Home care is something we often neglect. Between our daily and weekly to do lists, home care is something that often falls by the wayside. But it makes a big difference. Your home and property benefit from regular care checkups.

The good news is tackling home maintenance in 10-minute increments is the best way to get it done. We have listed below 5 ways you can keep your home feeling cared for below.

Replace your furnace filters seasonally. This is a good home care tip to do every three months at most. Doing this will increase your furnace efficiency by 15 percent!

Clean the air conditioner grill and register. The same as the furnace filter receiving routine care, this care time will improve efficiency.

Conduct a garage door safety check. Put the door into manual mode and lift it: it should glide smoothly and stay open on its own three feet from the ground. If not, have a pro counterbalance it. Put a medium-sized object on the ground (a small cardboard box or lightweight plastic laundry hamper, for example) and close the door. It should pop up as soon as it meets the obstacle. If not, call a professional to have your door checked and fixed.

Check your water heater for signs of leakage or rust. If the seams between the hot water tank and its connecting pipes appear to be rusty or corroded, it is time to call a professional to see if the tank can be repaired or if it needs to be replaced.

Clean your kitchen exhaust hood. This appliance is designed to filter airborne grease, combustion products, fumes, and smoke, so it’s important to take the time to clean it once in a while.

A recent survey put out by Royal LePage showed that a growing number of Canadian’s, particularly in the countries largest urban centers own more than one property. More than 10% of Canadians own at least two homes in areas of the Greater Montreal Area, the Greater Toronto Area, and Greater Vancouver.

The majority of the second property owners in Vancouver said that they are using the properties as rental income, even on a partial basis.

“Entrepreneurial landlords supply housing to the 30% of Canadians who rent, be they new immigrants, students, young people entering the labor force, or those who cannot, or choose not to, own their home,” said Phil Soper, president and CEO of Royal LePage.

Young buyers look to capitalize on the real estate market by investing in a property that will appreciate over time. Many people look to buy smaller condos or homes in area’s close to universities to capitalize where the rental market is very active among Students. Another trend within this increase showed parents who will purchase a property with multiple units for their children while they are studying and then use the property for rentals to other students.

Have you thought about owning a second property? We would be happy to discuss your property and financial goals anytime with you.

Below is some information that was provided by Enriched Academy pertaining to RSP’s and whether one should consider investing in them…

The RRSP Deadline is March 1, 2021. A comprehensive breakdown of the RRSP (Registered Retirement Savings Plan) and how to take full advantage of its features.

What is an RRSP? An RRSP is a registered retirement savings plan. It is critical to understand that your RRSP is not an investment. It’s an account that holds your investments. The difference between an RRSP that loses money and makes money, are the investments held inside the account. Remember this: Your RRSP is only as good as the investments inside of it. Pros: ✅ Tax free growth. Each year you do not have to pay divident, capital gains or interest on the growth of your investments. ✅ Tax deductible. That means you can claim the money you put in your RRSP as a tax deduction when you file your income tax return, which lowers the overall tax you pay. ✅ Freedom to choose your own investments (more on this a bit later) ✅ Unused contribution room can be carried over. If you don’t contribute ✅ Spousal RRSP can increase your tax savings even MORE! Cons: ❌ Taxable income upon withdrawal. When you invest in an RRSP and decide to take that money out, you will have to pay income tax. ❌ Further the first point, you will eventually have to pay tax on both the money you put in and the growth. There are ways to minize this through RRIF’s (Registered Retirement Investment Fund’s, learn more here) ❌ Forced withdrawal at age 71.

Three Common Myths About RRSPs You are limited to the investments you hold inside your RRSP. There are several different accounts that you can hold in your RRSP. You have to INVEST in something to take advantage of the RRSP tax refund. If you want to put money into your RRSP and are unsure of what to invest in, BUT still want to take advantage of the tax refund (will explain this later). You can simply transfer your money into your RRSP and leave it in cash until you’re ready to invest. RRSPs are a scam and not worth because you have to pay taxes in the end. Yes, you do  eventually have to pay tax, BUT don’t underestimate the power of interest-free growth and the tax deductions. Also, having a smart strategy on how you take that money out in a tax efficient way is key.

What you may not have known about RRSPs: 1) You are PAYING fees! 100%. The fees are dependent on the investments you own. Here is the MER (Management Expense Ratio), which is the annual fee you pay of on our our students.

2) There are two ways to take money OUT of your RRSP: You can borrow money up to $35,000 from your RRSP to buy your first house under the Home Buyers’ Plan (HBP). You won’t pay taxes on the withdrawals but you have to pay it back within a certain amount of time. If you or your spouse is considering going back to school, you can take out up to $20,000 to pay education costs under the Lifelong Learning Plan (LLP). You won’t pay taxes on the withdrawals but you have to pay it back within a certain amount of time. 3) Use your RRSP over contribution limit. You can over contribute by $2,000 to your RRSP before paying the fee of 1%. Some people purposely over-contribute up to the limit to take advantage of tax-deferred growth and compounding in their RRSPs. You can learn more here.

Did you know that most lenders have a “sliding scale” for purchases that are over 1.25 million dollars??

Most of our buyers believe that if you are purchasing over 1 million dollars you need 20% down… Which is true, until you hit the 1.25 million dollar mark.  At that point you will have to put more than 20% down.  The sliding scale differs with each lender, but the majority of them will lend up to 80% of the first 1.25 million and then up to 50-60% of the price above 1.25 million.

For example:  You are purchasing a home for 1.6 million dollars.  The down payment required would be $425,000.

$1,250,000 x 20% down payment = $250,000
$350,000 x 50% down payment = $175,000
Total = $425,000

If you are looking within that price range, contact us!!

We have noticed that the market is picking back up and almost as hot as this weather we are having!  With that being said we wanted to provide you with a “how to” and a step by step process to obtain a mortgage approval:

• First step is to take a Mortgage Application – we can do this over the phone or we have a secure online application 
• Upon receipt of application, we will contact you “the client” by phone and go over all of the details and your goals
• Request documentation – Lenders are requiring this upfront before issuing approval or working on your application
• Documents can be uploaded to our secure client portal or emailed to us directly
• Files are generally approved by most lenders in 24-72 hours, lender dependent
• Once Approval is received then we will send the details over to you to review
  
• Appraisal will be required in most cases.  If down payment is less than 20% then NO appraisal is needed  (Appraisals are taking place about 2-3 days after they are ordered) 
• Documents are then drafted and sent over to you to sign electronically.  We will schedule a phone call or Zoom meeting to go over all details of the mortgage with you
  
• Once signed documents are received they will be sent back to the lender
• Update from lender approving and signing off on all conditions
• We need to know which lawyer or notary  you wish to work with for completion
• We continue to monitor rates on your behalf to ensure you are obtaining the best rate right up until your mortgages closes
• We will verify all details with the lawyer/notary prior to your signing appointment with them
  
• Your mortgage funds!

We continue to monitor your mortgage for you, if you have any changes… for example:  you want to change the frequency or put a lump sum down, increase the amount you are paying, find out how much you owe – we can do all of this for you!   Each year on your mortgage anniversary we do something called an annual mortgage review where we make sure you still have the best rate out there.  If we think we can save you money, we absolutely will!

Contact us at the office to have us fully look after your mortgage and obtain 5 star service!