Edmonton Real Estate Blog

Despite how religious you are about coaster use in your house, chances are you have at least one water ring plaguing a piece of furniture. I didn’t learn the importance of coasters until after college, and by then my beautiful hand-me-down Drexel coffee table had been tarnished with multiple rings from bottles of beer and wine. Is it too late to save it? Luckily Peter Stames of Archia Homeshas a solution for even the toughest of alcohol and water stains.

To get rid of an older stain: Moisten a cotton cloth in olive oil, and touch the cloth to a bit of rottenstone. Gently rub the stained area with the cloth until the ring appears to be gone. Never wax or polish over an alcohol or water ring, since this will permanently set the stain on the wood finish.

Rottenstone is a rock used as a polishing abrasive in woodworking, and is usually made with limestone mixed with other materials. This fine powder can be mixed with natural oils to polish wood to a fine finish.

To View & Search All MLS Listed Houses for Sale Visit Us At:

www.EdmontonHomesforSale.biz

Source: houzz.com

Often by playing it safe financially, you think you’ve protected yourself from investment losses. Think again. Sometimes the price of playing it safe is the erosion of your money over time thanks to inflation. Certain investments often thought of as being safe may not keep pace with inflation, especially after considering taxes. The best way to ensure your investment stands the test of time is by investing in a diversified portfolio. A diversified approach should include exposure to higher yielding equity mutual funds. If your portfolio is appropriately diversified and tailored to your time horizon and tolerance for volatility, you’ll ultimately be playing it even safer over the long term.

Feel free to contact me or visit my website for more information.

Have you ever watched those TV shows where some lucky homeowner gets a room redecorated by a professional? To have something similar done in your own home you would have to make a serious investment, or become a TV show guest!

However, there are ways to re-decorate a room and make it look great – even spectacular – on a budget.

Say, for example, you want a living room makeover. If your sofa is worn you can buy a fitted sofa cover that will make it look almost new. Table cloths on worn end-tables and other surfaces can have a similar affect.

Don’t forget the most economical redecorating trick of them all: Paint! A fresh coat of paint can bring a room to life!

Hanging a few new pictures can also have a dramatic impact on the look of a room. You don’t have to buy a Rembrandt. Attractive, simply framed pictures will also add interest and colour.

With a little imagination, it’s amazing how much you can improve a room on a little or even no budget.

To View & Search All MLS Listed Houses for Sale Visit Us At:

www.EdmontonHomesforSale.biz

If you’re planning on finding your next dream home, then you’re probably going to view several homes on the market that meet your criteria.

You will want to make the right purchasing decision for you and your family. So, it’s wise to be savvy when viewing properties for sale. Here are some ideas on how to do that.

• Bring a notepad. Take notes, not only of the home’s characteristics, but also of how you feel. For example, can you imagine yourself happily cooking up a storm in the kitchen? Do you see yourself entertaining family on the back deck?

• Bring a measuring tape. Will the furniture you plan to bring fit? Your dining room suite? Your home fitness equipment?

• Ask about maintenance. Is the property in a good state of repair? Will anything need to be replaced soon, such as the windows?

• Bring a camera. Take lots of pictures of the home’s exterior features. Don’t make the mistake of thinking you’ll remember how everything looked.

• Check out the area. Do other homeowners take good care of their properties? This shows pride of ownership. How is the noise level? Is there a playground, or another area feature nearby?

• Make a list of compromises. For example, are there only two bathrooms instead of three and, if so, can you live with that?

• Make a list of bonuses. What features does the home have that, are not a necessity, but would be nice to have? For example, an entertainment bar in the basement recreation room.

• Remember your budget. Is the price within your range? Can you afford to buy this home?

The savvier you are when viewing properties on the market, the more likely you will be to find your next dream home.

To View & Search All MLS Listed Houses for Sale Visit Us At:

www.EdmontonHomesforSale.biz

Investors are led to believe they pay no fees when investing in Guaranteed Investment Certificates (GICs). The truth is that the interest you are paid on a GIC is much less than what the bank earns when they subsequently invest your money in loans or mortgages.

Feel free to contact me or visit my website for more information.

While you are house hunting, please ensure to keep your credit in good standing. Any default payments or increased debt will affect your capacity to purchase.
Here is a quick checklist to help me provide prompt service:
o Income Verification: Letter from employer & recent pay stub
*If commission and overtime provide most recent 2 years consecutive
“Notice of Assessments”
o Down Payment Verification: Own source: 3 months bank statements of deposits, RRSP’s, investment
OR
Gifted: gift letter, bank statement to show funds received
o Lawyer information
o Void Cheque or Preauthorization Payment form
o Copy of Photo-identification
o Copy of Offer to Purchase (provided by Realtor)
o Copy of MLS listing (provided by Realtor)
Please call anytime if you require additional information or clarification.

What is Mortgage Loan Insurance?

Mortgage Loan Insurance (also referred to as “Default Insurance”) protects lenders/banks from loss due to borrower default on a mortgage. Default Insurance provides a necessary safety net to the financial system, helping to ensure the availability of mortgage funding.

Banking laws require Default Insurance when the down payment is smaller than 20% of the lesser of the purchase price or the appraised value of the property. Even when down payments are 20% or larger, lenders may still require Default Insurance due to individual borrowing circumstances, such as property location or property type. There are 3 insurer in Canada; CMHC, Genworth and Canada Guaranty.

Who pays the Default Insurance premium?
The borrower pays the insurance premium. The premium can be paid in a single lump sum or it can be added to your mortgage and included in your monthly payments. Most borrowers add the premium to their mortgage.

How do consumers benefit?
Consumers can become home owners sooner. Default Insurance enables consumers to borrow from us to purchase homes with a down payment as low as 5%, rather than needing to save 20%.

How much does Default Insurance cost?
Default Insurance is calculated as a percentage of the mortgage amount and is based on the size of the down payment and the amortization period.

The following table lists the standard premiums.

You’ve found a house that you like but it needs improvements. The Purchase Plus Improvement program will allow you to add the renovation cost to the purchase price, so you can benefit from a low mortgage interest rate and make only one payment.
Before, you go and make an offer, there are a few conditions that will help determine whether this program suits your needs. One of the first misunderstandings with Purchase Plus Improvement, is that most people do not realize that they will have to pay for the renovations themselves, until the work is completed. The lender will mandate that the solicitor “hold back” the additional cost added to the mortgage, that represents the improvement amount. Once the work has been completed, an appraiser will have to supply the lender with an inspection report, to verify the work has been completed as agreed. The lender will instruct the solicitor to release the funds from his trust account, to pay for the improvements. My advice in these circumstances, is to take advantage of family, or lines of credit to finance these costs until completion. Some renovation companies my not require payment until work is complete.
Secondly, CMHC and Genworth both have guidelines regarding maximum improvement allowance. The improvements cannot exceed 10% of improved value or $40,000.
Thirdly, before I can submit this type of transaction to the lending institution, you will need to supply me with a quote and/or a renovation contract. For self-renovations provide cost of supplies from Home Depot/ Rona. Note, lender will not pay for borrower’s own labor.

Please ensure to keep all invoices and receipts. All invoices and receipt must also be provided to the lender before instructions are sent to the lawyer to release funds. The cost of appraisal is the responsibility of the borrower.
Here is an example of a Purchase Plus Improvement mortgage. The house is priced at $300,000 but it needs another $20,000 in renovations. You can add in the renovations cost to the purchase price and CMHC or Genworth will lend against the total value (purchase price plus the renovation cost).
Purchase price $300,000
Renovations $20,000
Total cost $320,000
Lending value $320,000
Max. Mortgage $304,000 (95% of $320,000)
Min. down payment $ 16,000
Please don’t hesitate to contact me if you have any questions or require additional information.

Do you have stuff in your home that you need to sell? Perhaps you have some suits or dresses that no longer fit, an older living room set that you’ve just had replaced, or a vinyl record collection you’ve been hanging onto for years.
If a traditional garage sale is not an option for you, there are other ways to sell those items.
For example, you could rent a stall for the weekend at a local flea market. This is relatively inexpensive and can be a fun activity for the whole family.
Another option is to advertise in your local community newspaper. Advertising rates in local publications are often much lower than in major newspapers.
You can also advertise on the internet. There are several popular sites, such as Craigslist.com and eBayClassifieds.com (Kijiji.com in Canada) where you can advertise for free.

Consider this scenario for a moment, the individual on the left invested $2,000 a year for nine years, a total of only $18,000 at which time she became disabled and stopped investing. Her friend on the right took the disability as a wake up call and decided it was time to start her own $2,000 a year investment program but she’s starting nine years later. At the age of 65, when they’re both ready to retire, there is still a difference in their investments even after one of them invested $70,000 over 35 years.

Douglas J. Bodtcher                               
Investors Group Financial Services Inc.
780-448-1988 ext. 284