Top home maintenance tips for spring

Top home maintenance tips for springAs warm weather approaches, spring is the perfect season to assess whether your home is in tip-top shape after a long winter. Below are four home maintenance tips every homeowner should consider to help keep insurance claims at bay while increasing the value of your home.

Get those gutters clean. With warmer weather and a greater likelihood of flash rain storms, now is the time to make sure your eavestroughs are clean. Removing any debris like leaves and dirt will prevent gutter backup and reduce leaks when it rains.

Keep the roof over your head. Roof damage — including loose shingles, leaks and cracks — is common during the winter due to the heavy weight added by snow and ice and icicle formation. As winter melts away, inspect your roof and attic to determine if any repairs are required.

Check the drainage of your property. Receding snow and ice may unveil eroded landscapes or pond-sized puddles on your property. Take advantage of the changing season to ensure your property is fitted with appropriate drainage fixes. This may be as simple as extending your downspout to drain into the lowest area of your yard.

Make sure you’re covered. Now is a good time to look at your home insurance plan and make sure your coverage is adequate. Summer weather events, social gatherings and time away can make your home more susceptible to damage or break-ins. You can easily manage your policy online with companies such as Esurance, freeing more time to enjoy all that summer has to offer.

www.newscanada.com

Should you rent or buy a house for your student?

Should you rent or buy a house for your student?With high school students across the country deciding on their post-secondary education right now, where they will live while at school should play an important part in the decision. Given that more than two-thirds of post-secondary students plan to live away from home during their studies and parents often foot the bill, have you considered how much it will cost?

While many rent, some parents opt to invest by purchasing a home for their kids to live in while away. But when does this option make sense? According to Nicole Wells, vice-president of home equity finance at RBC, there are five questions you should ask yourself when deciding.

1. What is the market is like? The conversation will be different depending where the school is located. In a more urban market, prices may be high compared to smaller towns, where you might find a better deal. Is the market volatile or stable? Do your research first.

2. Do I want to be a landlord? If you’ll be renting to your kid’s roommates as well, make sure you look into the logistics and legalities of being a landlord. Are you prepared to handle the maintenance on the house? What if someone doesn’t pay their rent on time?

3. When do I plan to sell? Will you sell as soon as your child finishes school, or continue to rent it out? You may get more value by holding on to it as a rental unit. Being a university town, there likely won’t be a shortage of renters.

4. Who will benefit? Is this a short term play, or are you planning ahead for other siblings that might go to the same school? Think about holding onto the property for longer to gain more value and plan ahead.

5. Have I run the numbers? Calculate the break-even point and when you would see profit. Don’t forget to include “extras” such as maintenance, repairs, taxes and insurance. You also need to put yourself first and ensure you aren’t drawing on retirement savings that might put your future in jeopardy.

Find more information online at rbc.com/home.

www.newscanada.com

Top tips to create an ideal income suite

Top tips to create an ideal income suiteFrom the condominium craze to the rise of multigenerational living, the climbing cost of homeownership across Canada continues to spawn new trends. The transformation of basements into rental suites is a big one that can help offset mortgage costs. There are plenty of advantages, as well as some important considerations to ensure the best result.

Do your homework. Check zoning, bylaws and adhere to your local building code. As with any new construction or renovation, building permits must be obtained, and all work must be code compliant. This will protect you and any future tenants.

Waterproof it. Check the interior foundation and floors for existing moisture issues, water damage or mould problems. Address any primary moisture issues before finishing the space.

Insulation is key. As a landlord, it’s wise to invest in smart renovations that can improve efficiency and bolster your bottom line. For the best results, insulate well. I recommend installing a rigid board insulation, like Rockwool ComfortBoard 80, against the concrete foundation before you stud the wall. The board is mechanically fastened or adhered to the concrete foundation wall, which prevents thermal bridging through the studs, providing better thermal performance. Finish with a moisture-resistant and dimensionally stable insulation between the studs, like R14 Comfortbatt, to protect against common basement issues such as mould, mildew and rot.

Consider fire safety and soundproofing. Select building materials with a high fire-resistance rating that will not off-gas or contribute to toxic smoke in the event of a fire. Soundproofing is also a must when you plan to share space. Install sound absorbent insulation between floors with resilient channels to reduce sound transfer between living areas. Contractors love stone wool fire and soundproofing insulation, because it protects against fire and noise and is easy to install.

Spend wisely. Keep the renovation budget reasonable. Spending no more than two years’ worth of rent to convert your space is a good general rule of thumb. Forego high-end finishes. Instead, create focal points that will “sell” the suite.

Scott McGillivray is the host of the hit HGTV series Income Property and Moving the McGillivrays, a full-time real estate investor, contractor, author, and educator.

www.newscanada.com

Kids still living at home? Help them take the next step.

BetwKids still living at home? Help them take the next step.een a competitive economy and an expensive housing market, today’s young people are staying in the nest longer than ever before. In fact, more than a third of Canadian young adults live with their parents rather than alone or with a spouse or partner in their own household.

While this trend can offer certain benefits to parents and kids living under the same roof, there are positive ways you can encourage your children to take the next step in their lives and careers. Here are some ideas for parents of kids in post-secondary and beyond.

Create a realistic plan. Work together to set key goals and milestones that are achievable. For example, if their goal is to find a job, strategize on how to get the ball rolling. Career counselling available on campus or information interviews with professionals in their field are great places to start. If your son or daughter is hoping to move out, help him or her establish a budget and find ways to meet it. Even while still in university or college, a part-time job or on-campus research position can help.

Set clear house rules. You want to be your children’s parent, not their roommate. Set boundaries and responsibilities that help them understand exactly what goes into running a household, which will prepare them for when they do leave the nest. Decide who will purchase the groceries each week, set curfews and quiet hours, and establish what they need to do to contribute to certain expenses such as the Internet bill. Beyond doing their own laundry, make sure your kids are contributing to chores that benefit everyone in the household, like preparing dinner, shoveling snow or making repairs.

Encourage a working holiday or internship. Travelling and working abroad can help your child become more independent and confident while gaining international work experience that can be very valuable when they come back and start job hunting. A great resource to obtain work permits quicker and easier is International Experience Canada, a government program that allows youth ages 18 to 35 to travel and work abroad for up to two years in one of more than 30 partner countries and territories.

Find more information on work and travel abroad at Canada.ca/IEC.

www.newscanada.com