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Why that Title Insurance that is being requested is a good idea!
The first year in their home there were no surprises. However, after a particularly cold spell last winter, their pipes froze solid and their home was anything but cozy. The contractor called in to thaw the pipes promptly instructed them to contact the City of Winnipeg. While dealing with the pipe issue, the City provided them with a copy of a building permit dated in 2012 that outlined approval for an 84.5 square foot addition to the front of the existing dwelling. But the addition was never built, despite the permit. Why?
After further investigation, the Gietzes learned that the City had issued a bylaw violation, which required the previous homeowners to repair plumbing and electrical work, as well as an improper stair guard leading to the basement before the addition could be constructed. The floor joists and foundation also required major structural repairs. The City now demanded the Gietzes comply with the bylaw violation within 14 days otherwise face potential legal action.
The bylaw violation notice from the City triggered coverage from FCT because the homeowners were being forced by a governmental authority to remedy an existing structure because it was built without a required building permit.
FCT hired an engineer to complete the report on structural repairs to the floor joists and foundation. In the summer of 2014, work began on the home to fix the foundation, plumbing, electrical and structural issues. This work was paid for by FCT. During this major renovation, Tim and Brittany had to move out of their home for over three months while the work was being completed Thankfully, all temporary housing costs were also covered under their FCT policy.
Let go of the hassle and stress with help from FCT
Before the end of 2014, the Gietzes got word from the City of Winnipeg that the final inspection was completed and the bylaw violation was closed. They moved back in to celebrate Christmas 2014 in their safe and newly renovated home.
For a couple of hundred dollars, paid once when we bought the home and no annual premium, we realized a significant benefit. Without the team at Castle Mortgage Group to inform us about the great insurance program that FCT has, we would have ended up with debt that we could not pay off for years. I cannot even imagine having to come up with the money to complete such a major renovation only months after purchasing the home. FCT fixed our home and provided us with a housing allowance while we were displaced. Since this has happened, I have now joined the team at Castle Mortgage Group and make sure toalwaysrecommend that our clients purchase this insurance. states Mrs. Gietz.
*FCT refers to the FCT group of companies. Insurance by FCT Insurance Company Ltd. Services by First Canadian Title Company Limited. The services company does not provide insurance products.
From Original blog by WendyRinella
Vice-President, Corporate Affairs, FCThttp://winnipeg.ctvnews.ca/winnipeg-couple-ordered-to-pay-more-than-100-000-in-repairs-to-get-their-home-up-to-code-1.2250027
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.