until it breaks down, that is, and we need a furnace specialist to visit. A maintained furnace is essential this winter.

We spoke with Bill Watson of Air Plus Heating and Cooling, a Toronto-based company that has been providing furnace and air conditioner installation, service and repair for over 20 years, about how to give your furnace the love and attention it needs to keep you warm and cozy all winter long.

Check filters regularly

Watson says you should replace your furnace filter three to four times a year, depending on manufacturer specifications. Checking your filter frequently will help to ensure your furnace is running at optimal capacity.
“A dirty or clogged furnace filter will restrict the amount of air your furnace will be able to use to distribute warm air throughout your home and can put undue stress and wear on the components of the furnace,” says Watson.

Schedule regular furnace cleanings and check-ups

Watson recommends getting your furnace checked once a year. A qualified technician can examine the current state of the furnace and advice you if there are any issues with your equipment.
“The whole idea is to give the homeowner peace of mind about the reliability of their furnace so they can avoid that 2 am or holiday weekend breakdown,” says Watson.
Cleaning your furnace once a year will eliminate dust and debris which will help increase the lifespan of your furnace, plus help to improve its efficiency, meaning you’ll be spending less money on your utility bills.
The best times for a cleaning are in the fall or spring and after any major renovations since renovations lead to an enormous amount of debris which gets caught in the return air ducts, restricting the optimal efficiency of the furnace.

Re-organize your basement

Avoid storing chemicals, paints and paint thinners near your furnace.
“You want as much fresh clean air around the furnace as possible,” says Watson.
Avoid blocking return air ducts with couches and furniture as blocking these ducts also restricts the amount of air provided to your furnace, reducing its efficiency.
This winter, don’t be stranded with a broken furnace. Instead, reach out to the furnace experts at Air Plus Heating and Cooling!

Friday 11 December 2015

5 steps to find the right contractor

(NC) Finding a contractor is kind of like finding a mate.
Like dating, it means you have to know what you're looking for, ask a lot of questions, seek advice from friends and family and most importantly, take your time deciding. After all, the contractor you choose is vital to the success of any remodeling project you take on.
Here is what you need to know to find the perfect contractor:
Do your research.
Make sure you've done your homework. Research your project so you have a realistic understanding of what's expected. Also compare the timeline required against existing projects your contractor may have on their plate. (Note: It is not uncommon for contractors to be working several jobs simultaneously.) This will give you an idea of how much time they can realistically devote to your project and if that works for you.
Ask for advice.
Referrals are the best way to find someone who is reliable. Like a partner, a good contractor will be around for the long haul. Talk to friends and family and get their recommendations on who they've worked with in the past.
Get specific.
Once you have a list of recommended contractors, narrow down your selection by doing some preliminary research into their credentials. For example, have they received any certifications? Do they specialize in anything? Are they affiliated with any professional associations? Do they have the proper licenses and insurance?
Ask for references.
Don't be afraid to do a background check. Good contractors will have no issue with passing along references. Ask questions such as: Did the contractor show up on time? Did the project stay on budget? Were they happy with the overall work and professionalism?
Set up a meeting.
Meet them face-to-face. Come prepared with questions about your project and see if your style and vision for the project pair well together.
More information is available at www.gtahomeandrenoshow.com or by visiting the upcoming 2016 GTA Home + Reno Show, February 12-15 at the International Centre.
www.realtorpankajpatel.com

Tuesday 1 December 2015

5 tips for selling your home



(NC) For many, the holiday season is a busy time that includes shopping, cooking and entertaining. Amidst the hustle, it may seem difficult to find time for selling a home. Yet some home owners would prefer to list their home at this busy time.
“Sometimes professional, or personal, circumstances arise that require owners to sell their homes,” says Pat Verge, president of the Ontario Real Estate Association. “But other times home owners are simply ready to sell and the prospect of less competition from other sellers is appealing. Whatever an owner's reasons are for listing their home at this time, if done properly, the process should be successful.”
Here are five tips to keep in mind if listing your home in this season:
1. Deck the halls…to a minimum: Seasonal decorations are the way to go. Minimize décor to avoid crowding your home and distracting buyers.
2. Don't hide flaws: Rather than covering up flaws with décor, take the time to fix them or keep them revealed to avoid future conflicts with buyers.
3. Hire a Realtor: Enlist the services of someone that you trust and who will be available for you during the holidays. This will help alleviate some of the stress of selling and give you more time to enjoy the season.
4. Price to sell and be prepared to negotiate: No matter what time of year, a home that is properly priced will attract buyers. Work with your Realtor to negotiate a price that is satisfactory.
5. Market your home: Take time to enhance your home's curb appeal (even if it is covered in snow) and use good quality photography to show off your home (use photos taken in the spring/summer months if possible).

5 most desirable areas to buy a home within a one-hour drive of Toronto

 Affordable homes can be found in Mississauga, Halton Hills, Pickering, Milton, and Aurora, all near Toronto. These cities offer amenities a...