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The 10 Most Common Causes and Cures of Mould in Your Attic

Here are a few of the most common Causes and Cures of mould in the attic:

1. Blocked soffit vents are often the cause of a general mould problem in an attic. Specially designed baffles can be added to return airflow, or simply pull back the insulation from the edges.
2. Insufficient roof vents means insufficient air-flow that will lead to moisture build-up.
3. Roof leaks, caused by worn-out, broken or cracked shingles are obviously a sign of trouble. Replacement usually means the whole roof and if the shingles have been leaking for a while, be prepared to have to replace some of the roof sheathing and insulation at the same time.
4. Bathroom fans and dryer vents exhausting into the attic space are a no-no. The warm, humid air should be vented directly to the outside. Failure to do so means moisture accumulation and higher temperatures than normal in the attic – perfect for mould growth.
5. Step-flashing leaks, in side-split homes, can introduce the moisture needed for mould growth in an attic. Often awkward to check without invasive deconstruction, it can usually be done without the need for reroofing.
6. Plumbing vent stacks, attic vents or other breaks in the roof surface need special attention. Gaskets and flanges around these items can become brittle over time and cracks can form. They can be resealed using a long-lasting silicone sealant or replaced entirely.
7. Chimneys are another common area to leak. The flashing must be maintained to ensure a water tight seal.
8. Gable vents that are plugged or too small can lead to poor airflow and a build-up of moisture.
9. Holes in the tops of walls and ceilings for plumbing, heating and wiring can leak indoor air into the attic space. These can be easily sealed using expanding spray foam in a can.
10. Pot lights, if not properly installed, can leak air into the attic space.

What does the potential loss of Blackberry mean for Waterloo Region?

At this time, it is still unknown exactly how many local jobs will be impacted by the announced layoff of more than 4,500 blackberry employees worldwide, and with a tentative deal to purchase Blackberry already on the table – it is impossible to know what the future holds for the employees working and living in Waterloo region.

For its part, the Kitchener Waterloo Association of Realtors(KWAR) has never been in the business of forecasting its local real estate market, but we do track sales through our MLS® System. What we can say is that Waterloo region has long enjoyed a stable and solid real estate climate and the economic region of Waterloo has always been one of Canada’s fastest growing.

Another factor working in our favour is that the housing market in the Kitchener-Waterloo region is facing this challenge from a position of strength. Demand has accelerated in recent months, resulting in an increase in the rate at which listings have been drawn down.

In looking at inventory through the KWAR’s MLS® System, The Canadian Real Estate Association has identified that overall supply has been falling since last summer and currently stands at the lowest level in three and a half years. On a seasonally adjusted basis, the number of months of inventory measure sits at just 3.6 months compared to around 6 months at the national level. This is important, because one of the risks to any housing market in the event of an increase in unemployment is the potential for a jump in the number of homes for sale.

The risk is that this jump in new listings throws demand and supply sufficiently out of balance to result in a buyer’s market situation at the same time that some sellers may be under increased pressure to sell due to job loss.

From this standpoint, the currently low and falling levels of supply in the Kitchener-Waterloo region will cushion the market against a potential rise in new supply. Given that current housing market conditions are on the cusp of a seller’s market, the market is in a good position to absorb an increase in supply without it having a negative impact on home prices.

Moreover, while the region is probably best known as the home of BlackBerry, Kitchener-Waterloo’s job market is well diversified. Employment in the region is spread-out across many industries, with manufacturing, trade, healthcare, professional and technical services, financial services, education, and construction all playing important roles.

Waterloo region has a population of more than half a million and a workforce of over 290,000.  “For perspective, even if all 4,500 job cuts hypothetically took place in Kitchener-Waterloo region, that would amount to only one and a half per cent of the region’s total employment as reported by Statistics Canada as of August for the Kitchener- Cambridge-Waterloo CMA region,” says Dietmar Sommerfeld, President of KWAR. With job losses expected to be spread out over BlackBerry’s entire worldwide operations, the actual impact on local employment may well be less.

Commenting on the current situation, Sommerfeld says “Despite recent disappointing news about significant layoffs at Blackberry, both Waterloo regions’ overall economy, and its tech sector are strong and diversified.” He goes on to note that, “real estate markets located in regions as economically diverse as ours, benefit from not being tied to any one employer or sector.” 

The value of a REALTOR is even more pronounced in undcertain market conditions...contact me today to find out what your home is worth!

Mortgage Changes Posing Challenges for Some Home Buyers....

Rising Rates and Stricter Qualifying Guidelines May Make it Harder for you to Qualify for a Mortgage and Lower your Purchasing Power Even Further (to be in effect by December 31, 2013)

 

When purchasing a home, the key areas that impact whether you qualify for a mortgage at all and for how much, are based on your income, credit and debts including your new mortgage payments and available down payment. 

 

In July 2012 there were some significant mortgage legislation changes that impacted qualifying for a mortgage including using a higher interest rate to qualify depending on the term you select, more income verification and down payment for the self-employed as well as lowering the amortization to 25 years.  All these changes impacted mostly those that have less than 20% down payment and therefore require default insurance (CMHC, Genworth or Canada Guaranty).

 

Unfortunately, there is more to come that has already taken effect with some lenders now, and others by December 31st, 2013.  All these changes are intended to curb consumer debt accumulation over and above income levels and to reinforce the importance of ensuring that borrowers do not over extend themselves financially with more debt than they can handle.

 

Overall, these changes are a good thing to ensure consumers don’t overspend and become “house rich and cash poor”; meaning being a home owner but living pay cheque to pay cheque with so much debt (including credit cards, loans, lines of credit etc.) that there is no extra cash for savings to build a financial cushion should there be an income loss in the future.

 

The downside is that these changes are impacting the ability for many to qualify to purchase a home, especially impacting first time home buyers who are struggling to find an affordable property that they qualify for close to where they live and work.

 

So what are the new changes coming into effect by December 31^st, 2013 and how will they affect your borrowing and purchasing power?  The changes fall into three categories which are focused on your debt to income ratios and this will determine how much of a mortgage you qualify for;

 

1.    Debt; The payment that must be considered when calculating how much you qualify for is now a minimum of 3% of the outstanding balance on all unsecured lines of credit and credit cards that you have.  Even if you have a lower minimum monthly payment required by the creditor, this will no longer be used. 

For secured lines of credit that are registered against real estate, a minimum monthly payment that is to be factored into your qualifying is now the outstanding balance calculated over a 25 year amortization using either the benchmark rate (5.34% as of Sept 12^th, 2013) , or the actual interest you are paying.  Even though your secured line of credit might only have a minimum payment of interest only, you now have to qualify using a much higher payment.  Some lenders are taking this one step further and using the “credit limit” instead of the outstanding balance.

How to overcome this challenge; if you pay your entire balance off each month, and can provide confirmation of this, then you will not be impacted by this change.  Work with me on your personal household budget so we can create a plan to pay down your existing debt to a point where you qualify for the mortgage you require

 

2.    Guarantors; if you can’t qualify for a mortgage on your own, often a guarantor can be added to your application.  The guarantor is not on title but is on the mortgage and typically doesn’t live in the property with you.  The new changes mean that you can no longer use the income of the guarantor to help qualify for the mortgage unless they will be living in the property with you.  You will now be required to prove you can afford the property without using your guarantors income as well.

 

How to overcome this challenge:  Ensure that you purchase a home and obtain a mortgage that you can actually afford to pay back on your own without any financial contribution from a guarantor.   You may have to adjust your wish list a bit, or purchase a more affordable home to get you onto the property ladder.

 

3.    Heating Costs; using about $75 to $100 per month to calculate the cost of heat in your qualifying has been the norm till now.  Changes now require that a higher amount than this be used as determined by the lender and will be based on the purchase price, size of the property and location. 

 

How to overcome this challenge:  The reality is you are most likely going to be paying more than $100 per month on heat and utilities anyway so ensuring you can afford these bills is a good thing before you buy the home.  When you find a property you want to buy, ask the existing home owners for copies of the utility bills over the last twelve months so you can see what it will actually cost to heat your home thru the entire year.  Of course, your usage might change from the existing home owners but at least you will have an idea.  Again, ensuring you can actually afford to pay the utility bills before you purchase the home is good.

 

These changes, along with recent rising interest rates, are impacting the amount borrowers qualify for which in turn determines the purchase price of a home. 

 

So what happens next?  Firstly, don’t panic as these changes may not impact your particular situation at all.  If you are considering either moving and purchasing a bigger home or purchasing your first home, contact me today.  There are many strategies we can discuss together to make your dreams of home ownership an affordable reality.

4 Costly Mistakes to Avoid as a Home Buyer

Dreaming about your first home? As any first-time buyer will tell you, buying a home is an exciting and overwhelming experience. Before you start viewing listings, it pays to learn about your different home financing options. As a first-time home buyer, there’s a good chance that your first purchase won’t be your “forever” home, but instead a temporary starter home. Developing a short-term and long-term perspective on your home purchase can help prevent buyer’s remorse. Here are four common mistakes made by first-time home buyers—and four money management tips to avoid making these same errors.

Mistake #1: Overcommitting

Home loan lenders qualify potential homeowners based on their debt-to-income ratio. Lenders don’t take into account fixed expenses such as commuting costs, childcare, food or utilities. Consequently, many first-time buyers overcommit—borrowing the entire amount for which they are approved. Unfortunately, this can lead to serious payment shock down the road if there’s no flexibility built into the budget. Prior to meeting with a lender, determine how much you can comfortably afford to borrow and still meet your fixed income requirements, build your savings account, and adjust for future changes, like children.

Mistake #2: Failing to be prequalified

Once you run the numbers and determine your housing budget, visit your home loan lender and become prequalified. Even if you’re several months or a year away from purchasing a home, a prequalification meeting is essential to getting your financial affairs in order. You may also realize that an extra year of saving for a down payment or improving your credit score could significantly improve your loan terms. Then, when you find the perfect home, you’ll be in strong position to make your best offer.

Mistake #3: Not knowing your credit score

As a prospective homeowner, you likely realize that a 620 is the minimum credit score necessary to be qualified to purchase a home. However, thousands of dollars in potential savings stand between a 620 and a 720. Do you know your credit score? If you don’t, get a copy of your FICO score from each of the three major credit bureaus. A score between 680 and 720 will land you the best home financing options. Is your score lower than you’d like? There are ways to improve your credit score.

Mistake #4: Not understanding home financing options

Many first time homebuyers are opting for a conservative, 25-year fixed rate mortgage. However, if you plan to sell your home in the next five years, a 25-year fixed rate mortgage is actually a bad deal. You’ll be paying a premium for a product that you don’t need. A five-year adjustable rate mortgage may give you better terms now, while also making it easier to meet your other financial obligations. Understand the pros and cons for each home financing option rather than simply picking the most conservative option.

I've helped many home buyers,  including first-time buyers through the home buying process.  Contact me today for a FREE Home-Buyer's Toolkit.

Simple Checklist to Make Sure You Buy the Right Home for You

Buying a home can be a great investment, and many households dream of starting a family and developing memories in their first home.

 When it comes to shopping for a property, many first-time homebuyers may be surprised by all the options their real estate agent provides. Luckily, there are several ways prospective buyers can narrow down their home search and find a property that best meets their needs.

The simplest way prospective buyers can begin their home search is to contact a real estate agent and go through a process of elimination by creating a simple checklist that outlines what they’re looking for.

Non-negotiable features
There are a number of home features and characteristics that buyers consider “must haves” before buying a home, therefore it’s important to start with these when making a checklist. For example, home-buyers may require a certain number of bedrooms or bathrooms, prefer to own a large piece of land or refuse to live in a certain neighborhood. These non-negotiable features should be communicated to their real estate agent to ensure that they are fulfilled before individuals spend time visiting home staging events.

Negotiable features
In some cases, buyers may want to own a home that features double bathroom sinks or borders two school districts. If these factors are important to buyers, but will not necessarily prompt them to turn away from a home sale, they should also be on the list. Real Estate Agents will work to meet all of a buyer’s guidelines, so buyers shouldn’t leave out the little amenities that may make a house feel more like a home.

Neighborhood caveats
You know what they say… “Location, Location, Location.” Choosing the right neighborhood features is almost as important as choosing the right home features. Neighbors, school districts, crime rates, amenities, costs and activities will be a part of a homebuyer’s life for years, so it’s crucial to take these factors into consideration as well when drawing out a list of wants.

Lastly, buyers shouldn’t get discouraged if it takes some time to find the right home. Finding a house that has all the necessary features is worth the wait, and any additional quirks or home features can be altered to meet a buyer’s needs.

Contact me today for your FREE Home-Buyer's Toolkit.

33 Moving Tips That Will Make You Say "Why Didn't I Think of That?!?!"

1. Pack an overnight bag containing all the essentials.

                         

 

Chances are, you’ll be too tired to unpack your things. You’ll want your essentials within easy access, including a change of clothes if you’re going back to work the next day as well as all your toiletries. It’s also a great way to transport a laptop, which could run the risk of getting stolen during a move.

2. Pack the items you will need FIRST in a clear plastic bin.

                         

 

This includes things like a box cutter, paper towels, trash bags, eating utensils, select cookware, power strips, phone chargers, toilet paper, tools, etc. The clear bin allows you to see inside; it also separates itself from the myriad of cardboard boxes.

3. Wrap your breakables (dishes, glasses, etc.) in clothing to save on bubble wrap.

                         

 

Two birds, one stone: you’re packing your clothes and kitchenware at the same time.

4. For extra padding, pack your glasses and stemware in clean socks.

                         

 

5. In addition to labeling what’s in your boxes, add what room they’ll be going into, as well.

                         

 

When you arrive at your new home, unpack BY ROOM. The unpacking process will feel more manageable.

And remember to label the SIDES of the boxes, not the tops. This way, you’ll be able to identify them even if they’re stacked.

6. If you can, show up to your new home before the move and pre-clean the bathroom and kitchen.

                         

 

Put up a new shower curtain liner and stock some new bath towels and toilet paper, as well. You’ll want to take a hot shower after a long day of moving.

7. Place an extra cotton pad or ball into your powder cosmetics to keep them from breaking.

                         

 

This is a great tip for traveling in general.

8. Cover the openings of your toiletries with saran wrap, then put the tops back on.

                         

 

This will keep your toiletries from breaking and leaking all over your stuff during the move.

9. Pack plates vertically, like records. They’ll be less likely to break.

                         

 

10. Keep drawers intact by covering them with Press’n Seal.

 

Dresser drawers are like their own moving boxes — this will keep you from having to unpack and re-fold their contents.

It’ll also make moving the actual dresser much more manageable.

11. Press’n Seal is also great for keeping jewelry displays intact.

                         

 

12. Buy a roll of stretch wrap.

                         

 

It works like Press’n Seal but on a bigger scale. You can group items together, and it’ll protect your furniture from getting scuffed and scratched.

13. Keep sandwich bags handy for holding any small parts of things you have to take apart, like curtain rods or mounted flat-screen TVs.

                         

 

Tape the sandwich bags to the back of the item they correspond to.

ALSO: use this method with the cords for your electronics.

14. Beer boxes are the best for books because they have handles on the sides.

                         

 

So be sure to hit up your local liquor store.

15. Take a photo of how your electronics are connected so you can remember how and where all the wires go.

                         

 

16. Cut down on boxes by making all of your baskets, laundry bins, hampers, and suitcases work for you.

                         

 

Pack them with stuff! Use the wheeled suitcases for heavy things like books.

17. The fastest way to pack a closet:

                         

 

This also keeps your clothes on their hangers, for much faster unpacking.

18. Vacuum seal your out-of-season clothing.

                         

 

Not only will they take up less space and be a breeze to pack, but they can go directly into storage in the new home.

19. Along with food and alcohol, give your friends who help you move first dibs on anything you originally planned to sell or donate.

                         

 

It’s just an extra perk, since you won’t be paying them.

20. Make sure everything is completely packed before your friends show up to help you move.

                         

 

Don’t be that horrible person who makes everyone wait around/help you pack.

Another note: if you have enough friends, split them up into shifts — one set to help you move in the morning, and another to help you move when you get to your new home.

21. Enlist the color-coding system.

                         

 

Pick a color code for each room and label that room’s boxes accordingly. Label the door of each room with the corresponding sticker/tape so that movers know where to place the boxes.

22. It doesn’t hurt to number your boxes.

                         

 

Make a detailed corresponding list of what’s in each box by number. This makes it easier to make sure you didn’t forget any boxes, or god forbid, someone stole one. AND, if there’s anything valuable in there, you won’t be broadcasting it to the world by writing it down right there on the box.

23. If you have a lot of fragile valuables, hiring movers as opposed to asking friends can end up paying for itself.

                         

 

Many movers come with insurance, which means if something breaks, they have to compensate you. You might want to weigh the pros and cons though — they won’t want to be responsible for a television that isn’t properly packed in its original box and could end up charging you upwards of $150 to pack it as they see fit.

Also remember to book them weeks in advance — you’re not the only person trying to get out of your space on the last day of the month.

24. If you do hire movers, be sure to read the fine print and find out if they have any weird rules.

                         

 

For instance, some movers will only move things in boxes, not garbage bags. Which means you’ll be paying them extra for unnecessary boxes at a marked-up price.

25. If you’re renting, take photos of your cleaned-out old home and your new home before moving in.

                         

 

This is essential if you ever hope to get your deposit back. It will save you major headaches with difficult landlords who charge you cleaning and repair fees unnecessarily when moving out.

26. Fill the nail holes in your previous home with a bar of soap.

                         

 

27. If you’re doing a cross-country move and you don’t need your stuff immediately, consider shipping via Greyhound.

                         

 

It’s an inexpensive shipping option for large items. Just remember to pack your stuff really well — your boxes WILL get a little beat up along the way.

28. Change your address at least two weeks prior to moving.

                         

 

This might seem like a no-brainer for important things like utilities and cable but don’t sweat the small stuff. You’ve also got Amazon, PayPal, credit cards, your bank, magazine subscriptions, and your mail to worry about.

29. If you own items that you want to get rid of but are too valuable to just give away, start selling on eBay, Etsy, or Craigslist at least 6 weeks before moving.

                         

 

It’s an easy way to make you feel like you aren’t procrastinating, and you might be able to make enough money back to pay for the entire move itself.

But it takes time for things to sell on Etsy and eBay so you’ll want to plan accordingly.

30. Arrange for a charity organization to come pick up the items you don’t want at least a week or two before moving.

                         

 

It’ll save you the trouble of having to take it there yourself.

31. Make your last grocery trip two weeks prior to moving.

                         

 

The more food you end up using before moving, the less you’ll have to throw out.

32. For same-city moves, hire a sitter for the children and pets.

                         

 

The last thing you need is to be worrying about losing track of your kids or pets on this stressful day.

33. Remember to defrost your refrigerator at least a day before moving and wipe up any liquid.

 

 

Else you’re going to have stinky wet mess when you get to your new home.