From ornate fireplaces and crown mouldings to established, mature landscaping, there are many benefits to buying a historic house. However, there are also some disadvantages that you’ll definitely want to factor in when considering the purchase, as well. When buying a historic home, you’ll often need different insurance policies and even a special license.  

Expect Repairs

Depending on the work that has been done by the previous owners to preserve your historic house, there’s a good chance that repairs will be necessary right off the bat. The first repair you can usually expect to do on a historic home will be replacements of the roof and windows. As with all homes, roofs and windows can be expected to weather over time and will need regular repair to prevent damage from the elements. 

Other repairs you can expect to encounter may be water damage, structural damage, or even electrical issues. 

Hire An Inspector Experienced With Historic Homes

To get an accurate picture of what repairs or maintenance you can expect, you’ll want the help of a home inspector that has experience assessing historic homes. These homes were built differently than the homes being built today and an inspector who doesn’t know what to look for may miss some crucial indicators of costly repairs that may be needed.

Before hiring a home inspector, ask them about their experience working with historic homes

Maintenance Can Cost More Than Usual

The maintenance that will need to be done on a historic home will be much different from new homes today, which could require the assistance of specialized contractors.

These contractors should be familiar with using the different materials used in the home to help preserve the historic integrity, and may charge more for their knowledge, care, and experience. So what may seem like a simple fix could end up with a much more costly bill at the end.

Modern Upgrades May Not Always Be Possible

Depending on many factors, from structure to plumbing to electrical work, the modern upgrades you may be wanting to put into a historic home may not always work. If you are perfectly content with maintaining the historical integrity of the home, this may be fine for you. However, if you are wanting to buy a historic home with the intention of updating and modernizing, consider consulting with a contractor to see if it is even possible. 

Insurance May Be More Expensive

Insurance companies are no strangers to the costly repairs and maintenance that may be required on historic homes, and often the rates they will offer on home insurance will reflect that. New construction homes are usually built to code and come with warranties that help protect your investment for some time after purchase, whereas historic homes do not. Be sure to talk with your insurance provider before making the switch to get an accurate quote of what you can expect to be paying monthly to insure your home.

No matter if you’re buying a historic home simply for the aesthetic appeal or to become a part of the cultural narrative they provide, it can certainly be a truly gratifying experience for a homeowner. 

Working out an inheritance can be tricky. And many people may not know how inheriting a property works, here we will help you to get an idea of what all goes on.

Being passed down an estate is a hard and stressful time. Upon a family member’s or friend's death, you would be appointed the executor of their estate and would manage their debts and assets according to their will. The part of the estate given to descendents is the inheritance, which may include a house or land property.

With any large financial transactions, you should be aware of the tax consequences. Fortunately, Canada is not one of those jurisdictions; there is no inheritance tax in Canada.If the home being inherited was the deceased’s primary residence, there’s no tax on the property transfer at all. If it was a secondary home, like a cottage, there is an estate tax. The estate tax is paid from the estate’s assets, so the inheritor doesn’t have to pay anything.

Staying along those lines, you may also inherit a property with a mortgage attached to it. As you settle debts of the deceased as the executor, this will include mortgages. Ideally the estate would have enough assets and investments to cover the mortgage. If not, then the house will need to be sold to pay off the mortgage, since not every lender will allow the inheritor to take over the mortgage payments. 

So after you inherit a property, what are some of the things you need to do? 

You will need to continue to maintain the home, either by yourself or hiring someone to be checking in on it. 

You should also keep the home fully protected by contacting the home insurance provider and secure coverage as the new homeowner. 

You may also want to do a home inspection, just to be sure there are no outstanding issues with the property. And along that note get a comparative market analysis done by a local real estate agent or appraiser to get a feel for what the property is worth in today’s market. 

In the end there are only three things you can do with an inherited property; move in, sell or rent. What you decide to do with the property is up to and to the circumstance you find yourself in.

While it is possible to do this, it may be frowned upon by some in the industry. There are pros, cons, and risks associated with trying to up-sell your home. In today’s market, houses are in fact selling higher than prior years. However, that doesn’t mean they are selling for more than they are worth in today’s market.

A good agent will have your best interest at heart. So when you’re selling, especially if it’s your first time selling a home, you may want to consider hiring a real estate agent to help you through the process. They will also help you set an asking price competitively and at market value, for a quick sale. Along with handling the buyers who will be going through the house, they will also take care of tire kickers who have no actual intention of buying your home. 

If you decide against using an agent that is your choice! However you will want to do your research on recent property sales and what is currently available on the market. You will be the one marketing, showing and negotiating on the sale of your house - so you will have some work to do!

Whether you have an agent or not, you still have the deciding factor on what your property will be listed at. The comparative market analysis that you or your agent completes, the buyer of your home will most likely also have access to. Overpriced homes don’t generally sell, and remember, you can always reject any offers that are too low. Whether or not you will end up with your asking price will also depend on if you are in a buyer’s or seller’s market and if you are selling in the hot season or cooler months. Winter, especially around the holidays is typically slower and the spring and summer months typically move a lot faster. 

The seller who pricing their home for more than it is worth ultimately loses out on prospective buyers. Then as their home stays for sale for longer and longer, it may be stigmatized as overpriced and buyer’s will be less and less interesting in even viewing the property. Ultimately resulting in the sale of the home with a much lower selling price than if it has just been listed correctly from the start. A home that is priced correctly according to the current market will result in an offer in the normal amount of time.

1. Less competition

With less houses on the market in the fall, there will be less competition when you decide to list your property, which gives sellers more opportunity to buyers. It also means that homes that did not sell in the summer, will be selling for less, which gives buyers more negotiation power.

2. Sellers are serious

Not all homes on the market are summer leftovers however, some are selling in the fall because the timing is right. Meaning; sellers will be more serious and may consider offers and be more open to negotiating.

3. More attention

Real estate agents, mortgage lenders and law offices are going to be busier in the hotter months. So, as things slow down, they will be able to serve you more quickly and more efficiently. 

4. End of year sale

September is a great time for buying carpet and paint. October is good for lawn mowers and appliances and cookware are cheaper in November.

In Canada, your credit score ranges from 300 to 900, 900 being a perfect score. If you have a score between 780 and 900, that’s excellent. If your score is between 700 and 780, that’s considered a strong score and you shouldn’t have too much trouble getting approved at a great rate. When you start hitting 625 and below, your score is getting low and you’ll start finding it more and more difficult to qualify for a loan.

What does a low credit score mean?

A low credit score doesn’t mean you’ll never be able to borrow. Some places might still lend you money, although at a higher interest rate. This is one of the ways you’ll find your credit score really matters: the better your score, the less you pay on interest.

Your credit score is calculated using five factors:

1. Payment history (35%)

2. Debt utilization ratio (30%)

3. Credit history (15%)

4. Credit application frequency (10%) 

5. Credit diversity (10%)

Most of the information is automatically removed after 6-7 years (although not purged).

1. What’s your payment history?

This is obviously the most important factor affecting your credit score. Prospective creditors want to know that you are going to pay them back. Your payment history covers all of your consumer debt: credit cards, lines of credit, student loans, car loans, cell phone payments on contract, etc.

CREDITORS WANT TO KNOW

• Do you pay your bills on time?

• How frequently do you miss a payment?

• How many times have you missed a payment?

• How old are your missed payments?

2. How much do you currently owe?

When creditors look at how much you owe, they’re trying to determine whether or not you are able to take on more debt. Besides looking at the amount of debt that you currently have, lenders will look at what’s called debt utilization ratio: that’s the amount of credit you’re using compared to the amount that’s available to you.

For example, if you have a credit card limit of $5,000 and you’re constantly hovering at $3,600, then you’re using 75% of your available credit on an ongoing basis. To a creditor, that indicates that you’re struggling to pay off your existing debt.

Creditors will also look at how much outstanding debt you have compared to how much was available to you.

CREDITORS WANT TO KNOW

• How much in total do you currently owe?

• How much are your payments?

• How much of your available credit do you use on an ongoing basis?

3. How long is your credit history?

Creditors want to see a long established history of managing credit. There’s nothing more frightening to them than somebody walking out of the woods with a clean slate. A good credit history is built over time and that’s something you can’t lifehack.

CREDITORS WANT TO KNOW

• How long has it been since you first obtained credit?

• How long have you had each account for?

• Are you actively using credit now?

4. How frequently are you applying for new sources of credit?

Frequently applying for credit is a flag for creditors. If you frequently sign up for new credit cards, loans or other forms of credit, lenders may conclude that you're not able to manage your money.

CREDITORS WANT TO KNOW

• How many times did you request a hard credit check in the last 5 years?

• How many credit accounts have you opened recently?

• How much time has passed since you last opened a new account?

• How long ago was your most recent inquiry?

5. What kind of credit have you used?

The kinds of credit you use can say a lot about how you handle your finances. There are two kinds of credit: revolving credit and installment credit.

Installment credit comes in the form of a loan that you pay back regularly (once a month, bi-weekly, whatever it may be). The amount of the loan is set when you are approved and the sum that you borrow doesn’t change.

Revolving credit on the other hand is not a predetermined amount. You will have a credit limit that sets how much you can borrow up to, but you can pay it off and spend it again indefinitely.

CREDITORS WANT TO KNOW

• Do you have high levels of revolving credit?

• Do you use deferred interest or payment plans to pay for large purchases?

• Do you resort to loan consolidation services?

• Do you access payday loans or other unsecured loans?

How do you check your credit score in Canada?

Nearly half of Canadians (47%) don’t know where to check their credit scores.

In Canada, your credit score is calculated by two different credit bureaus: Equifax and TransUnion. You can request a free copy of your credit report by mail at any time though your credit score is not included on the reports.

Both of these bureaus can provide you with your credit score for a fee, and also offer credit monitoring services. For more information visit TransUnion or Equifax.

As a tenant, it can be sometimes difficult to deal with problematic landlords or ridiculous expectations. So here is a list of some of the rights you have as a renter:

Rights

Tenants have a right to:

~ A right to enjoy their properties in peace and quiet.

~ A right to live in a habitable rental property that adheres to Saskatchewan safety, health and building codes.

~ Right to access their units without restrictions from the landlord or their agent.

~ Right to display election advertising during the electioneering period.

~ Viewing the unit and common areas to make sure the property fits your lifestyle and needs

~ Receiving a fair evaluation of your Residential Rental Application and being treated fairly by your landlord (and any staff) while you’re renting

~ Creating an Inspection Report with your landlord detailing the state of the property when you move in and using that report when you move out to determine how much of your security deposit your landlord can use

~ Occupying the property without being unreasonably disturbed by the landlord, property manager, any staff, or other tenants.

~ Ending the tenancy when your lease is up or by following certain legal procedures

~ Protection from unauthorized rent increases or evictions

Responsibilities

~ Tenants are responsible for:

~ Ensuring they pay rent on time.

~ Respecting all terms of the lease agreement.

~ Reporting all maintenance issues as soon as they spot them.

~ Keeping the premises in a clean and sanitary condition.

~ Notifying the landlord when they are looking to move out.

~ Repairing damages they cause.

Start a morning schedule

Wake your kids up at what will be their regular morning wake-up time. For older children, help them set an alarm clock so they can take responsibility for their own morning wake-up routine.

Eat a healthy breakfast

By now, we all know kids need a nutritious breakfast so they are ready to take on the day. Incorporate healthy breakfast options like apples, bananas, and whole grain toast. This will give them the energy they need to be mentally alert all day, instead of the mid-morning crash they’ll get from sugary cereals.

Set out clothes the night before

Avoid frantic mornings by having your child choose what he or she will wear the night before. If you have a younger child, let him or her pick from a couple different options. Get into a routine of doing this even before school starts so your child is in the habit of planning ahead.

Pack a healthy lunch

In the days or weeks before school starts, plan and make your lunches for the next day together each night. Even though school isn’t in session yet, you can help your kids get used to packing a lunch by having it labeled and ready to go each morning.

Follow a lunch schedule

Start eating lunch at the same time as your child will be when he or she is at school. This will help get your child’s stomach on a schedule so he or she isn’t going to class hungry and distracted.

Make dedicated TV-free time

Start getting into a homework routine now by having TV-free time during after-school hours. Use this time for a learning activity like reading a book or even talking about your day together.

Play board or word games

Playing games over the summer is a great way to keep you child’s mind engaged and focused on building learning skills. This will help make sure your child is prepared when classes start and make the back to school transition a smoother one.

Stick to a bedtime routine

Early bedtimes usually go out the window over the summer break, but young minds need plenty of sleep to be ready to learn. Get back into a set bedtime routine now so your child isn’t up late the night before the first day of school.

Read every day

Learning shouldn’t stop over the summer. Each day, take at least 30 minutes to sit with your child and read together. This will help keep him or her engaged with learning and in the routine of daily schoolwork.

Stock up on school supplies

Take your child shopping for back-to-school supplies he or she will need to get the year off to a successful start. Shopping for backpacks, binders, and pencil cases will get your child thinking (and excited) about the upcoming school year.

Having a huge garden or front lawn can be intimidating. Give your readers some general tips about maintaining outdoor spaces, or even link some local gardening businesses that will be willing to help out.

Always try and invest in that deep spring cleaning

You know the drill, leaf sweeping, wall washing, wiping down furniture etc. it might seem uptight but it will make a huge difference over the years.

Protect your outdoor furniture

Help your furniture last longer by using covers or storing it away for the winter. 

Deck and patio care

Find out the best way to care for the wood, plastic, metal, or stone that your deck or patio is made of. Concrete, brick, and stone surfaces always benefit from, at the very least, a mopping with simple soap.

Keeping it tidy

Now that you have all the fun outdoor stuff, you’re going to need somewhere to store it. 

Blast Away Grime

A careful sweeping with a sturdy broom is a good starting point, but to get your outdoor space truly clean you may need a little more power. When used at the appropriate settings, a pressure washer can clean a wide range of surfaces from patios, decks and sidewalks to siding, windows, screens and tables.

Take Care of Textiles

Outdoor textiles often take a beating from the elements. Freshen up often-overlooked things like outdoor rugs, lawn furniture cushions, pillows and umbrellas. A thorough vacuuming may be adequate to remove leaves, bugs or dirt. However, if stubborn spots persist and a deeper cleaning is needed, review the manufacturer's guidelines. Washing covered furniture from time to time helps ensure it's ready for use no matter the season.

We outline the things that you should notice that other people may overlook when buying, selling, or renting properties. These tips will make you more knowledgeable about a specific situation, and will allow you to make a more informed decision.

1. Do you have any concerns with this property?

A real estate agent will have better knowledge of the property, including what has been reported on the Property Condition Disclosure Statement (PCDS) and the prior history of the home. Things like how many times the home has been put up for sale in the past years, how long it’s been on the market and how many price reductions it’s had over the years.

2. How should I handle unforeseen problems with home inspections?

If something comes up in the inspections of a home, talk to your real estate agent on what can be worked out between a buyer and seller. The seller can end up paying for repairs or concessions, however every situation is different, so speak with your agent about the appropriate course of action for you.

3. Can I have a CMA for the home?

A real estate agent can do a comparative market analysis to estimate a home’s value in the current market. This is helpful to you because they will compare the property to other homes that have sold recently in that area. Then you will have a better idea of what the home is worth, if it is reasonably priced, and what would be a good offer to make on the property. 

4. Is there any sales history that could affect my offer?

Again, your agent will be able to see the history of a property on the MLS. This can inform you if the property was difficult to sell in the past, and also how many different hands it's been through in recent years.

5. Can you recommend any real estate attorney’s, inspectors, appraisers, mortgage broker’s?

Your real estate agent should know the best quality of local professionals that you need to get in touch with throughout the process of purchasing a home. If your agent is competent and trustworthy, you can trust the people they recommend too!

Sometimes it can be hard to find a starting point when decorating your first apartment (or second or third, so on). To help you out, we have compiled a list of the few things that will get you on your way to a stylish new apartment. 

Set up an entryway

Get some coat hooks, a slim basket for umbrellas, a chic accent chair for putting on shoes and a mirror that dresses up the wall (which will be useful for last minute touch-ups). Also having a place to put away all the your shoes will be good to keep things organized.

Install Window Treatments

The right curtains or shades will help give your space a polished look, just make sure they are the right length and look for your space.

Personalize the bathroom

To make a rental feel more like home, add your own style in the bathroom, have custom shower curtains, towels, decor and art on the walls. 

Add storage to your bathroom

A few extra shelves wouldn't hurt to help keep your bathroom organized and tidy.

Spruce up the hallways

Even if the hallway is also the living room and the kitchen, you can still decorate the little nooks and corners of the space. Think something like a little table with some decor on it, a wine rack, etc.

Hide furnaces and AC units creatively

It's tough having decorated a whole space and something like an AC unit is a huge eyesore in a room. Here’s a few ideas we found on Pinterest, 31 creative ways to hide eyesores around your home.  The possibilities are endless!

Keep clothing organized

Nothing ruins the look of a room like clothing scattered all over the floor. Optimize your closet with a hamper, drawers, shelves and hangers that make it easy to stay organized. 

Swap out light fixtures

Most apartments come with ceiling mount light fixtures that can be easily replaced without rewiring anything at all: simply pick out your new fixture, unscrew the old one, and replace it with your new, better fixture.

Removable wallpaper is your friend

This can be the perfect temporary solution to ugly tiles in a bathroom or kitchen, doors, and of course, walls. If you pick the right design, peel and sticks aren’t a bad option for renters!

Get some art on the walls

More so than furniture, the items you choose for your walls, as well as their placement and arrangement, are unique to you and help you personalize your rental. When in doubt, stick to a theme and don’t over clutter an area. 

Use color wisely

Start with a neutral base, then begin adding in a bit of color here and there. You could also choose a single statement item that brings a bit of fun color, this could be a rug, a chair, an art piece, whatever!

Happy decorating!

Although these products and ideas aren't new, their usefulness in turning occasionally-used outdoor spaces into everyday living areas makes them especially popular for 2021. Here are some ways to fast-track your backyard for summer vibes and serious relaxation.

Outdoor living areas for year round use

Products that extend the outdoor living season are going to be on everyone's list! Amenities like fire pits, fire places, drop down screens, heat lamps, misting systems, retractable shade fixtures and fans are key products for extending the outdoor living season. In addition, outdoor rugs, throw blankets, and lighting can help provide added comfort into the night or in cooler temperatures. 

Composting and self-sustaining gardens 

It is a "superfood" for your garden, self-sustains your plants and reduces landfill waste. Plus, it's free! You could also set up a drip irrigation system and collect rainwater to save water.

Outdoor lighting

Whether it's hurricane lanterns that border your pool, uplighting that spotlights your favorite blooms at night, or a statement fixture, upgrading your outdoor lighting will open new doors for living and entertaining.Consider paper lanterns for large, colorful accents or string lights for a more festive look. If you’re looking to illuminate walkways or footpaths, let rope lights guide the way. 

More edible variety

Plant beets, broccoli, cabbage, kale, and other hardy veggies as soon as the soil is workable. Once you're sure the last frost is over, your options widen, with lettuce, radishes, carrots, and spring beans. By May, it's time to turn over those veggie boxes with our favorites: melons, tomatoes, cucumbers, and squash for some of the best outdoor suppers you've ever made.

Privacy and Protection

As outdoor activity increases, so does the need for privacy, shade, and shelter from the elements. Whether it's a secluded space to practice yoga without distraction or a place to use your laptop without harsh glare, a mix of landscaping and hardscaping, and even furniture, can provide protection. And there are abundant ways to add privacy to outdoor spaces. You can potentially add outdoor drapery panels to any overhead structure. If not, you can use an outdoor screen. If there's a border that lends itself to planting, you can create a plant wall. Even an umbrella that tilts can give you some privacy.

Outdoor Tech

Activities like streaming movies and working from home have many people adding boosters to amplify Wi-Fi signals outdoors. Since most technology can be seamlessly integrated into outdoor living spaces, it's not dramatically changing the look or layout of outdoor living—unless you're one of the growing number of people creating entirely new spaces, like outdoor theaters. Incorporating music and televisions remain some of the top outdoor tech requests. And there are aesthetic updates, too. LED color-changing technology is a fun way to change the mood of the space.