Cats can be cuddly, charming, and good company. Or whatever they want to be, really. They are not, however, typically described as “cooperative” or “adept at accepting change.”

Moving can be stressful for most pets — and cats in particular — so cat parents need to pay extra attention to how their feline bestie is handling the packing process or acclimating to their new home environment.

When it comes to cats and change, slow and steady is the way to go. Prep for your move well in advance, allowing your cat to gradually accept that some things are going to change while reassuring them that other elements (their food, bed, and routine with you) will remain constant.

Here’s how to keep these creatures of habit happy during a move.

Moving day challenges

Since some cats are escape artists, cat parents need to be escape prevention artists. If you can’t find a friend or family member to care for your cat on moving day, keep your cat behind several layers of security.

This will likely entail keeping them inside a quiet room with a closed door, and potentially even in their carrier. Let your movers know that your cat is there (posting a reminder note is a good idea, too) and ask them not to open the door unless you are present and able to be there to comfort your cat. 

If you can’t find a friend or family member to care for your cat on moving day, keep your cat behind several layers of security.

New home, old routine

Returning to your cat’s regularly scheduled programming as soon as possible will make acclimatizing to their new home easier.  

Returning to your cat’s regularly scheduled programming
as soon as possible will make acclimatizing to their new home easier.  

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Purchasing a home is one of the most significant investments and decisions many Canadians will make. Nevertheless, individuals in the market for a new home frequently encounter the decision of opting for either a recently built or an older property. By carefully considering the advantages and disadvantages of each choice, prospective homebuyers can arrive at an informed decision that aligns most effectively with their specific needs and financial circumstances. Let's explore the advantages and disadvantages of both new and older homes.

Buying a New Home

Here are the benefits of buying a new home:

Customization – Homebuyers are often drawn to new homes for the ability to customize the space to their liking. This can include choosing finishes and materials and designing the home’s layout and features.

Energy Efficiency – New homes often have energy-efficient features, such as high-performance windows and insulation, leading to lower utility bills and a more sustainable lifestyle.

Modern Amenities – New homes often have modern amenities like smart home technology, high-end appliances, and state-of-the-art security systems.

Low Maintenance – New homes typically require less maintenance than older homes, saving homeowners time and money in the long run.

Here are the drawbacks of buying a new home:

Higher Costs – New homes often have a premium price tag due to the customization options and modern amenities.

Potential Construction Delays – Building a new home can come with unexpected delays due to weather, permitting, or supply chain disruptions, leading to added stress and costs.

Finishing Expenses – New homes are often incomplete, especially those in new subdivisions. They may have unfinished basements, driveways or even lawns. In some areas, you’ll be required to sod your yard within a specified period of time, an expense that you might not have anticipated.

Lack of Established Neighborhood – New developments may lack the charm and character of established neighbourhoods, which can be a disadvantage for those seeking a sense of community.

Limited Land Availability – New homes may be limited to new developments with limited land availability, which can limit options for those seeking specific locations or lot sizes.

Buying an Old Home

Here are the benefits of buying an old home:

Established Neighborhoods – Old homes are often found in established neighbourhoods with history and character. These neighbourhoods often have mature trees, unique architecture, and a sense of community that is difficult to replicate in new developments.

Lower Cost – Old homes can be more affordable than new homes, benefiting those on a tight budget.

Potential Charm and Character – Old homes often have unique features and design elements that can add to the home’s charm and character.

Larger Lot Sizes – Older homes may have larger lot sizes than newer homes, which can provide more outdoor space and privacy.

Here are the drawbacks of buying an old home:

Repairs and Renovations – Older homes may require considerable work to update electrical, plumbing, and other systems, which can be expensive and time-consuming.

Energy Inefficiency – Older homes may be less energy-efficient than newer homes, leading to higher utility bills and a less sustainable lifestyle.

Limited Customization – Older homes may not offer the same customization options as newer homes, which can be a disadvantage for those seeking specific design features.

Potential for Hidden Problems – Older homes may have hidden problems, such as structural issues or water damage, that may not be apparent during the initial home inspection.

Factors to Consider When Choosing Between a New Home and an Old Home

When choosing between a new home and an old home, there are several important factors to consider:

Budget – New homes are typically more expensive than older homes, but they may come with features and amenities that could justify the added cost. Conversely, older homes may require more repairs and renovations, which can add to the overall cost of ownership.

Lifestyle preferences – If you value a sense of community and established neighbourhoods, an older home in an established area may be the better choice. Conversely, a new home may be better if you value modern amenities and customization options.

Energy efficiency – New homes are typically more energy-efficient than older homes, which can result in lower utility bills and a more sustainable lifestyle. However, older homes can be updated with energy-efficient features to improve their efficiency.

Maintenance and repairs – Older homes may require more maintenance and repairs than new homes, which can add to the overall cost of ownership. Conversely, new homes may come with warranties and guarantees that can help offset the repair cost.

Location – New homes are often located in new developments, while older homes may be found in established neighbourhoods. Consider proximity to schools, work, and amenities when making your decision.

Choosing between a new or old home can be a challenging and personal decision for prospective homebuyers. While each option offers unique advantages and disadvantages, it ultimately comes down to personal preferences, budget, and lifestyle considerations. Whether you choose a new or old home, homeownership is a rewarding and vital investment in your future. Talk to a RE/MAX real estate agent today to discuss whether a new or old home would better suit your needs.

Source: remax.ca

Homeowners may benefit from refinancing their mortgage by lowering monthly payments, accessing equity, or consolidating debt. In spite of this, refinancing is a complex process that requires careful consideration in order to avoid potential pitfalls. Here are some pitfalls to watch out for when refinancing a mortgage in Canada.

Ignoring the Associated Costs

Refinancing often involves various fees and expenses that need to be considered to determine the financial feasibility of the process. Some standard costs associated with refinancing include appraisal fees, legal fees, application fees, and potential prepayment penalties from the existing mortgage. These expenses can quickly add up and impact the overall cost-effectiveness of refinancing.

By ignoring these costs, homeowners may underestimate the true financial impact of the refinancing decision. Homeowners must take the time to calculate the expenses involved in refinancing, considering both the upfront costs and the long-term financial implications.

Not Shopping Around

Different lenders offer varying rates, terms, and conditions, and failing to compare options can leave homeowners paying more than necessary. Homeowners may be unaware of better rates elsewhere by neglecting to explore multiple lenders, including banks and mortgage brokers. Even a slight difference in interest rates can substantially impact the mortgage’s overall cost.

Shopping around allows homeowners to gather quotes from different lenders and compare interest rates, closing costs, and loan terms. This information empowers them to negotiate and secure the most favourable terms for their refinancing needs.

Focusing Solely on Interest Rates

While interest rates are essential when refinancing a mortgage, focusing solely on this can be a potential pitfall. Homeowners should consider the following:

The reputation and reliability of lenders – Working with a reputable lender who offers excellent customer service and a smooth refinancing process is essential to ensure a satisfactory experience.

Their financial goals and plans – If they anticipate selling the property or paying off the mortgage soon, focusing solely on interest rates may not be as crucial. Evaluating the potential savings against the costs associated with refinancing can determine if refinancing aligns with their long-term objectives.

The terms and conditions of the loan – Some loans may have adjustable interest rates or other unfavourable terms that could result in higher costs in the future. Evaluating the entire package, including the interest rate, loan duration, and potential risks, helps homeowners make an informed decision.

Failing to Consider the Long-Term Implications

While refinancing may offer immediate benefits such as lower monthly payments or accessing equity, it is essential to evaluate the long-term impact on the overall cost of the mortgage. Failing to consider the long-term implications can lead to unintended consequences and financial setbacks. Homeowners should consider the following implications:

Paying More Interest – Extending the mortgage term may reduce monthly payments, but it can also result in paying more interest over the life of the loan. Homeowners should carefully assess whether the short-term savings outweigh the potential long-term increase in interest payments.

Altered Financial Plans – If they anticipate selling the property or paying off the mortgage in the near future, refinancing may not be the most cost-effective option. In such cases, the expenses associated with refinancing may outweigh the potential benefits.

Failing to Requalify

Requalifying is the process of reassessing your financial situation and ensuring that you meet the lender’s requirements for refinancing. Neglecting this step can lead to disappointment and wasted time if you cannot secure the desired refinancing terms.

During the requalification process, lenders will review factors such as your credit score, income stability, debt-to-income ratio, and the appraised value of your property. If any of these factors have changed since you obtained your original mortgage, it could impact your eligibility for refinancing.

Homeowners should take the time to thoroughly assess their current financial situation and gather the necessary documentation to demonstrate their ability to meet the lender’s requirements. They should also be aware of any changes in their credit score and work to improve it if necessary. A lower credit score can impact your ability to qualify for favourable refinancing terms or result in higher interest rates. A financial advisor can help assess your eligibility for refinancing and provide guidance on steps you may need to take to improve your chances of requalification.

Refinancing a mortgage in Canada can be a beneficial financial strategy, but it is essential to navigate the process cautiously to avoid potential pitfalls. Ultimately, by being proactive and well-informed, homeowners can successfully navigate the process and reap the rewards of a refinanced mortgage that meets their financial goals and improves their overall financial well-being.

"Refinancing your mortgage is a great way to pay down some debt when unexpected events happens or when you just need to pay down some credit.  Call us to help you through the process!"  Pat Dell - Verico Crown Mortgage 

Source: remax.ca

When you sit down to begin planning a home renovation, it can be easy for the costs to add up. No matter the budget you set, you will always end up going over (make sure you add that 10 to 20 percent cushion!), so the more you can save in various costs, the better off you will be. It is possible to renovate your house reasonably affordably if you are willing to invest a little bit more time and effort. Here are a few tips for renovating your home on a budget without sacrificing quality.

Increase Efficiency, Not Size

It is costly to completely redo a room to gain square footage when often the problem is a lack of storage. If you can reorganize and equip the room for maximum utility, you will not need to blow out the walls. It can be expensive to shell out the money to upgrade things like cabinets and shelves, but you will save a lot more by skipping the addition you thought you needed.

If it is vital to increase the size of a room, see if it is possible to remove a wall instead of creating an addition. It will make your house feel brand new and improve flow without costing too much. Make sure to check if the wall you want to remove is load-bearing since those are much more complicated projects to navigate. If it is a non-load-bearing wall, it will be easy to remove, and the cost will be minimal.

Refinish Instead of Replace

Homeowners often get bogged down in their homes looking drab when the problem is just cosmetic. When a part of your home looks old, it can be tempting to rip it all out and start over, but don’t underestimate the effect that refinishing can have on a space. A very easy way to refresh any space is with paint. You can add an accent wall with a fun colour or paint them all for a fresh look. Don’t stop at walls – furniture and cabinets can also be updated easily with a fresh coat of paint.

Other refinishing projects are equally easy and will go a long way in giving your house a new look. A new backsplash in the kitchen is increasingly easy for homeowners to install themselves and looks very stylish. A runner down the hallway or on stairs can hide large marks and give new life to high-traffic areas. Fresh caulking around a tub can go a long way in making your bathroom look new. Old furniture can be spruced up by refinishing the wood or reupholstering the material. The possibilities are endless.

Reuse and Recycle

Just because you are tired of your furniture in one location does not mean it can’t be given new life elsewhere. Some of those old kitchen cabinets can be set up to create a downstairs kitchenette. Knobs and light switches can be easily changed to another location. Even simply rearranging furniture can completely change the look and feel of a room without costing a dime.

If you are willing to put in a little time, you can reap big savings with recycled or lightly used fixtures and other materials. Search online or thrift stores for items at a fraction of home center prices. The caveat if you choose to recycle: many contractors will not work with salvaged items, or homeowner-supplied items in general, because they don’t want to assume the liability if something goes wrong. However, if you are doing most or all of the work yourself, you can find plenty of materials simply by looking around a little bit.

DIY When Possible

Unless you have a strict timeline for your renovation, it is always worth doing at least some of the work yourself. There are plenty of jobs that can be done by the average homeowner, such as demolition, painting, sanding, or insulating. Instead of paying someone to do tasks you can easily do yourself, save money and contribute to your renovation.

Before all else, make sure you have a plan for your renovation. If you are not specific about what you want both with yourself and any contractors, you will end up costing yourself more money by potentially performing renovations that you don’t end up loving.

Source: RE/MAX Canada https://blog.remax.ca/how-to-renovate-a-house-on-the-cheap/?rmxv=1687378628&fbclid=IwAR36N2VinjK4V94edIfxc9SgZ3w6N3U-4Rwte7dm74OdErsTTQ4QPU_HaNI

Embarking on the journey of buying a home is an exhilarating experience. Yet, for those seeking to make the most significant purchase of their lives, it can also feel overwhelming. Buying a home as a single person can be intimidating, but we have some smart tips for single home buyers that will make the process much smoother.

With challenging conditions in the Canadian housing market this year, becoming a homeowner as a solo act can carry more stress from a financial perspective than if you were going in with another person. However, each scenario has distinct advantages. For example, as a single you don’t have to consider another person’s needs and wants when it comes to finding your dream home. This means less compromising. If you work remotely or your job is flexible, as a single person, you can open your search field by looking into different cities or towns, and potentially even different provinces.

If you’re looking at entering the housing market as a solo endeavour, we’re breaking down our top tips for single home buyers, to help you make the most of your purchasing experience.

 Be Aware of Your Financial History

It’s hard enough to qualify for a mortgage on one income. As always, financial history plays a significant role in getting a mortgage from a lender. Before looking at homes for sale, it’s essential to get a stronghold on your credit score, as the higher your score, the more favourable your interest rate. If your score is a little lower than you’d like, you can take steps to improve your score before seeking pre-approval for a mortgage.

When considering your financial history, you may also want to look at your potential financial future. While your mortgage will be based on a few criteria like your credit score and income, remember that living alone in a home with an extra bedroom or basement apartment creates an opportunity for rental income, which can help ease the burden of paying off a mortgage in a single-income household.

Consider Both Your Present and Future Self

As a single person wanting to purchase a home, if you’re focusing on your immediate circumstances and needs, you might consider looking at smaller homes with just one bedroom and enough living space for yourself. However, purchasing a home is a long-term investment, so it’s important to consider your future needs as well. While you may not require a ton of space right now, five or 10 years down the road, you may have a partner or children sharing your home with you, meaning you’ll be needing more space. To get the most out of your home, think about the bigger and longer-range picture before putting in an offer, but prioritize what’s realistic and within your budget.

It’s also important to consider your immediate wants and needs in a home. If you want a house with a hot tub, get the house with a hot tub, providing it’s affordable for you. After all, this is your space, and you should be able to enjoy it fully.

Be As Flexible as Possible 

Above we briefly touched on how flexibility is usually at an all-time high when you’re buying a home as a solo act. Since it is just you, there is more freedom regarding location; therefore, it’s essential to keep your options open. Sure, there may be a specific neighbourhood you’ve been eyeing, but unless you must stay in the same town, solo buyers might be wise to broaden their search and look at other markets. Perhaps your dream home is in another city – you’ll never know unless you give it a shot.

Trust Yourself

Purchasing a home is a significant investment, perhaps one of the largest investments you’ll make in your lifetime. It’s easy to start second-guessing yourself when it’s time to make big decisions. However, the beauty of buying a home for yourself is that the opinions of others don’t matter. When you’re getting ready to make an offer on that house you have your eye on, seek advice rather than approval.

Before making an offer on a home or even starting your house-hunting search, connect with a professional real estate agent and a financial advisor. This way, you can get a good grasp on what you can afford based on your financial history and current income and stay in the know and have first dibs on any homes that come on the market that fit your buying parameters.

Source: remax.ca

Renters across Canada have been struggling with  rising rent costs  and wondering how they will be able to save for a down payment while renting. However, with some money management tricks and modification to your daily living, you can save for a down payment. It might go slowly, but every little bit helps. Here are some tips to save for a down payment while renting.

1. Make a Budget and Stick to It

Making a budget is the easiest way to make your financial goals happen. When you have a plan for where your money is going, it puts the power back in your hands and gives you an idea of how long it will take to save for a down payment.

To make a budget, write down your monthly income. Then, list your monthly expenses, including your savings goal. Your expenses should always be less than your income; otherwise, you are going into debt. Track your spending to ensure your budget is accurate. But the trick is that if you want to save enough for your down payment, you must ensure you stay within budget as much as possible.

2. Get Rid of Your Existing Debt

Qualifying for a mortgage does not end with saving enough for a down payment. Mortgage lenders will also look at your debt-to-income ratio (DTI), the percentage of gross income used to pay minimum monthly debt payments. If you have a high DTI, you are a risk to the lender, who will be less likely to approve you for a mortgage. However, if you work to cut down your existing debt while saving for your down payment, you can get approved for the house you want.

3. Cut Unnecessary Spending

Another way to boost your down payment savings is to cut back on a few luxuries. For example, consider buying groceries and making meals instead of ordering in, working out at home for free instead of paying for a gym membership, or taking public transit. Then, take the money you would have used on those splurges and put it into your savings account for the down payment.

Some people might be willing to sacrifice just about everything to have their house sooner, but most of us would rather not sacrifice our quality of life. Make a line in your budget for fun things like a night out with friends, and ensure you don’t go over budget. Saving for a down payment is not worth sacrificing your mental health.

4. Lower or Eliminate Rent Costs

Your most considerable monthly expense is likely your rent, so an effective way to save for a down payment is to cut your rent costs. Although moving is not fun, it can save you thousands of dollars annually. Renters who work from home can choose a location with a lower cost of living, while those who work in an office can find a cheaper apartment closer to their work, saving them expenses for both housing and transportation. Then, take the difference in your expenses and put it in your savings account for your down payment.

5. Add Extra Income

While cutting expenses is an effective way to create room in your budget to save for a down payment, another way to save is to take on a side hustle. There are many opportunities for part-time work, such as driving for Uber or Skip the Dishes or becoming a tutor. You could also start your own home business cleaning houses, pet sitting and dog walking, or doing yard work. It doesn’t have to be fancy if it earns you extra money for your down payment.

6. Immediately Save Any Bonuses or Gifts

If you receive regular bonuses at work or a tax return each year, these can easily be contributed toward your down payment savings without sacrificing your quality of life. To take it up another notch, ask for down payment contributions in place of gifts for your birthday or Christmas. If you feel you are missing out on fun for yourself, set aside a predetermined percentage or amount to use as you want, and put the rest in savings.

With these tricks, you can save up for a down payment while renting. Set up a savings account dedicated solely to your down payment and watch as your efforts pay off – literally!

Source: remax.ca