North American equity markets opened the week on a positive note, benefiting in large part by improving risk sentiment. Over the weekend, it was announced that Citigroup would be repaying $20 billion in TARP monies to the U.S. government. Additionally, and more importantly for risk assets, the Dubai government announced that Abu Dhabi had pledged $10 billion to help Dubai’s troubled holding company, Dubai World. The move was universally seen as a positive, as concerns over the potential domino effect that could have occurred as a result of the announced debt moratorium have been quelled. The improving risk appetite pushed the USD lower which, in turn, helped metals prices move higher during the day. Bonds were the clear loser on the day, as North American rates sold off across the curve. Canada managed to outperform on the downtrade.
U.S.: There were no economic data releases in the U.S. today. However, tomorrow the calendar becomes quite busy, with a handful of 2nd tier releases on the docket. PPI for November will be released, and the market is looking for a move higher during the month. In addition, the widely followed industrial production and capacity utilization reports for November will be released, and market consensus currently expects a monthly improvement in both reports. Lastly, the NAHB housing market index will be released tomorrow, and to the degree that this report is often overlooked by the market there shouldn’t be too much of a reaction. Having saidthat though, the strength in the existing home sales market as of late should give way to positive momentum in the new residential sector, which should feed through to builders’ sentiment.
There are no Fed speakers on the docket for tomorrow as they are currently operating in ‘blackout mode’ ahead of Wednesday’s FOMC interest rate decision.
CA: The data calendar in Canada was very light today, with only one 2ndtier release worth noting. In Q3, Canadian capacity utilization declined to 67.5% from 67.7% in Q2, articulating the large degree of slack currently in the economy, and quite a bit lower than the 85.0% pre-crunch level.
Tomorrow, the November leading indicators report should show another monthly improvement, rising by 0.8% M/M. Additionally, new motor vehicle sales for October will be released, and the market is looking for a 3.0% M/M advance.
There are no speakers scheduled from the Bank of Canada tomorrow, though Bank of Canada Governor Mark Carney will be speaking in Toronto on Wednesday.
Tuesday, December 15, 2009
Tuesday, September 1, 2009
HOUSE BUYING COSTS
Mortgage costs
Most banks no longer charge a fee to set up a mortgage or do a mortgage-related appraisal, but it is worthwhile to verify this when you are shopping for your mortgage.
If you are borrowing more than 80% of the purchase price of the home, you will need to obtain mortgage insurance from the Canada Mortgage and Housing Corporation. The CMHC's scale is as follows:
80–85% of purchase price: 1.75% of mortgage, plus PST
85–90%: 2% plus PST
90–95%: 2.75% plus PST
over 95%: 3.1% plus PST
Mortgage insurance also applies to extended-amortization mortgages (over 25 years). For every extra five years of the amortization period, the premium is increased by 0.2%. The maximum amortization you can obtain is 35 years.
If you are arranging your mortgage through a mortgage broker, you may be charged a finder's fee as well; usually, the lender pays this fee to the broker, but if you are considered a high-risk mortgagee, it may apply to you as well.
Home insurance
All mortgage companies require you to carry home insurance, and if you ever have a fire or major theft, you'll be thankful for it. The cost varies widely depending on your coverage and the company you insure with; just as with car insurance, it's worth shopping around to get the best price. Some companies offer discounts if you insure both your home and car with them.
Legal costs
There are a slew of miscellaneous but necessary legal documents that a house sale generates, which can only be processed by a lawyer. However, by law the maximum a lawyer can charge you for his services is 1% of the purchase price or $1,200, plus GST and disbursement costs (more about that in a moment). The lawyer will generate the following searches and documents for you:
Title Search, which verifies that the vendor legally owns the property and can sell it;
Searches with the utilities, tax departments and building department to verify that there are no liens on the property;
Registering the title deed and mortgage;
In the case of a rural property, septic tank and potable water searches.
On top of the lawyer's fee, there are also disbursement costs, which are the miscellaneous fees of doing the search, such as office faxes, phone calls and mail costs, and other costs of doing business.
Title insurance
Title insurance is not mandatory, but most lawyers highly recommend it these days to protect you against mortgage fraud, identity theft and forgery, a growing crime especially in large urban areas. As Clapp notes, many computerized municipal records are surprisingly vulnerable to fraudulent hackers. The cost on a $450,000 home is a few hundred dollars.
Most banks no longer charge a fee to set up a mortgage or do a mortgage-related appraisal, but it is worthwhile to verify this when you are shopping for your mortgage.
If you are borrowing more than 80% of the purchase price of the home, you will need to obtain mortgage insurance from the Canada Mortgage and Housing Corporation. The CMHC's scale is as follows:
80–85% of purchase price: 1.75% of mortgage, plus PST
85–90%: 2% plus PST
90–95%: 2.75% plus PST
over 95%: 3.1% plus PST
Mortgage insurance also applies to extended-amortization mortgages (over 25 years). For every extra five years of the amortization period, the premium is increased by 0.2%. The maximum amortization you can obtain is 35 years.
If you are arranging your mortgage through a mortgage broker, you may be charged a finder's fee as well; usually, the lender pays this fee to the broker, but if you are considered a high-risk mortgagee, it may apply to you as well.
Home insurance
All mortgage companies require you to carry home insurance, and if you ever have a fire or major theft, you'll be thankful for it. The cost varies widely depending on your coverage and the company you insure with; just as with car insurance, it's worth shopping around to get the best price. Some companies offer discounts if you insure both your home and car with them.
Legal costs
There are a slew of miscellaneous but necessary legal documents that a house sale generates, which can only be processed by a lawyer. However, by law the maximum a lawyer can charge you for his services is 1% of the purchase price or $1,200, plus GST and disbursement costs (more about that in a moment). The lawyer will generate the following searches and documents for you:
Title Search, which verifies that the vendor legally owns the property and can sell it;
Searches with the utilities, tax departments and building department to verify that there are no liens on the property;
Registering the title deed and mortgage;
In the case of a rural property, septic tank and potable water searches.
On top of the lawyer's fee, there are also disbursement costs, which are the miscellaneous fees of doing the search, such as office faxes, phone calls and mail costs, and other costs of doing business.
Title insurance
Title insurance is not mandatory, but most lawyers highly recommend it these days to protect you against mortgage fraud, identity theft and forgery, a growing crime especially in large urban areas. As Clapp notes, many computerized municipal records are surprisingly vulnerable to fraudulent hackers. The cost on a $450,000 home is a few hundred dollars.
Wednesday, July 29, 2009
HOME INSPECTORS-LIMITED BUYER PROTECTION
The buyers entered into an agreement of purchase and sale conditional on a satisfactory report from a home inspector. The inspector gave the buyers a card that said, "Written reports performed to ASHI standards." He also presented the buyers with an authorization form, which they signed, stating that the report would be based on a visual inspection of the accessible features of the building. The inspector's report identified several problems, including electrical system problems, but noted that the concealed electrical components were not inspected.
The buyers bought the house, but major electrical problems were later found by a contractor they hired to do renovations. The buyers attempted to sue the inspector, alleging that he breached the standards required for a home inspection because he didn't complete the inspection in a competent manner and in accordance with standards set by the American Society of Home Inspectors (ASHI). The buyers incorrectly believed the inspector was a member of ASHI.The court does not stipulate whether ths inspector did perform to the ASHI standards as his card stated.(The court decision seems to indicate that he did.)
The buyers lost because the court decided that the usual home inspection was general in nature and done by visual inspection. The home inspector did report problems that he could identify visually and could not be held responsible for a problem that was not noticeable by visual inspection. Furthermore, the court found that the inspector did not misrepresent himself to the buyers because his card did not state he was an ASHI member.
If your buyer clients submit an offer conditional on a home inspection, you should advise them to:
1) Carefully read the home inspection contract
2) Ask questions about what the final report will and will not include ie.what are the limitations in terms of what an inspector will look at.(the furnace heat exchanger,pools and septic systems are other areas that may not covered by a general inspection.)
3) Find out what the inspector's qualifications are
4) Find out what standards will be followed. 5)Ask what recourse is provided if there is an error in the inspection.(Sometimes the contract states the inspector will refund up to the amount paid for the inspection.)
Home inspectors in Ontario:
Not licensed or controlled by a specific statutory law relating to home inspection.
The 1995 Ontario Home Inspectors Act allows home inspectors to be self-regulated and to set ethics and education standards.
Two organizations in Ontario: Ontario Association of Home Inspectors (OAHI) and Provincial Association of Certified Home Inspectors (PACHI) offer membership subject to professional and educational requirements. Members of OAHI may use the Registered Home Inspector, or "RHI", designation; members of PACHI may use the Certified Home Inspector or "CHI" designation.
Both OAHI and PACHI offer information to assist REALTORS® when buyers request a home inspection as a condition of sale.
The following websites offer more information on the standards set for home inspectors:
http://www.oahi.com/
http://www.ashi.com/
www.cahi.ca/
http://www.pachi.ca/
BOTTOM LINE -DO NOT CONSIDER A HOME INSPECTION TO BE A WARRANTY ON THE CURRENT AND/OR FUTURE CONDITION OF THE PROPERTY.
"CAVEAT EMPTOR" (LET THE BUYER BEWARE)IS STILL PART OF ANY REAL ESTATE TRANSACTION.
Monday, June 29, 2009
RETIREMENT PLANNING
Planning for retirement is one of the most important actions that you can take to secure a comfortable future for your family.
For most Canadians, retirement is a major financial goal that requires considerable financial commitment. 49% of Canadians hope to retire before the age of 60. (Statistics Canada, Summer 1997 Perspectives and Labour Force Survey). Whether you have already established a Retirement Savings Plan or are just beginning, it is never too late to begin saving.
There are many questions surrounding how to plan for retirement. We have compiled some key information and planning tools to help you start saving successfully for your retirement:
What should I do first?
Retirement Planning is a primary financial goal for most Canadians. Whether you have a savings program in place, or are interested in one now, visit our RSP Contribution Calculator. Use this tool to determine how much will be available for your retirement.
To go a step further in planning for retirement, Your Retirement Strategy is a personalized, easy-to-read retirement plan. Simply complete the short questionnaire and we will advise you of the savings amount required to meet your retirement goal.
What next?
Remember these three "s" words. Save now, Start now and Stay invested. Begin by investing what you can and try to increase this amount every few months. Remember, small amounts can accumulate significantly over time. No matter when you start investing, the key is to stay invested as long as you can. The longer you hold your investments, the more they will benefit from compound growth.
What is diversification?
Diversification is the financial equivalent of not putting all your eggs in one basket. You spread your risk by investing in several different investments, therefore reducing the impact of one poor performer in your portfolio.
Act now. There's an RSP investment that is just right for your retirement goals.
For most Canadians, retirement is a major financial goal that requires considerable financial commitment. 49% of Canadians hope to retire before the age of 60. (Statistics Canada, Summer 1997 Perspectives and Labour Force Survey). Whether you have already established a Retirement Savings Plan or are just beginning, it is never too late to begin saving.
There are many questions surrounding how to plan for retirement. We have compiled some key information and planning tools to help you start saving successfully for your retirement:
What should I do first?
Retirement Planning is a primary financial goal for most Canadians. Whether you have a savings program in place, or are interested in one now, visit our RSP Contribution Calculator. Use this tool to determine how much will be available for your retirement.
To go a step further in planning for retirement, Your Retirement Strategy is a personalized, easy-to-read retirement plan. Simply complete the short questionnaire and we will advise you of the savings amount required to meet your retirement goal.
What next?
Remember these three "s" words. Save now, Start now and Stay invested. Begin by investing what you can and try to increase this amount every few months. Remember, small amounts can accumulate significantly over time. No matter when you start investing, the key is to stay invested as long as you can. The longer you hold your investments, the more they will benefit from compound growth.
What is diversification?
Diversification is the financial equivalent of not putting all your eggs in one basket. You spread your risk by investing in several different investments, therefore reducing the impact of one poor performer in your portfolio.
Act now. There's an RSP investment that is just right for your retirement goals.
Monday, May 25, 2009
LET THE EXPERTS HELP YOU
Buying or selling a home is a big business transaction. That's why it's so important to select, in advance, an experienced team of experts and professionals you can trust.
These skilled and knowledgeable individuals can vary, but usually include the services of a REALTOR®, a lender, a lawyer, a home inspector and an insurance agent.
REALTOR®: In Ontario, a REALTOR® is a licensed real estate professional who is a member of a local real estate board as well as the Canadian Real Estate Association (CREA) and the Ontario Real Estate Association (OREA). This individual has successfully completed an intensive course of study and has skills, knowledge and experience that most buyers and sellers don't have. He or she must adhere to provincial law and abide by a National Code of Ethics, ensuring you a high level of service, honesty and integrity.
The REALTOR® you select should be someone that knows the neighborhood you live in or want to live in and who can provide you with sound, effective advice. A REALTOR® also acts as a mediator during the real estate transaction and can advice you on when to bring in the other experts or professionals.
Lender: Few people buy a home for cash. Most home buyers usually combine savings with money borrowed through a financial arrangement called a mortgage. Before looking for a lender, ask your REALTOR® to explain the many mortgage options available today.
When deciding which financial institution or lender to deal with, start with your own bank, credit union or trust company. They already know who you are. Then shop around and compare what different lenders have to offer. You should begin your search for a lender when you start your search for a home.
Lawyer: Whether you are buying or selling, a lawyer will represent your interests. It's a good idea to have one on stand by from the start. Documents such as the agreement for purchase and sale are complex and should be reviewed by an experienced lawyer. It's also a good idea to have a lawyer review an offer to purchase before signing anything.
When an agreement is reached, your lawyer will ensure you receive valid title to the property and that it is clear of any registered claims. He or she will also calculate any taxes and adjustments that will compensate the seller for money already paid on services and other matters related to the property.
Home Inspector: As a buyer, you can avoid expensive surprises by bringing in a home inspector as a condition of your offer to purchase. The older the home, the more likely there will be problems. Being aware of any structural defects, will help you decide whether to buy the property at all, or negotiate a lower price to compensate for anticipated major repairs.
Insurance Agent: Creditors and mortgage lenders, almost without exception, require insurance on the home you buy. This insurance must be in place before any purchase can be finalized. Although you may be able to negotiate a better rate using the same insurance company you have other policies with, it still pays to shop around.
These skilled and knowledgeable individuals can vary, but usually include the services of a REALTOR®, a lender, a lawyer, a home inspector and an insurance agent.
REALTOR®: In Ontario, a REALTOR® is a licensed real estate professional who is a member of a local real estate board as well as the Canadian Real Estate Association (CREA) and the Ontario Real Estate Association (OREA). This individual has successfully completed an intensive course of study and has skills, knowledge and experience that most buyers and sellers don't have. He or she must adhere to provincial law and abide by a National Code of Ethics, ensuring you a high level of service, honesty and integrity.
The REALTOR® you select should be someone that knows the neighborhood you live in or want to live in and who can provide you with sound, effective advice. A REALTOR® also acts as a mediator during the real estate transaction and can advice you on when to bring in the other experts or professionals.
Lender: Few people buy a home for cash. Most home buyers usually combine savings with money borrowed through a financial arrangement called a mortgage. Before looking for a lender, ask your REALTOR® to explain the many mortgage options available today.
When deciding which financial institution or lender to deal with, start with your own bank, credit union or trust company. They already know who you are. Then shop around and compare what different lenders have to offer. You should begin your search for a lender when you start your search for a home.
Lawyer: Whether you are buying or selling, a lawyer will represent your interests. It's a good idea to have one on stand by from the start. Documents such as the agreement for purchase and sale are complex and should be reviewed by an experienced lawyer. It's also a good idea to have a lawyer review an offer to purchase before signing anything.
When an agreement is reached, your lawyer will ensure you receive valid title to the property and that it is clear of any registered claims. He or she will also calculate any taxes and adjustments that will compensate the seller for money already paid on services and other matters related to the property.
Home Inspector: As a buyer, you can avoid expensive surprises by bringing in a home inspector as a condition of your offer to purchase. The older the home, the more likely there will be problems. Being aware of any structural defects, will help you decide whether to buy the property at all, or negotiate a lower price to compensate for anticipated major repairs.
Insurance Agent: Creditors and mortgage lenders, almost without exception, require insurance on the home you buy. This insurance must be in place before any purchase can be finalized. Although you may be able to negotiate a better rate using the same insurance company you have other policies with, it still pays to shop around.
Monday, April 27, 2009
WHATS NEW IN ROOFING
We've come a long way from the thatched roofs that many of our ancestors used to cover the shelters they called home. Traditional and new roofing materials are better than ever and available in many varieties and price ranges. Regardless of the material used, a new roof will add curb appeal to a home and increase its resale value.
When buying a home, one important feature to consider is the condition of the roof. Generally, if the roof is more than 15 years old, chances are you'll have to replace it soon. This cost should be factored into the purchase price of a home.
Whether you are purchasing a home or concerned about the condition of the roof on your existing home, spring is by far the best time to do an inspection. This is when winter damage is fresh and the dryer weather ahead will provide the conditions needed to replace, patch or re-roof.
Depending on the roofing materials used, look for obvious damage - cracked tiles, missing shingles, warped or gapping wood shakes. With asphalt roofs, look for thin, weather-worn shingles. On a warm day, gently bend a few shingles back. If they're not flexible, or if they crumble, consider re-roofing.
Before re-roofing with asphalt shingles, lift a few shingles that are located away from the edge to see if there's another layer of shingles below. If there is, you'll need to have all the layers of old shingles removed before re-roofing. However, if the roofing material is less than 15 years old and there are only a few bad spots, you may only have to patch these up. Asphalt shingle repair is simple and inexpensive. This is a job you may want to do yourself.
Roofs can be deceiving. Sometimes you can't spot the damage from the outside. If you suspect a problem, inspect the roof from the attic or crawl space. Check for dampness and dark water stains.
What's up in roofing materialsWhen it comes to roofing materials, asphalt shingles still offer the greatest versatility and continue to be popular among homeowners. Available in a vast array of colours and textures, asphalt shingles can conform to any roof shape. Compared to some roofing materials, they are inexpensive, easy to install and repair.
As a roofing material, wood shingles and shakes are less popular these days. While many homeowners prefer the bold, traditional, sculptured look wood shingles and shakes give a home, concerns have been raised about how well they can resist fire.
Also popular, especially in warmer climates, are both cement and clay tile which comes in a variety of colours, shapes and textures. However, these can be both expensive and heavy and not the best choice for many homes.
Some companies now offer high-tech alternatives to traditional roofing materials. These combine versatility, light weight and durability with high fire, weather, insect and mold resistance properties.
Lightweight aluminum roof shakes, for example, also help lower energy costs by keeping your home warm in winter and cool in summer. Other high-tech roofs use fibre-reinforced cement that weighs about the same as wood or premium shingles and comes in slate, shingle or wood shake forms.
Some use earth stone granules and acrylic resins bonded to aluminum or galvanized steel bases to capture the pleasing look of tiles or the rich textures and strong lines of wood shingles.
These new roofing materials often come in a variety of colours, shapes, textures and sizes. They are generally more expensive than traditional asphalt shingles. But, in most cases, the extra cost is well worth it. Some are backed by a 50 year guarantee. Most will look as good 20 years and more from now as the day they were installed.
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When buying a home, one important feature to consider is the condition of the roof. Generally, if the roof is more than 15 years old, chances are you'll have to replace it soon. This cost should be factored into the purchase price of a home.
Whether you are purchasing a home or concerned about the condition of the roof on your existing home, spring is by far the best time to do an inspection. This is when winter damage is fresh and the dryer weather ahead will provide the conditions needed to replace, patch or re-roof.
Depending on the roofing materials used, look for obvious damage - cracked tiles, missing shingles, warped or gapping wood shakes. With asphalt roofs, look for thin, weather-worn shingles. On a warm day, gently bend a few shingles back. If they're not flexible, or if they crumble, consider re-roofing.
Before re-roofing with asphalt shingles, lift a few shingles that are located away from the edge to see if there's another layer of shingles below. If there is, you'll need to have all the layers of old shingles removed before re-roofing. However, if the roofing material is less than 15 years old and there are only a few bad spots, you may only have to patch these up. Asphalt shingle repair is simple and inexpensive. This is a job you may want to do yourself.
Roofs can be deceiving. Sometimes you can't spot the damage from the outside. If you suspect a problem, inspect the roof from the attic or crawl space. Check for dampness and dark water stains.
What's up in roofing materialsWhen it comes to roofing materials, asphalt shingles still offer the greatest versatility and continue to be popular among homeowners. Available in a vast array of colours and textures, asphalt shingles can conform to any roof shape. Compared to some roofing materials, they are inexpensive, easy to install and repair.
As a roofing material, wood shingles and shakes are less popular these days. While many homeowners prefer the bold, traditional, sculptured look wood shingles and shakes give a home, concerns have been raised about how well they can resist fire.
Also popular, especially in warmer climates, are both cement and clay tile which comes in a variety of colours, shapes and textures. However, these can be both expensive and heavy and not the best choice for many homes.
Some companies now offer high-tech alternatives to traditional roofing materials. These combine versatility, light weight and durability with high fire, weather, insect and mold resistance properties.
Lightweight aluminum roof shakes, for example, also help lower energy costs by keeping your home warm in winter and cool in summer. Other high-tech roofs use fibre-reinforced cement that weighs about the same as wood or premium shingles and comes in slate, shingle or wood shake forms.
Some use earth stone granules and acrylic resins bonded to aluminum or galvanized steel bases to capture the pleasing look of tiles or the rich textures and strong lines of wood shingles.
These new roofing materials often come in a variety of colours, shapes, textures and sizes. They are generally more expensive than traditional asphalt shingles. But, in most cases, the extra cost is well worth it. Some are backed by a 50 year guarantee. Most will look as good 20 years and more from now as the day they were installed.
Privacy Policy / Disclaimers
var gaJsHost = (("https:" == document.location.protocol) ? "https://ssl." : "http://www.");
document.write(unescape("%3Cscript src='" + gaJsHost + "google-analytics.com/ga.js' type='text/javascript'%3E%3C/script%3E"));
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pageTracker._trackPageview();
Thursday, March 26, 2009
MAKE YOUR HOME MORE SALEABLE
Does your home need a tune up?
Just like you take a car for regular tune ups to ensure it continues to run smoothly, your home also needs some special attention. There's a lot more to keeping up a house than cutting the grass and clearing snow from the driveway. Ensuring your home "looks" good and is in proper working order, not only makes it more attractive and comfortable, but it can also increase the market value of the property.
Homeowners who plan to move within a few years are often reluctant to invest time and money on improvement projects that may not pay them back. But unless these improvements are very specialized, any project you choose - from fixing leaky faucets to installing new energy efficient windows - will start to pay you back in energy savings and comfort long before you sell.
The wisest improvements you can make to any home are those that keep it running smoothly and bring it up to the standards of other homes in the immediate area. And these don't need to break your budget.
Easy maintenance, repairsStart with simple repairs that don't cost a lot and you can do yourself: securing loose tiles, adjusting a door, installing a lock, repairing a leaky faucet or pipe, and so on.
It's also a good idea to locate and read your gas, electricity and water meters on a weekly or monthly basis. This will help you gain an understanding of seasonal increases and decreases in consumption and enable you to take measures to become more energy and water efficient. The savings could be substantial.
You should have your furnace inspected and serviced annually to ensure there are no problems and change or clean the filter regularly. Also, inspect the smoke and carbon dioxide detectors around your home. You want to be certain that these will work in the event of a fire or other emergency.
Bigger upgradesWhile replacing leaky faucets can drastically improve a bathroom's appearance and cut down on water usage, sometimes it takes a lot more than that to bring an old bathroom, for example, to an acceptable standard.
A bathroom tune up can pay big dividends. The first items to replace should be the fixtures -- the sink, faucets, vanity, bathtub, shower, and toilet. This is where you will add value and save money by opting for a water-efficient fixtures and energy-saving devices.
The floors, walls and accessories are not an essential part of a bathroom tune-up, but you can save time and money when you do the complete overhaul at once, rather than one piece at a time.
If the decor in your home is bothering you, don't decide right away to rip everything out. All it may take to make your home look more attractive and in better repair are small improvements such as: refacing cabinets and counter tops, changing the colour scheme, repainting, hanging new wall coverings and installing new lighting.
Other good major home improvements include replacing old carpets and flooring with new, more durable products; adding a garage or a carport if your home does not have one; installing central air conditioning; repairing or adding a fireplace; upgrading your basement space; replacing old windows with new energy-efficient ones; adding terraces, wooden decks and fences that add privacy; and investing in landscaping that adds value and is easy to maintain.
Privacy Policy / Disclaimers
Just like you take a car for regular tune ups to ensure it continues to run smoothly, your home also needs some special attention. There's a lot more to keeping up a house than cutting the grass and clearing snow from the driveway. Ensuring your home "looks" good and is in proper working order, not only makes it more attractive and comfortable, but it can also increase the market value of the property.
Homeowners who plan to move within a few years are often reluctant to invest time and money on improvement projects that may not pay them back. But unless these improvements are very specialized, any project you choose - from fixing leaky faucets to installing new energy efficient windows - will start to pay you back in energy savings and comfort long before you sell.
The wisest improvements you can make to any home are those that keep it running smoothly and bring it up to the standards of other homes in the immediate area. And these don't need to break your budget.
Easy maintenance, repairsStart with simple repairs that don't cost a lot and you can do yourself: securing loose tiles, adjusting a door, installing a lock, repairing a leaky faucet or pipe, and so on.
It's also a good idea to locate and read your gas, electricity and water meters on a weekly or monthly basis. This will help you gain an understanding of seasonal increases and decreases in consumption and enable you to take measures to become more energy and water efficient. The savings could be substantial.
You should have your furnace inspected and serviced annually to ensure there are no problems and change or clean the filter regularly. Also, inspect the smoke and carbon dioxide detectors around your home. You want to be certain that these will work in the event of a fire or other emergency.
Bigger upgradesWhile replacing leaky faucets can drastically improve a bathroom's appearance and cut down on water usage, sometimes it takes a lot more than that to bring an old bathroom, for example, to an acceptable standard.
A bathroom tune up can pay big dividends. The first items to replace should be the fixtures -- the sink, faucets, vanity, bathtub, shower, and toilet. This is where you will add value and save money by opting for a water-efficient fixtures and energy-saving devices.
The floors, walls and accessories are not an essential part of a bathroom tune-up, but you can save time and money when you do the complete overhaul at once, rather than one piece at a time.
If the decor in your home is bothering you, don't decide right away to rip everything out. All it may take to make your home look more attractive and in better repair are small improvements such as: refacing cabinets and counter tops, changing the colour scheme, repainting, hanging new wall coverings and installing new lighting.
Other good major home improvements include replacing old carpets and flooring with new, more durable products; adding a garage or a carport if your home does not have one; installing central air conditioning; repairing or adding a fireplace; upgrading your basement space; replacing old windows with new energy-efficient ones; adding terraces, wooden decks and fences that add privacy; and investing in landscaping that adds value and is easy to maintain.
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