Facebook
Twitter
Pinterest
Copy Link
Swimming Against the Tide: The Pros and Cons of Pool Ownership in Saskatchewan
With the weather warming up, the idea of hosting summer pool parties, enjoying family time, and having the luxury of a private swim right in your backyard is undeniably appealing. However, before taking the plunge, it’s important to consider both the benefits and potential drawbacks of owning a pool in our city. Saskatchewan’s unique climate and geographical features play a significant role in determining whether a pool will be a worthwhile investment.
Pros:
1. Recreational Benefits: A pool provides endless hours of entertainment and relaxation. It’s a perfect setting for family gatherings, barbecues, and leisure activities, fostering quality time with loved ones.
2. Health and Fitness: Having direct access to a swimming pool encourages regular exercise, offering a low-impact way to stay fit and healthy. Swimming is excellent for cardiovascular health, flexibility, and strength.
3. Possible Increased Property Value: Homes with pools can attract more interest in the real estate market, potentially increasing property value. This feature can make your property stand out to prospective buyers.
4. Aesthetic Appeal: A well-designed pool area can enhance the beauty and appeal of your home, creating a serene and inviting outdoor space.
Cons:
1. Maintenance Costs and Effort: Pools require regular maintenance, including cleaning, chemical balance checks, and repairs. In Saskatchewan, the changing seasons add another layer of upkeep, including winterizing the pool and managing the spring opening.
2. Utility Bills: Operating a pool, especially heating, can significantly increase your electricity and water bills. Given Saskatchewan’s cooler climate, extending the swimming season might necessitate additional heating costs.
3. Shorter Usage Season: Saskatchewan’s climate, characterized by cold winters and a shorter summer season, limits pool usage to a few months of the year, questioning the cost-to-usage ratio for some homeowners.
4. Safety Concerns: Pools have inherent safety risks, especially for families with young children or pets. Installing safety features such as fences and covers adds to the initial investment but is essential for preventing accidents.
Navigating the Decision:
Choosing to purchase a home with a pool in Saskatchewan should be based on an evaluation of your lifestyle, financial situation, and your ability/willingness for the required maintenance. For those who enjoy hosting guests, the advantages may greatly exceed the disadvantages. However, if you’re not keen on the maintenance or limited seasonal use the novelty of a pool may quickly wear off.
Consider consulting with local pool maintenance professionals to understand the costs and commitments involved. Additionally, evaluate the energy-efficiency options for pool heating and maintenance to mitigate some of the financial and environmental impacts.
While a home with a pool in Saskatchewan offers an enticing lifestyle benefit, it comes with responsibilities and costs that should not be overlooked. By carefully weighing the pros and cons, you can make an informed decision that best suits your preferences and circumstances, ensuring that your home purchase is one you’ll be satisfied with for years to come.
Navigating the Canadian Real Estate Market: Understanding Interest Rates
Did you know that the interest rates can greatly impact the real estate market? When the interest rates are low, it makes it more affordable for buyers to finance their home purchases. However, if the interest rates rise, it could make borrowing more expensive and possibly reduce demand for real estate. Let’s delve into how Canadian interest rates should affect your decisions when it comes to buying or selling real estate.
The Relationship Between Interest Rates and Real Estate
Interest rates play a pivotal role in shaping the behaviour of buyers and sellers in the real estate market. When interest rates are low, borrowing costs decrease, making it more affordable for individuals to finance their home purchases. Conversely, when interest rates rise, borrowing becomes more expensive, potentially dampening demand for real estate.
Impact on Buying Real Estate
Affordability: Low interest rates can make buying a house much easier by lowering monthly mortgage payments. This means that more people can afford to buy homes, leading to an increase in demand for properties. However, when there’s a high demand for homes, it can sometimes lead to bidding wars, which could drive up home prices.
Purchasing Power: Low interest rates can help you afford more expensive properties or larger homes. That’s because they enhance your purchasing power. And the best part is, this can actually stimulate activity in the real estate market. So, if you’re looking to buy a property, it might be a good time to take advantage of these favourable financing conditions.
Investment Opportunities: You know what they say, when interest rates go low, investors go high! It’s the perfect opportunity to expand their real estate portfolios and go on a property shopping spree. With cheaper financing options available, they have more flexibility to add a few more homes to their portfolio, or invest in some real estate ventures.
Impact on Selling Real Estate
Market Activity: One of the most important factors to consider when selling a home is the impact that interest rates can have on the real estate market. When interest rates are low, it tends to stimulate buyer demand, which can create a seller’s market. This can mean that there are fewer properties available for sale, and as a result, sellers may receive multiple offers and achieve higher sale prices.
Timing: If you’re looking to sell your property, it can be a good idea to time your listing to coincide with periods of low interest rates. This can help attract more potential buyers who are motivated to purchase, which can create favourable conditions for sellers to achieve their desired selling price.
Competition: In a competitive market driven by low interest rates, sellers may have the upper hand. Buyers may be competing for limited inventory, which can lead to quicker sales and potentially multiple offers on a property. This can provide sellers with leverage in negotiations, giving them more power to achieve their desired outcome.
Considerations for Buyers and Sellers
Financial Planning: Whether you are planning to buy or sell (or both!), make sure you think about your financial situation and what your long-term goals are. It’s important to consider how changes in interest rates might affect what you can afford and what financing options are available to you.
Market Conditions: It’s also always a good idea to stay up-to-date on current real estate market conditions. That means keeping an eye on things like interest rates, how many properties are available, and how prices are changing. This can help you make smart decisions and get the best possible outcome.
Consultation: Finally, don’t be afraid to reach out to experts in the field, like real estate agents or financial advisors. They can give you advice that’s tailored to your specific situation and help you navigate the market more effectively. That way, you can feel confident that you’re making a well-informed decision that’s right for you.
If you’re planning to buy or sell property in Canada, it’s essential to understand how interest rates can impact your decision-making. Whether you’re a first-time buyer or an experienced seller, staying up-to-date and seeking expert advice can help you navigate the ever-changing real estate market with confidence. Let’s work together to ensure you make the most informed and strategic decisions possible!
Real Estate Trends 2024: What’s on the Horizon
With another year in the rear view, the question on everyone’s mind at this time of year is what will come in the months ahead. In 2023, we continued to see evolution in the real estate market with technological advancements, making both buying and selling more flexible than ever before. We saw home decor trends come and go and watched as smart home tech became more commonplace. So, what trends are we keeping an eye on for real estate in 2024?
Virtual Real Estate Tours: The New Normal
While virtual real estate tours are not new, they quickly become a staple in buying and selling homes. The COVID-19 pandemic stressed to us the importance of creating accessibility in real estate, and further advancements in both virtual and augmented reality technology have only continued to revolutionize how buyers experience homes for sale.
In 2024, virtual real estate tours are primed to become the new norm for many listings. Buyers can preview a home from the comfort of their couch—more effectively than with pictures alone—before moving forward with in-person showings. This also benefits the sellers, saving them from unnecessary showings by better filtering the most serious potential buyers.
Smart Home Technologies for All
Though it felt like a distant dream years ago watching The Jetsons on the couch, smart home technology is more available than ever. With devices becoming more readily accessible at multiple price points, smart home living isn’t just becoming commonplace but integral to the modern lifestyle.
Homebuyers in 2024 are now actively seeking properties with advanced automation features, such as smart thermostats, security systems, and energy-efficient appliances. These innovations enhance convenience, contribute to sustainability, and even save them money in the long run.
Environmentally-Conscious Living
Sustainability is no longer just a buzzword but a fundamental criterion in real estate. Green building materials, energy-efficient designs, and eco-friendly amenities are increasingly sought-after by both buyers and investors. This has become especially true with government initiatives and tax rebates, making green homes more and more enticing. As environmental awareness only continues to grow in 2024, many developers are now incorporating sustainable practices into their building processes.
Decentralization: The Resurgence of Suburbia
The allure of urban living is waning as more people prioritize space, affordability, and connection to nature. In 2024, we anticipate more interest in suburban and rural real estate, driven by remote work and a stronger desire for work-life balance.
Affordable Housing initiatives
Rarely can you turn on the news and not hear a story about housing and affordability. A rising crisis as inflation continues to stress our economy, we anticipate addressing this need to become a key focus in 2024 real estate. Collaborations between governments, developers, and non-profits are already underway to strategize innovative solutions for affordable housing. I anticipate more discussion around these efforts to make homeownership more affordable for more people in the coming months.
Real estate in 2024 is looking to be a dynamic market filled with innovation and flexibility. As we continue to evolve, embracing these trends helps us stay ahead of the curve and contribute to reshaping the future of real estate. Whether you’re a buyer, seller, or investor, keeping an eye on these trends will help you confidently navigate the real estate market.
5 Smart Home Upgrades to Increase Your Property Value
Creating a smart home can be a great way to add convenience and efficiency to your lifestyle. But beyond just personal benefit, integrating smart home technology can also significantly increase how much your home is worth. Not only do these devices add a sense of modernization to the home, they can even save the new homeowners time and money—justifying an increase in property value. Today, we are going to explore 5 smart home upgrades that can attract home buyers and boost your property’s market value.
Smart Thermostats: Climate Control and Energy Savings
A smart thermostat is a practical addition to any home, allowing you to remotely control your heating and cooling systems with your smartphone or voice commands. Smart thermostats learn over time and adjust the temperature based on your preferences, potentially saving you a significant amount on energy bills. They’re not only convenient but also appealing to homebuyers who are looking for eco-friendly and energy-efficient features.
Intelligent Security Systems: Safety with Convenience
Home security is a top priority for many homeowners and prospective buyers alike. Upgrading to a smart security system—which typically includes smart locks, cameras, and alarms that can be monitored and controlled remotely—provides a sense of safety and peace of mind. Together, these devices can notify you of any unusual activity in real time and can be a powerful deterrent to potential intruders. This can be a particularly attractive selling point for buyers who value security.
Connected Lighting: Ambiance and Energy Efficiency
Smart lighting systems allow homeowners to adjust the lighting from anywhere, set schedules, and even create scenes for different times of the day. The accompanying LED smart bulbs are also more energy-efficient and last longer than traditional light bulbs, making them a cost-effective solution in the long term. With the increasing popularity of home automation, lighting that can be controlled with your smartphone or smart assistant is a highly desirable upgrade when buying a house.
Advanced Smoke and Carbon Monoxide Detectors: Enhanced Safety Features
Smart smoke and carbon monoxide detectors are more sophisticated than their traditional counterparts. They can send alerts to your phone if there’s an issue, and some models can even tell you the type and location of the fire or gas leak. These devices add a layer of safety to the home and are a worthwhile investment for homeowners who want to leverage modern technology for enhanced protection. The added benefit of having these systems already installed also adds a level of comfort and security for potential buyers, increasing its attractiveness and value.
Smart Home Hubs and Voice Assistants: The Heart of Home Automation
A smart home hub is the central point of control for all your devices. Paired with a voice assistant like Amazon Alexa or Google Assistant, it allows for seamless integration and management of your smart home ecosystem. Homebuyers are increasingly looking for homes that offer integrated technologies that can be easily controlled, making a smart home hub an attractive feature for tech-savvy buyers.
Smart home upgrades can make a home more attractive to potential buyers by offering cutting-edge technology that provides convenience, energy savings, and enhanced security. When considering smart home upgrades, focus on those that offer broad appeal and practical benefits. By doing so, you can increase your property’s value and desirability in today’s real estate market.
Remember, while these upgrades can add value, ensuring they’re installed professionally and are easy to use is crucial, as complexity can deter some buyers. With the right smart home enhancements, you can make your home stand out in the market and command a higher selling price. Consult your local real estate professional for more details on what upgrades to consider when preparing your home for sale!
Fall Home Maintenance: Prepping Your Home for Winter
As the vibrant colours of autumn start to fade, and the air becomes crisper, it’s a clear sign that winter is just around the corner. Before the snow and frigid temperatures arrive, it’s essential to ensure that your home is prepared to withstand the harsh conditions of the Saskatchewan winter season. Fall home maintenance is a crucial step in safeguarding your property and keeping it warm, comfortable, and energy-efficient during the winter months. Here are some tasks to help you get your home ready for winter.
1. Inspect Your Roof
Your roof is your home’s first line of defence against the elements, so it’s vital to make sure it’s in good shape. Check for damaged or missing shingles, and repair any issues you find. Remove debris like leaves and twigs, which can trap moisture and cause rot. Ensure that your gutters are clean and functioning correctly to prevent ice dams and water damage.
2. Seal Gaps & Cracks
Inspect the exterior of your home for gaps and cracks in the foundation, siding, and around windows and doors. Seal these gaps with weatherstripping or caulk to prevent drafts and keep your home warm. Like our parents always used to say—”We’re not paying to heat the whole neighbourhood!”
3. Service Your Heating Systems
If it has been a while since last time, have your heating system professionally serviced before the cold weather sets in. Change the filters, clean the ducts, and ensure everything is working efficiently. If you have a fireplace or wood-burning stove, clean the chimney to prevent hazardous creosote buildup. These proactive steps can prevent heating breakdowns during the winter and improve energy efficiency. And servicing early will prevent frosty wait times should you wait for a problem to arise!
4. Check Insulation
Proper insulation is crucial to keeping your home warm and energy-efficient. Inspect your attic, walls, and basement for any gaps or missing insulation. Consider topping up insulation if necessary to keep the warm air in and the cold air out.
5. Test Smoke & Carbon Monoxide Detectors
When winter sets in, no one thinks twice about cranking the temps to stave off the cold. With heaters and fireplaces in use, though, it’s essential to make sure your smoke and carbon monoxide detectors are working correctly. Replace the batteries and test them to ensure your family’s safety.
6. Winterize Your Plumbing
Freezing temperatures can wreak havoc on your plumbing, and water damage is one thing no homeowner wants to deal with. Drain and disconnect outdoor hoses, shut off exterior faucets, and insulate pipes in unheated areas of your home to prevent freezing and bursting. Consider investing in a smart thermostat to monitor and control your home’s temperature remotely.
7. Clean & Store Yard Equipment
As the gardening season ends, clean and properly store your yard equipment. Drain gasoline from lawnmowers, trimmers, and other tools to prevent fuel degradation and damage to the equipment. Store them in a dry, sheltered area. Tidy up your outdoor space to prevent having to dig anything out of the show—especially if you are selling your home this winter!
8. Prune Shrubs & Trees
Fall is an excellent time to prune trees and shrubs to keep them looking sharp for next season! Trim dead ends and any overhanging branches or those close to your home to prevent potential damage from heavy snow and ice.
9. Stock Up on Winter Supplies
Lastly, remember to stock up on winter essentials like salt, snow brushes, and shovels. Having these items on hand will make dealing with snow and ice much more manageable when the first storm of the season hits.
Preparing your home for winter is a simple way to ensure that it remains a warm, safe, and energy-efficient sanctuary throughout the cold season. These steps will not only keep you comfortable but also save you money on energy bills and potential repair costs. So, roll up your sleeves, grab your tools, and get your home ready for winter and surviving the holiday season ahead.
Moving with Kids: Navigating the Journey to a New Home
Moving to a new home can be an exciting yet challenging endeavour for anyone. But add kids into the mix? Now the process becomes a whole new ballgame. Whether it’s due to a job change, upgrading your living situation, or any other reason, moving with kids requires careful planning, open communication, and a touch of creativity to make the transition as smooth as possible. In this blog, we’ll explore some valuable tips to help you navigate the journey of moving with kids.
Preparing for the Move
Before the actual move takes place, thorough preparation is key to minimizing stress for both parents and kids. Here are some steps to consider:
Communicate Openly
Inform your children about the move well in advance. Encourage them to ask questions, express their feelings, and address any concerns they may have.
Involve Them
Make your kids a part of the process! Let them help pack their belongings, choose colours for their new rooms, or even include them in the house hunting process, if possible. This involvement can help them feel more in control and excited about the move.
Plan the Logistics
Create a realistic, tangible moving timeline and checklist. Determine important dates, such as moving day, school registration, and utility installations. Having a clear plan will help you stay organized amidst the chaos.
Exploring the New Environment
Adjusting to a new home involves not only the physical space, but also the surrounding neighbourhood. Help your kids feel comfortable in their new environment with these strategies:
Research Together
While you are waiting to move, take time to learn about the new neighbourhood as a family. Explore nearby parks, recreational facilities, restaurants, and attractions, and make a list of local places to try when you get there! This can build excitement about the move and give your kids something to look forward to.
Take a Tour
If feasible, take a family trip to the new location before moving day. This can help your kids become familiar with their new surroundings and reduce the element of surprise.
Visit Their New School
If your kids will be changing schools in the move, arrange a visit to the new school, if possible. Meeting teachers and fellow students ahead of time can ease anxieties about the academic transition.
Packing & Moving
Packing and moving can be chaotic, but strategic planning can make the process less overwhelming for your family.
Label & Organize
Clearly label boxes for each room and consider colour-coding them. This can make unpacking in the new home much smoother and can eliminate the need for frantic unpacking before the move in search of a beloved belonging your child might be searching for.
Pack a “First Day” Box
Pack a box with essential items such as clothes, toiletries, and favourite toys. This box should be easily accessible, so you’re not scrambling to find the necessities on the first day in your new home.
Settling into Your New Home
The initial days in a new home can be both exciting and unsettling. Focus on creating a sense of familiarity and comfort:
Reestablish Routines
Stick to your usual routines as much as possible throughout the move, including mealtimes, bedtimes, and family activities. This consistency can provide kids with a much-needed sense of stability during the transition.
Unpack Together
Involve your kids in the unpacking process. This can help them feel ownership over their new space and reduce feeling of displacement.
Explore Gradually
While it’s tempting to explore everything at once, take it slow. Gradually introduce your kids to new places and experiences to prevent overwhelming them with too much at once.
Moving with kids is undoubtedly a complex task, but with careful planning, open communication, and a positive attitude, it can be a transformative and enriching experience for the whole family. By involving your children in the moving process, addressing their concerns, and fostering a sense of adventure, you can help them embrace their new home and create lasting memories in the process. Remember, the journey may have its ups and downs, but the destination holds the promise of new beginnings and exciting opportunities!
The Psychology of Colour in Home Decor: A Guide to Choosing the Right Colours for Your Space
Imagine stepping into a bedroom that instantly makes you feel calm and relaxed; or a home office that makes you feel inspired. Colours can have a profound effect on our psychology, influencing our moods, behaviours, and perceptions of the space around us. In fact, if you’ve been considering a home renovation, you’d be surprised at how much a simple change of colour may change your mind! And harnessing the power of these colours in our decor can help create a more harmonious and emotionally engaging environment at home!
Psychology of Colour 101
Before implementing the psychology of colour in our home decor, we must first understand the basics behind it. Each colour tends to have its own distinct emotional spectrum associated with it. Here are a few of the most common:
Blue is most often associated with calmness and tranquillity. It offers a soothing sense of security, making it an excellent choice for bedrooms where we want to promote relaxation.
Yellow is a vibrant colour associated with vibrant feelings, like happiness and positivity. Creating a warm environment, it is an excellent choice for kitchens and entertaining spaces.
Green is the colour of nature and growth, encouraging an atmosphere of balance and harmony. It is a lovely choice for living rooms and nurseries!
Red is a passionate and stimulating colour and has been shown to raise energy levels and promote lively conversation. This makes it well-suited for dining rooms and other rooms in your home where you want to encourage interaction.
Purple has a long-standing association with luxury and creativity, which makes it great for home offices or rooms where you want to add a touch of sophistication.
Orange combines the energy of red with the warmth of yellow, creating excitement and enthusiasm. These can be particularly useful emotions for home gyms or playrooms!
Neutrals—like white, grey, and beige—invoke feelings of openness and flexibility. They are like a blank canvas to the mind, which is why so many real estate professionals will recommend them if you want to make a good first impression when selling your home.
Setting the Mood with Colour
When choosing your home decor, it is essential to keep in mind the atmosphere you want to create in each space. For rooms where you want to feel calm and relaxed, like bedrooms and reading nooks, choose soft blues, greens, and muted neutrals. For spaces meant for creativity and productivity, like home offices and craft rooms, add a splash of vibrant red, orange, or yellow. Warm tones, like earthy browns and golden yellows, are great for living rooms where you want things to feel cozy and intimate.
Cautions to Keep in Mind
While the prospect of creating emotional influence with colour can be exciting, it is important to keep harmony in mind. True, incorporating a variety of colours into your home decor can create a visually dynamic environment. But it can also be overstimulating if not balanced well.
Before donning your painting clothes and a brush, experiment with colour combinations to find ones that complement each other. Refrain from using too much of any intense colours, and aim for a conservative approach. For every one or two dominant colours (like the 2023 Pantone Colour of the Year, Viva Magenta), complement them with softer, neutral tones.
It is also important to note that while the psychology of colour does offer general insights into how different hues can influence emotions, there is a level of subjectivity to it. Personal experiences, memories, and cultural backgrounds can also shape how we perceive and react to colours. There is no hard and fast rule to colour psychology, only observation.
Using the psychology of colour in home decor can be a powerful tool in elevating your living spaces from just rooms to emotionally engaging sanctuaries. By understanding the emotional impact of colours and how they work together, you can create an environment that resonates with your personality and supports your desired moods. Remember: the beauty of colour lies not only in aesthetics but in the emotional connections they forge within us—making our homes truly special places where memories are created and cherished.
Benefits of Buying a Home in Summer
There are many decisions to make in the process of buying a home. You need to define your wants and needs, including location and size. You’ll also need to assess your finances to get an idea of how much you can afford. One thing that troubles many homebuyers, though, is deciding when is the best time to move. Here are some of the benefits of buying a home in summer:
Warm & Sunny Weather
When asked what our favourite season is, many of us won’t hesitate to say summer. The warm and sunny weather is perfect for making the most of our outdoor spaces, hosting barbecues, and enjoying our favourite Saskatchewan lakes. It is for this same reason that it is also an ideal time to buy a home!
The warmer weather makes the process of moving in and out of a new home much more comfortable and convenient. No need to worry about trudging through knee-deep snow and slipping on an ice patch in the driveway!
Lower Competition
Summers and vacations go hand-in-hand, meaning there is usually a reduced level of buyer competition. This can be especially helpful during periods of low inventory levels, like we’ve been seeing in the current Saskatoon real estate market. With (hopefully) fewer buyers to negotiate against, you may be able to score a more favourable price on your dream home!
Wider Selection
As I said before, inventory levels in the recent Saskatoon real estate market have been tight. However, summer typically helps to bring a boost in listings, as many homeowners use this more relaxed season to put their homes on the market. This often means there is a wider selection of homes for sale, giving you more options to choose from.
Moving Before School Starts
Having school-aged kids can often make the idea of buying a new home that much more stressful. Moving at all can already be enough of a headache on its own, but factoring in their studies and school schedule makes it that much more complex. Thankfully, summer is the perfect reprieve from all of that!
Buying a house in summer is the perfect chance to move in before the start of the new school year. This same timeline can also make some sellers more willing to negotiate, too, as they countdown the clock on their own move after selling. It also gives you plenty of time to settle in before your first holiday season in your new home!
Buying a home in summer comes with a long list of benefits, from ideal moving weather to more variety. But, the most important consideration should always be whether or not it works for your family. Consult with your experienced Saskatoon REALTOR® today to decide if buying a home this summer is the right fit for you!
Budgeting 101: Saving for a New Home
Homes aren’t cheap. And with a minimum 5% down payment needed to secure a mortgage, saving enough can feel impossible. Saving to buy a home requires discipline and careful budgeting. Here are some tips to help you get started:
1. Set a Goal
Without a target in mind, saving can feel intangible. Setting a clear goal helps you to stay motivated and focused. Look at homes for sale in your area and get an idea of what you would like to be able to afford. You can then determine how much you’ll need to save. For added motivation, give yourself a target date for achieving that savings. This can help curb unnecessary spending while saving up for a down payment.
2. Create a Budget
To budget, you will need to budget (obviously!). Make a detailed list of your income and expenses, so you have a clear idea of what you have to set aside. Track your spending habits and identify where you can cut back. Then allocate a specific amount each month toward saving for a new home.
Pro Tip: Set up an automatic transfer between your chequing and savings accounts on your dedicated payday. This way, you won’t need to remember to manually add the money each month. Plus, when it’s out of sight, it’s usually out of mind, and you’ll be less likely to overspend!
3. Cut Back on Spending
As I mentioned in creating your budget, it’s essential to reassess your spending habits to reduce non-essential spending. Consider meal planning to save on eating out and cut back on entertainment. Before spending, think about whether it is a want or a need.
4. Minimize Debt
By reducing your existing debt, you will free up more money to put toward saving for a new home. Prioritize paying off high-interest loans, like credit cards, and avoid adding new debts while saving. If you want to buy a new home, maybe that new Range Rover will have to wait…
5. Set Aside Rebates & Bonuses
While it may seem tempting to put that climate action incentive payment toward a nice meal or a new gadget, consider the boost it could make in your savings plan. Plan to put tax returns, government payments, and other bonuses throughout the year directly into your savings. This way, you can eliminate the temptation of overspending and put that supplementary income toward saving for a new home.
6. Research Government Programs
The Government of Canada has several ways to help homebuyers—particularly first-time homebuyers—afford a down payment. These include the Home Buyers’ Amount, First Time Home Buyer Incentive, First Home Savings Account, and GST/HST New Housing Rebates. To learn more about these programs and find out if you are eligible, visit their Buying a Home page or talk to your financial advisor.
By following these budgeting tips, saving for a new home can become much more attainable. But it’s important to remember that even with these tips, you must remain patient and persistent. Saving for a down payment takes time, and you have to stay committed to your goal for the long term. Unexpected expenses can happen, and patience is vital to getting through those circumstances. Celebrate the small wins along the way, and remember that every dollar saved is another step closer to owning a home!
My Top Tips for New Homeowners
Congratulations—you bought a home! Whether you’ve just gotten the keys or are anxiously awaiting possession day, there are probably a million things running through your mind. Between unpacking, decorating, possibly renovating, and all the rest of it, it can be hard to know where to begin. That’s why I’ve gone ahead and put together my top tips for new homeowners to help you get started.
1. Budgeting
Creating a budget is an essential first step to owning a home. Mortgage payments can be more (but also sometimes less!) than the average rent, so planning for how best to save and spend your money can go a long way in relieving financial stress. Start by making a list of your expenses every month. Include everything from your phone and Netflix bills to your mortgage payments and property taxes. If it comes out of your bank account every month, make sure it is there. This can give you a realistic expectation of what you need and how much you may have left over for non-essentials to prevent overspending.
2. Make Yourself at Home
Sure, you took a walkthrough of the house before you bought it, and likely during the home inspection, too. But everyone knows it can take a while to really feel at home in your house until you get to know it a little better. Take time to look around every room and familiarize yourself with your new surroundings. Find the important things, like your water shut-off valve and electrical panels, to make maintenance easier. Who knows! You may even find a new favourite feature this time around.
3. Plan for Regular Maintenance
Regular home maintenance is one of the most important parts of owning a home. This keeps everything in working order and prevents unnecessary stress from unexpected problems. Create a plan and schedule in the recurring tasks that need to be accomplished throughout the year. This includes changing air filters, cleaning the gutters, testing smoke detectors, indoor plant care, and routine cleaning.
4. Get a Toolbox
If you don’t already have a toolbox, getting one is one of my best tips for new homeowners. Hammers, screwdrivers, levels, and drills are essentials around the house, and you can’t always plan for when you’ll need one. Expect the unexpected and keep essential tools on-hand in an easy to find place. Just don’t forget to put them back when you’re finished!
5. Meet Your Neighbours
While the digital age has made meeting people easier in some ways, it can never replace the value of face-to-face interactions. And when you buy a new home, getting to know your neighbours can be a lifesaver. They can provide a helping hand in an emergency, keep an eye on your house while you are away, and foster a sense of community.
6. Create an Emergency Plan
Though we may pray they never do, emergencies happen. From power outages to house fires—you never know when the unexpected could hit, and it is better to be prepared. Make sure to have a plan in place and go through it with everyone in the family so you’re all on the same page. Create an emergency kit with the essentials, know where the first-aid supplies and fire extinguishers are, and have an evacuation plan ready.
7. Enjoy!
It’s not every day that you get to move into a new home that is all yours. Yes, there’s a lot of responsibility in homeownership, but there should also be some fun, too. It’s a significant accomplishment and something to be proud of. Take a moment to celebrate with a housewarming party or even just a quiet bottle of wine on the living room floor—you deserve it!
