Today was a light data day, though enough to provide the Canadian market with a firm sense of direction. A better than expected business sentiment report coming out of Canada (more on that below) helped to push financials and consumer-good stocks into the black, while falling energy and commodity prices pummeled producers, offsetting a large chunk of the gain. The Dow was helped into positive territory by a strong ‘buy’ recommendation for one of the larger U.S. banks, though again, the full size of the rally was offset by the weakness in the energy and commodities space. By close of trading, the TSX was up 1.49% while the Dow was up a healthy 2.30%. Bonds sold off during the day, in part because of the better-than-expected Canadian reports and the improved outlook for U.S. financial institutions. By the end of trading, the U.S. curve steepened by 4bps while the Canadian curve steepened by 1bps. The Canadian dollar gained a bit of ground relative to the USD, rising by over a cent at one point during the trading day.
Turning to the data, today was a very light data day though there were two key releases from the Bank of Canada. The quarterly Business Outlook Survey (BOS) and Senior Loan Officers Survey (SLOS) for Q2-2009 were released today, and taken together, the two are meant to supplement one another and provide both a supply and demand perspective of credit in the Canadianeconomy. The BOS showed a very robust rebound in business sentiment in the second quarter. Notably, the future sales outlook index (the forward-looking component of the report) advanced massively in Q2-2009, coming in at 39% from -22% in Q1-2009. This suggests improving sentiment on behalf of Canadian businesses, though after the extremely low point the survey hit in Q1-2009 a rebound in confidence is not all too surprising just given the depths of where the starting point was. In addition, the employment dimension of the report also showed drastic improvement, moving into positive territory with a print of 22% from -1% in Q1-2009. This aligns well with the most recent Canadian jobs report, suggesting that a labour market mend is perhaps amongst us. In terms of inflation, there was a general sense that input prices are improving (becoming more expensive), though the ability to pass along higher prices to finished goods remains under pressure as the economy is generally too weak to support higher mark-ups. This bodes well with our longer-term view that inflationary pressures will remain subdued for the medium-term. With respect to credit, the general sense coming out of the twin reports is that credit remains skewed to the tight side, though at a demonstrably slower pace. Please see herefor a more detailed analysis of the above mentioned releases.
Tomorrow, the main release of the day will be advanced U.S. retail sales for June. Even with the boost in household income from the U.S. stimulus package, consumer spending continues to remain weak. However, we are looking for advanced retail sales to rise by 0.2% M/M (ex-autos sales: 0.5% M/M)mostly on account of higher gasoline prices during the month rather than real consumer spending strength. Further, Canadian new motor vehicle sales will be released tomorrow and the market consensus is for a print of 1.0% M/M.
There are no Fed speakers on the docket tomorrow.
Tuesday, July 14, 2009
Monday, June 29, 2009
RETIREMENT PLANNING
Planning for retirement is one of the most important actions that you can take to secure a comfortable future for your family.
For most Canadians, retirement is a major financial goal that requires considerable financial commitment. 49% of Canadians hope to retire before the age of 60. (Statistics Canada, Summer 1997 Perspectives and Labour Force Survey). Whether you have already established a Retirement Savings Plan or are just beginning, it is never too late to begin saving.
There are many questions surrounding how to plan for retirement. We have compiled some key information and planning tools to help you start saving successfully for your retirement:
What should I do first?
Retirement Planning is a primary financial goal for most Canadians. Whether you have a savings program in place, or are interested in one now, visit our RSP Contribution Calculator. Use this tool to determine how much will be available for your retirement.
To go a step further in planning for retirement, Your Retirement Strategy is a personalized, easy-to-read retirement plan. Simply complete the short questionnaire and we will advise you of the savings amount required to meet your retirement goal.
What next?
Remember these three "s" words. Save now, Start now and Stay invested. Begin by investing what you can and try to increase this amount every few months. Remember, small amounts can accumulate significantly over time. No matter when you start investing, the key is to stay invested as long as you can. The longer you hold your investments, the more they will benefit from compound growth.
What is diversification?
Diversification is the financial equivalent of not putting all your eggs in one basket. You spread your risk by investing in several different investments, therefore reducing the impact of one poor performer in your portfolio.
Act now. There's an RSP investment that is just right for your retirement goals.
For most Canadians, retirement is a major financial goal that requires considerable financial commitment. 49% of Canadians hope to retire before the age of 60. (Statistics Canada, Summer 1997 Perspectives and Labour Force Survey). Whether you have already established a Retirement Savings Plan or are just beginning, it is never too late to begin saving.
There are many questions surrounding how to plan for retirement. We have compiled some key information and planning tools to help you start saving successfully for your retirement:
What should I do first?
Retirement Planning is a primary financial goal for most Canadians. Whether you have a savings program in place, or are interested in one now, visit our RSP Contribution Calculator. Use this tool to determine how much will be available for your retirement.
To go a step further in planning for retirement, Your Retirement Strategy is a personalized, easy-to-read retirement plan. Simply complete the short questionnaire and we will advise you of the savings amount required to meet your retirement goal.
What next?
Remember these three "s" words. Save now, Start now and Stay invested. Begin by investing what you can and try to increase this amount every few months. Remember, small amounts can accumulate significantly over time. No matter when you start investing, the key is to stay invested as long as you can. The longer you hold your investments, the more they will benefit from compound growth.
What is diversification?
Diversification is the financial equivalent of not putting all your eggs in one basket. You spread your risk by investing in several different investments, therefore reducing the impact of one poor performer in your portfolio.
Act now. There's an RSP investment that is just right for your retirement goals.
Monday, May 25, 2009
LET THE EXPERTS HELP YOU
Buying or selling a home is a big business transaction. That's why it's so important to select, in advance, an experienced team of experts and professionals you can trust.
These skilled and knowledgeable individuals can vary, but usually include the services of a REALTOR®, a lender, a lawyer, a home inspector and an insurance agent.
REALTOR®: In Ontario, a REALTOR® is a licensed real estate professional who is a member of a local real estate board as well as the Canadian Real Estate Association (CREA) and the Ontario Real Estate Association (OREA). This individual has successfully completed an intensive course of study and has skills, knowledge and experience that most buyers and sellers don't have. He or she must adhere to provincial law and abide by a National Code of Ethics, ensuring you a high level of service, honesty and integrity.
The REALTOR® you select should be someone that knows the neighborhood you live in or want to live in and who can provide you with sound, effective advice. A REALTOR® also acts as a mediator during the real estate transaction and can advice you on when to bring in the other experts or professionals.
Lender: Few people buy a home for cash. Most home buyers usually combine savings with money borrowed through a financial arrangement called a mortgage. Before looking for a lender, ask your REALTOR® to explain the many mortgage options available today.
When deciding which financial institution or lender to deal with, start with your own bank, credit union or trust company. They already know who you are. Then shop around and compare what different lenders have to offer. You should begin your search for a lender when you start your search for a home.
Lawyer: Whether you are buying or selling, a lawyer will represent your interests. It's a good idea to have one on stand by from the start. Documents such as the agreement for purchase and sale are complex and should be reviewed by an experienced lawyer. It's also a good idea to have a lawyer review an offer to purchase before signing anything.
When an agreement is reached, your lawyer will ensure you receive valid title to the property and that it is clear of any registered claims. He or she will also calculate any taxes and adjustments that will compensate the seller for money already paid on services and other matters related to the property.
Home Inspector: As a buyer, you can avoid expensive surprises by bringing in a home inspector as a condition of your offer to purchase. The older the home, the more likely there will be problems. Being aware of any structural defects, will help you decide whether to buy the property at all, or negotiate a lower price to compensate for anticipated major repairs.
Insurance Agent: Creditors and mortgage lenders, almost without exception, require insurance on the home you buy. This insurance must be in place before any purchase can be finalized. Although you may be able to negotiate a better rate using the same insurance company you have other policies with, it still pays to shop around.
These skilled and knowledgeable individuals can vary, but usually include the services of a REALTOR®, a lender, a lawyer, a home inspector and an insurance agent.
REALTOR®: In Ontario, a REALTOR® is a licensed real estate professional who is a member of a local real estate board as well as the Canadian Real Estate Association (CREA) and the Ontario Real Estate Association (OREA). This individual has successfully completed an intensive course of study and has skills, knowledge and experience that most buyers and sellers don't have. He or she must adhere to provincial law and abide by a National Code of Ethics, ensuring you a high level of service, honesty and integrity.
The REALTOR® you select should be someone that knows the neighborhood you live in or want to live in and who can provide you with sound, effective advice. A REALTOR® also acts as a mediator during the real estate transaction and can advice you on when to bring in the other experts or professionals.
Lender: Few people buy a home for cash. Most home buyers usually combine savings with money borrowed through a financial arrangement called a mortgage. Before looking for a lender, ask your REALTOR® to explain the many mortgage options available today.
When deciding which financial institution or lender to deal with, start with your own bank, credit union or trust company. They already know who you are. Then shop around and compare what different lenders have to offer. You should begin your search for a lender when you start your search for a home.
Lawyer: Whether you are buying or selling, a lawyer will represent your interests. It's a good idea to have one on stand by from the start. Documents such as the agreement for purchase and sale are complex and should be reviewed by an experienced lawyer. It's also a good idea to have a lawyer review an offer to purchase before signing anything.
When an agreement is reached, your lawyer will ensure you receive valid title to the property and that it is clear of any registered claims. He or she will also calculate any taxes and adjustments that will compensate the seller for money already paid on services and other matters related to the property.
Home Inspector: As a buyer, you can avoid expensive surprises by bringing in a home inspector as a condition of your offer to purchase. The older the home, the more likely there will be problems. Being aware of any structural defects, will help you decide whether to buy the property at all, or negotiate a lower price to compensate for anticipated major repairs.
Insurance Agent: Creditors and mortgage lenders, almost without exception, require insurance on the home you buy. This insurance must be in place before any purchase can be finalized. Although you may be able to negotiate a better rate using the same insurance company you have other policies with, it still pays to shop around.
Monday, April 27, 2009
WHATS NEW IN ROOFING
We've come a long way from the thatched roofs that many of our ancestors used to cover the shelters they called home. Traditional and new roofing materials are better than ever and available in many varieties and price ranges. Regardless of the material used, a new roof will add curb appeal to a home and increase its resale value.
When buying a home, one important feature to consider is the condition of the roof. Generally, if the roof is more than 15 years old, chances are you'll have to replace it soon. This cost should be factored into the purchase price of a home.
Whether you are purchasing a home or concerned about the condition of the roof on your existing home, spring is by far the best time to do an inspection. This is when winter damage is fresh and the dryer weather ahead will provide the conditions needed to replace, patch or re-roof.
Depending on the roofing materials used, look for obvious damage - cracked tiles, missing shingles, warped or gapping wood shakes. With asphalt roofs, look for thin, weather-worn shingles. On a warm day, gently bend a few shingles back. If they're not flexible, or if they crumble, consider re-roofing.
Before re-roofing with asphalt shingles, lift a few shingles that are located away from the edge to see if there's another layer of shingles below. If there is, you'll need to have all the layers of old shingles removed before re-roofing. However, if the roofing material is less than 15 years old and there are only a few bad spots, you may only have to patch these up. Asphalt shingle repair is simple and inexpensive. This is a job you may want to do yourself.
Roofs can be deceiving. Sometimes you can't spot the damage from the outside. If you suspect a problem, inspect the roof from the attic or crawl space. Check for dampness and dark water stains.
What's up in roofing materialsWhen it comes to roofing materials, asphalt shingles still offer the greatest versatility and continue to be popular among homeowners. Available in a vast array of colours and textures, asphalt shingles can conform to any roof shape. Compared to some roofing materials, they are inexpensive, easy to install and repair.
As a roofing material, wood shingles and shakes are less popular these days. While many homeowners prefer the bold, traditional, sculptured look wood shingles and shakes give a home, concerns have been raised about how well they can resist fire.
Also popular, especially in warmer climates, are both cement and clay tile which comes in a variety of colours, shapes and textures. However, these can be both expensive and heavy and not the best choice for many homes.
Some companies now offer high-tech alternatives to traditional roofing materials. These combine versatility, light weight and durability with high fire, weather, insect and mold resistance properties.
Lightweight aluminum roof shakes, for example, also help lower energy costs by keeping your home warm in winter and cool in summer. Other high-tech roofs use fibre-reinforced cement that weighs about the same as wood or premium shingles and comes in slate, shingle or wood shake forms.
Some use earth stone granules and acrylic resins bonded to aluminum or galvanized steel bases to capture the pleasing look of tiles or the rich textures and strong lines of wood shingles.
These new roofing materials often come in a variety of colours, shapes, textures and sizes. They are generally more expensive than traditional asphalt shingles. But, in most cases, the extra cost is well worth it. Some are backed by a 50 year guarantee. Most will look as good 20 years and more from now as the day they were installed.
Privacy Policy / Disclaimers
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When buying a home, one important feature to consider is the condition of the roof. Generally, if the roof is more than 15 years old, chances are you'll have to replace it soon. This cost should be factored into the purchase price of a home.
Whether you are purchasing a home or concerned about the condition of the roof on your existing home, spring is by far the best time to do an inspection. This is when winter damage is fresh and the dryer weather ahead will provide the conditions needed to replace, patch or re-roof.
Depending on the roofing materials used, look for obvious damage - cracked tiles, missing shingles, warped or gapping wood shakes. With asphalt roofs, look for thin, weather-worn shingles. On a warm day, gently bend a few shingles back. If they're not flexible, or if they crumble, consider re-roofing.
Before re-roofing with asphalt shingles, lift a few shingles that are located away from the edge to see if there's another layer of shingles below. If there is, you'll need to have all the layers of old shingles removed before re-roofing. However, if the roofing material is less than 15 years old and there are only a few bad spots, you may only have to patch these up. Asphalt shingle repair is simple and inexpensive. This is a job you may want to do yourself.
Roofs can be deceiving. Sometimes you can't spot the damage from the outside. If you suspect a problem, inspect the roof from the attic or crawl space. Check for dampness and dark water stains.
What's up in roofing materialsWhen it comes to roofing materials, asphalt shingles still offer the greatest versatility and continue to be popular among homeowners. Available in a vast array of colours and textures, asphalt shingles can conform to any roof shape. Compared to some roofing materials, they are inexpensive, easy to install and repair.
As a roofing material, wood shingles and shakes are less popular these days. While many homeowners prefer the bold, traditional, sculptured look wood shingles and shakes give a home, concerns have been raised about how well they can resist fire.
Also popular, especially in warmer climates, are both cement and clay tile which comes in a variety of colours, shapes and textures. However, these can be both expensive and heavy and not the best choice for many homes.
Some companies now offer high-tech alternatives to traditional roofing materials. These combine versatility, light weight and durability with high fire, weather, insect and mold resistance properties.
Lightweight aluminum roof shakes, for example, also help lower energy costs by keeping your home warm in winter and cool in summer. Other high-tech roofs use fibre-reinforced cement that weighs about the same as wood or premium shingles and comes in slate, shingle or wood shake forms.
Some use earth stone granules and acrylic resins bonded to aluminum or galvanized steel bases to capture the pleasing look of tiles or the rich textures and strong lines of wood shingles.
These new roofing materials often come in a variety of colours, shapes, textures and sizes. They are generally more expensive than traditional asphalt shingles. But, in most cases, the extra cost is well worth it. Some are backed by a 50 year guarantee. Most will look as good 20 years and more from now as the day they were installed.
Privacy Policy / Disclaimers
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document.write(unescape("%3Cscript src='" + gaJsHost + "google-analytics.com/ga.js' type='text/javascript'%3E%3C/script%3E"));
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pageTracker._trackPageview();
Thursday, March 26, 2009
MAKE YOUR HOME MORE SALEABLE
Does your home need a tune up?
Just like you take a car for regular tune ups to ensure it continues to run smoothly, your home also needs some special attention. There's a lot more to keeping up a house than cutting the grass and clearing snow from the driveway. Ensuring your home "looks" good and is in proper working order, not only makes it more attractive and comfortable, but it can also increase the market value of the property.
Homeowners who plan to move within a few years are often reluctant to invest time and money on improvement projects that may not pay them back. But unless these improvements are very specialized, any project you choose - from fixing leaky faucets to installing new energy efficient windows - will start to pay you back in energy savings and comfort long before you sell.
The wisest improvements you can make to any home are those that keep it running smoothly and bring it up to the standards of other homes in the immediate area. And these don't need to break your budget.
Easy maintenance, repairsStart with simple repairs that don't cost a lot and you can do yourself: securing loose tiles, adjusting a door, installing a lock, repairing a leaky faucet or pipe, and so on.
It's also a good idea to locate and read your gas, electricity and water meters on a weekly or monthly basis. This will help you gain an understanding of seasonal increases and decreases in consumption and enable you to take measures to become more energy and water efficient. The savings could be substantial.
You should have your furnace inspected and serviced annually to ensure there are no problems and change or clean the filter regularly. Also, inspect the smoke and carbon dioxide detectors around your home. You want to be certain that these will work in the event of a fire or other emergency.
Bigger upgradesWhile replacing leaky faucets can drastically improve a bathroom's appearance and cut down on water usage, sometimes it takes a lot more than that to bring an old bathroom, for example, to an acceptable standard.
A bathroom tune up can pay big dividends. The first items to replace should be the fixtures -- the sink, faucets, vanity, bathtub, shower, and toilet. This is where you will add value and save money by opting for a water-efficient fixtures and energy-saving devices.
The floors, walls and accessories are not an essential part of a bathroom tune-up, but you can save time and money when you do the complete overhaul at once, rather than one piece at a time.
If the decor in your home is bothering you, don't decide right away to rip everything out. All it may take to make your home look more attractive and in better repair are small improvements such as: refacing cabinets and counter tops, changing the colour scheme, repainting, hanging new wall coverings and installing new lighting.
Other good major home improvements include replacing old carpets and flooring with new, more durable products; adding a garage or a carport if your home does not have one; installing central air conditioning; repairing or adding a fireplace; upgrading your basement space; replacing old windows with new energy-efficient ones; adding terraces, wooden decks and fences that add privacy; and investing in landscaping that adds value and is easy to maintain.
Privacy Policy / Disclaimers
Just like you take a car for regular tune ups to ensure it continues to run smoothly, your home also needs some special attention. There's a lot more to keeping up a house than cutting the grass and clearing snow from the driveway. Ensuring your home "looks" good and is in proper working order, not only makes it more attractive and comfortable, but it can also increase the market value of the property.
Homeowners who plan to move within a few years are often reluctant to invest time and money on improvement projects that may not pay them back. But unless these improvements are very specialized, any project you choose - from fixing leaky faucets to installing new energy efficient windows - will start to pay you back in energy savings and comfort long before you sell.
The wisest improvements you can make to any home are those that keep it running smoothly and bring it up to the standards of other homes in the immediate area. And these don't need to break your budget.
Easy maintenance, repairsStart with simple repairs that don't cost a lot and you can do yourself: securing loose tiles, adjusting a door, installing a lock, repairing a leaky faucet or pipe, and so on.
It's also a good idea to locate and read your gas, electricity and water meters on a weekly or monthly basis. This will help you gain an understanding of seasonal increases and decreases in consumption and enable you to take measures to become more energy and water efficient. The savings could be substantial.
You should have your furnace inspected and serviced annually to ensure there are no problems and change or clean the filter regularly. Also, inspect the smoke and carbon dioxide detectors around your home. You want to be certain that these will work in the event of a fire or other emergency.
Bigger upgradesWhile replacing leaky faucets can drastically improve a bathroom's appearance and cut down on water usage, sometimes it takes a lot more than that to bring an old bathroom, for example, to an acceptable standard.
A bathroom tune up can pay big dividends. The first items to replace should be the fixtures -- the sink, faucets, vanity, bathtub, shower, and toilet. This is where you will add value and save money by opting for a water-efficient fixtures and energy-saving devices.
The floors, walls and accessories are not an essential part of a bathroom tune-up, but you can save time and money when you do the complete overhaul at once, rather than one piece at a time.
If the decor in your home is bothering you, don't decide right away to rip everything out. All it may take to make your home look more attractive and in better repair are small improvements such as: refacing cabinets and counter tops, changing the colour scheme, repainting, hanging new wall coverings and installing new lighting.
Other good major home improvements include replacing old carpets and flooring with new, more durable products; adding a garage or a carport if your home does not have one; installing central air conditioning; repairing or adding a fireplace; upgrading your basement space; replacing old windows with new energy-efficient ones; adding terraces, wooden decks and fences that add privacy; and investing in landscaping that adds value and is easy to maintain.
Privacy Policy / Disclaimers
Thursday, February 26, 2009
CLOSING THE DEAL
It's an exciting time. Your offer has been accepted. You can't wait to move into your new home. But don't start celebrating yet. There is one final stage involved in purchasing a home -- closing the deal.
Closing is the point at which ownership and usually possession of the property is transferred from the seller to you. It takes place after the parties involved agree that all legal and financial obligations have been met. Your lawyer and your REALTOR® will do much of the work, but here's a checklist that will show you what to expect as the process unfolds:
Make sure a copy of the signed Agreement of Purchase and Sale is sent to your lawyer right away. Your REALTOR® will usually do this for you. Your lawyer needs to see any conditions that exist, and the date you and the seller have agreed to close. The lawyer will ask you how you (and others involved in the purchase) want to be registered on the title to the property.
Immediately begin satisfying any of the conditions of the agreement that require your action. These have definite dates attached to them and if you miss one you may have to arrange an extension or possibly risk losing the entire deal. As each condition is met, the REALTOR® will fill out a waiver form for signatures. Note that most lawyers won't be doing many of the tasks they need to do for closing until the conditions are waived.
Upon your direction and after the conditions have been met, your lawyer will begin searching title to the property. This is an exercise of going back through government records to ensure a clear title that is transferable. Electronic registration and title insurance have significantly changed the way titles on properties are transferred.
If you decide to have the home inspected, your offer should contain a condition that the property passes inspection.
If no current land survey exists on the property, arrange for one soon. Your lender may require it, and you'll want it for your own peace of mind, anyway.
Contact your lending institution to begin the process of finalizing mortgage documents. Ask if your lawyer can draw up the documents; this will usually save money.
Your lawyer will contact the seller's lawyer with any questions or issues regarding title and costs.
Your lawyer will check with local utilities (hydro, gas, water) to ensure there are no outstanding claims and to get final meter readings on the day of closing. You should contact the utilities and telephone and cable companies well in advance to arrange for services in your name.
Meanwhile, your lawyer is busy making sure that property taxes on your new home are up-to-date, local zoning and building restrictions have been met and there are no liens on personal property, such as appliances, to be sold with your house. You want your lawyer to make sure that what you've agreed to buy is what you'll get -- nothing more or less.
Well before closing; contact your insurance agent to arrange homeowner's insurance coverage to become effective on the date of closing. Your agent can give you a "binder" letter, certifying coverage is in place. If you're moving from your current owned (rather than rented) home to another, your agent will handle the homeowner's insurance transfer for you.
Your lawyer will review and verify the draft deed, statement of adjustments and other closing information provided by the seller's lawyer, and will deal with any problems as they arise.
A day or two before closing, you'll meet with your lawyer to go over and sign the closing documents. Bring the certified cheque(s) to cover costs involved. Your lawyer will let you know the amounts in advance.
The big day arrives. You don't need to be present, usually. The lawyers for both parties exchange documents, keys and cheques and then register the deed and mortgage. Soon thereafter you'll be given the keys to your new home.
Now the celebration begins!
Privacy Policy / Disclaimers
Closing is the point at which ownership and usually possession of the property is transferred from the seller to you. It takes place after the parties involved agree that all legal and financial obligations have been met. Your lawyer and your REALTOR® will do much of the work, but here's a checklist that will show you what to expect as the process unfolds:
Make sure a copy of the signed Agreement of Purchase and Sale is sent to your lawyer right away. Your REALTOR® will usually do this for you. Your lawyer needs to see any conditions that exist, and the date you and the seller have agreed to close. The lawyer will ask you how you (and others involved in the purchase) want to be registered on the title to the property.
Immediately begin satisfying any of the conditions of the agreement that require your action. These have definite dates attached to them and if you miss one you may have to arrange an extension or possibly risk losing the entire deal. As each condition is met, the REALTOR® will fill out a waiver form for signatures. Note that most lawyers won't be doing many of the tasks they need to do for closing until the conditions are waived.
Upon your direction and after the conditions have been met, your lawyer will begin searching title to the property. This is an exercise of going back through government records to ensure a clear title that is transferable. Electronic registration and title insurance have significantly changed the way titles on properties are transferred.
If you decide to have the home inspected, your offer should contain a condition that the property passes inspection.
If no current land survey exists on the property, arrange for one soon. Your lender may require it, and you'll want it for your own peace of mind, anyway.
Contact your lending institution to begin the process of finalizing mortgage documents. Ask if your lawyer can draw up the documents; this will usually save money.
Your lawyer will contact the seller's lawyer with any questions or issues regarding title and costs.
Your lawyer will check with local utilities (hydro, gas, water) to ensure there are no outstanding claims and to get final meter readings on the day of closing. You should contact the utilities and telephone and cable companies well in advance to arrange for services in your name.
Meanwhile, your lawyer is busy making sure that property taxes on your new home are up-to-date, local zoning and building restrictions have been met and there are no liens on personal property, such as appliances, to be sold with your house. You want your lawyer to make sure that what you've agreed to buy is what you'll get -- nothing more or less.
Well before closing; contact your insurance agent to arrange homeowner's insurance coverage to become effective on the date of closing. Your agent can give you a "binder" letter, certifying coverage is in place. If you're moving from your current owned (rather than rented) home to another, your agent will handle the homeowner's insurance transfer for you.
Your lawyer will review and verify the draft deed, statement of adjustments and other closing information provided by the seller's lawyer, and will deal with any problems as they arise.
A day or two before closing, you'll meet with your lawyer to go over and sign the closing documents. Bring the certified cheque(s) to cover costs involved. Your lawyer will let you know the amounts in advance.
The big day arrives. You don't need to be present, usually. The lawyers for both parties exchange documents, keys and cheques and then register the deed and mortgage. Soon thereafter you'll be given the keys to your new home.
Now the celebration begins!
Privacy Policy / Disclaimers
Monday, February 2, 2009
CREATING CURB APPEAL
They say you can't judge a book by its cover. But when it comes to houses, the exterior can be just as important as the interior if selling or buying.
When selling, it is the outside, or the home's curb appeal that often determines whether the inside is ever seen. How a house 'shows' from the street can tell a potential buyer a lot about what it may be like inside. Even if the inside is the sparkling, charming, structurally sound dream home they've been searching for, a buyer is not going to forget a cracked driveway, fallen shutters, overgrown grass and flower beds.
That's why most REALTORS® recommend a house not be seen for the first time at night. If you have no choice but to view homes at night, always be sure to drive past them during the daytime before making any final decisions.
For sellers, there are many ways to enhance the exterior of a home to achieve the curb appeal necessary to attract prospective buyers. Start by taking a close, objective look at your home from the curb. Be sure to view it from different angles. Ask friends and neighbors for their unbiased opinions. What are the appealing features? What's not so appealing? What can you do to improve its appearance?
Are the shrubs untrimmed? Are there broken doors and windows, loose screens and railings? Does the exterior trim, or entire surface, need a paint job?
The interior may be clean, without a leaky faucet, cracked floor or loose door hinge in sight. But if the exterior roof, gutter, walls, driveway, garage and yard look dirty and untidy, chances are you're not going to get a lot of potential buyers knocking at the door.
Creating curb appeal is making your home inviting from the outside -- where first impressions begin. This doesn't mean spending a great deal of money remodeling and renovating. Adding a new front verandah might add a lot of curb appeal, but so will a couple of wicker chairs and potted flowers by the front door - at a lot less cost.
Here are some more tips for making the outside of your home attractive and inviting:
Clean up the yardMow the lawn, trim the hedges, weed the flower beds, get rid of dead trees and shrubs; get rid of any broken lawn furniture; shovel the walk and driveway in winter; rake the yard in the fall.
Repair any problemsIf the roof is damaged, repair it. Also repair any doors and windows that have loose hinges or other damage; fix storm doors and window screens; caulk window exteriors; clean and repair sidings and other structural flaws.
Eliminate clutterIf you have yard and construction debris piled up along the side of the house, or elsewhere, get rid of it. The exterior of your home should be as uncluttered in appearance as the interior. This includes cleaning out the garage - a major breeder of clutter. Be ruthless. If you haven't used something in a year, give it to charity or recycle it.
Give siding a fresh new lookCleaning the exterior surface is all your home may need for a fresh new face. Before rushing to paint siding, try washing it. For painted wood siding and aluminum siding, use a solution of one cup strong detergent and one quart chlorine bleach in three gallons of water. Be sure to wear rubber gloves, goggles and other protective garments. Work from the bottom up and rinse thoroughly.
To spruce up vinyl siding, hose it down, sponge it with a mild liquid detergent and rinse.
Use paint to brighten, re-proportion exteriorA paint job can do wonders for the exterior of a home. A low house can look more graceful and tall from the curb by emphasizing its vertical features. Paint elements such as doors, shutters and corner trim in a color that contrasts with the siding material or color. On a high home, emphasize horizontal by using a contrasting paint color on window sills and fascia boards. You can also make a tall house look lower by painting it a dark color, provided that the roof is dark too. Conversely, a light color will make a home look larger.
Co-ordinate the exterior 'look'The more co-ordinated your house looks from the outside, the more appealing it will be. Co-ordinate the 'look' of your home by painting the garage, tool shed, playhouse and other outdoor structures with the same color schemes as the house. If your house is a mixture of conflicting textures - vertical siding, shingles and brick, for instance - try painting them all the same color, or in two related shades of the same color, to create a harmonious look. Dark tones work best when working with conflicting textures.
Use flower powerWell-placed flowers, trees and shrubs can really make the outside of a home look inviting. Not only does attractive landscaping invite buyers, it can increase the value of a home. Even without major landscaping, flowers can make a yard look colorful and pleasant. Plant them in garden beds, hang them from railings and porch ceilings, add flower boxes to window sills. There is no limit to the power of flowers.
At night, highlight garden features with spotlights and floodlights. Well-lit paths and entrances promote safety, discourage burglars and are an added feature to any home. A pretty wreath on the door and a welcome mat will finish things off.
When selling, it is the outside, or the home's curb appeal that often determines whether the inside is ever seen. How a house 'shows' from the street can tell a potential buyer a lot about what it may be like inside. Even if the inside is the sparkling, charming, structurally sound dream home they've been searching for, a buyer is not going to forget a cracked driveway, fallen shutters, overgrown grass and flower beds.
That's why most REALTORS® recommend a house not be seen for the first time at night. If you have no choice but to view homes at night, always be sure to drive past them during the daytime before making any final decisions.
For sellers, there are many ways to enhance the exterior of a home to achieve the curb appeal necessary to attract prospective buyers. Start by taking a close, objective look at your home from the curb. Be sure to view it from different angles. Ask friends and neighbors for their unbiased opinions. What are the appealing features? What's not so appealing? What can you do to improve its appearance?
Are the shrubs untrimmed? Are there broken doors and windows, loose screens and railings? Does the exterior trim, or entire surface, need a paint job?
The interior may be clean, without a leaky faucet, cracked floor or loose door hinge in sight. But if the exterior roof, gutter, walls, driveway, garage and yard look dirty and untidy, chances are you're not going to get a lot of potential buyers knocking at the door.
Creating curb appeal is making your home inviting from the outside -- where first impressions begin. This doesn't mean spending a great deal of money remodeling and renovating. Adding a new front verandah might add a lot of curb appeal, but so will a couple of wicker chairs and potted flowers by the front door - at a lot less cost.
Here are some more tips for making the outside of your home attractive and inviting:
Clean up the yardMow the lawn, trim the hedges, weed the flower beds, get rid of dead trees and shrubs; get rid of any broken lawn furniture; shovel the walk and driveway in winter; rake the yard in the fall.
Repair any problemsIf the roof is damaged, repair it. Also repair any doors and windows that have loose hinges or other damage; fix storm doors and window screens; caulk window exteriors; clean and repair sidings and other structural flaws.
Eliminate clutterIf you have yard and construction debris piled up along the side of the house, or elsewhere, get rid of it. The exterior of your home should be as uncluttered in appearance as the interior. This includes cleaning out the garage - a major breeder of clutter. Be ruthless. If you haven't used something in a year, give it to charity or recycle it.
Give siding a fresh new lookCleaning the exterior surface is all your home may need for a fresh new face. Before rushing to paint siding, try washing it. For painted wood siding and aluminum siding, use a solution of one cup strong detergent and one quart chlorine bleach in three gallons of water. Be sure to wear rubber gloves, goggles and other protective garments. Work from the bottom up and rinse thoroughly.
To spruce up vinyl siding, hose it down, sponge it with a mild liquid detergent and rinse.
Use paint to brighten, re-proportion exteriorA paint job can do wonders for the exterior of a home. A low house can look more graceful and tall from the curb by emphasizing its vertical features. Paint elements such as doors, shutters and corner trim in a color that contrasts with the siding material or color. On a high home, emphasize horizontal by using a contrasting paint color on window sills and fascia boards. You can also make a tall house look lower by painting it a dark color, provided that the roof is dark too. Conversely, a light color will make a home look larger.
Co-ordinate the exterior 'look'The more co-ordinated your house looks from the outside, the more appealing it will be. Co-ordinate the 'look' of your home by painting the garage, tool shed, playhouse and other outdoor structures with the same color schemes as the house. If your house is a mixture of conflicting textures - vertical siding, shingles and brick, for instance - try painting them all the same color, or in two related shades of the same color, to create a harmonious look. Dark tones work best when working with conflicting textures.
Use flower powerWell-placed flowers, trees and shrubs can really make the outside of a home look inviting. Not only does attractive landscaping invite buyers, it can increase the value of a home. Even without major landscaping, flowers can make a yard look colorful and pleasant. Plant them in garden beds, hang them from railings and porch ceilings, add flower boxes to window sills. There is no limit to the power of flowers.
At night, highlight garden features with spotlights and floodlights. Well-lit paths and entrances promote safety, discourage burglars and are an added feature to any home. A pretty wreath on the door and a welcome mat will finish things off.
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