19 Dec

Going Away? Vacation Checklist for Your Home

General

Posted by: Jennifer Koop

Going away? Vacation checklist for your home.

Whether you’re jetting off to sunshine and warm sand, an international adventure, or a weekend getaway, before you go there are a few things you can do to protect your home while you’re away!

  1. Unplug all electronics and appliances: To reduce energy costs while you are traveling (and mitigate any risk of unexpected fires), it is a good idea to unplug all electronics and appliances. This includes your microwave, toaster, televisions, entertainment and gaming systems, computers, etc.
  2. Clear out your fridge and take out any trash: The last thing anyone wants is to come back home and realize they forgot to clean up before they left! To avoid any odours or unwelcome surprises when you get home, be sure to clear out your fridge and take out any and all trash before heading off on your holidays!
  3. Adjust your thermostat: While potentially not as necessary for a weekend getaway, this is extra important for longer trips. Depending on when you’re traveling, whether it is summer versus winter, you may want to adjust your thermostat to maintain humidity balance and avoid your home being stuffy when you return. On the other hand, some individuals will opt to leave their thermostats at a comfortable temperature when traveling during colder seasons to ensure a nice warm welcome upon return!
  4. Close and lock all windows and additional entrances: Ensure that all your windows and entrances are locked and sealed tight. You can choose to close blinds or leave them open, depending on your comfort levels and the items in your home. Be mindful that the more you leave open, the more potential thieves will be able to see inside.
  5. Water plants: Again, depending on the length of your trip, you may be fine to simply give your plants one last big drink before traveling, or you may consider having someone check on your home while you’re away and look after your plants.
  6. Set up a pet sitter and/or someone to check on your home: Similar to point five, depending on your situation and whether or not you have pets, you may choose to have someone stay in your home or pop by every day to check on them and provide food and water. In some cases, you may opt to board your pet instead, but having someone stop by your home every other day while you’re away is a good rule of thumb to avoid potential issues.
  7. Leave a vehicle in your driveway: This is a simple step that can help with deterring potential thieves by implying that there is someone at home.
  8. Set your home alarm: If you have an alarm installed, be sure to set it to an appropriate level for while you’re away. If you leave your alarm activated, be sure to provide the code to whomever will be checking your home, as well as potentially a neighbour you trust should anything happen in the home. If you don’t have a home alarm, you may consider setting your lights on a timer or utilizing a motion sensor bulb to create the illusion of movement in your home.
  9. Check your smoke detector: Ensure your smoke detector is working properly before you leave. Turning off your electronics per step 1 and adjusting your thermostat per step 3 will assist with reducing any potential risk of fire damage, but having a working smoke alarm is imperative to alert neighbours for quick action while you are out of your home.
  10. Leave your emergency contact information with a neighbour: Lastly, we have mentioned neighbours a few times as, depending on your relationship with them, they are important contacts for when you are traveling. If you have someone else stopping by to check your home, it can be a good idea to simply leave that individual’s contact information with a neighbour so that your trusted friend can check out any situations that might arise.

At the end of the day, a few quick checks to your home can save you a headache while you’re trying to enjoy your holidays, and also reduce any issues upon return!

Published by DLC Marketing Team

For all your mortgage needs contact us today, 705-349-0502.
Jennifer Koop & Susan Bloom Mortgage Agents Huntsville, Muskoka

11 Dec

So, You Need a Tenant

General

Posted by: Jennifer Koop

So, You Need a Tenant.

If you have a basement suite or rental property and you are currently looking for a tenant, there are some things to know! Whether this is your first tenant or you have other rental properties, it is a good idea to familiarize yourself with the specifics to ensure a harmonious tenancy.

As always, your responsibility as the landlord is to keep your rental properties in good condition and ensure they meet health, safety, and housing standards. However, as a landlord, you also have additional responsibilities around the rental agreement and tenant regulations.

Tenancy Agreement

Landlords are required to prepare a written agreement for every tenancy. Bear in mind, if this agreement is not prepared the standard terms for your province will still apply, especially if a security deposit is paid. This agreement should clearly outline the following:

  • Who the agreement is between
  • The length of the tenancy
  • Rent amount and due date
  • Required deposits (if any)
  • Pet restrictions (if any)
  • Additional terms (smoking or non-smoking, etc)

The tenancy agreement should also outline if there is the ability to add a roommate, and whether or not utilities, parking, storage, laundry, etc. are included.

Deposits

Typically, a security or damage deposit is requested by the landlord to establish tenancy and cover any unexpected issues that may arise. The deposit can be no more than half of the first month’s rent.

If you are charging a pet deposit fee, note that guide or service pets are exempt from any damage deposits. In addition, you cannot charge fees beyond the pet damage deposit.

Move In

To ensure the move-in goes smoothly, tenants and landlords should schedule a move-in time that works for everyone. At the beginning of the tenancy, you may also consider an inspection before the new tenant has moved in to ensure everyone is on the same page and the condition of the unit is clear in regard to any potential damages or fixes needed.

As a landlord, you are also responsible for changing the locks (at your cost) should the new tenant request it.

Additional Considerations

As a landlord, you will want to assess the suitability of any new tenant before signing the agreement. There are a few things you can do to ensure a smooth process and the right choice of tenant:

  • Ask for proof of identity
  • Thoroughly check all references
  • Contact previous landlords to ask about rental and payment history
  • Conduct a credit check to confirm income and financial suitability
  • Get the names of all persons to be living in the rental unit

Once you have reviewed the above, you will be in a good position to determine if the potential tenant is a good fit for the rental space.

However, keep in mind that you cannot refuse to rent to a tenant based on any discriminatory aspects such as race, gender, sexual orientation, religion, etc. In addition, you cannot refuse to rent to individuals on income assistance.

While it can seem like a lot, with the proper preparation and understanding of tenant laws and regulations in your area, you can ensure a smooth and successful rental process!

Published by DLC Marketing Team

For all your mortgage needs contact us today 705-349-0502

5 Dec

What do Your Teenagers Need to Know about Money?

General

Posted by: Jennifer Koop

What do Your Teenagers Need to Know about Money?

As adults, we all know the critical importance of managing money wisely and the impact our financial situation has on our overall well-being. As parents we do our best, but there are plenty of life lessons we need to teach our kids, and personal finance doesn’t always top the list. We may also not be the best person for the job since around 50% of adult Canadians live paycheque-to-paycheque! So how do we choose which financial lessons, habits, and tactics to teach our children, especially if our own money management skills may be lacking?

Wants vs needs & cost vs value

Tweens and teens need to differentiate between needs and wants and how to prioritize what they spend their money on. Value and cost are two more important concepts they need to understand. A top-of-the-line iPhone or a carbon fiber mountain bike will really impress their teenage friends, but a cheaper version may perform very similarly and provide a lot more value, especially given the limited amount of funds they have. Kids are bombarded by marketing messages, and they need to learn how to avoid hype and be objective, so they can make smart financial decisions. There is a reason plenty of rich folks (even billionaires like Warren Buffett) drive basic cars – it’s all they really need.   If your teen or tween wants the latest and greatest must-have item, challenge them to explain the value beyond being new, trendy, or fashionable. When they want to buy something, encourage them to research the product, read reviews, and compare prices to make informed decisions.

Introduce basic investing concepts

Introduce your teens to basic investing and the concept of how to make money with money. Explain how investments can grow over time and the power of compound interest. Should you buy a stock (or an ETF, GIC, mutual fund or some other financial product) for a 14-year-old… absolutely!  There are lots of kids out there with parents who invested the time to explain shareholding and how it works at a level they can understand.

Kids are very familiar with many publicly traded companies like Disney, Roblox, Mattel and McDonalds. Holding a few shares (in an informal trust account or simply in your name) may not return enough to put them through college, but it will teach them the basics of investing, risk, and return for managing their finances in the future. It’s true that a savings mindset develops early and pays back over the course of a lifetime, but developing an investing mindset pays back HUGE over the course of a lifetime and will set your kids up for long-term financial security and wealth building. As soon as your kids turn 18, have them open a tax-free savings account (TFSA) and invest the funds, even if they can only muster $50 or $100 monthly to contribute.

Teach the bad (and good) about credit and debt

Credit is very easy to access these days and even first-year post-secondary students are often able to get a credit card. Responsible use of this first credit card can help establish a credit score and they are very convenient — almost a necessity for some online transactions. On the other hand, easy access to credit cards (with generous spending limits and 20% interest!) and a few spontaneous/poorly thought-out spending decisions can derail a future before it even gets started.

Failing to understand the impact and obligations of a student loan can also lead to a nasty surprise when it comes time to repay that money or get a car loan or mortgage down the road. Although federally issued Canada Student Loans are now interest-free, provincial loans may still carry interest. Either way, your kids need to realize that a student loan isn’t free money and that paying it back will definitely crimp their post-graduation lifestyle.

Remember that financial education is an ongoing process. Encourage openness about money and create an environment where your children feel comfortable discussing money matters with you. Starting to instill good money habits from an early age and being a supportive resource as they develop their financial skills will help your money-savvy kids grow into financially responsible, money-savvy adults.

Published by DLC Marketing Team

For all your mortgage needs contact us today 705-349-0502

4 Dec

Mortgage Portability

General

Posted by: Jennifer Koop

Mortgage Portability.

When it comes to getting a mortgage, one of the more overlooked elements is the option to be able to port the loan down the line.

Porting your mortgage is an option within your mortgage agreement, which enables you to move to another property without having to lose your existing interest rate, mortgage balance and term. Thereby allowing you to move or ‘port’ your mortgage over to the new home. Plus, the ability to port also saves you money by avoiding early discharge penalties should you move partway through your term.

Typically, portability options are offered on fixed-rate mortgages. Lenders often use a “blended” system where your current mortgage rate stays the same on the mortgage amount ported over to the new property and the new balance is calculated using the current interest rate. When it comes to variable-rate mortgages, you may not have the same option. However, when breaking a variable-rate mortgage, you would only be faced with a three-month interest penalty charge. While this can range up to $4,000, it is much lower than the average penalty to break a fixed mortgage. In addition, there are cases where you can be reimbursed the fee with your new mortgage.

If you already have the existing option to port your mortgage, or are considering it for your next mortgage cycle, there are a few considerations to keep in mind:

  1. Timeframe: Some portability options require the sale and purchase to occur on the same day. Other lenders offer a week to do this, some a month, and others up to three months.
  2. Terms: Keep in mind, some lenders don’t allow a changed term or might force you into a longer term as part of agreeing to port you mortgage.
  3. Penalty Reimbursements: Some lenders may reimburse your entire penalty, whether you are a fixed or variable borrower, if you simply get a new mortgage with the same lender – replacing the one being discharged. Additionally, some lenders will even allow you to move into a brand-new term of your choice and start fresh. Keep in mind, there can be cases where it’s better to pay a penalty at the time of selling and get into a new term at a brand-new rate that could save back your penalty over the course of the new term.

To get all the details about mortgage portability and find out if you have this option (or the potential penalties if you don’t), contact Jennifer Koop, your Dominion Lending Centres mortgage expert today for expert advice and a helping hand throughout your mortgage journey!

For all your Mortgage Needs Contact us Today 705-349-0502

Published by DLC Marketing Team