So whether you're buying a home, renewing your mortgage, refinancing, renovating, investing, or consolidating your debts — I’m the VERICO Mortgage Advisor who can help you get the right financing, from the right lender, at the right rate.
3 Things You Should Pay Attention to When You're Shopping for a Home in Ottawa
A lot of people strive to have a home to call their own. So, if you are searching for a home to buy, you deserve to be congratulated as you are on your way to achieving one of your dreams. However, even though purchasing a home is a rewarding experience, it not without its headaches. For one, you may purchase a home that does not suit you, and you may end up regretting your decisions, sometimes after spending lots of money on home renovation without achieving your desired goals. Therefore, you must understand what you need, want, and desire in a home before venturing out to purchase one. Usually, by the time you have decided to purchase your home, and are out searching for one, you will most likely have grasped the essentials, which includes a home with a solid foundation, non-leaking roofs, and proper electrical wiring. Nonetheless, there are three other things that you need to consider before purchasing the home, as they will determine your quality of life in your new home in Ottawa, Canada.
These three considerations are:
1. Quality of Natural Lighting
Natural light improves your home experience by not only providing ample illumination but by also making you feel good. You, therefore, need to buy a home that allows in ample natural light. Moreover, a dimly lit house prevents you from properly surveying its in-house features when you are visiting it for the first time, and even during subsequent visits. It is, therefore, advisable that you schedule your daytime viewings to ensure that you view the house during mornings, afternoons, and evenings. This will allow you to gauge how much natural light gets into the house. Furthermore, purchasing a home with ample natural lighting will save you the costs of future renovations, including resizing of windows and purchasing new window panels, when you decide to increase the amount of daytime natural light that lights up your home.
2. State of Driveway and Parking Space
The size and state of your driveway contribute to your home experience. A narrow or short driveway that forces you to park your car on the street is most likely to make you feel short-changed about your home purchase. A properly sized driveway and ample parking space will allow you to not only enjoy your home but also to be able to invite friends into your home without worrying about where their cars will be parked.
This is one of the most important considerations. You must always remember the neighborhood where your house is located so that you can determine whether you will fit in, or if you like it. It is advisable that you buy a house that is located in a neighborhood that you respect and love; as this will allow you to smoothly integrate into the community, and experience its social life. Moreover, if you have children, you should find out if there are schools in the neighborhood. Besides, if you purchase a home located close to a school, you can be assured that its resale value will increase in the future. Finally, you must familiarize yourself with the bylaws, restrictions, and other guidelines that govern your neighborhood.
Top five home renovations that increase property value
Looking to increase your homes property value? Here are five of the best renovations you can do to your home to increase property value. These five renovations can sometimes have a return on investment 5-6x what they cost.
Flooring is one of the most important aspects of your house. You will see an immediate rise in property valuation with the installation of hardwood floors. Existing hardwood floors that you can refinish are ideal as they are less costly to restore and in higher demand than new flooring materials. For the bathroom, tile will always be in demand and retain value exceptionally well.
Kitchens often look tired and dated, in large part due to old fixtures. Replacing or updating cabinet hardware, light fixtures, countertops and faucets will result in an immediate increase in your homes value. This small, but effective upgrade will also revitalize the entire home. Pot lights are in high demand in open concept style homes.
Thebathroomis the second most important room in the home in terms of valuation. If you can add a three-piece bathroom to a home with only one full bathroom, you will see a dramatic rise in the market value of your home. While you should never compromise bedroom space for a bathroom, try sneaking one in dead space in the home. Scott managed to fit in a 3-piece bathroom under a staircase the width of the room measured just 44 inches. As an added tip, use glass for the shower to make the bathroom feel more spacious.
Kitchens are the single most important room in the home relating to valuation. The kitchen can make a significant difference in the value of your home. As such, it is crucial that you invest in having a modern, fresh anddesirable kitchen. Modern cabinetry, under cabinet lighting and new appliances will all significantly increase the value of your home on the market. To save on cost without compromising construction and desirability, look at options like Ikea cabinets as opposed to custom cabinetry.
#1 An Income Suite
No surprise, but the single biggest way to increase the value of your home is to build an income suite within the property. Whether this is converting yourbasement into a rental, or another floor in the home, an income property will increase your homes worth. The main reason for this is that it covers a portion, or sometimes all of your mortgage payments, and results in your home being cash flow positive which creates real wealth that can supplement your income.
Valuable Fraud Prevention Tips for Homebuyers and Homeowners: Part 1
March is Fraud Prevention Month. Canada Mortgage and Housing Corporation (CMHC) has consistently been a leader in the fight against mortgage fraud and offers the following tips to protect yourself against becoming a victim of mortgage fraud.
Misrepresentation of Information
Mortgage fraudoccurs when someone deliberately misrepresents information in order to obtain mortgage financing that would not have been granted if the truth had been known. This can include:
Misstating ones position or inflating ones income or length of service at their job;
Misstating employment status (ie. salaried/full time versus contract, part time, hourly or commission-based or self-employed);
Misrepresenting the amount and/or source of the down payment;
Purchasing a rental property and misrepresenting it as owner-occupied;
Not disclosing existing mortgage and/or debt obligations;
Misrepresenting property details or omitting information in order to Inflate the property value;
Adding co-borrowers who will not be residing in the home and do not intend to take responsibility for the mortgage.
Another common form of fraud is when a con artist convinces someone with good credit to act as astraw buyer.A straw buyer is someone who agrees to put his or her name on a mortgage application on behalf of another person. In return for their participation, straw buyers may be offered cash or promised high returns when the property is sold. Often, straw buyers are deceived into believing that they will not be responsible for the mortgage payments.
Consequences of Misrepresentation
Borrowers who misrepresent information and straw buyers who allow a property to be purchased in their name are committing mortgage fraud and will be responsible for any financial shortfall in the event of default. They may also be held criminally responsible for their misrepresentation.
If you suspect that you or someone you know has been the victim of mortgage fraud, please contact your local police department or The Canadian Anti-Fraud Centre.
Toll Free: 1-888-495-8501
Toll Free Fax: 1-888-654-9426
To find out more about mortgage fraud, visit the fraud prevention section of the Canadian Association of Accredited Mortgage Professionals (CAAMP) website athttp://mortgageconsumer.org/protect-yourself-from-real-estate-fraud.
For over 65 years, Canada Mortgage and Housing Corporation (CMHC) has been Canadas national housing agency, and a source of objective, reliable housing information.