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Upsizing Your Home

Unfortunately, our homes don’t always grow with us. What may have initially worked fine for a single person, a young couple’s starter home, or a family with a newborn can quickly become too small as families expand and multiple generations live under one roof.

Remodeling and adding to your home is one option for creating more space, but it can be costly, and the size of your property may be prohibitive. That’s when moving to a bigger home becomes the best solution.


WHERE DO YOU NEED MORE SPACE?

The first thought when upsizing your home is to simply consider square footage, bedrooms, and bathrooms. But it’s important to take a more critical approach to how your space will actually be used. If you have younger children (or possibly more on the way), then focusing on bedrooms and bathrooms makes sense. But if your children are closer to heading off to college or starting their own families, it may be better to prioritize group spaces like the kitchen, dining room, living room, and outdoor space—it’ll pay off during the holidays or summer vacations, when everyone is coming to visit for big gatherings.

MOVING OUTWARD

If you need more space, but don’t necessarily want a more expensive home, you can probably get a lot more house for your money if you move a little further from a city center. While the walkability and short commutes of a dense neighborhood or condo are hard to leave beyond, your lifestyle—and preferences for hosting Thanksgiving, barbecues, and birthdays—might mean that a spacious home in the suburbs makes the most sense. It’s your best option for upsizing while avoiding a heftier price tag.

 
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Priority Tasks For Your Move In

Moving into a new home is an exciting time, and you’re probably daydreaming about decor and paint schemes and new furniture. But before you get into the fun stuff, there are some basics you should cover first.


CHANGE THE LOCKS

Even if you’re promised that new locks have been installed in your home, you can never be too careful. It’s worth the money to have the peace of mind that comes with knowing that no one else has the keys to your home. Changing the locks can be a DIY project, or you can call in a locksmith for a little extra money.

Candace Bosch | EXP Realty | Priority Tasks For Your Move In | STEAM CLEAN

STEAM CLEAN THE CARPETS

It’s good to get a fresh start with your floors before you start decorating. The previous owners may have had pets, young children, or just some plain old clumsiness. Take the time to steam clean the carpets so that your floors are free of stains and allergens. It’s pretty easy and affordable to rent a steam cleaner—your local grocery store may have them available.


CALL AN EXTERMINATOR

Prior to move-in, you probably haven’t spent enough time in the house to get a view of any pests that may be lurking. Call an exterminator to take care of any mice, insects, and other critters that may be hiding in your home.


CLEAN OUT THE KITCHEN

If the previous occupants wanted to skip on some of their cleaning duties when they moved out, the kitchen is where they probably cut corners. Wipe down the inside of cabinets, clean out the refrigerator, clean the oven, and clean in the nooks and crannies underneath the appliances.

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Create The Home Office Of Your Dreams

Whether you work full-time at home or occasionally need to conduct business in the evenings or on the weekends, a home office a great way to utilize an extra room. A dedicated workspace in your home can be designed to increase productivity and comfort. Here are 5 ideas to get you started.

 

INVEST IN A GOOD OFFICE CHAIR

Investing in an ergonomic office chair is essential. You may be spending anywhere from 30 to 50 hours a week sitting in it, so your back will thank you. Purchasing one with multiple adjustments is ideal so it fits you just right.

SWITCH OUT YOUR LIGHTING

 Fluorescent lighting has been proven to be hard on the eyes. Make the switch to LED or halogen light bulbs in your home office and try to let in as much natural light as possible. Also, consider finding a desk lamp to reduce headaches and eye strain.

Candace Bosch | EXP Realty | Create The Home Office Of Your Dreams | OFFICE

KEEP ESSENTIALS IN REACH AND ORGANIZED

Nothing says productivity like a clean, neat workspace. Select a desk with a lot of storage or install creative shelving to keep items like pens, pencils, extra batteries, calculators, notepads, and more stored within arm’s reach.

DECORATE BRIGHT

Pick a color you love and use it to spice up the room. Use cheery yellow or red or relaxing tones like green and blue, instead of beiges and browns.

AIM FOR THE VIEW

If possible, place your desk so you are facing a window instead of a blank wall. Natural light can do wonders for staying alert and you can give yourself a short mental break when necessary by looking to the outdoors.

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How You Can Finance Your Home Renovation

Outdated kitchen. Overrun backyard. Unusable basement space. If you have a home renovation project on the mind, the first thing you have to consider is how you are going to finance it. Here are the most common options to make your dreams become a reality.


CASH

Paying in cash is the most straightforward financing option, just save until you have enough money to cover the expenses. This will help eliminate spending outside your budget; however, it can also extend your timeline.

Candace Bosch | EXP Realty | How You Can Finance Your Home Renovation | KITCHEN UPDATE

MORTGAGE REFINANCE

If you’ve been making payments on your home for a few years and your interest rate is higher than current market rates, you may be eligible for a mortgage refinance, reducing your payments and freeing up some money.


CASH-OUT REFINANCE

You can tap into your home equity and borrow up to 80 percent of your home’s value to pay off your current mortgage plus take out more cash to cover the renovations. This option is encouraged only when you’re making improvements that will increase the value of your home, as it can add a lot of interest and fees.


HOME EQUITY

Getting a home equity line of credit allows you to borrow money against the value of your home. You receive usually up to 80 percent of your home’s value, minus the amount of your loan.


RETIREMENT FUNDS

Homeowners can consider pulling money from an RRSP account, even though they aren’t specifically meant to cover a home renovation. This option might incur additional penalties or tax payments, but may be worth it when making improvements that will benefit them financially in the long run.

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Getting Ready For Retirement

HOW TO GET READY FOR RETIREMENT

For most people, retirement feels like a long way off. But, if you don’t start preparing as early as possible, you may find yourself in a place of financial insecurity when the time does come. To avoid this, consider implementing the following tips.

CALCULATE YOUR TARGET SAVINGS

 In general, it’s recommended that you save between 10 to 15 percent of your income for retirement. However, you can always use an online savings calculator to determine the amount you need to save for your specific needs and goals.

CONTRIBUTE TO YOUR EMPLOYER’S RETIREMENT SAVINGS PLAN

Does your job offer a 401(k), traditional IRA, or Roth IRA? Sign up and start saving as soon as they allow you to. It’s recommended to set up automatic paycheck deductions and, once the money is in your retirement fund, don’t touch it.

Candace Bosch | EXP Realty | Getting Ready For Retirement | seniors (1)

TAKE ADVANTAGE OF EMPLOYEE BENEFITS

Many employers offer matching which generally requires you contribute a certain percentage of each paycheck and your company will then contribute a matching amount with funds of their own. They might also offer health savings or flexible savings account. By contributing to these accounts, you reduce your amount of taxable income, allowing you to save more money.

PAY OFF YOUR DEBTS

Start by paying off any high-interest credit card debt first. Then look at other debts, such as student loans and car payments, and make a plan for paying those off incrementally.

REDUCE DAILY SPENDING

  1. Although this feels like a no-brainer, spending your money thoughtfully now can make a big impact later. Seek out areas of your life where you can.

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For more great articles and tips to help you with your buying and selling, check out Candace’s other amazing articles in the Tips For Buyers & Sellers page!

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The Difference Between Home Warranty & Home Insurance

When purchasing a new home, it’s important to do in-depth research on all facets of the homebuying process. One thing you’ll need to understand is how to best protect yourself and your investment if anything were to go wrong. Check out the information on home insurance versus home warranty below to educate yourself on your options.

HOME INSURANCE

Homeowners insurance pays for any accidental damages and loss that are caused by fire, lightning strikes, windstorms, and hail, however, damage from earthquakes and floods is typically not covered. It also covers the replacement of personal property in case of theft or damage and liability if a person were to get injured in your home or on your property.

According to American Home Shield, the average annual cost of a homeowner’s insurance policy ranges between $300 and $1,000, and the bank usually asks you to obtain a policy before the mortgage is issued. Make sure to keep in mind that each type of coverage in the policy is subject to a limit and, in most cases, you will have to pay a deductible.

HOME WARRANTY

A home warranty is designed to cover the cost of repairs and replacements of larger appliances and crucial systems in your home that may fail or break due to age and wear and tear. This includes but isn’t limited to HVAC, electrical, or plumbing components, kitchen appliances, and your washer and dryer.

With a home warranty, you are required to pay premiums year-round, even if you do not use it, and it won’t cover damages if appliances were not maintained properly or if the damage is from a fire or other disaster.

Candace Bosch | EXP Realty | The Difference Between Home Warranty & Home Insurance | Home Insurance

For more great articles and tips to help you with your buying and selling, check out Candace’s other amazing articles in the Tips For Buyers & Sellers page!

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Home Renovation Tips

Making a New House Your New Home

Every year, hundreds of thousands of homes of every style, shape and size are bought and sold across this country. In spite of all the differences, many of them have one very important thing in common: Candace, a Professional who is the driving force behind the transaction.

When you choose Candace you are choosing the combined experience she has gained from every deal she has completed. This experience and expertise ensures that you get the best possible price.

Candace has done extensive research with homeowners, to better understand what makes them tick. This enables her to help you in many ways. First, knowing your preferences is invaluable when it comes to finding that perfect home. Open concept or traditional? Lofty or intimate?

As a home owner, you are likely to re-sell at some point and should consider the benefits of the neighbourhood. Remember, choices you make regarding improvements or renovations can drastically influence your home’s market value.

Candace Bosch | EXP Realty | Home Renovation Tips | landscaping-9GTLC4S

IT ALL STARTS AT THE CURB

Everyone knows the value of a first impression. But Candace has learned that landscaping the front and backyard of your home will give you a 7% better return on your renovating dollar over the average return on other popular renos you might consider.

Increasing your curb appeal can be as simple as adding containers of brightly coloured flowers. Another idea would be to add a low maintenance garden for blocks of colour and texture. Also, consider a simple water fixture in the back yard to add ambiance.

THE KITCHEN IS THE HUB

Ever wonder why “kitchen parties” naturally occur every time you have guests?
Well, it’s because the kitchen is the hub of every home. It’s where we get nourishment, refreshment, gather and regroup after a busy day. It is a room with real value for every family. Candace has learned that kitchen upgrades can really deliver, with a 44% higher return on investment over the average return on other popular renos you might consider.

Whether you’re working with a contemporary kitchen or more of a country feel, stainless steel appliances continue to hold a lot of interest. In cabinetry, look at fine-grained maple, stained or natural, over the traditional heavy oak look of the past. Laminates and marble are great choices for countertops, but granite continues to be the most popular surface of all. Check out the latest fixtures in today’s new, brushed nickel finishes.

Candace Bosch | EXP Realty | Home Renovation Tips | Mukilteo, Washington, United States,Fireplace

REKINDLE YOUR PASSION FOR LIVING

Nothing beats the feeling of curling up around a fire on a cold winter’s night. Not to mention the comforting feeling of hearth and home that a fireplace adds to a room.
Candace will tell you that installing or upgrading the fireplace in your home will generate 11% greater return on investment than the average return on other popular renos you might consider.

Gas fireplaces have made huge advances in popularity thanks to recent increases in efficiency as well as advances in design. A gas fireplace delivers the best of both worlds – all the comfort without the mess and maintenance.

DISAPPEAR IN YOUR PERSONAL SPA

Today’s stress-filled world leaves us all crying out for rest and relaxation. Candace knows that making your bathroom the best it can be will generate a 56% better return on investment than the average renovation.
The goal should be to create a spa-like environment in your bathroom by installing a soaker tub with relaxing jets, or perhaps a new steam shower stall.

Candace Bosch | EXP Realty | Home Renovation Tips | Rug on hardwood floor in a stylish, open space living room inter

GREAT IDEAS UNDERFOOT

Great looking floors are a strong feature of any home. It often makes all the difference. With Candace, she will show you how this upgrade can generate a 22% better return on investment than the average.

Start by ripping out that dated wall-to-wall carpet. Then, sand your existing floors down and refinish them, or choose one of the many easy-to-install and affordable laminates now available. A darker stain gives an elegant, yet up to date look. Use area rugs to accent and ground the space.





Candace Bosch

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What to consider before writing an offer

Home Purchase
Expenses

There are many costs that homebuyers incur, especially upon purchasing your first home. Some of the expenses related to buying a home are one-time costs, while others are continuing costs.

Your largest outlay is the down payment. As a first time buyer, this would likely represent only 5 – 10% of the purchase price. Be prepared to pay for additional costs, such as:

  • Legal Fees & Disbursements
  • GST and PST (if applicable)
  • Land Transfer Tax
  • Property taxes and adjustments (reimbursed to the vendor)
  • Interest on interim financing, if any
  • Utility Payments
  • Strata or Condominium Fees
  • Estoppel certificate fee
  • Survey Fee
  • Home Inspection Fee
  • Water quality and quantity certificate
  • Appraisal Fee
  • Mortgage broker’s fee (if applicable)
  • Mortgage Loan Insurance Premium (if less than 20% down)
  • Mortgage Loan Insurance Application Fee (if less than 20% down)
  • Moving Expenses
  • Renovations and repairs
  • Furniture, paint, carpeting, window coverings, etc.
  • Service and Utility Hook-up Fees
  • Property/Condominium Insurance
  • Mortgage Application Fee
  • Deed and/or Mortgage Registration Fee

Candace Bosch | EXP Realty | What to consider before writing an offer |Additionally, once you have purchased your home, you will incur regular expenses on a monthly, quarterly or yearly basis. Some of these costs include:

  • Mortgage Payment
  • Water and/or Sewer Payments
  • Electricity and Gas Services
  • Cable, Telephone and Internet
  • Services
  • Property Taxes
  • Strata or Condo Fees
  • Repair/Maintenance Expenses
  • Homeowner’s Insurance

How to Make an Offer

When you have found a home you are interested in buying, Candace will walk you through the process of drafting an offer to purchase. She will communicate the offer to the seller or the seller’s real estate agent for you. Some properties are in demand and you will not be the only interested party making an offer. Candace will assist you in generating an offer that is reasonable and protects your interests using specified terms and conditions.

An offer can be drafted with or without conditions; an offer without conditions is known as a firm offer and one with conditions is known as a conditional offer. A conditional offer represents the party with the placement of certain conditions on the purchase. Some of these conditions could be “subject to financing approval”, “subject to the strata council allowing pets”, “subject to the buyer’s house selling”, “subject to an approved home inspection”, among many others.

The seller may accept your initial offer, reject your offer or present a counter-offer. The counter-offer may differ from your original offer in respect to price, conditions, the closing date or any other items. Offers can be countered back and forth between the parties until one of you accepts or rejects, ending the negotiations.

There are many components of an offer that you should be aware of and understand. Candace will answer your questions and explain the entire process to you so that you are comfortable with the steps involved.

Terms

An offer includes certain “terms”, which specify the total price offered and how the financing will be arranged, such as if you will arrange your own with a financial institution or mortgage broker or if you wish to take over the seller’s mortgage (assumability).

Inclusions and Exclusions

These are specifications within the offer that detail the items to be included or excluded from the purchase of the property. Typical inclusions are appliances, window coverings, fixtures and decorative pieces.

Deposit

A deposit is provided from the buyer to the seller as a token of the buyer’s assurance and intention to buy the property involved. The deposit is applied against the purchase price of the home once the sale has closed. Candace can assist you in proposing a certain and appropriate amount for the deposit.

Conditions

Items that are usually put in place to protect a party’s interests upon selling or buying the property and refer to things that must occur or be in place before the sale closes.

Closing Date

This is usually the date that the legal ownership of the property transfers from the seller to the buyer and, unless otherwise noted, when the funds for the purchase are concluded.

Possession Date

When the buyer takes possession as specified in contract of purchase sale.

Purchase Price

This is the amount that the buyer is offering to pay for the property. The price is usually dependent on market conditions and may differ from the seller’s current asking price.
Candace Bosch | EXP Realty | What to consider before writing an offer |

Legal
Needs

Purchasing a home involves a lot of paperwork, most of which are contractual documents that will legally bind you to the numerous terms and conditions. For this reason it is important to have a good lawyer or notary public acting for you. Someone to protect your rights and interests.

Finding a Lawyer/Notary Public

If you don’t have a lawyer or notary public, you can look for a referral from friends, family or business acquaintances. Look for someone with real estate experience and discuss their fee scales. Candace can help you locate a reliable professional, whom you feel comfortable working with.

Lawyer’s/Notary Public’s Function

You will need a lawyer or notary public to process your purchase and ensure the terms are met:

  • the correct property is purchased
  • transferred title to your name
  • ensured title is free and clear of prior owners encumbrances
  • your mortgage is registered properly on title

The legal process varies from province to province within Canada. Specifically, you will need to consult with your chosen legal professional and he/she will explain the process and the steps that need to be completed before you get the keys to your new home. Your lawyer/notary public will prepare a “Statement of Adjustments” outlining all the financial aspects of your sale.

Legal Fees and Disbursements

The difference between legal fees and disbursements is analogous to the parts and labour you pay when fixing your car. Candace can help you locate a reliable professional, whom you feel comfortable working with.

Home Inspection

A home inspection is an objective visual examination of a home’s structure and systems.

Why get a home inspection?

There are a number of reasons why Candace recommends a home inspection including:

  • To ensure you are not surprised by major defects
  • So you can be advised about the various elements of the home including – heating and cooling systems, structure, electrical and plumbing
  • To learn about how the mechanical systems work and need to be maintained
  • Most homeowners are not expert in the numerous components of house construction
  • A third party can be objective as there is no emotional attachment

Who should you hire?

Home inspectors are often referred by family or friends. Candace can also provide you with a list of inspectors. Look for one that is trained and certified by a national organization such as Canadian Association of Home Inspectors (CAHI) or National Institute of Building Inspectors (NIBI) and who has errors and omissions insurance. Do not hire someone who will do any suggested work due to the conflict of interest.

When should you call?

Order the inspection after your offer has been accepted. The contact will stipulate the length of time you have to complete the inspection.

What is involved?

The home inspection will determine the structural and mechanical soundness of the home. Your home inspector can identify existing and potential problem areas, suggest possible solutions and provide estimates for the cost of the work required. You will receive a report outlining the inspection findings. You should accompany the home inspector during the inspection or arrange to meet them at the home so they can walk you through the report. If as a result of the inspection, you have further concerns, have a specialist in that area conduct a more extensive examination.

What does it cost?

Costs vary depending on a number of factors including:

Size and location of the home, features, age, and services required. Additional services may include radon, septic and well testing. Candace can assist you in obtaining a quote from a potential inspector before you enlist his/her services.

Mortgage Information

Mortgage lending is a highly competitive field. Information on mortgage rates, which can change daily, is available in local newspapers, through mortgage brokers, from individual lenders and of course through conventional financial institutions. When you are shopping for a loan, interest rates tell just part of the story. You will also need to study the various fees lenders charge and many mortgages today are almost custom-tailored to individual needs with many options available.

Ask your Agent

Candace, your real estate professional, can recommend lenders to check with prior to beginning any serious house hunting so you will know exactly what you can afford.

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Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.