Fixed or floating? The great mortgage debate of our time...

Posted by Steve Harmer on April 11th, 2016

For those taking on a mortgage or renewing one, it’s a question that can be complicated.

On one hand, interest rates are at historic lows. The Bank of Canada’s benchmark overnight lending rate is at 0.5 per cent. To some borrowers, this might suggest it’s a good time to lock in at a low rate for a long time.

On the other hand, to the surprise of almost no one, the bank suggested that it anticipates no changes. “The near-term outlook remains broadly the same as it did in January,” it said in its most recent rate-setting statement, on March 9. That suggests a floating rate might make sense.

See our BLOG article on interest rates HERE

The issue becomes more complicated, though, because borrowers likely won’t find much advantage.

Compared with…

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How a simple credit error can ruin your home-owning dream

Posted by Steve Harmer on April 7th, 2016

Imagine the anxiety of watching your credit score unexpectedly plummet after spending your entire adult life maintaining good credit.

Now suppose this credit decline blocks you from getting a mortgage on the house you planned to buy.

That’s precisely what happens to many mortgage applicants all across the country with surprisingly high frequency.

All too often the culprit is unpaid phone bills. In some case's your cellphone provider will send an account's to a collection agency after being just more than a month late, especially on its cancellation fee. That causes your credit score to drop like a lead pickle, approximately 80 points (out of a theoretical 900) virtually overnight.

It never should have happened that way. Collections are meant…

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Three ways to pay off your mortgage faster

Posted by Steve Harmer on April 6th, 2016

Things like traffic, work and dirty dishes can seem to go on forever; your mortgage doesn’t have to.

Even if you have signed on for a long mortgage, with payments scheduled to continue until you’re old, there are ways to speed everything up, experts say.

It’s a matter of knowing your options and paying attention to detail.

“Obviously there’s budgeting, where you cut back on some of your spending,” says April Dunn, a mortgage broker at Red Door Mortgage Group in Kelowna, B.C.

“But that only works if you actually take the funds to pay down the mortgage.” If you can’t bear to give up that triple skinny latte with an extra shot and some foam, “there are other things you can do.”

Some of these may seem simple but knowing more lets you make the…

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Keep the closets clear of clutter; Buyers will judge a home's space by 'snooping'

Posted by Steve Harmer on April 4th, 2016

Sometimes your closet organizing can say a lot about your home space

If you live in a condo or house and feel that your storage isn't terrible, but the closets are crammed with everything from bags to shoes and jackets you might want to get them organised. People looking to purchase a property will open and see how closets are organized Investing in an organizer to help the spaces look more spacious can make a huge difference on first impressions.

Most buyers will certainly open up and look at cupboards for a very practical reason: they want to know whether it's realistic to think their stuff will fit in the space.

When buyers see an organized closet it calms their minds and allows them permission to say 'Yes, I can see myself living here in a…

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10 tips for first-time homebuyers in Kamloops

Posted by Steve Harmer on April 3rd, 2016

10 tips for first-time home buyers in Kamloops

How to navigate the real estate market

Home buyers are currently caught in a storm of low inventory, high demand and tight credit availability. 

In these market conditions, even simple tactics or connections a potential home buyer can have could make the difference between owning a home or not.

1. Know what you can afford  

When looking for a new home, make your search more effective by knowing how much home you can afford. Carefully calculate the overall monthly payments. Be sure to include additional costs like property taxes, property transfer tax, insurance premiums, homeowners insurance, homeowners' association dues (if applicable), etc. Look at your monthly budget to understand how…

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How can we get multiple bids on our Kamloops Property or just make sure its the best price?

Posted by Steve Harmer on March 27th, 2016

So you are going to sell your Kamloops home.

Obviously you need get the maximum price possible for your home. so what’s the best tactic for getting multiple offers?

The market in Kamloops continues to be a sellers market (low inventory is still an issue right now) and will continue until one of the market variables changes. How to work with listing agents in Kamloops

So how do you, the seller, make sure you are able to make the most amount of money possible from the market conditions? Creating demand is a fundamental aspect of attaining multiple offers while selling Kamloops real estate, and there are many ways to do so and a pretty specific path to follow. Your Realtor will discuss each of the options with you and give you the ones to do for…

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What do you do when your parents are living in poverty — in a million-dollar home

Posted by Steve Harmer on March 24th, 2016

A million-dollar home but a property in a state of neglect and a bare-bones lifestyle that doesn’t fit your wealth.

In today’s housing market where the average price detached home is now $1 million in Toronto and $1.8 million in Vancouver, it’s becoming increasingly common to see seniors living in poverty even though they have enough home equity to lift themselves out of it. Across the country, the average price of a home reached a record $442,857 in 2015 — much of that wealth an untapped resource.

“I’ve seen people who are eating cat food but they own a $1.5 million home,” says David Batori, the broker of record with Toronto-based Re/Max Hallmark Batori Group Inc. ”Some of these seniors just don’t have any idea what their home is worth because they…

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Who pays for damage caused during a home inspection?

Posted by Steve Harmer on March 24th, 2016

Sellers may end up having to pay for damage

During a home inspection who would be liable for damage caused, interesting question read this example and see if you agree with the experts who replied.

"A couple signed an agreement to buy our townhouse and one of the conditions was a home inspection. During this inspection a three-inch superficial window crack was made significantly worse when someone tried to crank open the locked window. Now the crack is about 24 inches long and travels straight across the window. What recourse do we have? Are we responsible for paying for this repair? — Feeling disrespected, North York, Ont."

 

Answer No. 1: Probably the best solution would have been to repair the window before listing. If you…

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Spring Home Maintenance Checklist

Posted by Steve Harmer on March 21st, 2016

Signs of spring include robins appearing, crocuses poking through the earth, buds popping out on tree branches — and homeowners who start thinking about maintenance work.

There are many possible tasks, but some should take priority. From the top down, here are spring projects that will help keep your house in tip-top condition.

Gutter Guard

Winter conditions dumped debris back into the trenches, so it’s time for the springtime gutter purge. As long as you can reach gutters safely, climb a ladder and pull out the accumulated muck. Blast water from a hose to clean the downspout. If gutters are out of reach, it doesn’t mean you get a pass on this chore. Call a professional.

Roof Reconnaissance

While you’re already on the ladder cleaning out…

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Renovating without a permit can be a costly mistake

Posted by Steve Harmer on March 17th, 2016

There is an important part of taking on a home renovation -- the building permit.

You may know of friends who have had their basements finished over the past few years and maybe none have obtained a building permit first. They assumed that since the renovation did not extend beyond the existing walls of their home, they were free to make any changes they wished. According to Ray Leclair, a real estate lawyer your friends have been breaking the law.

"It's a municipal by-law under building code," he says. "The impact of it is that there could be a fine for the homeowner or the municipality can say remove the structure or they'll condemn the property."

Most of us realize that major renovations such as building an addition to a home require a…

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