Getting a DIY Renovation Done on Time and On Budget

Streamlining Your DIY Renovation: Staying on Time and Within Budget

Navigating a DIY renovation can be a rollercoaster, filled with both the exhilaration of accomplishment and the weight of unforeseen challenges. Two major pitfalls are projects that surpass their allocated budget or exceed their projected timeframe. While there's no ironclad way to bulletproof against these risks, there are strategies to markedly reduce their likelihood.

1. Mind the Small Details in Budgeting

Many DIY enthusiasts focus on the main elements, such as the drywall panels, and fail to factor in the essential minutiae — the nails, tape, and plaster. At a glance, these might seem inconsequential. However, combined, they can form a significant portion of the expenditure. Astonishingly, these seemingly minor components can constitute up to 20% of total renovation costs.

2. Don't Overlook Tax and Extra Charges

The sticker price can be deceptive. When you spot that ideal $399 bathtub, remember that the final price tag might be higher, once you include tax and potential delivery charges. Always calculate the end cost, not just the list price.

3. Employ the 10% Rule

A pro tip from industry experts is the 10% rule. Once you've listed and priced all necessary items, add an extra 10% to your budget. This safety net can cover unexpected expenses and ensure you don't run into financial roadblocks.

4. Account for the Learning Curve

Your experience, or lack thereof, plays a pivotal role in determining project duration. Embarking on a hardwood floor installation for the first time? Remember, proficiency comes with practice. First-timers often take two or even three times longer than seasoned DIYers. Be patient with yourself and factor this in.

5. Double Your Time Estimate

Even if you’re a seasoned DIYer, it's natural to be overly optimistic about how quickly you can complete a task. If you’re certain you can fit that sink within an hour, why not allocate two? This buffer could be a lifesaver when unforeseen delays arise.

Conclusion

Much of this advice might seem rooted in common sense, but it's imperative to emphasize the importance of a pragmatic approach. By grounding your expectations in reality rather than optimism, you position yourself for a smoother, more fulfilling DIY renovation journey.

Beyound Boxes: Packing Materials You May Need For Your Move

As you can probably guess, when you're preparing to move, you'll need boxes and tape — and, perhaps some bubble-wrap or old newspapers to use as protective wrapping for delicate items.

But that may not be all you need. Take a look at this list and see if you'll want any of these on hand while you’re packing or on moving day.

• Colour markers for labelling boxes. (Tip: Colour coding boxes by room will make unpacking much easier.)
• Stretch wrap to protect larger items that can't fit into a box.
• Small plastic bags to store dis-assembled parts, such as sofa legs, cabinet hardware, etc. (You don't want to lose them!)
• Moving blankets to protect floors.
• A dolly or hand truck to move heavy items. (You can rent these.)
• Mattress moving bag. This helps prevent stains and tears during your move. You can also buy specialty bags for sofas and tables.
• Reusable foam furniture sliders, to protect floors when furniture needs to be pushed into place.
• Foam corner protectors. This prevents furniture with sharp corners from banging and damaging other items during a move.

Planning ahead and having the right packing materials on hand will make your move less stressful and, hopefully, damage-free!

Selling a home can be a significant milestone in one's life, often accompanied by mixed emotions. While anticipation and excitement are part of the process, it's natural to feel a bit anxious or stressed. But what if we told you that, with the right approach and mindset, selling your Calgary home can be more manageable and even enjoyable? Here's your comprehensive guide to navigating the sales process seamlessly.

1. **Demystify the Selling Process**

Knowledge is your best ally against uncertainty. Before your "FOR SALE" sign graces your front lawn, make sure you understand the journey ahead. What will be the frequency of viewings? How can you best prepare for an Open House? What are the steps after receiving an offer? By familiarizing yourself with each phase, the experience becomes less daunting and more empowering.

2. **Plan and Prioritize Your Time**

Your calendar will be your trusted companion during this period. Allocate specific windows for house viewings, decluttering sessions, and any repairs or touch-ups. Spacing out activities prevents last-minute rushes. Remember, a home that radiates care and attention often stands out in potential buyers' minds. So, ensure you've reserved ample time to present your home in its best light.

3. **Stay One Step Ahead**

Anticipating challenges allows you to address them proactively. Are there particular aspects of your home that might raise questions or concerns? Is a busy work week on your horizon? By planning for these scenarios in advance, you can mitigate potential stresses, ensuring you're well-prepared when inquiries or viewings come your way.

4. **Decisiveness is Key**

The real estate market is known for its dynamic nature. While there might be lulls, there are also moments when things accelerate, and decisions need to be made promptly. While this can seem daunting, remember that with the insights and advice from a seasoned real estate agent, you'll be equipped to make informed choices that serve your best interests.

5. **Embrace the Partnership with Your Realtor**

Your realtor is not just a service provider but a partner in this journey. Regular communication, trust, and collaboration can significantly ease your selling process. They bring a wealth of experience, market insights, and negotiation skills that can help you navigate the intricacies of selling with confidence.

In conclusion, selling your home is as much an emotional journey as it is a financial one. With the right preparation, perspective, and professional support, you can transform this potentially overwhelming process into a rewarding experience. Ready to embark on this journey? Let's make your home sale memorable for all the right reasons.

How to Price Your Calgary Home Correctly for a Quick Sale

Calgary Alberta Home Evaluations: Get Yours for Free

If you've been away from the real estate market since buying your home, you might wonder about the current dynamics of the Calgary property scene. In today's fast-paced Calgary market, understanding the mindset of Willing Qualified Home Buyers is crucial for sellers.

Understanding Today's Home Buyer

• They have plenty of options available.
• They spend a limited amount of time in the market.
• They desire a top-quality home at a competitive price.
• They avoid properties priced above market value.
• They're more interested in the property than in realtor advertisements.

Indeed, these buyers are astute shoppers. They meticulously compare offerings to determine the best value. In a market like Calgary's, with a plethora of active listings, only those properties priced competitively stand out.

Steps Taken by Savvy Calgary Home Buyers:

1. Searching for homes on MLS® by Price.
2. Scanning property images.
3. Digging into the details and history of shortlisted properties.
4. Scheduling visits with the aim of zeroing in on the perfect home.

The Role of Pricing in Home Selling

The cornerstone of a successful home sale is accurate pricing. If a property lingers on the market, it often signals a misalignment between its price and perceived value. Just like two identical coins could be priced differently — one higher than its actual value and one lower — it's evident which one will sell first. The principle is no different in real estate: offer genuine value and achieve a swift sale; overprice and risk stagnation.

Contact for Authentic Calgary Home Evaluations

Shun the tactic of "Buying A Listing," where agents overestimate your home's worth, only to seek price reductions later. I'm dedicated to offering Free Honest Calgary Alberta Home Evaluations. While it takes time to provide an accurate estimate of your property's current market value, it's a service I proudly offer. Reach out for an unbiased appraisal of your Calgary home's market value at 403 831 0842.

Navigating Home Sales: Addressing Neighbourly Concerns

We invest time, energy, and emotion into our homes, transforming them into sanctuaries that reflect our personalities and values. Yet, the surrounding environment, particularly the state of neighbouring properties, can influence the perceived value of our homes when it's time to sell. If you're planning to list your home and are concerned that your neighbour's property might be hindering your home's market value, here's a strategy to address this delicately and effectively.

Open a Line of Communication

Begin with understanding and empathy. Your neighbours might be facing constraints you're unaware of. They may want to maintain their property but lack the necessary resources or expertise. A friendly chat can open doors to collaborative solutions. Offer assistance where feasible, be it lending tools or spending a weekend afternoon working together on lawn maintenance.

Leverage Your Homeowners Association (HOA)

For communities governed by an HOA, there are often guidelines that homeowners must adhere to, ensuring a consistent and aesthetically pleasing environment. If you believe your neighbour's property may not meet these standards, a discreet conversation with your HOA can help ensure that all community members are upholding the agreed-upon appearance standards without causing direct confrontation.

Engage Housing Code Enforcement

Even in the absence of an HOA, local housing codes exist to maintain the safety, health, and appeal of communities. If serious issues arise, such as excessive debris or potentially hazardous conditions, you can consult with housing code enforcement. They can provide clarity on any violations and guide you on the appropriate course of action.

Plan Ahead for Your Next Home

Selling a home and transitioning to a new space can be a transformative journey, sometimes challenging yet ultimately rewarding. As you venture into seeking your next abode, I'm here to offer insights and guide you. Together, we can identify potential red flags in potential neighbourhoods, ensuring you find not just a house, but a harmonious community to call home.

Finding Your Next Fixer-Upper in Calgary: A Simplified Guide

Looking for a perfect property to fix and flip in Calgary? The secret lies in having an efficient Property Finding System. This system will effortlessly bring suitable properties to your attention, including foreclosed and bank-owned options in Calgary that align with your specifications.

Benefits of a Dedicated Property Finding System:

1. Automation: Instead of scouring listings daily, let the system do the heavy lifting. As new properties get listed, you'll receive email notifications if they match your criteria.
2. Market Knowledge: By regularly receiving these notifications, you'll naturally gain a deeper understanding of the market. Over time, you'll recognize pricing trends for properties that interest you.
3. Competitive Edge: Your dedicated system ensures you're alerted to prime listings before they become public on many websites, giving you a significant advantage over those relying solely on public platforms.
4. Confidence in Pricing: By knowing the going rates for various properties, you'll be better equipped to determine both your purchase price and the potential selling price, maximizing your investment returns.

The Current Calgary Market Scenario:

The reality is, that in today's bustling market, prime deals get snapped up rapidly. With more buyers than sellers, competition is fierce. If you're only relying on public listings, chances are, you're missing out.

How to Get Started:

The first step to staying ahead in this race is to get in touch with us. We'll integrate your specific 'fix and flip' criteria into our system, ensuring you're the first to know when a property fitting your requirements gets listed. This way, you don't chase deals; deals come to you. In fact, you'll often be in the know before many professionals in the field!

Interested in flipping homes in Calgary, Alberta, Canada? Reach out for a free consultation. Let's make your property investment journey smooth and profitable.

Paying Off Your Calgary Mortgage Faster

One of the highest financial priorities of Canadian homeowners is to pay off their mortgage as quickly as possible. Paying down extra principal in the early years can shorten the life of your mortgage and dramatically lower the interest you will pay over the long haul. “Pay-Off Tips” below describes some of the most effective methods that you can apply based on your situation.

1. Mortgage payments made with After-Tax Cash

More Canadians are becoming aware that since mortgage interest is not tax-deductible in Canada you are making mortgage payments of both principal and interest with money that you have already paid tax on after-tax dollars”. This makes it even more important to eliminate the drainage of disposable income as soon as possible!

2. Prepayments give a great return on investment

If you pay an average of 6.5% in mortgage interest, for each $1,000 by which you reduce your mortgage principal, you will save $65 in after-tax cash every year. If you are paying taxes at a marginal rate of 40%, you must earn $108.33 each year to pay the interest on every $1,000 of principal outstanding...a heavy burden, but also a tremendous implied benefit to reducing this balance. In fact, the example shows that the “return on investment” for making prepayments on your mortgage is 10.833% before tax and 6.5% after tax or better than most fixed-return investments (bonds, GIC’s etc.).

3. Increase your payment annually to the most you can afford

The upside is that most lenders will allow you to reduce it again to the previous level if it turns out to be too great a burden or your circumstances change.

4. Utilize your RRSP-driven tax rebate as a mortgage prepayment method

Even if you can only prepay annually, make sure these funds are set aside for that purpose. Many Canadians will borrow (at prime) to buy an RRSP to ensure the maximum rebate. When applied to the mortgage principal, this refund is a “gift that keeps on giving”. Combining the refund with the tax-free interest earned on the RRSP over the subsequent years will quickly outpace the short-term interest costs of the RRSP loan.

5. Increase the frequency of your payments

Make accelerated bi-weekly payments to get a “free” principal reduction equivalent to one full mortgage payment every year — painlessly. Unless you are paid weekly it makes little sense to make weekly payments. All you would be doing is making a smaller payment and deferring the difference for a week.

6. Make use of double-up privileges wherever possible

Tell yourself that you will “skip a payment” whenever necessary... then skip only when you absolutely must.

7. Round your payments up

By adding even, a nominal amount of say, $10 per payment, the amount of interest you are saving will be unbelievable, and the extra money is relatively painless to part with.

8. Pay a lump sum whenever possible

By decreasing the principal of the mortgage, your payments will not be allocated as much to interest in the future, thereby accelerating your freedom to a mortgage-free life.

9. Keep payments the same when mortgage rates have fallen

If the payment amount has not been a problem so far, then keep it the same thus paying down the principal faster.

10. Raise payments in line with increased income on an after-tax basis

If your income increases, do not keep your mortgage payments the same. Although disposable income may be fun to spend on unnecessary luxuries in the short-term, the long-term benefits of being mortgage-free faster and saving those interest payments will far outweigh the short-term curtailing — just pretend that your income did not increase and maintain your usual lifestyle.

Do not waste your hard-earned money on interest! These methods have allowed many people to shorten their mortgage life by years in a short period and enjoy a greater lifestyle for a longer period.

Obtaining A Mortgage After Bankruptcy Isn’t As Problematic As You Think

Bankruptcy is on the rise in Calgary, with 8.5% more bankruptcies filed during the first quarter of 2019 compared to the same period of 2018. The Edmonton Journal reports that locals are finding it difficult to make ends meet and, as a result, are losing their personal possessions, including their cars and homes. But even if you do lose your home following your bankruptcy filing, it doesn’t mean that you can’t take out a mortgage and become a Calgary homeowner again in the future.

Get discharged 

In order to qualify for a mortgage so that you can purchase a home in Calgary, your bankruptcy will need to be discharged. This means that you will have met the terms of the discharge which typically include paying back some of what you owe. The Canadian government stipulates that if you have $200 surplus income per month, then 50% must be paid to your creditors. A bankruptcy of this type will typically last 21 months before the discharge is issued. By following the rules of your bankruptcy, you’ll show that you are responsible with your cash and want to pay back what you owe. At this point, avoid debt management companies as they have a high failure rate and can draw out your bankruptcy longer, thus preventing you from getting back on the property ladder.

Rebuild your credit 

Once you’ve been discharged for two years, you are eligible for a mortgage on your dream Calgary home. To ensure that it is a success, you’ll need to boost your credit. The longer you spend building your credit up, the better it will be when the time comes to apply for a home loan. Credit cards are a great way to improve your credit, but you must ensure that you are sensible with your lending and pay back the full amount every month, otherwise, you risk damaging your credit further. Ideally, two years’ worth of credit is required to get a competitive rate on your mortgage, but there’s no need to worry if you don’t quite make the mark.

Start saving 

As a general rule, you’ll need at least a 5% down payment on any property in Calgary that you wish to buy. Some mortgage companies will also consider you if you have a larger down payment but haven’t yet been discharged for two years or can’t show two years of credit. Either way, you’ll need to save hard if you want to put your bankruptcy behind you for good. One way to do this is to open a bank account which doesn’t have any fees and has a decent interest rate. Setting up a standing order so that a sizeable sum of cash regularly goes into the account is recommended, too.

Shopping for your new Calgary home 

When the time comes to shop for a new home, you need to carefully consider which type of property you require. Always ensure that you will be able to comfortably pay the mortgage repayments, household running costs, and additional expenses on the property that you’re thinking of buying. This may mean you opt for a property smaller than what you previously owned. A realtor which has a variety of properties on its books can offer a surge of advice and will happily discuss your requirements and show you multiple properties to help you find your perfect home. 

Many people think that when they’ve been declared bankrupt they can’t become a homeowner again. Thankfully, this belief is incorrect and it’s possible to obtain a mortgage and get the keys to a Calgary property within just a few years of bankruptcy occurring.