Articles related to buying or selling your home

Letting Go Of The "Stuff"

 Wednesday, September 16, 2020     Marion Goard     House and Home Buying and Selling

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If you’ve lived in the same home for a long time, you have very likely accumulated a lot of “stuff”. Like most people, over the course of a lifetime we collect a myriad of items: furniture, trinkets, books, china, silverware and other treasures. When you are preparing to move, especially if you are downsizing, you will be faced with the question of what to do with everything. This is a difficult choice, and one that most of my senior clients face when they are ready to make a lifestyle change and move from the home in which they raised their family to a smaller home, condo or retirement residence.

THE HISTORY OF YOUR THINGS

We form emotional attachments to the things with which we surround ourselves. For most people, the items in our homes have deep and meaningful memories attached to them. Glance at anything in your home and you can remember where you acquired it, or when, or who gave it to you. This is particularly true for figurines. If you have a large collection and you know your new home will not have the space for all of them, how do you choose which ones to let go?

The same holds true for everything you love. It’s impossible to give up the wooden spoon with the scorch marks slashed across its bowl that houses the memory of your youngest child learning how to cook. The Royal Doulton or Portmeirion tea cups with matching saucers reminds you of afternoons sipping tea with your sister. The heavy wooden coffee table may be the first piece of furniture you and your spouse purchased as a couple. These items hold joy for us, packaged neatly in our family history and our memory. It’s not an easy feat to let things go and it can be painful to release these items and to imagine them living in someone else’s home or worse, the dump.

HOW TO CHOOSE

The first step to sorting out what will move with you is to decide what you absolutely cannot live without and which items hold less of an attachment. If you know the dimensions of your new home, spend some time figuring out which items you wish to keep, but will not fit. Once you’ve done that, it’s time to approach your family and ask them what, if any, items they’d be interested in taking. Ideally, you can keep the heirlooms in the family, but you need to be prepared to hear that the items you hold dear have no value to anyone else. Young people are generally not very interested in anything from “grandma’s house”. Acknowledge that your items hold meaning for you, but someone else will not share that sentiment.

HOW TO DISTRIBUTE

Aside from handing off your things to family members, there are various ways to distribute the stuff you have to leave behind. Before giving away anything, you should assess what items have actual value. Auctioneers, appraisers and other experts can assess your items and tell what has financial value and is desirable on the market. They can also help you re-home those items and will sell them on your behalf for a commission.

Any items that are not sellable can be donated to various organizations. There may be some limits or restrictions on what an organization can take, so it's best to check beforehand. Which organization will take what may also be location-dependant. For example, Goodwill in one area may take furniture, while another will not. Some charities will gladly schedule a pick-up, while with others you may have to find a way to get your items to them. Give some thought to smaller organizations such as church groups or service clubs (like Optimist or  Kiwanis) that might be able to pick up your items and re-home them.

WHERE TO GET HELP

As a Master Accredited Senior Agent, I can walk you through the process of downsizing and offer some guidance on how to determine what you’d like to keep. I have a growing list of experts who can assist you with the valuation and distribution of your goods, as well as packing up your home and unpacking at your new home. The most important thing is to recognize that you had your enjoyment from the items you are letting go and it’s okay to free them to have a new life. It is possible to detach yourself from the items while still holding on to the memories and joy they brought you. If you need further assistance with downsizing, please reach out to me. I can help you manage this process and connect you with the right people who will make this transition a little easier.

As we shift from a trash economy to a repurpose economy, the list of organizations who will distribute your unwanted items continues to grow. Here is a list of resources.

Habitat for Humanity Halton-Mississauga

Habitat for Humanity will take everything from household items to tools to clothes. Items are sold in their ReStore which funds the administrative side of Habitat's organization. All donations to Habitat directly fund the building of affordable homes. They will pick up items, salvage ones that might otherwise go to the dump and have recently launched a Revive program.

Sell This For Me

Serving Toronto, Oakville, Burlington, Mississauga, and Waterloo, Sell This For Me will auction your goods in an estate sale. They can come to your house, take photos of the items for sale and list them online or house them at another location to sell.

MaxSold

MaxSold sells items by online auction. This is another easy solution as they will come to your house, take photos of the items for sale and list them online. There is an Ontario Horseshoe branch serving the Horseshoe region. 

Aldershot Lions Club Garage Sale

Located in Burlington, the Lions Club will send someone to your home to determine what they'll accept and will pick up and deliver to the store to sell to others.

Goodwill

Accepts all manner of goods: household items, furniture, kitchen wares, books. Almost anything you want to give away, Goodwill is happy to take. They do not offer pickup service, so you will have to drop off donations on your own.

 

You can also check with your local library branch to determine if they are willing to take donations of books.

 

Consignment sales:

Zoey's Consignment

Millionaire's Daughter (Hamilton and Oakville)

Kerr Home Decor

Bogart Home & Decor Consignment

Downsizing Solutions

 

Service Providers:

Estate Concierge

Neat Spaces

Organize Me Please

Move Seniors Lovingly

 

Facebook groups:

Too Good to Dump 

The link will take you to the Oakville and surrounding areas page, but there are various cities, towns and villages with their own Too Good to Dump Facebook pages.

As always, I'm happy to help in any way I can. Please don't hesitate to call or text me at 905-330-5201 or email mariongoard@kw.com.

 




Lowest Mortgage Rates in History: What It Means for Homeowners and Buyers

 Wednesday, August 19, 2020     Marion Goard     Financial Health House and Home Real Estate Market Buying and Selling

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The interest rate on Canada’s most popular mortgage, the five-year fixed rate, has fallen to its lowest level in history. In early June, HSBC made headlines when it began offering Canadians a five-year fixed-rate mortgage below 2%. Multiple brokers followed suit, and some are now advertising even lower rates. And while many Canadians have rushed to take advantage of this unprecedented opportunity, others question the hype. Are today’s mortgage rates really a bargain?

While discounted five-year fixed mortgage rates have hovered between 2% and 4% for the past decade, they haven’t always been so low. For a period of 18 years, from 1973 to 1991, the posted five-year mortgage rate never fell below 10%. At the time, the Bank of Canada was hiking interest rates to try to stem a rising tide of inflation. It’s hard to imagine now, but the five-year fixed rate peaked at over 21% in 1981. Fortunately for home buyers, inflation began to normalize soon after, sending mortgage rates on a downward trajectory that has helped make homeownership more affordable for millions of Canadians.

So what’s causing today’s five-year fixed rates to sink to unprecedented lows? Economic uncertainty. 

Fixed mortgage rates move in sync with the yield offered on government-backed bonds. As the coronavirus pandemic continues to dampen the economy and inject volatility into the stock market, a growing number of investors are shifting their money into low-risk bonds. This increased demand has driven bond yields—and mortgage rates—down.

Quantitative easing measures taken by the Bank of Canada are also helping to bring down mortgage rates. The federal bank dropped its overnight lending rate to .25%, and it continues to inject billions of dollars into the economy, giving financial institutions the confidence and ability to continue lending.

Of course, you’ll need to factor in prepayment penalties and any fees associated with your new mortgage. In some cases, these can cost as much as 4% of the mortgage amount. You can use an online refinance calculator to estimate your potential savings, or I’d be happy to connect you with a mortgage professional in my network who can help you decide if refinancing is a good option for you.

 

HOW DO LOW MORTGAGE RATES BENEFIT HOME BUYERS? 

I’ve already shown how low rates can save you money on your mortgage payments. But if you can meet the mortgage stress-test requirements,* they can also give a boost to your budget by increasing your purchasing power. 

For example, imagine you have a budget of $1,500 to put toward your monthly mortgage payment. If you take out a 5-year fixed-rate mortgage at 4.0% amortized over 25 years, you can afford a loan of $285,000.

HOW LOW COULD MORTGAGE RATES GO?

No one can say with certainty how low mortgage rates will fall or when they will rise again. But the Bank of Canada has signaled its commitment to keeping the policy rate at its effective lower bound of .25% for the foreseeable future, and many economists expect it to remain there through 2022.  

The real estate technology firm Mortgage Sandbox compiled forecast data from Bank of Montreal, Central 1, Desjardins, National Bank, Royal Bank, Scotiabank, and TD Bank. According to their analysis, the consensus was that the fixed 5-year mortgage rate will rise modestly over the next two years, averaging between 2.3% and 2.88%. 

While forecasts may differ, many experts agree: Those who wait to take advantage of these unprecedented rates could miss out on the deal of a lifetime. Positive news about a vaccine or a faster-than-expected economic recovery could send rates back up to pre-pandemic levels.

SHOULD I CONSIDER BREAKING MY CURRENT MORTGAGE? 

If you have a variable rate or recently renewed your mortgage, you may already be enjoying the benefits of falling interest rates. But if you’re locked into a higher fixed-rate mortgage for the next several years, you’re probably wondering if it’s a good idea to refinance.

Reduced interest rates can save homeowners a bundle on both monthly payments and interest over the term of a mortgage. The chart below illustrates the potential savings when you decrease your mortgage rate by just one percentage point. When it comes to refinancing, the bigger the spread, the greater the potential savings.

Estimated Monthly Payment On 5-Year Fixed-Rate Mortgage

25-Year Amortization

Loan Amount 3.5% 2.5% Monthly Savings

Interest Savings Over   5 Years

$100,000 $499 $448 $51 $4,720
$200,000 $999 $896 $103 $9.441
$300,000 $1,498 $1,344 $154 $14,161
$400,000 $1,997 $1,792 $205 $18,861
$500,000 $2,496 $2,240 $256 $23,601

Now let’s assume the mortgage rate falls to 3.0%. At that rate, you can afford to borrow $317,000 while still keeping the same $1,500 monthly payment. That’s a budget increase of $32,000! 

If the rate falls even further to 2.0%, you can afford to borrow $354,000 and still pay the same $1,500 each month. That’s $69,000 over your original budget! All because the interest rate fell by two percentage points. If you’ve been priced out of the market before, today’s low rates may put you in a better position to afford your dream home.

On the other hand, rising mortgages rates will erode your purchasing power. Wait to buy, and you may have to settle for a smaller home in a less-desirable neighbourhood. So if you’re planning to move, don’t miss out on the phenomenal discount you can get with today’s historically-low rates.

(*This scenario assumes you can meet the current mortgage stress-test requirements.)

HOW CAN I SECURE THE BEST AVAILABLE MORTGAGE RATE?

The best mortgage rates are typically reserved for only highly-qualified borrowers. So what steps can you take to secure the lowest possible rate?

 

  1. Consider a Variable-Rate Mortgage 

If you’re looking for the lowest rate possible, and you don’t mind the added risk, a five-year variable mortgage may be right for you. Even though the prime rate has held steady at 2.45% since April 10, lenders are gradually increasing their discount rates. And interest rates are expected to remain low at least through next year.

    2. Opt for a Closed Mortgage

Closed mortgages usually come with hefty penalties if you opt to prepay or refinance your mortgage before the term ends. However, they offer lower interest rates than convertible or open mortgages. It’s important to note that not all closed mortgages are created equal. Before you commit, make sure you understand exactly how much you’ll be expected to pay should you need to break your mortgage mid-term.

    3.  Give Your Credit Score a Boost 

You may have heard that the Canadian Mortgage and Housing Corporation has raised its minimum credit score requirement from 600 to 680. And while there are plenty of banks willing to lend to borrowers with a lower score, their best rates go to those with excellent credit. Unfortunately, there’s no fast fix for bad credit, but you can take steps to give your score a boost before you apply for a loan:

  • Dispute inaccuracies on your credit report.
  • Pay off debt, or spread it across multiple credit facilities.
  • Charge small amounts and then quickly pay off any dormant credit cards.
  • To lower your utilization rate, pay your credit card bill before the statement date.
  1. 4.  Make a Large Down Payment 

You may be surprised to learn that the lowest advertised rates often go to insured borrowers who put down less than 20%. That’s because these “high-ratio borrowers” must pay for mortgage default insurance, which protects the lender from any financial loss. So while “conventional borrowers” who make a down payment of 20% may be charged a slightly higher interest rate, their total borrowing costs are lower because they don’t have to pay for mortgage default insurance. A down payment larger than 20% can bring down borrowing costs even further.

    5.  Shop Around

Rates, terms, and fees can vary widely amongst lenders, so do your homework. If you’re renewing an existing mortgage, start with your current lender. Then contact several others to find out which one is willing to offer you the best overall deal. But be sure to complete the process within 45 days—or else the credit inquiries by multiple mortgage companies could have a negative impact on your credit score.

READY TO TAKE ADVANTAGE OF THE LOWEST MORTGAGE RATES IN HISTORY? 

Mortgage rates have never been this low. Don’t miss out on your chance to lock in a great rate on a new home or refinance your existing mortgage. Either way, I can help.

I'd be happy to connect you with the most trusted mortgage professionals in our network. And if you're ready to start shopping for a new home, I'd love to assist you with your search - all at no cost to you! Contact me today to schedule a free consultation.

The above references an opinion and is for informational purposes only. It is not intended to be financial advice. Consult a financial professional for advice regarding your individual needs.


Unit 201-4000 Creekside Drive, Dundas ON

 Thursday, August 6, 2020     Marion Goard     House and Home Real Estate Market Buying and Selling Just Listed

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SOLD FIRM in 4 days! For details visit www.unit201-4000creekside.ca

Luxury condo living at it’s finest in this rarely offered Dundana model in the wonderfully maintained Spencer Creek Village. The minute you step into the welcoming foyer of this 2 bedroom, 2 bath 1500+ sq.ft. corner unit you’ll feel right at home and start to notice some of the many upgraded features the unit has to offer. 

As you head down the hall to the living and dining rooms don’t miss the built-in Avantgarde wine cooler, perfect for your finest wines. The fireplace with flanking cabinets makes the living room a cozy space to sit back and relax. You can also entertain in style in the generously sized dining room or enjoy the outdoors on your private balcony.

The gourmet eat-in kitchen is equipped with stainless steel appliances, centre island and wall to wall cabinets. Pendant and pot lights add yet more appeal. The king size master bedroom features a built-in wardrobe, walk-in closet and spacious 5 piece ensuite bath with separate shower, soaker tub and 2 sinks.

Custom cabinetry, California shutters, hardwood and granite flooring, crown mouldings and quality light fixtures are found throughout. The custom draperies add another element of elegance. A laundry room is conveniently located in-suite.  And, there’s more - two parking spaces! 

4000 Creekside Dr. is a sought after building with gym, library, party room, guest suite and car wash area. It's a short walk to downtown Dundas where you can enjoy great shops, dining, cafes, galleries and other amenities. 

This unit is in move-in condition and definitely one-of-a-kind. Don’t miss out!

Contact Marion today to arrange your private showing! 

List Price:     $729,900

Bedrooms:     2

Bathrooms:    2

Square Feet:  1520 +/-

Garage:         Underground, 2 parking spots

Building Ameneties:  Gym, Library/Craft Room, Party Room, Car Wash Area, Guest Suite. 

Taxes:  $5,114 (2020)

Condo Fees:  $762.88


192 Central Drive, Ancaster. Exclusive Listing - Coming Soon to Realtor.ca

 Tuesday, July 21, 2020     Marion Goard     House and Home Real Estate Market Buying and Selling Just Listed

Welcome to 192 Central Drive, a charming home that sits on a 201 foot deep lot. It’s not often that opportunities like this become available! The choice is yours - live in as is, update with your own personal touches, or re-build on this spectacular lot to create your dream home.

Originally a 1 1/2 storey house, previous owners greatly expanded the living space with a 2 storey addition at the back. Now with 1853+/- sq.ft. above grade, the split level home features generously sized rooms, separate living and dining rooms, eat-in kitchen with fabulous views of the yard, a ground floor family room with gas fireplace and walk-out to the rear deck and private yard with majestic trees. The Master Bedroom features a 3 piece ensuite bath and walk-in closet.  All the must haves!

This property is located in Ancaster's Parkview Heights, a very quiet neighbourhood, yet it's just a few minutes to picturesque downtown Ancaster, shopping, schools, parks, transit, and highway access

MLS Date - Thursday August 6, 2020.  Visit www.192central.ca for more pictures and details.

Offers considered - Tuesday August 11, 2020. 

Don’t miss out. Make this one yours! 

Contact Marion today to arrange your private showing! 

New Price:     $699,000

# Rooms (above grade): 8

Bedrooms:     3

Bathrooms:    2

Square Feet:  1853 +/-

Garage:         None

Basement:     Full, Partially Finished 

Taxes - $4,349 (2020)

Lot:  56.38' x 201.00' 

             


Add Value To Your Home With These 9 DIY Improvements

 Wednesday, July 8, 2020     Marion Goard     House and Home Real Estate Market Buying and Selling

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Whether you’re prepping your house to go on the market or looking for ways to maximize its long-term appreciation, these nine home improvement projects are great ways to add function, beauty, and real value to your home. 

The best part is, once you’ve secured the materials, most of these renovations can be completed over the course of a weekend. And they don’t require a lot of specialized skills or experience. So grab your toolbox, then get ready to boost your home’s appeal AND investment potential!

Spruce Up Your Landscaping

Landscaping improvements can increase a home’s value but which outdoor features do buyers care about most? According to a survey of Realtors, a healthy lawn is at the top of their list. If your lawn is lacking, overseeding or laying new sod can be a worthwhile investment.

Planting flowers is another great way to enhance your home’s curb appeal. And if you choose a perennial variety, your blooms should return year after year. For an even longer-term impact, consider planting a tree. 

Clean The Exterior

When it comes to making your house shine, a sparkling facade can be just as important as a clean interior. A rented pressure washer from your local home improvement store can help you remove built-up dirt and grime from your home’s exterior, walkway, and driveway. Just be sure to read the instructions carefully—and only use it on surfaces that can withstand the intensity. When in doubt, a scrub brush and bucket of sudsy water will often do the trick.

Add A Fresh Coat Of Paint 

New paint can have a big impact on both the appearance and value of a property. In fact, it’s one of the most effective ways to revitalize a home’s exterior, update its interior, and make it appear larger and brighter. The best part? Painting is relatively easy and inexpensive! 

To get the maximum return at resale, stick with a modern but neutral color palette that will appeal to a broad range of buyers. According to a recent survey of home design experts, cool neutrals are a safe bet when it comes to interior paint. And respondents chose white and gray as the best exterior paint colors to use when selling a home. However, it’s important to consider a property’s architecture, existing fixtures, and regional design preferences, as well.  

Install Smart Home Technology 

In a recent survey, 78% of real estate professionals said their buyer clients were willing to pay more for a home with smart technology features. The most requested smart devices? Thermostats (77%), smoke detectors (75%), home security cameras (66%), and locks (63%).6 

The good news is, many of these gadgets are fairly easy to install. And some of them, including smart thermostats and light bulbs, will pay for themselves over time by making your home more energy efficient. In fact, many manufacturers report that smart thermostats can cut back on heating and cooling costs by 10-20%.  

If you already own a smart speaker, like Amazon Alexa or Google Home, choose devices that will pair with your existing technology. This will enable you to create a truly integrated (and in many cases voice-activated) smart home experience.

Modernize Your Window Treatments 

Smart—or motorized—blinds are also growing in popularity, and several manufacturers make models you can order and install on your own. But they’re not the only way to modernize your window treatments.  

If you have old aluminum blinds, consider replacing them with plantation shutters, which are energy efficient, durable, and have strong buyer appeal. Roman and roller shades are another stylish alternative, and they come in a variety of colors and fabrics, which you can personalize to meet your design and privacy preferences.

Fortunately, upgrading your blinds has gotten easier and less expensive in recent years. There are a number of retailers that specialize in affordable window coverings that are simple to measure and hang yourself.

Replace Outdated Fixtures 

Drastically transform the look and feel of your home by swapping out dingy and dated fixtures for contemporary alternatives. Start by assessing your current light fixtures, faucets, cabinet hardware, door knobs, and even switch plates. Then prioritize replacing those that are particularly outdated or in highly-visible areas, such as your entryway or kitchen. 

Even if your home is fairly new, consider trading your builder-grade fixtures for higher-end options to give it a more upscale appearance. And forget the old rule about sticking to one metal tone throughout your property. According to designers, mixing metal finishes can add interest and character to a space.

For more designer insights and decor trends, contact me for a free copy of my recent report: “Top 5 Home Design Trends for a New Decade.”

Upgrade Your Bathroom Mirror

A minor bathroom remodel offers one of the best returns on investment. I’ve already explored several improvements you can make to your bathroom: new paint, fixtures, and hardware. Now complete the look by upgrading your vanity’s mirror. 

Before you purchase a new mirror, examine your existing one to see how it is attached to the wall. Some vanity mirrors are glued to the wall and difficult to remove without shattering the glass or damaging the drywall behind it.

If you prefer to keep your existing mirror, you can paint the frame—or add one if it’s currently frameless. There are several online retailers that will send you the frame components cut to your specifications, which you can assemble and mount yourself. Much like a work of art, your vanity mirror serves as a focal point for your bathroom, so let your creativity shine through!

Shampoo Your Carpet

Carpet is notorious for trapping dust, dirt, and allergens. It’s one of the reasons that most buyers prefer hard surface flooring. But if you love your carpet, or you’re not ready to invest in an alternative, make an effort to keep it clean and odor-free.

To properly maintain your carpet, you should vacuum it weekly. Experts also recommend a deep shampoo at least every two years. Fortunately, this is a cheap and easy DIY project you can knock out in about 20 minutes per room. According to Consumer Reports, you can rent a machine and purchase. It's well worth the effort and expense.

Customize Your Closet

Real estate professionals estimate that a closet remodel can add $2500 to a home’s selling price. Although a professional renovation can cost upwards of $6000, there are many high-quality DIY closet systems you can customize and install yourself.

Experts recommend taking a thorough inventory of your wardrobe and accessories before you get started. Make sure frequently-worn pieces are easy to reach, and store seasonal and seldom-used items on high shelves. Place shoe racks near the closet entrance so they are easy to access. A little planning can go a long way toward building a closet that you (and your future buyers!) will love.

GET A COMPLIMENTARY ANALYSIS OF YOUR PROJECT 

We’ve been talking averages. The truth is, the actual impact of a home improvement project will vary depending on your particular home and neighborhood. Before you get started, contact me to schedule a free virtual consultation. I can help you determine which upgrades will offer the greatest return on your effort and investment.