When you hire a real estate agent whether you are buying or selling your home, what exactly are you getting?

Experience and expertise in real estate transactions!

Most people sell only a few homes in their lifetime, usually with several years in between each sale. Even if you’ve done it before, laws and regulations change. REALTORS® on the other hand manage hundreds of transactions over the course of their career.

What you get most is advice. From how to improve your curb appeal to handling rental properties to questions about renovations, title insurance, mortgages rules and mortgages, if your real estate agent doesn’t know the answer, they certainly know where to find it.

Selling or buying a home requires dozens of forms, reports, disclosures, and other technical documents. A knowledgeable agent will help you prepare the best deal, and interpret the jargon on your behalf. Buying and selling your home requires legal documents, so the tiniest mistake or omission could cost your home or worse.

Contrary to what some people believe, real estate agents do not select prices for a house. A good agent acting as an advocate, will help guide clients to make the right choices for themselves. Then based on market supply, demand and conditions, the REALTOR® will devise a marketing and negotiation strategy.

Access to superior marketing channels!

A lot of time and effort goes into marketing a property: realtor websites; online listing sites; print advertising, open houses, social media and more. But a property doesn’t sell due to advertising alone. A large share of real estate transactions come as a result of networking from previous clients, friends, and family. That’s called hustle!

A top producing real estate agent wants to entice serious buyers  to immediately write an offer. This means they often act as a filter, handling all of the tire-kicking phone calls or overly aggressive agents.

Fine-tuned negotiating skills!

You don’t need nerves of steel to be a good negotiator but it does help to have someone take the emotional side out of selling your home.

For most people, selling or buying a property represents the largest transaction they’ll ever make. Having a REALTOR® acting as third party helps stay focused on the issues most important to you.

Good real estate agents are not simply messengers, delivering buyer’s offers to sellers and vice versa. They are professionals who are trained to present their client’s case in the best light and agree to hold client information confidential from competing interests.

Being a skilled negotiator is big part of the real estate agent job description.

Neighbourhood ‘know-how’!

Agents possess intimate knowledge and know where to find the industry buzz about any neighbourhood. They can provide local information on utilities, zoning, schools, and more.

REALTORS® also have comparable sales data at their finger tips.  For example, you may know that a home down the street was on the market for $350,000, but an agent will know it had upgrades and sold at $285,000 after 65 days on the market and after twice falling out of escrow.

…a friend for life!

Even the smoothest transactions that close without complications can come back to haunt. Many questions can pop-up that were overlooked in the excitement of closing. Good real estate agents stand by ready to assist. Worthy and honest REALTORS® don’t leave you in the dust to fend for yourself.

And yes it’s true, a top producing real estate agent is a friend for life. 🙂

Whether looking to buy or sell your home, the Karen Paul Team would love to work with you.  Contact us Today!

Our team of real estate sales professionals is committed to finding you, your dream home. Whether you’re looking to buy or sell, the Karen Paul team is here to help with any questions.

Most real estate agents have busy weekends hosting open houses and chatting with the potential buyers they meet. My team is no exception. This past weekend, we hosted four open houses which were just packed with prospective home buyers.

If you are thinking of selling, there is no better opportunity that now, particularly when inventory is low, and buyers are plentiful.

During a Friday morning real estate video chat, Kim Perosa stated that in all her years of selling real estate she’s never seen a market quite like this! And she urged anyone thinking of selling, to get ready now in order to get a jump on the spring market! And I concur!

Getting ready to sell your home isn’t really all that complicated. But listen to Kim, and start prepping early so you get an early start on the spring market which can move quite quickly.

Selling your home? Here’s where to start.

Interview REALTORS®:

Not enough can be said about how critical it is to choose the right real estate agent. Your REALTOR® not only showcases and advertises your home, they help you prep and price it. And as your advocate they are making sure that you are doing everything possible to get the best dollar for your home.

Having a successful, experienced and competent real estate agent will make all the difference. And in a buyer’s market, a REALTOR® who has experience managing a variety of different selling scenarios can make all the difference.

Have A Plan:

Be sure to make your newly hired REALTOR® part of your real estate battle plan. Selling your house means that you are also moving – so having an idea where and when you will move is key.

Drafting a budget should also be part of the plan. Are you planning on buying another home? Do you know how much money you will have after closing? Can you rent if necessary? Having a chat with your financial adviser, even obtaining a pre-approved mortgage will give you a step-up over another seller who is basing their sale ‘subject to finding a suitable property to purchase.’

And there are costs in listing your home such as renovations and updates,, cleaning, de-cluttering, staging even boarding the pets. Most real estate agents have a ‘listing cost checklist’ that can be quite helpful.

Consider A Pre-Listing Home Inspection:

Generally speaking the spring market moves quickly and having a pre-listing home inspection can work to your advantage. Your REALTOR® may even suggest that your home inspector attend an open house to answer any buyer questions.

Check Your Curb Appeal:

• Outside Your Home: – First impressions count. That means making sure that the outside of your home looks clean, tidy and welcoming even during a muddy spring. Your real estate agent will be helpful in determining whether the outside should be re-painted or a powerwash will do the job. But there are loads of other chores including: cleaning out the junky winter stuff, tidying lawns and flower beds, cleaning the garage, gutters and maybe even re-sealing the driveway.
• Inside your Home: –  A professional cleaning service will really give things a deep clean (appliances, windows, light fixtures, flooring, vacuuming and steam cleaning carpets and upholstery, dusting), leaving you with de-cluttering, organizing, touch-ups and if necessary re-painting to neutralize rooms.
• Get your paperwork in order: – Nothing says full-disclosure than making sure all of your home’s paperwork (warranties, instructions) are in one place and readily available for buyer inspection.

Renovate or Not:

Most real estate agents are cautious when recommending home renovations or improvements prior to listing. Generally speaking, new home owners like to remodel to their own liking. And not all renovations add to the selling price.

In this market however, your real estate agent may agree that you will get a return-on-investment with a particular renovation. It’s about timing, cost and what’s happening in the market.

Thinking of taking advantage of this hot market? We would be thrilled to help you sell your home this spring. Call us today!

Our team of real estate sales professionals is committed to finding you, your dream home. Whether you’re looking to buy or sell, the Karen Paul team is here to help with any questions.

The selling price is only one of the real estate related costs you’ll encounter when purchasing a new home. Getting your real estate agent involved in helping you prepare a budget will ensure that nothing is overlooked.

Along with a wide network of suppliers, experienced real estate agents have an idea as to approximate fees and costs.

Budgeting for expected expenses and allowing a slush fund for unexpected costs will go a long way towards a smooth real estate transaction.

THE COST OF BUYING A HOME

MORTGAGE RELATED FEES:

Your mortgage is the largest part of a real estate transaction and there are a number of pre-qualifying expenses that are part of obtaining a mortgage.

• Application Fees: Some lenders will add a cost to process your application. These fees vary and some lenders have been known to waive them entirely, depending on the level of other business you have with them. It’s worth asking a mortgage broker, if there is a fee to arrange for a mortgage on your behalf.
• Interest adjustments: If there is a gap between the closing date of the real estate transaction and the first payment towards the mortgage, there will be subsequent interest adjustments. Discuss with your lender ways to avoid any additional interest payments.
• Mortgage Loan Insurance: If the down payment on your real estate transaction is less than 20%, there is a one-time insurance premium on the mortgaged amount. It can either be paid before closing or added to the principle and part of the regular mortgage payment. Insurance included in the principle will be subject to interest charges.
• Mortgage Default Insurance: Optional type of insurance that protects your financial security. In the event of premature death, mortgage life insurance will pay off all or a portion of your mortgage.
• Appraisal Fee: Many home sellers opt to have a home appraisal completed. It is not an inspection, rather protects the buyer by ensuring they are not paying beyond market value. If there isn’t one of record, a buyer can always opt for one and could be useful but not necessary in obtaining a mortgage.
• Land Survey: There are times when a lender may require a current survey before signing off on the loan. A survey indicates the boundaries and measurements of the land and positions of major structures, and any registered or visible easements (such as a driveway) or encroachments (such as a neighbour’s fence) on the property. If there isn’t one in the seller’s file, it might be beneficial for the buyer to have one completed. Again, an experienced real estate agent would be help weigh the odds in having land survey completed.

LAND TRANSFER TAX:

All real estate transactions in Ontario for condos and homes are subject to Land Transfer Tax on closing date.

Levied by the province, the LLT is a marginal tax where each portion of your home’s value is taxed at a different rate. For example the first $55,000 is taxed at .5%, while any amount over $2,000,000 is taxed at 2.5%.

Since it’s a complicated formula, there are a number of online calculators that can automate it and allow for any municipality transfer tax – such as in Toronto.

First-time Ontario home buyers can apply for a rebate that covers up to $4,000 of the land transfer tax.

LEGAL FEES:

The lawyer’s fees can only be finalized on closing date. However, most lawyers charge a standard ‘real estate fee’ that includes a variety of tasks from reviewing legal documents to drawing up the mortgage.

All real estate lawyers will calculate the various disbursements/costs involved such as: drawing up the title deed, conducting a title search, preparing and registering the mortgage and preparing your tax certificate.

There will also be adjustments to the seller for any payments they made extending beyond the closing date such as property taxes or condo maintenance fees.

HOME INSPECTION FEE:

A home inspection protects the buyer by revealing any current or potential problems in any real estate transaction. Most home inspections also provide instructions on how to use various appliances such as the home’s HVAC system. An offer to purchase can be conditional based on a successful home inspection.

There are times when a seller may elect to have a pre-listing home inspection completed for a quick sale or to speed real estate negotiations. A home inspector may attend open houses to address any concerns by the buyer.

TITLE INSURANCE:

Title insurance is optional and covers problems that may arise due to encroachment issues (for example, a structure on your property is actually part of your neighbour’s property and needs to be removed), existing liens against the property’s title, title fraud, undischarged mortgages and other issues relating to the property’s previous owners.

Learn more about title insurance from Dave Larock in this blog post on the value and role of Title Insurance.

PROPERTY INSURANCE:

You will be required to obtain and provide proof of property insurance for the mortgage lender. It needs to cover the replacement value of the house and its contents from the day of taking ownership.

MOVING COSTS:

Moving costs can add up quickly. Beyond the moving van, there are the additional utility fees charged for service hook-ups, off-site storage and pet boarding if necessary. And there are always a few things that need to be done to the new home – from purchasing some new furniture to smaller renovations and repairs like painting.

Thinking of buying a new home? Our team would be happy to get your started on finding a new home and discuss any incidental buying costs.

Our team of real estate sales professionals is committed to finding you, your dream home. Whether you’re looking to buy or sell, the Karen Paul team is here to help with any questions.

Karen Paul & Associates | Real Estate
905-333-6234 | karenpaul.com | info@karenpaul.com
Burlington • Oakville • Hamilton • Milton • Niagara

Credit to posts by Style At Home, Rate Hub, CIBC & Treb

On the surface, selling your property should be a simple calculation: Profit = Selling Price Less Outstanding Mortgage. So when a real estate agents starts sharing the incidental costs when selling your home, it seems almost counter-intuitive.

One of the responsibilities of your real estate agent is to help identify and estimate your individual ‘selling’ costs. And it’s important to get them right and not overlook anything.  Knowing the bottom line is absolutly critical when the proceeds from the sale of your current home is to be down payment on a new property.

THE COST OF SELLING YOUR HOME

REAL ESTATE TRANSACTION COSTS:

A professional REALTOR®, will charge a total commission calculated as a percentage of the purchase price. That amount is divided between the listing agent (the real estate agent that represents you) and the buyer’s agent (the REALTOR representing the buyer). Note that HST is added to the real estate transaction fees.

Selling your home privately is one way to avoid real estate commissions. But before you take that path, considering reading Under the Microscope: A Real Estate Agent’s Day, to see what services a real estate agent provides.

MORTGAGE DISCHARGE FEES:

A visit to your financial institution or mortgage broker will confirm that you can’t just simply switch your mortgage from one real estate property to another. You have to discharge your mortgage on one home and reapply for the new home.

There are differences between open, closed and variable rate mortgages. Penalties can range from 3 months interest or Interest Rate Differential (IRD). Depending on how the lender calculates the penalty, the discharge fee can really vary.

A home equity line of credit secured to a property, might not be subject to a discharge fee but there could be a lender fee.

Each mortgage contract is written up differently lender by lender, so sitting down with your mortgage provider before beginning the process will give you the bottom line in writing.

LAWYER’S FEES:

For uncomplicated real estate transactions, most lawyers have a standard fee that covers a set number real estate tasks such as: discharge to the title of current property; mortgage discharge; buyer title verification and itemizing a list of standard utility charges etc.

Anything beyond that can be subject to additional charges, which your real estate lawyer will clarify with you.

STATUS & INSPECTION CERTIFICATES:

A status certificate may be required in the sale of a condominium to describe the legal and financial health of the condo corporation. Most condo offers-to-purchase include a condition that allows the Buyer’s lawyer to review the documents.

Inspection certificates maybe required in property real estate transactions for wells, septic tanks, water etc.

Your real estate agent will be able to advise you on whether one is needed, the estimated cost and most likely direct you on how to get it done.

UTILITIES AND PROPERTY TAX:

The seller is responsible for paying the property taxes and utilities until closing day. That includes mid-month expenditures and any outstanding amounts due to equalized payments.

All expenses must be current before the lawyer discharges the mortgage and turns over the keys.

PROPERTY EXPENSES:

• Home Inspection: Some sellers elect to purchase a pre-listing home inspection. It gives them the opportunity to fix any issues or factor the cost of repairs into the asking price.
  Having a pre-listing home inspection can also speed-up the negotiation process, saving the buyer time in not having their own home inspection completed.
• Improvements: All properties for sale should be in ‘show ready’ or tip-top shape. That could mean taking care of the small low-cost minor improvements such as: patching and painting walls; fixing damaged flooring; repairing plumbing leaks; replacing light bulbs (with energy efficient bulbs) and updating light fixtures; and keeping the yard and garden neat and tidy.
  Sometimes home sellers get the itch to renovate or up-date. However not all renovations are equal. Before undertaking any project discuss it with your real estate agent to determine whether it will add to the selling price or hasten a quick sale.
• Staging: Certainly if the property is vacant, having it staged will show its full potential. Staging can add value to a home sale, offering new design possibilities the seller hadn’t considered. What staging does mean for the seller is the removal and storage of furniture in an off-site storage locker, an additional expense.
  Your real estate agent will be able to point out the advantages to home-staging your property and provide recommendations to several services.
• Moving: And of course once you sell your house, there are moving expenses which can include hiring movers to boarding the pets.

Thinking of selling your home? Our team would be happy to get your started on a free home evaluation and discuss any of the selling costs.

Our team of real estate sales professionals is committed to finding you, your dream home. Whether you’re looking to buy or sell, the Karen Paul team is here to help with any questions.

Karen Paul & Associates | Real Estate
905-333-6234 | karenpaul.com | info@karenpaul.com
Burlington • Oakville • Hamilton • Milton • Niagara

Credit to posts by Dominion Lending Centres & BREL team

What a wonderful year 2016 was, and a banner year for real estate sales.

A huge thank you goes out to Team Karen Paul and of course our clients.

On behalf of everyone at Karen Paul & Associates and Keller Williams Edge Realty, we wish you a very happy holiday and look forward to serving you in 2017!

Karen Paul & Associates | Real Estate
905-333-6234 | karenpaul.com | info@karenpaul.com
Burlington • Oakville • Hamilton • Milton • Niagara
Free Home Evaluations | See Our Listings

This fall we listed a home that was using only LED lighting. I was absolutely fascinated and impressed, not just by the quality of the lighting but the role LED lighting was playing towards sustainability.

Since this is the time of holidays lights on our trees and in our homes (inside and out) it seemed prudent to blog about LED lighting.

Extremely cost-effective and energy efficient, LED lighting uses approximately 85% less energy than halogen or incandescent lighting. When you factor in a lifesapn of nearly 20+years, LED lighting can add up to significant savings on your hydro.

Those types of cost savings and efficencies are a plus when selling your home, and helps your real estate agent set your home apart from listings.

What’s The Big LED Deal?

An electrical current passes through semiconductor material, which illuminates the tiny light sources or Light Emitting Diodes (LEDs).

LED bulbs are measured in lumens – which is the amount of light produced. The more lumens in a light, the brighter the light.

Buying LED Bulbs

If you’re like me, you’re probably trying to translate LEDs into watts.

Contrary to common belief, the number of watts isn’t about brightness but how much energy the bulb draws. It’s the consumer that has learned to correlate watts with brightness, but for LEDs, watts won’t work because LEDs draw less energy.

Here’s a shopping guide comparing watts and lumens:

• 40-watt incandescent bulb = 450 lumens
• 60-watt incandescent bulb = 800 lumens
• 100-watt incandescent bulb = 1600 lumens

LEDs And Heat

LED lighting systems don’t radiate heat the same way as standard bulbs. Instead, heat produced from LEDs is drawn away by an absorbing device or heat sink that dissipates the heat into the environment.

Managing the heat is critical otherwise the light will degrade and have a shorter lifespan.

LEDs typically do not “burn out”. Instead, they experience lumen depreciation, where the amount of light produced decreases, the light colour gets dimmer or starts to flicker.

Choosing The Right LED Color

There is actually no “white” LED. To get a white light, different color LEDs (amber, red, green and blue) are mixed or covered with a phosphor (yellow material on some LED products) that converts the color of the light.

While standard bulbs provide a warm, yellowish hue, LEDs come in a wide range of colours including:

• warm or soft white that will produce a yellow hue close to incandescent
• bright white will produce a whiter light, closer to daylight and similar to what you see in retail stores.

Suddenly shopping for bulbs has become so much more interesting!

Dimmer Switches

LEDs are not always compatible with traditional dimming switches designed to work with incadenscent bulbs. Dimmers work by reducing the amount of electricity sent to the bulb to dims the light.

However, now you know that that there is no direct correlation between LED brightness and energy drawn.

If you’d like the LED lights to be dim either find LED bulbs compatible with traditional dimmers, or replace the current dimming switch with a LED-compatible dimmer.

A Little Pricey Upfront

When switching to LED bulbs, don’t expect to save immediately, instead consider it as an investment. Eventually, the LED bulbs will pay off, and in the meantime, enjoy less heat production, longer bulb life, and even the option of controlling them with your smartphone.

When getting your lights in order for this holiday season, consider LED lights – even if it means replacing a few strings.

Our team of real estate professionals always presents your home so that it retreives the highest dollar! Contact us Today!

Our team of real estate sales professionals is committed to finding you, your dream home. Whether you’re looking to buy or sell, the Karen Paul team is here to help with any questions.

Karen Paul & Associates | Real Estate
905-333-6234 | karenpaul.com | info@karenpaul.com
Burlington • Oakville • Hamilton • Milton • Niagara
Free Home Evaluations | See Our Listings

Article prepared with resources from: Home Hardware, CNET and Candace Lombardi

Doesn’t feel like it right now, but winter will be here sooner than we think.

And winter can be brutal on a home and your pocketbook.  It’s important to protect your home from potential damage and address heat and energy leaks. Where to start?

The home inspection report from your home sale may have a few ideas, particular to your home. But generally speaking, these eight  ‘winter chores’ should get your started, help you stay warm, safe and maybe saving a few bucks in energy costs this winter.

HVAC Maintenance:

Is your heating system ready? Have a professional check your HVAC system to ensure it’s in good working order before you turn it on. A typical service check includes cleaning and replacing the air filter, checking the furnace components (fans, pulleys), and all electrical connections.

If you haven’t already, replace the batteries in both the smoke and carbon monoxide detectors. Those are the appliances that will tell you if your heating system is overworking.

Update The Thermostat:

Many households shell out 50% of their energy budget on heating that no one ever uses.

Installing a programmable thermostat that can be operated via a SmartPhone means never having to worry about whether the heat is on when nobody is at home. Conversely, keep your family warm and cozy by remotely turning the heat on, half hour before the family arrives home.

An investment in a good thermostat could save you between 1 and 3 percent on your heating bills.

Reverse The Ceiling Fans:

If your ceiling fan has a reverse switch, use it to run the fan’s blades in a clockwise direction when the heat is on. The fan will produce an updraft and push down into the room heated air from the ceiling.
It might make enough of a difference to be able to turn down the thermostat by a degree or two for greater energy savings.

Seal The Drafts:

Drafts can waste 5 to 30 percent of your energy use and they can trip up your thermostat.

• Caulk Around Windows & Doors
  If the gaps between the siding and window or door frames are bigger than the width of a quarter, it’s time to reapply exterior caulk. Silicone won’t shrink and tends to hold out best against the elements.
• Insulate Larger Windows
  Large sliding door/windows might require insulation, which is easy to do with a window insulation kits (available at hardware stores).  Properly installed window plastic is almost invisible and not only stops the draft but the extra air space between the window and the plastic film boosts a home’s ability to hold the heat in.
• Door Drafts
  Remember the draft snake? A bath towel under a draft door will do, or using scrapes of fabric, neckties, or socks filled with kitty litter does the trick for drafty doors.

Insulate The Pipes:

A burst pipe is no fun! Tubular pipe insulation sleeves (available from most hardware stores) will cover exposed pipes in unheated areas (basement, attic or even a small crawl space). It’s as simple as: Cut to fit, wrap the entire pipe including joints and elbows fasten with duct tape.

Clean-out The Gutters:

Clogged gutters can prevent rain and melting snow from draining and result in home leaks or damage to the landscape and foundation. Gutters need to be clear of everything, from twigs to leaves to caked-on dirt. Also check that the downpipes (by running water through them) to make sure they are clear of any obstruction.

‘Fall-Clean’ The Garage:

Push all your summer equipment from the lawn-mower, hedge trimmer, rakes and summer toys?to the back and make all of any winter necessities?shovels, snow blowers, skis and sleds – and the salt. ?accessible.

Prep For A Winter Storm:

It’s happened. A blizzard knocks out power for several days. So be prepared with a fully-equipped emergency kit that includes: batteries, a flashlight, candles, matches and a lighter; warm clothes and blankets; a battery-powered radio; non-perishable food items and water; a first-aid kit and specialty products like medicine, baby formula and pet food (if necessary). We could be without power for several days!

Have a question about how to winterize your home, give me a call. If my real estate team doesn’t have the answer, we sure know who to refer you to!

Our team of real estate sales professionals is committed to finding you, your dream home. Whether you’re looking to buy or sell, the Karen Paul team is here to help with any questions.

Karen Paul & Associates | Real Estate
905-333-6234 | karenpaul.com | info@karenpaul.com
Burlington • Oakville • Hamilton • Milton • Niagara
Free Home Evaluations | See Our Listings

Credit to posts by Style at Home & Popular Mechanics

Co-ownership or joint ownership, isn’t a new idea. But with housing prices on the rise, joint home ownership is proving to be an affordable option for many new home buyers and families.

There are many reasons to consider jointly owning a home. Beyond affordability, people can enter a joint housing agreement to maintain a certain lifestyle; not to live alone, or hope that by combining resources they can live a little more ‘upscale’.

Sharing the financial load (the deposit, mortgage payments, monthly expenses and fees) can be a huge help. And while sharing the financial responsibility, joint ownership helps build home equity.

While there are many pros to sharing a home-purchase it does require sober second thought and asking good questions.

As an experienced real estate agent, the best piece of advice I can provide is to hire an experienced lawyer that will draw up a cohabitation agreement. Think of it as a pre-nuptial agreement where both parties are protected.

Co-ownership agreements can be as loose or as detailed as the owners need, covering contingency plans such as one owner getting sick to what happens if there is an unexpected flood. A detailed agreement can layout the decision-making process for resolving maintenance disputes to guidelines on potential irritants like noise, parties, guests, cleanliness and of course pets.

A well written cohabitation agreement will cover the following critical areas:

• Type of ownership such as Tenants-in Common. Whatever the choice, all owners need to be listed on the Title.
• Expenses – On-going (hydro, water, insurance) and unexpected (general and major home repairs) expenses should be itemized. It should also clarify the amounts paid by either party for the down payment and who pays what portion of the mortgage, real estate taxes and home repairs.
• An exit plan. What if one owner passes away, is relocated to a new city, gets married, or is ready to fly solo? Will the other joint-owner now become the sole owner, or do they need to buy out the heirs? A lawyer may also recommend purchasing life insurance on each joint owner as a way to pay off the mortgage in case of death.

All this requires some serious and transparent discussion between all parties and the sharing of intimate financial information. And I would recommend hammering that out before looking for a new home or finding a lawyer. It always pays to do your homework.

Since obtaining a mortgage is key to purchasing a home, looking for a independent mortgage agent might be advantageous.

Here are some items to discuss and how they can impact your agreement:

• The mortgage rate could be tied to both credit reports. One person’s bad credit rating could negatively affect the mortgage terms or even the interest rate on the loan.
• Since both parties are listed on the mortgage, that makes both responsible for making payments – on time in full each month. If one party falls behind, you could both be reported to a credit agency for non-payment.
• Even with an equal split on the monthly mortgage payment, a lender sees it differently as if entire mortgage payment each month is yours alone. This can increase the debt-to-income ratio higher and make it difficult for qualifying for other loans.
• Exit planning on a mortgage doesn’t hurt. If one party wants out of the deal, removing names from the mortgage, requires selling the home or refinancing the loan under a single name.

There are many wonderful joint ownership success stories. And it pays to be realistic as to how long you want to share jointly. Situations change. So consider giving your agreement a tentative ‘renewal date’ – to allow each owner flexibility to do something else or re-new the current situation.

Home ownership without carrying the sole burden of all the costs can prove a huge boon. As your realtor, we’re here to help you navigate all of the options of home ownership.

If joint-ownership is on your horizon, contact us today and let’s get started!

Our team of real estate sales professionals is committed to finding you, your dream home. Whether you’re looking to buy or sell, the Karen Paul team is here to help with any questions.

Credit to posts by Investopedia & Money Crashers.

While regular furnace cleaning and maintenance helps to prevent problems, it also keeps your furnace operating efficiently. An efficient furnace reduces energy waste and means lower utility bills.

ClimateCare is Canada’s largest network of independent heating, ventilation and air conditioning (HVAC) systems contractors, and they were kind enough to share this information with us.

How can you be sure your furnace needs repairs?

Homeowners should be checking the furnace filter on a regular basis, and changing it monthly during the winter. Not only will it keep the air clean, but will also reduce energy costs. But how does one know if the furnace needs repairs?

• If it’s cold in your home even though the furnace is set to a toasty warm level, your furnace probably needs repairs.
• If you hear a strange sound coming from the furnace, be it a rattle, a squeal or an out-of-place hum, your furnace probably needs repairs.
• If the temperature in your bedroom is sharply different from the temperature in your children’s bedrooms, your furnace probably needs repairs.
• If the furnace turns on and off repeatedly without reaching the desired temperature in the home, your furnace probably needs repairs.
• If you are being proactive definitely call us for a maintenance service call before these problems arise!

Is it OK to skip furnace maintenance?

Some homeowners don’t think long about the consequences of skipping furnace maintenance. Most likely a furnace will be fine for another year, unless of course it’s not. Problems develop for all kinds of reasons.

Early detection is the key, and an annual furnace check-up will identify little problems before they become disasters. If you compare it to ‘oil changes for your car’ regular maintenance from a qualified HVAC technician goes a long way to extending the life of your furnace.

What can go wrong?

1. POISONOUS AIR FLOW: One of the most extreme consequences of skipping annual maintenance is the risk for carbon monoxide poisoning.While completely preventable, more than a thousand people die every year from it CO2 poisoning.
   It is a colorless, odorless and tasteless gas that is present when fuel burns in places like your gas furnace or fireplace.
   And to make sure your family is protected in the event of a problem with your furnace, always make sure you have a working carbon monoxide alarm in the house.
2. Debris Build-up: Not toxic, but not good either. Skipping furnace maintenance (and the equipment inspection that comes with actual maintenance tasks) leaves debris to build up throughout the HVAC system.
   It doesn’t take long for the filter to become clogged with dust, dirt and debris, reducing airflow, air quality and making your system work harder than it should.
   Once your air filter is no longer capable of keeping allergens and particles out, the furnace itself, along with the air ducts and registers, become coated with nasty airborne particles. And if they’re in the ducts, they’re in your lungs.
3. Uncomfortable drafts: Annual maintenance helps your furnace maintain consistent airflow and heat distribution throughout the house. Every time you skip a maintenance cycle, the cold spots in your home become more noticeable.
   Cold spots signal stagnant air, and stagnant air can lead to mould behind the paint or wallpaper on your walls and cracking of perishable materials like caulk around windows.
   To combat this, you’ll crank up the thermostat. Your bills will snowball and drain the bank account faster than you expect.

What’s included in most Furnace Maintenance Plans?

• Clean or replace furnace air filter
• Clean furnace components, including blower assembly, fans, pulleys and belts
• Check electrical connections & wires; pipe fittings & gas supply line; heat exchanger for cracks or corrosion
• Perform a 26 point furnace maintenance system inspection

A well maintained furnace can last up to a quarter of a century, but while regular maintenance is the best way to prolong the life of any home appliance, it isn’t a guarantee your furnace will never have a breakdown.

We would be thrilled to provide you with information that will enhance your home living experience.

Our team of real estate sales professionals is committed to finding you, your dream home.
Whether you’re looking to buy or sell, the Karen Paul team is here to help with any questions.

Note: If you have been approached by door-to-door furnace salesman, contact HRAI Canada for more information.

With thanks to Climate Care for the information.

It’s always been my view as a realtor, that every real estate sales transaction is better with a completed home inspection. Our job as realtors is to verify the facts such as lot sizes and taxes, but to ‘lift the veil’ on a home, you really need a home inspection.

Home inspections need to be completed by a certified, insured and in my opinion experienced home inspector. Ideally home inspectors that focus in a single community are also familiar with and look for similar issues in neighbourhood homes built in the same era.

The home inspection is usually the responsibility of the home buyer. However, it’s not uncommon, particularly in hot markets, that a seller will have a home inspection completed prior to listing, so not to impedge a sale. I’ve even been to open houses, where the home inspector has been on hand to answer any buyer questions, although that’s rare.

I like to closely follow the technological advances or disruptions in real estate and related industries. So, I was intrigued when I received this article from Pedro Giorgana on the role Thermal Imaging is playing home inspections. Pedro agreed to be one of our guest bloggers and I am pleased to be reprinting his article ‘How A Thermal Imaging Home Inspection Can Make a Difference’.

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Pedro Giorgana is a fully certified and insured home inspector offering a complete range of building and home inspection services, including thermal imaging. Pedro can be reached at 289-928-5689 | pedro.giorgana@inspechomes.com |InspecHomes 

How A Thermal Imaging Home Inspection Can Make a Difference

More and more home buyers are requesting a thermal imaging home inspection for their potential properties. Thermal imaging home inspections have become very popular because they are non-invasive and make locating problems within a home much easier.

Thermal imaging also allows the home buyer to actually see the shape and size of the problem, rather than simply learning that it’s there! It not only saves the home buyer and realtor from dealing with unforeseen issues down the road, but peace of mind and security about the home being purchased.

What can a thermal imaging home inspection find in a home?

Water Leakage

Exterior water leakage can cause serious problems in a home. A thermal imaging home inspection can reveal wet areas that may otherwise be hidden from normal view. Stopping this problem before it gets worse is very important. An exterior water leak that is allowed to continue can cause rot in wood and other materials as well as lead to mould growth.

Points of Lost Energy

A thermal imaging home inspection can also identify areas in a home, that if repaired, could help reduce utility bills.

Missing insulation or un-insulated walls can lead to a loss of hot or cool air during heating and cooling seasons. This can lead to higher utility bills as a home’s furnace or air conditioning unit tries to make up for the loss.

Pipe Leaks in a Home

Not all pipe leaks start out as a noticeable issue. The thermal imaging home inspection can reveal a leaky pipe, even if the leak is still small. Correcting the problem right away is very important to prevent serious water damage situation later. Thermal imaging can identify the origin of a leak, saving a plumber time on the repair.

Electrical Components Overheating

Overheating electrical components can pose a serious threat to the safety of a home and its inhabitants. A thermal imaging home inspection can identify problem areas that could come from overheating electrical components before they turn into an emergency situation. Although any home can benefit from a thermal imaging home inspection, older homes with aging electrical components and wiring may get even more out of the service.

If you have questions on real estate transactions or home inspections, I would be thrilled to answer your questions.

Our team of real estate sales professionals is committed to finding you, your dream home. Whether you’re looking to buy or sell, the Karen Paul team is here to help with any questions.