16 Nov

Relocate or Renovate

General

Posted by: Jennifer Koop

Relocate or Renovate.

Like Lighting in a Bottle. That’s how Todd Talbot describes the chemistry between him and Jillian Harris, his co-host of the reality TV series Love It or List It Vancouver. There’s an undeniable electricity that flows between the pair who have battled against each other through 104 hour-long episodes of the home-design series. Sparks fly, but ultimately, both have the same goal: to find a solution for homeowners whose spaces simply don’t suit their needs.

In the “love it” corner is Harris, an interior designer (she wore her heart on her sleeve on The Bachelor and The Bachelorette) whose strategy is to help homeowners kiss and make up with their space, thanks to her design-savvy renovation. Talbot, a realtor (he’s been acting on stage and screen since he was a kid), is firmly in the “list it” corner, coaching quarrelsome couples to sell and start fresh.

The sparring is real, but there’s no bad blood between Harris and Talbot. “Jill and I really agree with each other 99 per cent of the time,” says Talbot. “We’re like brother and sister with each other, on camera and off.”

EMBRACING CHANGE

Buy or renovate? Talbot says the answer isn’t absolute. “Generally speaking [buying a house]; it’s a really fun journey. And it can be really fun on the reno side,” he says. “Life is lived in the grey areas, the nuances in between.” Those shades of grey involve negotiation and prioritization, among other practical and philosophical considerations that happen behind the scenes.

Off set, Talbot is a dedicated DIYer. “My happy place is building and renovating. I manage all my rental properties and do almost all the maintenance,” he says. He even renovated the house he shares with his wife and two children, located in Lions Bay, a sleepy seaside town in B.C. But that doesn’t mean they’ll live there forever. Like the homeowners featured on the show, Talbot and his wife wrestle with opposing forces. “Are we going to sell? Stay? Move?” Relocation to a condo in the city is a real consideration.

That struggle is what makes the show’s appeal universal. Our lives are constantly shifting. Babies are born and kids move out. Jobs change and communities evolve. Still, many homeowners are reluctant to step outside of their comfort zones, says Talbot, noting that the people who come on the show are fixated on location. “I’m the opposite: I’m a change guy. I love the idea of a different home in a different area. Nothing excites me more.”

As the TV series closes in on its fifth year of filming in June, Harris, a new mom, reflects on how her design sensibilities have shifted. “Now that I’m a parent, especially, I’m leaning towards more colour, less clutter and softer finishes, whereas before I was all about everything being white,” she says.

No two families are alike, but all are in desperate need of change, says Harris. She eases the transition, giving growing families more functional space within the existing square footage or cozying up a family home that feels empty after the kids have moved out. Each has their own wants, needs and personal style, which Harris tries to tease out of the homeowners so she can design workable spaces they love. “It’s our job to show them their best options and help guide them towards the right choice for them,” says Harris.

The obstacles families face, however, go beyond bad design and unpredictable real estate markets. A recent episode of Love It or List It Vancouver, where the homeowner uses a wheelchair, presented a new type of design challenge for Harris. “I wanted to think about every part of her home she would experience, from the front entrance to the kitchen cabinetry to being in the living room with her family. Even though they ultimately chose to list [the house], that episode really stuck with me and reminds me not to take things for granted.”

FINANCING FIRST

Whether overhauling an aging home with a sinking foundation, or buying bigger in a hot real estate market, those decisions are guided by budget. “People don’t want to talk about money. It’s not sexy,” says Talbot. His true passion for real estate is connected with the financial side. “What I really love doing is empowering people and coaching them to be able to make the decision to fulfil their vision.”

Talbot believes that gathering information and building knowledge is essential, rather than solely relying on an expert’s perspective. When you start making decisions based on instinct, it takes lots of the worry out of homeownership. He also believes everyone should view real estate as an investment and determine the end game of the property before they buy it: when they’re going to sell it and who they’re going to sell it to.

“At the end of the day, for anyone making decisions about renos or buying and selling, that’s a very personal choice and a choice that ultimately the homeowner takes responsibility for,” says Talbot.

Harris also advises thinking long-term. “It’s so important to look at both your five and 10-year plan as a family. If your house does not have any additional square footage to work with, then maybe a lipstick reno and a quick sell is your best option,” she says. “If your home does have extra space [and] it’s just not being utilized well, but you love the neighbourhood, then I would suggest renovating it to support your family for years to come.”

HOMEOWNERSHIP FOR ALL

For his part, Talbot is rethinking the entire ethos of homeownership. “In today’s day and age, we don’t live the same way as our grandparents did, [who] lived in their houses for 50 years. [Now] houses are more designed to facilitate lifestyle than be the lifestyle themselves,” he says.

“I’m really interested in the idea of redefining the Canadian dream of what makes a great house.” I think we’ve gotten off target as a society: 5,000 square feet is indulgent!” Instead, Talbot says it’s about those shades of grey and finding the sweet spot where financial responsibility, sustainability and quality of life intersect.

That’s a tough sell for some. Especially when our social media feeds are awash with idyllic images of families frolicking in sprawling backyards and cooking in couture kitchens. Dream home envy indeed. Harris sees beyond the soft filters and careful cropping and suggests homeowners look inward.

“I think the best thing is to identify what’s important to you and then build a plan around how to achieve that,” she says. “Or, be on Love It or List It Vancouver and have Todd and I figure it all out for you!”

TODD’S FIRST MORTGAGE

“Real estate kind of snuck up on me. I didn’t get into it for the money,” says Talbot who was working as successful actor when he started renovating.

“I’ve always struggled with this: being an artist and this financial fixation.” Talbot describes his first foray into the real estate market. “I bought a two-bedroom, two bathroom condo in [the Kitsilano neighbourhood in Vancouver], which happened to be the display suite. I had no furniture so I tried to negotiate in all the staging furniture.

They didn’t go for it. The only way I could swing buying my first place was to convince my buddy to rent the other room from me and that ended up subsidizing half my monthly costs. I drew up what I would later learn was a rental contract, literally on the back of a napkin. We lived together for three years before that property turned into a rental property. I refinanced it many times and funded multiple other properties with it.

I learned huge lessons owning that first property, which I sold a few years ago.”

JILLIAN’S DESIGN SECRETS

Harris is expanding her airy aesthetic of white-on-white and introducing saturated splashes of colour. Here, she shares five tips on finding your own style. Mix it up “I like to mix vintage with all sorts of eclectic styles. I like a tad of whimsy in a space and I love to see a person’s personality and life experiences shine through in the décor.” Harris also likes blending textures: “I love mixing muslins with thick rugs and knits and sequins and sparkles.”

Build Layers: Start with a blank canvas and build layers within the room. Anchor a room with an area rug, then add larger investment pieces such as sofas and loveseats. Then add in smaller pieces such as side chairs, ottomans and table lamps.

Get Colorful: “I have had a lot of fun over the years experimenting with coloured kitchens, using finishes like olive green and royal blue.”

Add Artwork: Harris suggests finding something inexpensive yet valuable in a sentimental way to inject polish and personality into your home. Or making a piece from meaningful items. “Frame flies from your great grandpa’s fly-fishing collection.”

Accessorize: Achieve a luxe look for less with a high-low mix of accessories, such as “steals” from stores such as Home- Sense and Target and “splurges” from boutiques, which act as “the icing” on the cake. “It gives your house that look of timelessness and richness.”

 

Published by DLC Marketing Team

10 Nov

First Time Home Buyer

General

Posted by: Jennifer Koop

First Time Home Buyer

Being on the path to purchasing your first home is one of the most exciting and most rewarding moments in life! While people don’t always dream of the perfect mortgage, we do grow up dreaming of a white picket fence and our dream home. Even if you imagined your dream home as a 6-bedroom mansion, we all have to start somewhere!
Regardless of whether you’re buying an apartment, townhouse, rancher or two-story family house, there is nothing quite like your first home. Not only is it an amazing accomplishment and a great sense of freedom and security, but buying your first home is also a great step into the real estate market and can provide you equity and a leg-up towards future expansion.

Are you Ready to Own a Home?
Before you jump on in, there are some things you should ask yourself. As amazing as it is to be a first-time home buyer, it is important to remember that this is likely the largest financial decision you will ever make. There are a few questions you can ask yourself to make sure you’re ready to take this incredible leap!

1. Are you financially stable?
2. Do you have the financial management skills and discipline to handle this large of a purchase?
3. Are you ready to devote the time to regular home maintenance?
4. Are you aware of all the costs and responsibilities that come with being a homeowner?

Let’s find out!

Costs of Home Ownership:

There are two major costs of home ownership – let’s make sure you’re ready to take it on! Upfront Costs: The initial amount of money you need to buy a home, including down payment, closing costs and any applicable taxes.

Ongoing Costs:

The continued cost of living in a home you own, including mortgage payments, property taxes, insurance, utility bills, condominium fees (if applicable) and routine repairs and maintenance. It is also important to keep in mind potential major repairs, such as roof replacement or foundation repair, that may be needed now or in the future. In addition, if you choose a property that is not hooked up to municipal services (such as water or sewer) there may be additional maintenance costs to consider.

Buying Your First Home
If you’ve decided to take the plunge, you now need to start by figuring out what you can afford. Fortunately, there are all kinds of calculators and tools available. A great place to start is the free My Mortgage Toolbox app which can help you find a mortgage broker in your area. A mortgage broker is a great alternative to traditional banks and can help you find the best rate in the market, as well as save you time by doing the leg work for you!

Regardless of whether you choose a mortgage broker or traditional bank, the first step begins with your down payment.

Securing Your Down Payment
If you are ready to get your first mortgage, you will need a down payment. The minimum down payment on any mortgage in Canada is 5 percent but putting down more is beneficial whenever possible as it will lower the amount being borrowed. However, if you can only afford the minimum that is perfectly okay! Just remember, if you are putting down less than 20 per cent to purchase your home, default insurance will be mandatory to protect the investment.

Ideally, individuals looking to purchase their first home will have built up a nest egg of savings that they can apply towards a down payment. However, we know this is not possible for everyone so if you don’t have it all saved, don’t worry! Besides being a vital savings plan for retirement, RRSPs can be a great resource for first-time home buyers and can be cashed in up to $25,000 individually towards a down payment. In fact, most mortgage brokers will tell you nearly half of all first time buyers use their RRSPs to help with the payment. Those first buyers who choose this option will have 15 years to pay it back and can defer these payments for up to two years if necessary. Always remember though, deferring a payment can increase the time to pay off the loan and you will still owe the full amount!

Another option for securing your down payment is a gift from a family member, typically a parent. All that is required for this is a signed Gift Letter from the parent (or family member providing the funds) which states that the money does not have to be repaid and a snapshot showing that the gifted funds have been transferred.

Mortgage Pre-Qualification
The first step to realizing the dream of owning your first home is pre-qualification. This process provides you with an estimate of how much you can afford based on your own report of your financial situation. The benefit of this is that it sets the baseline for a realistic price range and allows you to start looking for that perfect home within your means! Now this process is not a mortgage approval, or even a pre-approval but it helps to establish your budget. You must supply an overview of your financial history (income, assets, debt and credit score) but the real requirements come with the pre-approval process where you submit your actual documentation.

Mortgage Pre-Approval
This is the meat of the pre-purchase process and determines the actual home price you can afford. The difference between this and pre-qualification is that pre-approval requires submission and verification of your financial history to ensure the most accurate budget to fit your needs.

Pre-Approval can help determine:
● The maximum amount you can afford to spend
● The monthly mortgage payment associated with your purchase price range
● The mortgage rate for your first term

Not only does getting pre-approved make the search easier for you, but helps your real estate agent find the best home in your price range. Temptation will always be to start looking at the very top of your budget, but it is important to remember that there will be fees, such as mandatory closing costs, which can range from 1 to 4% of the purchase price. Factoring these into your maximum budget can help you narrow down a home that is entirely affordable and ensure future financial stability and security.

While getting pre-approved doesn’t commit you to a single lender, but it does guarantee the rate offered to you will be locked in from 90 to 120 days which helps if interest rates rise while you are still shopping. If interest rates actually decrease, you would still be offered the lower rate. Another benefit to pre-approval is that, when it comes time to purchase, pre-approval lets the seller know that securing financing should not be an issue. This is extremely beneficial in competitive markets where lots of offers may be coming in.

Protecting Your Pre-Approval
● Refrain from having additional credit reports pulled once you have been pre-approved
● Refrain from applying for new credit, closing off credit accounts or making large purchases until after the sale is complete
● Be prepared to show a papertrail – any unusual deposits in your bank account may require explanation. Also if your down payment comes from savings, the bank will want 90 days of statements to ensure the funds are accounted for.

Financing Approval
You’re almost there! Financial approval is the last step to getting your mortgage and buying your first home! You will need to keep in mind that just because you are pre-approved, it doesn’t guarantee that the final mortgage application is approved. Being entirely candid with your home buying team throughout the process will be vital as hidden debt or buying a big ticket item during your 90-120 day pre-approval can change the amount you are able to borrow. It is best to refrain from any major purchases (such as a new car) or life changes (such as changing jobs)
until after closing and you have the keys to your new home!

In some cases, pre-approval may not be guaranteed for reasons outside of your control. For instance, if the home was appraised below the purchase price, is a heritage home or has safety issues like asbestos, the lender may deny financing. Find a realtor that will be your advocate while showing you homes and always utilize an appraisal and inspection from foundation to roof to ensure that you do not encounter any hidden roadblocks!

Closing Day
Phew, you made it. Closing day is one of the most exciting moments where all the house hunting and paperwork really pays off! It is on this day that you will want to make use of your lawyer or a notary. To complete the process of closing the sale, your lender gives your lawyer the mortgage money. You would then pay out the down payment (minus the deposit) and the closing costs (typically 1 to 4% of the purchase price). From there, the lawyer or notary then pays the seller, registers the home in your name and gives you the deed and the keys!

Congratulations, you are now a home owner!

Published by DLC Marketing Team

10 Nov

Architecture and Design Content You Need to Watch (and Listen To and Read)

General

Posted by: Jennifer Koop

Architecture and Design Content You Need to Watch (and Listen To and Read).

Feel like you’ve watched every piece of content available on Netflix, and Disney+, Crave, Hulu, or whatever streaming services you use? I feel the same way.  I’m currently rewatching Friends for the millionth time and reciting lines that I didn’t even know I had memorized.

Sifting through vintage stores, furniture and design shops, and flea markets is normally an activity that I partake of weekly. Not being able to do that (I’m not complaining here – I am fully in favour of being safe and staying home) has left a hole in the creative and curious chunk of my brain.

If you’re like me, here are some architecture and design gems to satisfy your creative desires.

THE CUT – ESPECIALLY, AMY SEDARIS’S HOME TOUR

One of a kind crafts handmade by artist friends and family members,  hair lampshades (that frizz in humidity), colour coordinated bookshelves, two-way folk-ish bedspreads, fake foods, and of course, live animals. Amy Sedaris’s apartment tour is like nothing you have seen before. It’s a collection of memories and artifacts. Learn how to properly style a bulletin board, and the logistical problems associated with colour coordinating your books. Nothing matches but everything works. This video is sure to bring a smile to your face and will make you question everything you know about design.

99% INVISIBLE PODCAST – THE SUNSHINE HOTEL & GAME OVER

The Sunshine Hotel   Game Over

Hosted by the infamously smooth-spoken Roman Mars, 99% PI is a podcast for people who love not only architecture and design but the oddities and curiosities hiding in plain sight. I have several favourite episodes (if you want the full list, DM me on Instagram @everydayallergenfree) but these two are in the top spots. The Sunshine Hotel is a “guest” podcast, pulled from archives not produced by 99% PI, so it’s a little different. Learn about the people who inhabited a hotel in New York’s Bowery district decades ago. It’s an emotional rollercoaster, to say the least. And Game Over, even though it may be an episode about The SIMS Online, is yet again an emotional journey that will suck you in. What happens when a multiplayer website dies? A lot of sadness. Not to bring you down during an already difficult time in the world, but I always find this episode very grounding.

MY HOUZZ – KRISTEN BELL’S SURPRISE RENOVATION FOR HER SISTER

Let’s brighten things up now. My Houzz hosts a delightful home makeover show where beloved actors and celebs work with a designer to renovate a family member’s home. They consult with the family member about their design taste (it’s not a surprise makeover) and things they like or that are important to them. Then they kick them out and set to work on reimagining the space, usually enlisting the help of a spouse or parent for a sentimental project. This all leads up to the grand finale where the inhabitant of the home is brought back, and the new space is revealed. Expect tears of joy.

DECOR HARDCORE FOR GUCCI

Decor Hardcore will suck you in. It will show you design never before imagined. It will convince you of your love for 70’s retro, no princess pink or nymph in fairyland, in every photo. It will, in short, rock your world. The photography is brilliant, the design often bursting with colour and texture. It’s extremely imaginative. I have no idea from which archives they source their incredible photos but it must be one that no one else is able to access because you’ll never see anything else like it. Check out this smaller collection they put together for Gucci, and head to their Instagram page for more.

INK FORAGING IN CENTRAL PARK, FROM THE NEW YORKER

New Yorker

Did you know that natural colours and dyes can be made from found objects, like pennies, flowers, sumac, and acorns? Reading this article from The New Yorker is like an instant shot of relaxation and gratification. It follows a group of ink enthusiasts (yes, this is a thing) as they walk around New York City collecting items to create their own dyes. The patience, focus, and passion of the leader, Jason Logan, rises off the page.

Be sure to check out other episodes and articles from the above sources for more design inspiration.

Published by FCT