Should you repair or replace your windows?

For a Free Home Value Report, CLICK HERE



Over the years, there have been many changes in style, technology, and function of windows. When deciding whether to repair or replace your existing windows, begin by considering their age and condition. 

If your home is more than 30 years old and still has the original windows, chances are your windows are not keeping you as warm or as cool as well-placed and installed newer models. But, there are measures you can take to increase the efficiency of your older windows:

• Tighten the seal around the windows with weather-stripping. There are many different types of weather-stripping available for use on wood, metal, aluminum, and vinyl. One of the easiest to apply is caulking cord which comes in a roll. You simply press the cord into place to make a tight seal.
• Every window not made of insulated glass should have a storm window. If your home has storm windows, ensure they are in good condition and install them properly before the cold season begins. When those icy winter winds start blowing, both you and your pocketbook will notice if your windows offer good protection.
• If your home doesn't have storm windows, or they are in poor condition, you can get as good or better protection using heavy-gauge clear plastic sheeting. Seal it tightly over your existing windows and you will have an inexpensive and effective alternative to storm windows.

Five signs that it's time to replace your windows:

1. If a window develops ice or a frosty glaze inside a window pane, poor ventilation or insufficient insulation may be to blame.
2. If you feel a cold draft in the winter or a warm draft during the summer when sitting near your window, it is a clear sign of poor insulation. This problem can significantly increase your energy bill.
3. If you stand inside your house with a candlelit near a window's edge and the flame flickers or goes out, your weather stripping may need to be replaced.
4. If your window no longer remains open on its own, requiring you to prop it open, it is no longer in good condition.
5. If your windows become fogged with condensation there may be a seal failure. Seal failures are usually fixed by replacing either the glazing or the entire window.

Replacing windows 
Modern windows not only beautify the appearance of a home, but they also bring sunlight in during winter, while preventing the warmth created from escaping outdoors. Windows also insulate a home from heat during the summer and keep cooled air from escaping. Today windows combine science and technologies that increase energy efficiency and actually reduce heating and air conditioning costs.

Replacing existing windows with more energy efficient models doesn't have to be done all at once. Begin by replacing the ones causing the most heat loss, such as the large picture windows in your living and dining rooms. Replacing windows in stages over a period of years costs less up front and still increases energy efficiency.

Common window types include: double-hung, casement, stationary, awning and horizontal sliding. They may be made of wood, aluminum or vinyl or a combination of these materials. Almost all feature insulated glass and easy-to-clean designs that provide tight seals and eliminate heat loss.

Whether you plan to install new windows yourself or have them installed professionally, be sure to visit a number of suppliers and study the various products and options on the market. You want to select windows that complement the appearance of your home, increase energy efficiency and give you the most value for your money.

Quality installed replacement windows will give your home protection from the outside elements and provide a great overall aesthetic look from the curb while meeting the energy-related requirements required for rebates and tax credit programs.

How to add style to your small condo

 For a Free Home Value Report, CLICK HERE

Decorating a small space can be challenging, especially if you are moving from a home to a small apartment. Fortunately, there are many easy and affordable ways to convert your small apartment into a stylish sanctuary that is cool, comfortable, and never feels cramped.

1. Select small furniture. A small apartment living room can easily be overwhelmed by excessively large furniture. Many home decor stores like Ikea understand this and offer a large selection of apartment friendly furniture. If you have a large piece of furniture, make sure it does not dominate the room by adding colorful smaller accent pieces.

2. Create an attractive focal point with your piece of furniture. Creating a focal point in each room helps the room feel more cohesive and less cluttered. Whether it is your sofa, a window, or a favourite piece of art, a focal point helps draw attention to one area of the room, providing a distraction from any less attractive areas.

3. Use tall items to draw the eye upwards. Use stacks and tall items to draw the eye upwards to create the illusion of higher ceilings. If your windows are small try purchasing long curtains and hang them as close to the ceiling as possible. Not only will this create a beautiful focal point, but also gives the appearance of a larger window.

4. Choose a cohesive color scheme.  Use paint colours and fabric swatches to create an attractive colour scheme and use it throughout the apartment. Having a unified colour scheme creates a designer feel and makes your space feel pulled together.

5. Keep clutter to a minimum. Create areas for your art collections where they can be displayed together. If you have a problem finding storage in your apartment be creative and make your own. Many stores like Lowes carry affordable storage systems that you can install yourself.

6. Use mirrors to your advantage.
Placing mirrors and other reflective surfaces opposite of windows and other light sources creates the illusion of more light and makes space appear larger than it really is.

7. Add your own artwork. Creating your own art is a fantastic way to personalize your space. Choose what interests and appeals to you and run with it. Let your imagination go wild and create a painting or project tailored to your home.

8. AccessorizeOnce you have established and arranged your furniture, it’s time to accessorize. Use items that you already own; small coffee tables, books, and other accessories can complement your furniture and make your space look more stylish. Small or unusual games like Japanese puzzle boxes also make interactive and attractive accessories. Remember, your living room is for living in, not staring at—make it fun, functional, and fabulously decorated.

Overcoming Home Ownership Hurdles - Yes, You Can Own A Home

 

 For a Free Home Value Report, CLICK HERE

 

 

There are many benefits of homeownership. It creates a level of stability in a person’s life and provides a safe environment for children to grow and learn. A home can also have several financial benefits, creating borrowing power for the homeowner and the opportunity to build wealth that can be passed on to children and grandchildren.

Still, many Canadians are sitting on the sidelines because of all the negative news they have heard on the radio, seen on television or read in newspapers. Others may not have enough extra money to save for a down payment or have other financial difficulties, such as poor credit scores that make it difficult for them to get approved for a mortgage
.
This article will help you overcome these hurdles and take advantage of one of the best times in recent memory to buy a home in one of many wonderful communities across Canada.

First, how to conquer your fear of a falling market?
1- Stop listening to negative news and people. If you are waiting for "all lights to be green" then you will wait forever. You must stop every negative source of information from coming into your mind and concentrate on the positive aspect of the current market such as lower mortgage rates, lower prices, and more selection.

2- Read a self-help book on how to set up goals and achieve success. Every successful person that I know has had to overcome the fear of failing in order to reach their goal. You need to fill your mind, body, and soul with positive thoughts that keep you encouraged as you embark on your journey towards homeownership.

3- Speak with your real estate agent. He or she will be able to show you many bargain deals that will make your mouth water. Imagine snatching up a beautiful home in your favourite neighbourhood which is priced twenty thousand dollars below market value because the owners have to move in eight weeks.

Stop listening to advice from family and friends. When the market turns back to a seller's market, the deals and the selection will quickly go away. If you find the right home, and the price is below other similar homes that are comparable then go for it.

Second, how to come up with the down payment?
Using a $300,000 purchase price as an example, the following chart shows the different down payment options available for you and the amount of down payment money needed to qualify for a mortgage:

 

Type of Mortgage	% Down payment	Amount of down payment required
Conventional	20%	$60,000
High Ratio	5%	$15,000
No Down payment	0%	$0 ($4,500 must be available for closing costs)

 

Once you have established the amount of down payment you need, you must put in a solid plan to raise this money in the shortest possible time. Here are a few ideas to help you:

• Simply start saving by having a pre-determined amount of money transferred from your chequing account to your savings account each month.
• If you are a first-time buyer, use money from your RSP as a portion of your deposit.
• Consider moving to a less expensive rental unit and save the difference each month toward your down payment.
• Pay off your credit cards or consolidate them to reduce your debt and the interest you’re paying.
• Consider a second job with the income going directly toward saving for your down payment.
• Borrow from family; relatives may be happy to help.
• Sell some investments or possessions.
• Pass up luxuries such as movies and eating out, and deposit the money you would have spent into savings.
• Take your lunch to work, clip coupons and use them, drive more slowly to avoid unnecessary fuel consumption or take local transit, cut back on
• long-distance calling – it all adds up.

By cutting back on your day-to-day expenses you will be able to put more of your earnings away in a savings account. Budgeting doesn’t have to mean economy meals and nights in with just a book for a company – there are many ways you can cut back without feeling like you are depriving yourself.

Work up your plan vigorously. Many first time buyers that I know were able to save up the required down payment in around two years, and now are the proud owners of their own dream homes. It only takes some planning, willpower, and discipline. 

A Closing Checklist if You're Buying a Home

 

Contact me today at www.kimlouie.net for a Free Home Value Report

 

Congratulations, your offer has been accepted and you can’t wait to move into your new home. But don’t start celebrating yet. There is one final stage involved in purchasing a home - closing the deal.

Having your offer accepted does not mean the end of your real estate transaction. However, there is still plenty of work that needs to be done in order to "close the deal." 

Closing involves many complicated and time-consuming legal maneuvers, which is why you’ve hired professionals. Closing is the point at which ownership and usually possession of the property are transferred from the seller to you. It takes place after the parties involved agree that all legal and financial obligations have been met. Your lawyer and your Realtor will do much of the work for you.

Here is a checklist of what to expect as the process unfolds:

Closing Checklist
• Make sure a copy of the signed Agreement of Purchase and Sale is sent to your lawyer right away. Your Realtor will usually do this for you. Your lawyer needs to see any conditions that exist, and the date you and the seller have agreed to close. The lawyer will ask you how you (and others involved in the purchase) want to be registered on the title to the property.

• Immediately begin satisfying any of the conditions of the agreement that require your action. These have definite dates attached to them and if you miss one you may have to arrange an extension or possibly risk losing the entire deal. As each condition is met, the Realtor will fill out a waiver form for signatures. Note that most lawyers won’t be doing many of the tasks they need to do for closing until the conditions are waived.

• After the conditions have been met, your lawyer will begin searching title to the property. This is an exercise of going back through government records to ensure a clear title that is transferable. Electronic registration and title insurance have significantly changed the way titles on properties are transferred.

• If you decide to have the home inspected, your offer should contain a condition that the property passes inspection. If no current land survey exists on the property, arrange for one soon. Your lender may require it, and you’ll want it for your own peace of mind, anyway.

• Before the closing date contact your insurance agent to arrange homeowner’s insurance coverage to become effective on the date of closing. Your agent can give you a letter, certifying coverage is in place. If you’re moving from your currently owned home to another, your agent will handle the homeowner’s insurance transfer for you.

• Your lawyer will then begin a title search on the property to be sure the seller has clear title and can transfer it to you without a problem. Hydro, gas and water companies will also be contacted by your lawyer to ensure there are no outstanding claims for unpaid bills before these utilities are transferred to your name.

• Other tasks your lawyer will perform include gathering reports, certificates and clearances from various government offices, ensuring the property taxes are up-to-date, local zoning and building restrictions have been met and there are no outstanding obligations or "liens" on personal property to be sold with the house. In other words, your lawyer will make sure you get what you agreed to buy.

• Your lawyer will review and verify the draft deed, statement of adjustments and other closing information provided by the seller’s lawyer, and will deal with any problems as they arise. A few days before closing, you will meet with your lawyer to review and sign the closing documents. You will be asked to provide a certified cheque to cover the costs involved. 

On the closing day, both lawyers will exchange documents, keys, and cheques and your deed and mortgage will be registered at the local registry office. If all goes according to the plan, you will be given the keys to your new home.

Average Home Sale Prices for October in K-W

For a Free Home Value Report, CLICK HERE

514 homes sold through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in October, an increase of 7.8 per cent compared to October of last year. On a year-to-date basis 5,070 residential units have sold compared to 5,822 during the same period in 2017, a decrease of 12.9 per cent.

It was a stronger than average October for home sales and listing activity.  Gradually increasing interest rates could be nudging both buyers and sellers from the sidelines of the housing market.

Residential sales in October included 297 detached (up 4.6 per cent compared to October 2017), and 128 condominium units (up 19.6 per cent) which includes any property regardless of style (i.e. semis, townhomes, apartment, detached etc.). Sales also included 36 semi-detached homes (down 18.2 per cent) and 47 freehold townhouses (up 23.7 per cent).   

The average sale price of all residential properties sold in October increased 7.7 per cent to $489,725 compared to the same month a year ago. Detached homes sold for an average price of $576,731 an increase of 6.2 per cent compared to October of last year. During this same period, the average sale price for an apartment style condominium was $310,215 an increase of 24.1 per cent. Townhomes and semis sold for an average of $387,602 (up 10.9 per cent) and $403,750 (up 13.8 per cent) respectively. 

The median price of all residential properties sold last month was up 6.5 per cent compared to October of last year at $444,500 and the median price of a detached home during the same period increased 8.5 per cent to $525,350. Not surprisingly we’re seeing the biggest surges in average price happening in the denser forms of housing such as condos.  This is partly a reflection of demand being strongest in the entry-level price ranges as well as there being more newly constructed units in the mix.   

REALTORS® listed 760 residential properties in K-W and area in last month, a 14 per cent increase compared to October of last year, and 12.7 per cent above the historical ten-year average of 674. The number of active residential listings on the KWAR’s MLS® System to the end of October totalled 1,014, which is 21 per cent higher than October of last year but still 461 units fewer than the previous ten-year average of 1,475 listings for October. 

Contact me anytime at www.kimlouie.net