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    A lthough currently dimly lit and a little rough on the eyes, your unfinished basement still has a lot of potentials. With just a little love and the help of the following ideas, you can spice it up in no time and get some great use out of the space. 1. Add a pop of color. Give your basement a whole different look without a big renovation by adding some color to space. Consider painting and sealing the floors, opening up the room by painting the rafters white or a light color, or creating a bold accent wall. 2. Divide the space. Want to make your basement a multi-use room? Partition out the area by installing an inexpensive curtain system. This can be done either with a curtain track or a simple wire, some hooks, and curtains will suffice. 3. Add foam mats. Whether you’d like to use the basement as a home gym to get a quick workout in or a place for the kids to play and rough house, adding some foam mats into the mix is a great and easy solution. They come in various ...

  Fall Back on First Sunday in November This weekend, adjust your clocks back by one hour. Most people find it convenient to change their clocks before they go to bed on Saturday night.   ...

The decision to buy first or sell first, has always been a little of the "Which came first: the chicken or the egg?" type of question.   Is it better to buy another home before you sell your current one or sell the current one before you buy the replacement? Some buyers don't have a choice because they need the equity out of the current home to purchase the new one and possibly, their income limits their ability to qualify for having both mortgages at the same time.   However, some buyers, with sufficient financial resources, may have other options available to facilitate the move. A home equity line of credit, HELOC, is a type of loan that a traditional lender like a bank will loan up to the difference in what is currently owed on the home and 75-80% of the value.   A borrower is approved for the line of credit and then, can borrow against it as needed.   A homeowner with sufficient equity, would want to secure a HELOC prior to contracting for the new home. ...

SHAWN Trick or Treat!  Have a spook-tacular Halloween!   SHAWN VENASSE, Sales Representative The Elli Davis Team - Sothebys International Realty Canada, Brokerage svenasse@sothebysrealty.ca https://sothebysrealty.ca/en/real-estate-agent/shawn-venasse/   ...

In divorce situations, it is common, for the spouse who keeps the home to refinance to remove the other spouse from the loan.   Equally as common, first-time buyers who don't have enough income to qualify may ask a parent to co-sign and must add their name to the mortgage. Another situation that requires removing or adding a person to a loan could be to qualify for a better interest rate.   The difference in a minimally acceptable credit score and something that might be considered "good" could be as much as a 0.5% higher rate for the term of the mortgage. Consider that a couple is buying a home on a conventional loan, and they have individual credit scores of 760 and 670.   The underwriters will price the loan based on the lower of the two scores.   A half percent interest on a $400,000 30-year mortgage could have close to $110 a month difference. A possible solution to this dilemma could be available, assuming the borrower with the higher credit score had eno...

Let's assume that you have owned your home for several years.  It has increased in value and the unpaid balance considerably less than you originally borrowed.  In short, you have equity in the home.  You're thinking about buying another home and one of the questions going through your mind is "should we find a replacement property before we put our home on the market? It is a good question but maybe there is another one you should be asking.  "Should we keep our current home and convert it to a rental when we buy another home?  The answer to the question may have a great deal to do with your finances but if you can afford it, it may end up being one of the better investments you have made. Do you have enough discretionary funds for a down payment and closing costs for your new home?  Is it enough to put 20% down payment so you can avoid paying mortgage insurance?  Can you qualify for the mortgage on the new home with the additional liability of yo...

With the rapid appreciation that homes have had in the last two years, most homeowners have equity.   A common way to release part of the equity is to cash-out refinance but some homeowners may not be eligible currently. This type of loan replaces the current mortgage by paying it off and an additional amount of cash for the owner.   Generally, lenders will consider a new mortgage up to a total of 80% of the current value. Typically, the rate on a cash-out refinance will be slightly higher than a traditional purchase money mortgage.   As is in any lending situation, the rate depends on the borrower's credit and income.   The best interest rates are available to borrowers with higher credit scores, usually over 740. Loan-to-value can affect the rate a borrower pays also.   A 70% loan-to-value mortgage could be expected to have a lower interest rate than an 80% LTV because there is a larger amount of equity remaining in the property and therefore, less risk ...

Based on the current competition due to lower than normal inventories, it is possible for a seller to find themselves on the beneficiary side of a multiple offers.   Two or more parties may be trying to buy your home at the same time and because of the competition, they increase the purchase price, possibly, remove unnecessary contingencies and try to make their offer as attractive as possible. This can pleasantly result in you realizing higher-than-expected sales price and proceeds of sale.   While it may not materialize, it is good to understand what could happen and the best way to handle it.   Your real estate professional is positioned to offer you specific advice but the following are some things to consider. One tactic is to delay showings for a short period of time.   Some agents will create this by putting a sign on the property with a rider that indicates "coming soon" and depending on the local MLS rules, it may even be put in the system.   No sho...

In the Boy Scouts, a certification, called a Totin' Chip, is required for scouts to carry, and use woods tools like a knife, axe and a saw.   They must read and understand the use and safety rules from the scout handbooks and demonstrate the proper handling, care, and use of each. No such certification is required for homeowners but there are a lot of good reasons why it should be self-imposed.   Making minor repairs is part of the responsibility of owning a home that will save both time and money. A homeowner will certainly appreciate the need for such training the first time a call is made to a service company to fix their air conditioner that suddenly quit cooling.   When the repairman arrives, he has a checklist which includes verifying the unit is getting electricity.   If not, they go to the electrical panel to see if a breaker has been thrown. It can be very humbling and expensive to have to pay a service fee to have a repairman flip a breaker to get you...

A successful home sale, considered by many owners, is to maximize their proceeds in the shortest time with the least inconveniences.   Just because it is a seller's market doesn't mean that homeowners can shortcut some of the steps that make it happen and they certainly need to avoid commonly made mistakes. Pricing too high Low inventory and high demand have contributed to the rising prices of homes.   NAR reports that the median sales price is up 17.8% in the past year and CoreLogic recently released data that July set new record growth of 18% year over year.   This might give sellers a false sense of security about overpricing their home Pricing a home too high initially can limit activity, attract the wrong buyers and ultimately, cause the home to realize a lower price than optimum.   There is an interesting dynamic that takes place when there is a shortage of homes to show, and a new home hits the market.   Buyers, who have been in the market but not p...