In recent years, water has become the top cause of home insurance claims. In fact, a Canadian study found that 48% of all home insurance claims are due to water damage.1
Flooding and sewer or septic system backup damage probably isn’t something you want to think about happening to you. But the truth is, thinking about it now means you could stop an issue from arising when the rain starts to fall or the snow starts to melt. Here are five common types of water damage, along with tips on how to prevent each: 1. What is a sewer backup? It’s when a sewer line backs up and flows into your home, causing property damage and health hazards. Here’s how to prevent it: Installing a backwater valve on the sewer line can help prevent loss or damage. It’s also important to clean your prevention valves annually to reduce your risk of a backup. 2. What is a sump pump failure? It’s when your sump basin overflows or discharges, causing damage to your basement. Here’s how to prevent it: Install a backup power supply (such as a secondary battery or generator) in the event of a power failure to ensure water continues evacuating from the area around your basement. 3. What is a septic system backup? It’s when your septic system overflows onto your property or into your home. Here’s how to prevent it: Don’t pour cooking oils or grease down your drains or flush insoluble items down the toilet, as they could lead to a clog or backup. To help maintain your septic tank, have a professional check for leaks regularly. 4. What is an overflowing eaves trough, downspout, or drain? It’s when there is a heavy rainfall and your eaves trough, downspouts, or drains can’t keep up and the excess water leaks into your home. Here’s how to prevent it: Clean out eaves troughs at least once every season to prevent overflow during heavy rainfalls and extend downspouts about 6-8 feet2 leading away from the foundation of your home. 5. What is freshwater flooding? It’s when water enters your home due to heavy rainfall, which may also cause rising water levels from a nearby lake, river, or pond . Here’s how to prevent it: While flooding is more difficult to prevent, you can help minimize potential damage by keeping basement drains clear, checking and repairing any potential water entry points, and installing a sump pump. In addition to these preventative steps, it’s a good idea to check with your insurance provider to see what your current policy covers and whether you need to add water coverage to your home insurance policy. At Johnson Insurance, there are two types of water coverage depending on where you live and your specific needs: Limited Sewer Backup Endorsement This coverage protects your property from direct physical loss or damage caused by backing-up or escape of water from a sewer, sump pump, or septic system. Enhanced Water Coverage* Endorsement This coverage option provides all the coverage of the Limited Sewer Backup Endorsement, plus the enhanced protection against damage caused by fresh water flooding and damage caused by the escape of water from an eaves trough, downspout or drain. Find out more about Enhanced Water Coverage Endorsement. We all have a tendency to worry about Mother Nature from time to time, but by taking these simple preventative measures and adding on water coverage, you can rest easy knowing you and your home are protected. For most of us, real estate transactions are the biggest financial transactions of our lives. So before you embark on the buying and selling process, here are some tips to help get you started you get started in an uncertain market.
1. Shop around With more than 75,000 real estate professionals in Ontario, how do you pick the one that is right for you? It’s always a good idea to meet with at least a few different real estate professionals before selecting who you will work with. Consider asking friends or family to recommend a broker or salesperson. When you have your shortlist of representatives ready, consider asking these questions to find out which representative is right for you. It’s a great way to determine whether you and your rep will be on the same page. 1. Tell me about your real estate experience. 2. Tell me your general approach to buying or selling and how your approach would best suit my needs. 3. Tell me about the services you would provide and any different options or services that may or may not be included. 4. Tell me about the commission or fees I would pay. 5. Do you have references? 2. Look them up Before hiring a salesperson or broker, check out RECO’s Real Estate Professional Search tool, at the top right corner of our website. Confirm they’re registered and in good standing. 3. Read and understand everything before you sign It can be tempting to speed the process along by signing forms that you haven’t read. After all, nobody really likes reading the fine print. But taking the time to understand what you’re signing can avoid a lot of problems later on. 4. Know your tolerance for risk If you’re buying a home, you may be tempted to submit an offer without any conditions attached so that you can get a leg up on the competition. But are you comfortable taking on that level of risk? Can you afford to fix an issue with the home that an inspection otherwise may have detected? Will you be OK should you lose your deposit if a lender denies you financing? Consider all outcomes before committing to a decision. 5. Remember, you own the process Your representative is a great source of information to offer guidance. But you’re in the driver seat. Don’t make a decision unless you are well informed and comfortable with it. While there are certain repairs you should make in order to increase the value of your home and enhance its curb appeal, there are several home improvements that you should skip. In most cases, these home improvements won't increase the value of your home and may even make it more difficult to sell.
But remember no two houses are alike. When considering any major changes to your home before putting it up for sale, always consult with your real estate professional! Converting a Garage If you own a smaller home with an attached garage, resist the urge to convert the garage into a family room or set of bedrooms. While converting the garage will give your home more usable family space and increase the square footage of your home, it will eliminate the garage, which may be a deal-breaker for some potential home buyers. Not only that, but interested home buyers may put in offers that are lower than your asking price in anticipation of having to build a new garage or convert the space back to a garage. Eliminating Entire Living Spaces While home buyers are looking for open floor plans, it is imperative to avoid eliminate entire living spaces. Eliminating a bedroom in a three bedroom home to create a large master suite means that you now have a two bedroom, two bathroom home, which would decrease the home's value. In addition, home buyers who are looking for a minimum of three bedrooms would skip your house entirely in their home search. Creating Single Function Rooms Single function rooms, like home theaters and custom home offices, are popular in large homes. However, if you own a smaller home, avoid converting bedrooms and family rooms into single function rooms. While your family may love the home theater and your job requires a home office, potential buyers may not be so appreciative. If you need a home theater or home office, make sure the room can easily be converted back into its intended use. Otherwise, you may reduce your home's pool of potential buyers. Adding a Swimming Pool Backyard swimming pools provide ambiance and a place for you and your family members to swim anytime they please. The trade-off of course, is that swimming pools also come with added responsibility and increased home maintenance, including cleaning, sanitizing and maintaining a swimming pool. Many potential home buyers would rather have more usable space in the backyard, so the question of whether or not swimming pools add value to a home, is debatable. Pool homes are popular in the Las Vegas market, but you won't likely recoup the cost of putting one in right before you sell the home. If your home doesn't have a pool, with some exceptions, is generally not a good idea to build one before you sell. If your home does have a pool but is in need of significant repair, it could become a major detriment to a sale. In this case, depending on the cost of repairs, it may add more value to fill it in and install a lawn. House prices in Canada’s five most populated housing markets rose at a balanced, healthy pace in the third quarter of 2017, the first time in six years that this has happened.
Home prices in the Greater Toronto Area, Greater Vancouver, Greater Montreal Area, Calgary and Ottawa gained between 1.5% and 3.5% year-over-year according to Royal LePage. Across the 53 markets analyzed by the firm’s House Price Composite, median prices were up 13.3% year-over-year in the third quarter of 2017 to $628,411. Standard two-storey homes rose 13.9% to a median $748,049; bungalows were up 9.5% to $525,781; and condos were up 15.2% to $413,670. Prices in the GTA continued to lead the increases year-over-year with a 21.7% rise, Montreal was up 14.3%, Ottawa rose 7.9%, Calgary was up 5% and Greater Vancouver was up 2.5%. “For now, the Toronto and Vancouver housing markets have returned to earth,” said Royal LePage CEO Phil Soper. “After a period of unsustainable price inflation and sharp market corrections, we are seeing low single digit appreciation in each. Calgary has shaken off the oil-bust blues and Montreal appears to be at the beginning of a new era of economic prosperity. Rounding out the ‘big five,’ the Ottawa market is behaving like it usually does – a picture of healthy market growth.” Soper says that rising borrowing costs and weakened foreign buyer interest will keep a lid on rising prices in the major markets Competition in Toronto’s condo rental market has become so fierce that bidding wars are on the rise.
“Competition amongst renters [for condo rentals] is going to remain pretty intense, and there’s not going to be a lot of availability,” said Urbanation’s Vice President, Shaun Hildebrand. “Rentals will have multiple bidders on them and the situation won’t correct itself any time soon. We will need more supply in the marketplace through higher condo completions as we move into 2020, 2021, which will help provide relief to the market for a period of time.” But he also warned that the entire rental market will be in dire straits unless purpose-built rental developments are supplied in considerable numbers. A lot of factors have conspired to put relentless pressure on the rental market – the astronomical cost of homeownership, stricter mortgage qualifications, high migration and the Fair Housing Plan, among others – but none has been more pronounced than the supply shortage. Moreover, the reintroduction of rent control has provided tenants increased incentive to remain in their dwellings, stunting the turnover rate. “It was already happening before, because if you were an existing tenant your landlord wouldn’t increase your rent by more than a couple of percent, but on the open market those rents have increased quicker, so that’s why people were staying put” added Hildebrand. “With rent control, it provides more encouragement to stay put, and because fewer units are turning over, it adds to the worsening of the supply situation.” Bidding wars were prevalent at the height of the detached housing craze, and, alarmingly, they’ve reappeared in the condo rental sector. “It’s very common to hear about bidding wars for rentals now,” said Hildebrand. Many tenants will say they see a new listing come up and soon as they inquire it’s already gone. It’s been common at periods of time in the last few years, but it’s been building over the last few months pretty strongly.” Urbanation just released its analysis of this year’s third quarter and found condo rents averaged $2,219 a month for units averaging 743 square feet – a $232 year-over-year increase. It also found that newly signed leases in the third quarter, at 7,761, hadn’t much changed in a year. However, rental activity for smaller and less expensive units declined as a reflection of supply. There were 11% fewer one-bedroom units (500-599 square feet) than a year ago, and 3% fewer studio units, but their rents surged almost $200, to $1,839 and $1,662, respectively. Debbie Cosic, CEO and president of In2ition Realty, says the government dropped the ball a long time ago. She’s suspicious the Fair Housing Plan is the panacea Toronto’s market needs. She also says the government does not appear to have heeded any of the building industry’s advice for legislation, and the consequences are being shouldered by a growing cohort of renters who have neither the means nor the mobility to find adequate housing. “The government should be coming up with programs helping first-time buyers purchase homes, but we saw none of that with the Fair Housing Plan,” she said. “The government missed the boat entirely, for example, with the foreign buyer tax, when they make up less than 4% of the marketplace. “Young people come out of school with good education, but can’t afford the 20% down payment – they can’t even afford 5%, so they’re stuck renting. The demand is high, so the supply needs to be increased for ownership and rentals. But is this too little too late? How long will this take if they really are trying to fix the supply problem?” Things you should disclose to prospective buyers:
Even veteran homeowners make these 9 common — and avoidable — mistakes. Don’t be one of them. You haven’t felt like this since you were a teenager. You have a crush on your new house. (You’re officially a home buyer — wait — owner!) It’s soooooo great. You love its quirks. It’s your very first home, and you want to do everything right. The feeling is fun, but also scary: You remember too well how badly you screwed up that first crush as a teenager (so embarrassing. Don’t ask). Could you screw this up too? No need to freak out. You can make this love a lasting one. For now, keep an eye out for these common no-nos that can result from good intentions. #1 Using Bleach as a Cure-All If bleach is your chicken soup for whatever ails your home, proceed with caution. Bleach can:
Better options? Water and vinegar are all you need for most cleaning jobs. If you’ve got a heftier mold or mildew issue, apply a commercial anti-fungal product. And to clean your disposal, just dump cold water and ice cubes down the hatch. Related: Popular Tips (Like Using Lemon in Your Disposal) That Cause More Harm Than Good Best Pro Secrets for Buying and Selling
You’ve dreamed of living in an ivy-covered English cottage since childhood. Well, sorry for this, then: “Anything that climbs on the house will damage it,” says Marianne Binetti, a speaker and author who leads garden tours around the world. The horticulture expert made the mistake herself. “It looked cool for a while, but it dug into the siding so even when we pulled it off, it left damage. And it climbed up the drain pipe and tore the gutter off the house,” she says. By sending roots beneath siding and shingles, ivy enlarges tiny cracks in brick and wood, introducing entrances for moisture and insects, says Jay Markanich, a certified home inspector based in Bristow, Va. #3 Relying on Chemical Drain Cleaners Clogged sink! Again! Pay a plumber more than $100, or grab a $10 product at the store? You can totally handle this one yourself, right? Possibly. But the most common active ingredients in these solutions, hydrochloric acid and sulfuric acid, can erode your pipes. Even the old baking-soda-and-vinegar medley can result in cracked pipes, as the reaction causes a build-up of pressure. Old-fashioned “mechanical” methods — your plunger, a drain snake, or a handy $2 gadget called the Zip-It — are safer and more effective, according to “Consumer Reports.” And if that fails, that call to the plumber doesn’t sound so bad compared to an eroded or busted pipe, no? #4 Using Glass Cleaners on Mirrors Your newfound house crush has you scrubbing and spritzing everything. Look at you being so lovingly domestic! But be cautious with your mirrors. Spraying can lead to what’s ominously called “black edge” — created when a liquid seeps beneath the reflective backing and lifts it. Instead, clean mirrors with a lint-free microfiber cloth, dampened with warm water — especially mirrors in expensive, installed items like vanities and closet doors. Avoid the edges and dry immediately with a second cloth. #5 Planting Trees This Close to Anything Kind of like adopting an adorable, tiny piglet on a whim, you’ve got to remember how a baby tree is going to grow, and what it’s going to require at maturity. You probably don’t want a 70-pound pig digging up your daisies, and you definitely don’t want a tree root pushing through your driveway, sidewalk or — so much worse! — your foundation. And watch out for evergreens. If planted too close to the house, they cast too much shade, encouraging mold growth, Binetti says. Position trees according to its maximum height, crown size, and root spread. For perspective, even a small tree reaching less than 30 feet tall needs at least 6 feet of clearance from any exterior wall, according to the Arbor Day Foundation. #6 Using the Wrong Caulk As a dutiful homeowner, when you see failing caulk, you fix it. But the term “caulk” is as broad as the word “glue.” There’s kitchen and bath caulk, concrete caulk, gutter caulk, mortar caulk — and that’s just the tip of the caulk-berg. And just like you’d never fix broken pottery with a glue stick, you don’t want to pick the wrong caulk either. Markanich sees plenty of damage done when the wrong caulk is used. Such as using silicone caulk (totally great on non-porous surfaces like bathtubs) on concrete or brick or other porous surfaces. It won’t adhere, and moisture can seep in, compromising the bond and the structure. Before heading to the store, check an online buying guide to find the right match for the project you’re doing. Odds are there’s a specific caulk just for it. #7 Over-Sealing Countertops Take care of your countertop, but don’t smother the darn thing. Applying sealant too frequently can create a cloudy or streaky appearance on surfaces like natural stone, concrete, butcher block, and glass, which typically only require occasional resealing to resist stains. (Quartz, laminates, and solid surfaces like Corian are best left sans-sealer.) How to know it’s time to reseal? Drip some water on a high-use area of the countertop. If the water doesn’t remain beaded after 15 minutes, consider resealing. But always defer to your manufacturer’s recommendations. Different materials can have different needs. #8 Over-Mulching Nothing feels closer to giving your home a hug than being elbow deep in a landscaping project. But when it comes to mulch (which is so great, for so many reasons), it turns out elbow deep is a little too much love. A layer thicker than 3 inches can suffocate plants and prevent water from reaching roots, so spread thoughtfully. #9 Piling Firewood Next to Your Exterior Wall Your fireplace is the highlight of your home. You love it. That’s why you keep your firewood right outside the back door, for easy access. Oops. Storing firewood against your home’s exterior walls is akin to opening a B&B for termites. In fact, “anything that creates a dark, climate-controlled area near the house will invite termites” and other pests into your home, Markanich says. In one of the worst termite cases he’s seen, he found an enormous termite colony on an exterior wall in a bathroom, which got its foothold in a pile of bricks outside. Twenty feet is a safe distance from home for firewood — and still not too far to go to fuel your awesome fireplace. Thanks to the wonders of the Internet, you can now know every detail about all the people you’ve ever met—the breakfast menu of a childhood pal, which bar your ex frequents for happy hour, or even how your co-worker is “feeling” (illustrated with the proper emoticon, of course). But did you know the Web can also help you discover all the important information about a neighborhood? Here’s how to harness your Internet stalking skills to find the best places to live. Housing Prices The first thing you probably want to know about your new neighborhood is how much you’ll have to pay to put a roof over your head. Zillow has a handy interactive chart that shows you how home values and rental prices have changed over the last 10 years. Taxes You’ll also want to know how much of your salary will be going to income taxes and what the sales and property tax rates are like for your new home. Retirement Living offers a narrative summary on more state taxes than you had ever imagined, including taxes on inheritance, gasoline and cigarettes. Crime Many people worry about crime rates when they move into a new place. Some cities, like Miami and Seattle, offer useful crime maps that show the density of different types of crime in different areas. If a quick Google search doesn’t turn one up for your area, browse the FBI’s Uniform Crime Reports to see how many crimes and what types have been reported in a neighborhood. You might have to dig a little, but the comprehensive information is worth it. If you are a parent, living alone or are often out late at night, you might be especially concerned about sex offenders living in your neighborhood. The Department of Justice has consolidated this information at the National Sex Offender Public Website. Getting Around Enough about crime and taxes. What most of us really want to know is what kind of quality of life we can expect in a neighborhood. Walk Score provides a quick look at how many restaurants are within walking distance, how extensive the bike paths are, and info on nearby transit routes including how far you can get on a bus or train in 30 minutes. While the best public transit info is always found on the website for the service itself, Google Maps can be a good resource if you are looking at a lot of areas at once or if you don’t know that transit in Cincinnati is provided by the Southwest Ohio Regional Transit Authority. On Google Maps, zoom in until you can see little blue icons that look like the front of a bus. These are clickable links to more information about specific transit options at that location. Schools Whether you have kids or not, the quality of schools in a neighborhood is important to note. Areas with better schools often have higher home values. Some sites, like Walk Score and Neighborhood Scout, will give you a decent overview. But if you are a parent, you’ll want to dig deeper and find the local school district’s website to start getting the information you need to understand whether the local school is a good fit for your child. Climate and Weather Weather can be a very personal thing. Some people want 364 days of sunshine a year, and others crave being snowed in for very long winters. Luckily, The Weather Channel can help you find a region with the perfect climate for you. Their easy interface gives you detailed information about local weather including annual rainfall, humidity and pollen count. Demographics The best thing about any neighborhood is the neighbors. A tool like HomeFair’s City Profiles shows demographic data to help you find a place where you’ll feel welcome. Will you be the richest family on the block or struggling to keep up with those Joneses? Does the neighborhood value diversity as much as you do? Will you be surrounded by strollers or singles looking to mingle? Information on income, racial diversity, age, and relationship status can tell you a lot about where you’ll feel at home before you even set foot in a new city. There’s no such thing as TMI when it comes to finding the right place to live. Do you have a favorite corner of the Internet where you go to stalk potential neighborhoods? Please share some of your favorite discoveries in the comments below. Selling a house is a competition, and you are up against all of the other homes for sale in your area. To shorten the time it takes to sell your home and get the best price possible, you need to help your house stand out from the crowd. Here are four steps you can take to improve the marketability of your home and attract potential buyers. 1. Select a real estate agent to help you sell your home. Real estate agents can provide you with invaluable marketing resources that can get your house sold. Their knowledge of effective sales tactics, negotiating skills, and familiarity with the neighborhood around your house can be extremely valuable. In addition, they know how to best advertise your house to a wide audience of potential buyers and other real estate agents. 2. Work with your real estate agent to come up with a realistic listing price based on comparable homes in your neighborhood.Before you set the asking price for your home, visit a number of other homes in your area that are listed in the price range you are considering. Be honest with yourself and try to objectively decide if a buyer would choose your home over the others that are available for a similar price. If the answer is no, you may need to consider listing your house at a lower price or investing in home improvements that will justify your desired asking price. 3. Take an active role in marketing your home. Your real estate agent will develop a marketing plan for selling your home that includes tactics such as open houses, placing ads on Web sites and passing out flyers. But you can also take an active role in marketing your house. You and/or your real estate agent should consider creating a booklet that highlights some of the interesting things about your house and neighborhood that might not be obvious to a prospective buyer (e.g., quality of the school districts, proximity to shopping centers and public transportation, safety of your neighborhood). The booklet doesn’t need to be fancy – just a few sheets of paper with some photos and information – and it can make a big difference in helping make a positive impression on home buyers. 4. Make your home more appealing. Give your house curb appeal.
Eliminate clutter.
Regular home maintenance is essential to ensure a safe and efficient home. It’s a good idea to set aside some money in your budget each month for home maintenance and repair. As a rule of thumb, homeowners spend between 1% and 3% of their home’s value on maintenance and repair each year. However, you can earn Cashback Bonus® on your maintenance expenses at participating retailers when you use your Discover card. Check out ShopDiscover for more details.
Following this maintenance checklist on a regular basis can help your home look its best, keep utility bills down and prevent more costly repairs in the future.
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