Condo Scene: More parents buying units for university-bound children

News Source:  http://firstmortgagerates.ca/

Unless you’ve had your head in the sand, you know it’s almost September, thanks to stores advertising pencils and notebooks, fall clothing and back-to-school discounts. While many might feel summer has barely started, it’s true that fall is closing in on summer’s heels. And as many university students prepare for the fall semester, their parents are considering student housing options.

Those who live within an easy commute of school have the most options.

The first, and most obvious, option is living at home. It’s comfortable, the least expensive choice, and offers the possibility of some ongoing parental supervision. But living at home can mean your child fails to learn important life lessons such as financial management and cooking and cleaning skills.

The second choice — dormitory life — is the most popular one for first-year students. It’s a way of taking a step toward independent living without having to jump in with both feet.

But by second year, these students are often ready to move on to their first grown-up apartments. And that has led to a new trend in condos: parents who purchase units as an investment and have their children as tenants.

There are many advantages to this strategy. First, you have an investment property that may accumulate in value.

Second, you are more likely to be able to provide your child with a secure building in a safe neighbourhood if you are shopping for a place to live on your budget, rather than a student budget. Have you heard the saying, “champagne taste on a beer budget”? Essentially, your child is living this motto, and you can rest easy knowing that they are living in a safe place.

It may also be a beneficial arrangement for you. If you were already looking to purchase an out-of-town investment property, there’s a better chance it will be taken care of when you’re not there. And when you are in town, you’ll save on hotel bills by bunking with your child.

Ottawa is fortunate to have many condominium offerings near Algonquin College, Carleton University and the University of Ottawa, but this trend of having parents buy a unit for their child’s university years is most popular in other cities, like Montreal, Toronto and New York.

The number of Ottawa parents pursuing this strategy seems relatively small, according to an informal poll of new condo development sales staff, but out-of-province buyers purchasing for their children here make up about seven to 10 per cent of the condo sales in newer developments.

The biggest reason parents will buy is for the long-term investment. They tend to keep finishes basic and upgrades to a minimum, unless they’re purchasing a condo they will later occupy full time. The idea is to have a clean, safe environment for the student to study and get good grades.

In general, parents do not see the move as a simple investment strategy, but rather as something that will meet their children’s needs and then be sold or later rented out, possibly to other parents in the same situation.

The attractiveness increases for parents with several children who are likely to need housing one after the other, which gives the investment more time to mature.

Although at first glance buying a new condo for this purpose may seem expensive, when the financial and other pros and cons are laid out it may make sense for your situation. With all the condo buildings coming up around the city, you are sure to find one that appeals to you, as an investor or as a parent.

If your child does not drive, for instance, avoid a building in an area with limited pedestrian activity. If, however, your child does drive, ensure the building offers parking, either included in the purchase or as an added feature.

As a first step, create a pros and cons list to ensure you’re meeting both your needs and those of your student.

Multiple Ways to Improve Your Rental Business

News Source:http://bestmortgagebrokers.net/

There are several ways to save time and money in the landlord business. Some of the ideas shared here are probably familiar to you and some might not apply but some will. If you have ideas about saving time and money managing rentals please share with others by posting them in the comments below.

1. Paint every unit, every room, every wall, and every ceiling with the same brand and color of paint. You’ll never waste anther can of paint. You’ll never have trouble figuring out what brand and color you need to do a little touch up. Painters will save time and money when they can spray an entire room instead of having to roll it.
2. When sinks, faucets, and other hardware needs to be replaced, do the same thing you did with the paint. Standardizing all the hardware in all of your rental units makes future repairs easy and less expensive.
3. Save the bottoms of your cabinets under sinks by putting some scrap floor vinyl down there. Slow drips won’t slowly rot away the cabinet bottom nor will a spilled caustic cleaning solution eat away at it.
4. Keep appliances looking sharp instead of replacing them. Appliance stores sell a special appliance paint that makes slightly rusted or discolored appliances look like new again.
5. Did a tenant put a fist hole in a hollow bedroom door? Instead of replacing the door, purchase a $6 mirror at Wal-Mart and screw it onto the door to cover the hole. This actually makes the room or hallway look bigger and brighter.
6. Splintered and damaged cabinet drawers in the kitchen? Often, you can pop out the bottom of the drawer and turn it over to make it look like new again. Using a good strong adhesive to glue it back in place will make it stronger and you’ll get twice the life out of it.
7. Tenant retention ideas. Frequent tenant turnover is hard on the unit as well as causes you a month or so of lost rent. Shortly before a tenant’s lease expires, offer to make one upgrade to the unit of their choice (put a price cap on it). Also, make your tenants feel like you care about them. Once a quarter send them a note asking if there is anything you can do for them. This also gets tenants to tell you about things that need repair before the problem gets worse.
8. Use KwikSet Smartkeys when replacing locks. These allow you to change locks in just a few minutes and replacement lock cylinders only cost about $5.
9. If your rentals have wooden steps at the entry, these can become slippery when wet. Tacking down roof shingles is fast and easy and will improve your tenant’s safety and possibly save you from a lawsuit.
10. Make your units show better by improving the lighting. Previous tenants probably replaced burned out bulbs with low wattage bulbs to save on electricity. Replacing these with higher wattage bulbs makes the unit brighter and feel larger. Potential tenants will remember it over other rentals they view.

- See more at: http://realtybiznews.com/multiple-ways-to-improve-your-rental-business/98725750/#sthash.IoTnvFNp.dpuf

In Toronto, When A House Doesn't Sell, The Price Goes UP

News Source: http://bestmortgagebrokers.net/

Bidding wars have become commonplace in the Toronto housing market, with many realtors saying they hit a fever pitch this spring.

Though “sellers love it,” largely because they drive up the price of houses, many observers argue it’s a sleazy practice, particularly when sellers low-ball the price of a house to get buyers excited — only to see the price inflated enormously by a crowd of bidders.

In perhaps the most egregious example yet, a five-bedroom house in the Yonge and Lawrence area listed for $699,000 this past April, well below the going rate for a standalone house in the area, where most these days are listed above $1 million.

The house attracted 72 offers and sold for nearly double the asking price — $1.36 million.

But as spring moved into summer, apparently the bidding wars slowed down, according to an article in the Globe and Mail. Which means that some buyers are putting their houses on the market at a lowballed price, and not getting the huge markup they had been expecting.

Their reaction? Take the house off the market, and relist at a higher price.

That tactic alienates a lot of buyers, the Globe cites real estate agents as saying — especially those buyers who put in bids for the house at a lower price.

And it’s a sign that Toronto’s housing market — or at least the single-family home segment — has been so hot, for so long, that sellers’ expectations are becoming very lofty.

But with buyers taking advantage of record-low mortgage rates, many are willing to meet those expectations, particularly for single-family homes in the 416, as very few of these are being built anymore.

By one measure, the average price of a single family house in Toronto hit the $1-million mark earlier this year, though the city’s real estate board pegs it closer to $865,000.

That’s still up 8.8 per cent from a year earlier, and sales volumes are up 18.5 per cent.

But new listings are also up, by about 9.7 per cent for all housing types, which may be one reason why bidding wars have slowed down recently.

Toronto Real Estate Board analyst Jason Mercer told the Globe it’s conceivable the supply of new listings will continue to grow in the second half of the year, in which case price growth could slow down in some parts of the market.

But with sellers so confident of the market that they raise prices when a house doesn’t attract enough bidders, even a mild slowdown in price growth could prove to be a shock.

Memphis Is About the Whole Hog

News Source: http://bestmortgagebrokers.net/

Memphis doesn’t mess around when it comes to BBQ. They call their title BBQ contest the World Championship of BBQ and the most coveted prize is the Whole Hog. But there is a Grand Champion that enters multiple categories. Teams come from around the globe to be judged in the Memphis World Championship of BBQ. For 2014, the Grand Champion is Big Bob Gibson Bar-B-Q from Decatur, Alabama. The whole hog winner is Yazoo’s Delta Q from Hernando, Mississippi. But interestingly, second place in the whole hog competition went to British Bulldog BBQ from Farnham, Surrey, England.

What’s in a BBQ Title? For many, the Memphis World Championship of BBQ is considered the Super Bowl of Swine. First established in 1978 with only 26 teams competing, this year there were 244 teams competing for $110,000 in cash prizes. But it’s really about the bragging rights that come with a title much more than the money because entry fees can be as high as $5,000 depending on how much real estate you need to set up your BBQ operation. And that’s before you create your one-of-a-kind slow roaster (this year one was made from a 1954 Willys Jeep) and all of the other creative makings for your BBQ camp. The Memphis World Championship is one of the three biggest competitions in the nation (probably the world) and the only one to include the category of “Whole Hog”. The competition is spread out over four days. Big Bob Gibson Bar-B-Q didn’t just win the grand championship this year, they set a new record as the winningest team with their fourth championship and with a fourth win in the pork shoulder category.

What Goes in a Winning Recipe According to Big Bob, it’s mostly time, smoke, and fire. His process takes 20 hours to smolder the perfect piece of pork. He started Friday afternoon by injecting an apple-juice based brine into the pork and applying his secret rub before beginning the smoking over a 225 degree fire. It’s an all night endeavor in preparation for the judging on Saturday at 11 o’clock. He smokes the 20 pound piece of meat for 18 hours and lets’ it rest for an hour before judging. Resting is taking the meat off the smoke to allow the juices to redistribute themselves throughout the large piece of meat.

Judging Hogs Judging at the Memphis BBQ World Championship is a slightly complicated process. There are three rounds of judging. First, there are four judges that have to take an eight-hour class on judging BBQ that then are presented with six “blind” boxes of meat from each category. They are only allowed to give a perfect score to one box per category. Next comes the controversial on-site judging by expert BBQ chefs. This is the judging where the contestants serve up their best cuts of meat. It’s controversial because the cooks are allowed to put up a white tablecloth with arrangements (such as flowers) and B.S. with the judges to improve their scores.

After the first two judging rounds, the scores are announced. The top three teams from each category (ribs, shoulder, and whole hog) are given two hours to prepare for the final judging. The final judging is a lightening round visit by four judges all at once. Presentation is just as important as taste because the difference in final scores is often no more than a few hundredths of a point.

That hundreds of a point win gives the BBQ chef bragging rights as the winner of the Memphis BBQ World Championship. What follows is a two block long line of high paying customers outside of your restaurant back home and several TV appearances. In the case of the 2013 winner, it became a TV series on the Food Network. It’s all about the championship title.

Enhance Your Environment With These Home Improvement Ideas

Article Source: http://bestmortgagebrokers.net/

The mere thought of DIY home improvement may have you shaking in your boots. Rest assured that there are many easy projects that even a novice can master. Read this article to learn more about the many projects you can get started on to improve the value of your home.

Choosing to use wooden flooring instead of carpeting can save you a lot of hassle in the long run. Carpet can contain allergens and cleaning it is sometimes out of the question. The cost of ripping up and replacing your carpet can almost be as costly as just putting down wooden flooring. Wooden floors can be refinished and repainted as needed; also providing a more rural and cottage style environment.

Make sure that you keep an eye out for all types of contractors. You want to make sure that you get a contractor with a good reputation, as well as, an affordable price before you have them improve your home. You don't want to be stuck with paying a bill that you can't afford or a project that's half finished because the contractor decided to stop coming, half-way through the project.

Patch the holes in your walls with toothpaste! Yes, this is definitely a temporary cover up but it works to hide an ugly hole until you can come up with the materials for a more permanent fix. Use white toothpaste and trowel it into the hole with a butter knife.

A great thing about home decor is that oftentimes it doesn't have to match. You can buy a great dining room table and mix and match chairs. This is great for cottage and country-styled homes. Buying a table second hand and adding chairs from different places actually creates a great design element, as well as a sense of accomplishment. Give those used chairs a chance to shine!

Anyone can improve their home. Hopefully, you now have more confidence in your ability to tackle home improvement projects. It will make you feel proud at the end of the day, seeing your very own handiwork.

Tips For How To Make The Most Of Your Home Improvement Projects

Article Source: http://bestmortgagebrokers.net/

 Home improvement makes a great hobby. After all, it builds useful skills, creates a sense of empowerment, and of course it improves the function and look of your home. There are lots of ways to do it, some right and some wrong. Check out these tips so the time you spend on home improvement projects will all be time well spent. When renovating your kitchen, avoid tiled counters. Tiled countertops are less sanitary than granite or mock-stone countertops, because food and other contaminants can build up in the spaces between the tiles. Tile countertops can also crack or even shatter if a heavy dish is dropped onto them, unlike countertops made of more modern materials. Patching minor roof cracks can be accomplished using aluminum tape. Peel the paper backing from the sticky take before you apply it to the cleaned surface. Those cracks will be sealed and waterproofed, with little time or effort involved. Get a motion activated light for your front porch to help you keep your energy costs low, while keeping your yard safely lit. You can still turn it on manually if need be, and you can also adjust sensitivity on some models. Think about what area of the house you want to work on first. It is not necessary to transform the entire house all at one time, and it may make sense to make renovations gradually to spread out your expenses. Do some advance planning when it comes to remodeling, and watch for sales and deals on construction and labor. A good way to save money while improving your house is to plan ahead. Follow the above tips, and the investments you make into home improvements will be wise expenditures of both your energy and the resources it takes to complete a project. From the smallest project to the most complex, home improvement can be rewarding and worthwhile in many ways -- as long as you pay attention to tips like these.

Ways On How To Fix Your Credit

Article Source: http://bestmortgagebrokers.net/

Many people are almost out of high school before learning anything about their credit. Some never learn about their credit - how to protect or repair it. This article can help anyone, whether you never learned, or just need a refresher about credit repair.

Look into government backed loans if you do not have the credit that is needed to go the traditional route through a bank or credit union. They are a big help in home owners that are looking for a second chance when they had trouble with a previous mortgage or loan.

Be sure that you pay all of your bills promptly if you are trying to fix a bad credit history. Don't leave them until the last minute. Set up a schedule for when you pay your bills, and use some sort of reminder system to make sure that they all get paid on time.

When you decide you want to repair your credit, sending out disputes can help take false information off of your reports. If there are several items on your credit report you need to dispute, only do one at a time. Wait a little while before you send the next one. If you send too many at one time the credit bureau may become suspicious and consider your disputes frivolous.

Keep using cards that you've had for a while for small amounts here and there to keep it active and on your credit report. The longer that you have had a card the better the effect it has on your FICO score. If you have cards with better rates or limits, keep the older ones open by using them for small incidental purchases.

So, aren't you glad you took a few minutes to learn or remind yourself about credit repair? Remember it is never too late to apply the suggestions provided to protect or repair your credit.

Debt Consolidation Confusing You? This Article Will Clear It All Up

Article Source: http://bestmortgagebrokers.net/

Do you need a better method of debt management? Have you tried to juggle multiple bills, only to find yourself falling behind and feeling stressed? You may want to consider a better option - debt consolidation. These programs are tremendous, allowing you to easily manage your debt problems into one affordable monthly payment. Knowing what to do though is important, which is what this article will teach you. Keep reading so you can glean some insights on consolidating debt.

If you think you have a debt consolation company that you want to work with, make sure you look them up on the Better Business Bureau. You should be able to see consumer reviews, which will help you determine if you really want to do business with them or not. Even doing a simple search online for the company's name may bring up some helpful information.

Be cautious about working with a company that has a lot of ads or that solicits through email campaigns. Good companies usually get referrals from other clients, which means they don't have to resort to trying to drum up business through spam mail. Obviously, all companies will have some advertisements, but be wary of those that seem over the top.

To pay off your debt, try borrowing money from friends or family. This is a great way to save interest. That said, there may be several problems like possibly damaged relationships, expecting returned favors in the distant future despite paying it all back, and possible legal action from a family member or former good friend. Exercise caution when using this suggestion, and make sure to pay it all back in a timely fashion.

Debt consolidation works well to solve money woes, but that's only when people understand how it works. Use the information from this article to help you check out programs. Therefore, make sure you take enough time to learn as much as you can about this subject. This is a great way to be sure you're able to succeed financially.