Moving on UP the Home Buying Purchase Ladder

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Key Steps Home Sweet Home

Key Steps to Home Sweet Home. There is nothing more exciting than moving into a new home. Whether a new building or re-sale property, there are a few things you can do as soon as you take possession in order to make it your own. Invest a weekend or two into warming up a featureless space or refreshing someone else’s old homestead.

Key Steps Home Sweet Home you can do to own your new space:

  1. Change The Locks :Secure your home by changing the locks as soon as you take possession. Even DIY beginners can change a deadbolt lock. A replacement deadbolt set can be installed in place of the current lock with just a screwdriver— no drilling required. Another option is to rekey the lock. Purchase a rekeying set from the same manufacturer as the existing door lock, and reset it for a new key
  2. Consider a Professional Deep Cleaning: Hiring a professional cleaner to deep-clean and detail your home before you move your possessions in can make your new home feel that much more YOU! It will be easier without any furniture to work around, allowing them to access to every nook and cranny. Yes, you’ll have to clean again after moving day, but the heavy lifting will have already been done!
  3. Clean Out Your Pipes: Years of dust, pet dander and detritus collect in the hidden workings of any home. One of the most effective ways to refresh a new home is to get right into the guts of it! Have your ducts, furnace and air conditioning unit professionally cleaned and be sure to change the filters as required to maintain that clean, fresh air.
  4. Apply a Coat of Paint: Painting provides the most bang for your home-improvement buck! Whether the walls of your home are dingy or you’re simply not feeling the magic of beige, it only takes a few hours to repaint your space with a colour that makes you feel at home.
  5. Freshen Up Your Floors: Much like worn-out walls, old floors can really put a damper on that new-home buzz. If your hardwood has seen better days, consider hiring professionals to re-do it or tackle the project yourself. For carpet, a deep steam clean can do wonders! For laminate, you can get that extra shine with a special laminate floor cleaner. Although if any of your floor coverings are lifting or have holes in them, time to replace it. You can further personalize your new space by adding floor runners or area rugs!
  6. Neutralize Odors: Any re-sale home can benefit from a deep-clean refresh to eliminate any lingering odors from previous tenants. While some of the above steps will dramatically reduce any lingering smells, stubborn aromas require spot treatments such as:
    • Putting dishes of activated charcoal (also known as activated carbon) in a musty, damp basement. These can be found at aquarium stores.
    • Running a dehumidifier during the spring and summer.
    • Placing a sock filled with dry coffee grounds or baking soda in closets, refrigerators or freezers to absorb stale odors.
    • Pouring white vinegar down a stinky drain. 
  7. Enjoy the View! Dirty windows and screens can make rooms feel dark and dingy. A thorough cleaning will have your windows shining, and your indoors will feel brighter and fresher too. If your home came with the previous owner’s window coverings, be sure to clean or launder them; it’ll remove allergens as well as reduce any lingering odours. Or consider replacements with colors and patterns more suited to your style!
  8. Lighten Up! A well-lit home is immediately warmer and more inviting than its darker counterparts. If your rooms feel dim, replace the existing bulbs with bright, energy-saving LED or CFL bulbs for more light and cost-savings! Dated lighting fixtures can also foil your redecorating efforts, so consider replacing them with something more your style.
  9. Time for a Switch: Replacing your switch plates only requires a screwdriver but you would be surprised how much swapping out old lighting switch plates can refresh your space. With a little DIY expertise, screwdrivers, pliers and a voltage tester, you can install energy saving dimmer switches instead.
  10. Display Your Art: Once you have deep-cleaned your new home and organized it to your heart’s content, it is time to dress up your walls with your favourite artwork and family photos! Get your kids’ kindergarten masterpieces onto the fridge and deck out your mantel with family photos.

Moving into a new home is one of the best times to make your space perfect for you! With a clean slate and empty floor space, now is the time to include all the things that make your house a home – to you! Start your application TODAY

How the CHIP Reverse Mortgage Can Help You Support Your Adult Children

A CHIP Reverse Mortgage is a great answer for seniors with Canada’s recent housing market boom.  According to the Canadian Real Estate Association (CREA), between April 2020 and April 2021, the average house price rose by a 41.9%. The average purchase price rising to $696,000 and data from previous years is similarly impressive.

This is, of course, great news for homeowners, but perhaps not such great news for those trying to get in on the property ladder. This has led to a boom in older Canadians helping their adult children with the funds or a down payment. According to a recent Bank survey, 31% of Canadians would help their adult child pay for a new home.

If this is you, it’s important to ask yourself how you will access the funds to help your child. You too can do the same while maintaining your own financial security. Check out the CHIP Reverse Mortgage Calculator to find out how you can access home equity

Withdrawing from Investments

Some people turn to savings and investments when they want to access a large sum of money. However, this may not always be the best idea. Cashing in investments has the potential to trigger taxes and OAS and CPP clawback. This could also as push up your marginal tax rate. Because it can also damage your overall portfolio, this may also have a negative effect on your future retirement income.  Therefore, with more and more Canadians at risk of outliving their retirement savings this is very important to bear in mind.

Using the Equity in Your Home

In order to avoid the downsides of withdrawing from investments, you can use your home’s equity to help your adult children, that way they also benefit from Canada’s red-hot housing market and the equity it’s enabled you to build up.

HELOC

One way of accessing the cash in your home is through a home equity line of credit (HELOC). This revolving line of credit secured against your home that allows you to borrow up to 65% Loan to value. A HELOC can be a good way of accessing cash. With more 55+ borrowers having their applications denied simply because they lack a regular income due to being retired. Another drawback to the HELOC is the fact that the debt must be serviced monthly, which can eat into your monthly income.

The CHIP Reverse Mortgage

Another way of accessing the cash in your home is with the CHIP Reverse Mortgage. The CHIP Reverse Mortgage allows you to access up to 55% of your home’s value in tax-free cash. This can be used to gift an early inheritance to your adult children. Therefore helping them get into the property market and help the entire family.

The money you receive won’t damage your investment portfolio and won’t trigger taxes or OAS/CPP clawback. What’s more, since you only pay back what you owe once you leave your home, there are no monthly repayments adversely affecting your retirement income.

The CHIP Reverse Mortgage is a product that’s designed specifically for Canadian’s 55+ with an approval process to fit. This means we don’t discriminate against retirees or those without a regular income, all you have to do is own your home.

If you’d like to find out more about how the CHIP Reverse Mortgage can help you support your adult children, contact us at Prime Mortgage Works today!