Chairman Bernanke Reconfirmed for Second Term
Markets were topsy-turvy today, with the small gains in North American equities in themorning session being completely unwound later in the day as investors shied away from risk assets on concerns that Fed Chairman Bernanke may not be reconfirmed for a second term.These concerns, however, were vanquished when the Senate voted in the last hour of the trading session to reconfirm him for a second 4-year term.By the close of play, the Dow ended down 117.1 points, while the TSX declined by a more modest 78.6 points. Bonds were somewhat mixed on the day, with Canadian bonds outperforming their U.S. counterparts at the long end of the curve. The Canadian dollar was unchanged on the day, despite lower commodity prices.
U.S.: New durable goods orders rose by a meagre 0.3% M/M in December, following the 2.1% M/M advance the month before. The increase in orders, however, was much more modest than the market expectations for a 2.0% M/M gain. Non-transportation orders were also strong on the month, rising by 0.9% M/M, while core capital goods orders rose by a robust 1.3% M/M. The details of the report were fairly mixed, with strong gains in machinery and primary metals orders being partially offset by the drop in orders for electrical equipment, computer and electronics and transportation orders –which were weighed down by the massive 38.2% M/M drop in the volatile nondefense aircraft orders.
Despite the disappointing headline print, the surge in core capital goods orders was encouraging, and suggests that capital expenditures in the U.S. are slowly gaining some positive momentum as businesses position their firms to take advantage of the recovery in demand. Notwithstanding this, with the U.S. economic recovery continuing to be quitemoderate, compared to previous recoveries following deep recessions, we expect any future gains in capital orders to be modest.
The news on the labour market front was quite disappointing, with weekly initial jobless claims falling to only 470K during the week of January 23, compared to the market consensus for a more profound drop to 450K. Continuing claimswere also weaker than expected, falling to 4.60 million versus the 4.53 million print expected by the markets.Notwithstanding this, we continue to expect overall U.S. labour market conditions to improve, with the U.S. economy likely to add jobs in January.
Tomorrow,the focus will shift to the Q4 GDP report, and we are slightly more optimistic than the markets with our call for a 5.0% Q/Q ann. advance in economic activity, following the modest 2.2% Q/Q gain the month before. Most of the boost for activity should come from the deceleration in the pace of inventory drawdown, while residential investment should also add favourably to economic activity. A full preview is available here.
CA: There were no data releases in Canada today. Tomorrow, the focus will be on the November GDP report, and we expect the favourable support from strong housing market and wholesale sales activity to be partially offset by weak consumer spending and soft manufacturing sector activity. GDP is expected to grow by only 0.2% M/M, following a similar gain the month before. However, notwithstanding the modest growth in recent months, the pace of economic rebound in Q4 should be well ahead of the meagre 0.4% Q/Q ann. growth attained in Q3, suggesting some pick-up in economic activity in the quarter.
Friday, January 29, 2010
Tuesday, January 5, 2010
6 STEPS TO FINANCIAL PLANNING
These 6 steps are designed to help you get started on the road to financial security. By following the six steps, your journey will take you from where you are now to where you want to be for the future.
Setting goals and objectives is the first step of any financial planning process - if you do not know where you are going, how can you know when you get there, or even decide which route to take? Setting goals and objectives is the foundation of any sound financial plan.
No matter where you are heading, you need to assess where you are now, and what you already have in place for the journey. Data gathering and organizing will ensure that your personal documents are up-to-date and that you know your current financial situation.
Heading in a general direction won't guarantee success in reaching your final destination. Before heading out on your journey, do your analysis and find solutions. This strategy will assist you in reaching your stated goals and will provide you with a roadmap to help you achieve these goals.
Your financial plan should confirm that your goals are achievable, and appropriate recommendations will help define what you need to do to ensure that you reach these goals.
A financial plan is only helpful if the recommendations are put into action. Implementing strategies will assure you reach your destination.
Finally, follow-up and annual reviews are critical to ensuring you maintain a clear focus in order to succeed.
Setting Goals and Objectives
Give some thought to your financial goals. Some may be short-term in nature, others long-term. Assign each one a time frame and put them in order of importance to you. These goals are the building blocks to any sound financial plan.
Data Gathering
Begin by Organizing Your Financial Documents. Assess your current financial situation by completing a Net Worth Statement and a Cash Inflow/Outflow Worksheet.
Analysis And Solutions
Depending on the goals that you established in Step 1, you will need to perform some further analysis to define a roadmap to help you achieve your goals. This may include analyzing your retirement, education, debt or insurance needs.
For most Canadians, Retirement Planning is a major goal that requires considerable financial commitment. By completing a Retirement Contribution Calculator you can see where you are today and how much you need to save to meet your retirement goals.
With the costs of a typical four-year Canadian university undergraduate degree program currently estimated to be about $40,000 including room and board, and that figure rising, most parents consider Education Planning an important long-term financial goal, and a regular investment plan is an important part of this strategy. An RESP can help you save for this.
While you may not wish to drastically alter your lifestyle, a budget is important for planning purposes and to determine the availability of funds to set aside for savings. Debt Management is the ability to handle your current debt and whether one can assume further debt. Since most of us incur debt at some point in our lives, effective debt management is critical to a sound financial plan. Debt reduction often ranks as a primary financial goal, especially if it includes paying down a mortgage. The first step is to determine how much you currently owe. The second step will determine your Total Debt Service Ratio (TDS), which Financial Institutions use to measure your current debt situation in order to assess and approve your credit and loan applications.
Life can be unpredictable. Whatever your age and personal situation, make sure you have a plan in place to provide for your survivors. life Insurance should be considered.
Any goal, regardless of the amount, can best be served by applying a systematic approach to savings. Consider investing regular amounts to your plan during the year as opposed to attempting to come up with large amounts when it is required. Not only do you avoid the rush and pressure, but you take advantage of dollar-cost averaging.
Now that you have established goals and objectives, you will want to begin by implementing the recommendations that will ensure that you reach these goals.
Implementation
Once the preparatory work of analyzing, determining and calculating is finished, the most important step is implementing the recommendations to ensure your goals are reached. A well-diversified portfolio that will help you meet your goals by spreading risk, reducing volatility and enhancing the potential for solid long-term returns. No matter what the goal, a well-balanced portfolio, based on your individual investor profile is a requirement of any financial plan. A financial planner may assist you in either implementing the recommendations or in coordinating with other professionals.
Follow-up and Periodic Reviews
Finally, follow-up and annual reviews by both yourself and your financial planner are critical to ensuring your success. Your financial situation should be reassessed at least once a year to account for any changes in your life cycle or economic conditions. Achieving your goals and objectives are the ultimate measure of success in the 6 steps to a personal financial plan.
Setting goals and objectives is the first step of any financial planning process - if you do not know where you are going, how can you know when you get there, or even decide which route to take? Setting goals and objectives is the foundation of any sound financial plan.
No matter where you are heading, you need to assess where you are now, and what you already have in place for the journey. Data gathering and organizing will ensure that your personal documents are up-to-date and that you know your current financial situation.
Heading in a general direction won't guarantee success in reaching your final destination. Before heading out on your journey, do your analysis and find solutions. This strategy will assist you in reaching your stated goals and will provide you with a roadmap to help you achieve these goals.
Your financial plan should confirm that your goals are achievable, and appropriate recommendations will help define what you need to do to ensure that you reach these goals.
A financial plan is only helpful if the recommendations are put into action. Implementing strategies will assure you reach your destination.
Finally, follow-up and annual reviews are critical to ensuring you maintain a clear focus in order to succeed.
Setting Goals and Objectives
Give some thought to your financial goals. Some may be short-term in nature, others long-term. Assign each one a time frame and put them in order of importance to you. These goals are the building blocks to any sound financial plan.
Data Gathering
Begin by Organizing Your Financial Documents. Assess your current financial situation by completing a Net Worth Statement and a Cash Inflow/Outflow Worksheet.
Analysis And Solutions
Depending on the goals that you established in Step 1, you will need to perform some further analysis to define a roadmap to help you achieve your goals. This may include analyzing your retirement, education, debt or insurance needs.
For most Canadians, Retirement Planning is a major goal that requires considerable financial commitment. By completing a Retirement Contribution Calculator you can see where you are today and how much you need to save to meet your retirement goals.
With the costs of a typical four-year Canadian university undergraduate degree program currently estimated to be about $40,000 including room and board, and that figure rising, most parents consider Education Planning an important long-term financial goal, and a regular investment plan is an important part of this strategy. An RESP can help you save for this.
While you may not wish to drastically alter your lifestyle, a budget is important for planning purposes and to determine the availability of funds to set aside for savings. Debt Management is the ability to handle your current debt and whether one can assume further debt. Since most of us incur debt at some point in our lives, effective debt management is critical to a sound financial plan. Debt reduction often ranks as a primary financial goal, especially if it includes paying down a mortgage. The first step is to determine how much you currently owe. The second step will determine your Total Debt Service Ratio (TDS), which Financial Institutions use to measure your current debt situation in order to assess and approve your credit and loan applications.
Life can be unpredictable. Whatever your age and personal situation, make sure you have a plan in place to provide for your survivors. life Insurance should be considered.
Any goal, regardless of the amount, can best be served by applying a systematic approach to savings. Consider investing regular amounts to your plan during the year as opposed to attempting to come up with large amounts when it is required. Not only do you avoid the rush and pressure, but you take advantage of dollar-cost averaging.
Now that you have established goals and objectives, you will want to begin by implementing the recommendations that will ensure that you reach these goals.
Implementation
Once the preparatory work of analyzing, determining and calculating is finished, the most important step is implementing the recommendations to ensure your goals are reached. A well-diversified portfolio that will help you meet your goals by spreading risk, reducing volatility and enhancing the potential for solid long-term returns. No matter what the goal, a well-balanced portfolio, based on your individual investor profile is a requirement of any financial plan. A financial planner may assist you in either implementing the recommendations or in coordinating with other professionals.
Follow-up and Periodic Reviews
Finally, follow-up and annual reviews by both yourself and your financial planner are critical to ensuring your success. Your financial situation should be reassessed at least once a year to account for any changes in your life cycle or economic conditions. Achieving your goals and objectives are the ultimate measure of success in the 6 steps to a personal financial plan.
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.
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