Archive for the ‘Miscellaneous’ Category
The Hidden costs of moving
Tom Lebour, Toronto Sun
In the last five years an average of more than 80,000 homes per year have changed hands in the Greater Toronto Area. While our reasons for changing the scenery are as diverse as the city itself, there’s no doubt that a different space or lifestyle can offer new inspiration and more importantly, an opportunity for a fresh start financially.
The key to ensuring that you begin your next chapter with a solid financial footing is careful budgeting of all costs associated with the transaction.
While many homebuyers plan for the most apparent expenses such as the deposit and down payment, mortgage insurance costs, appraisal and inspection fees, land transfer taxes and legal costs; there are a number of less obvious expenses that should also be taken into account.
Transporting your belongings is one such expense. Professional moving costs can range from hundreds to thousands of dollars so it’s best to be sure you’re comfortable with the company you’ve chosen by seeking referrals from family and friends. Even if you only plan to rent a truck, be sure that you fully understand the agreement and account for extra gas and mileage costs. Include packing supplies like tape and bubble wrap in your budget as well.
When it comes to moving, it’s wise to expect the unexpected. Since delays can happen at either end, budgeting funds for accommodations, storage facilities and additional rental fees is a must. Given that settling in doesn’t happen overnight, you should also expect the additional costs of eating take-out food for a few days. Anticipate a higher than normal grocery bill at the outset as well, as you restock staples that may have been discarded prior to your move and replenish much-needed cleaning supplies.
To make your new house a home you’ll want to set aside some funds for furniture, window treatments, light fixtures and area rugs. Even minor assorted hardware items can add up. Utility, phone, television and Internet service providers typically charge to establish a connection. As well, to provide for better security, plan to have your locks re-keyed or replace the entire lockset yourself.
As a condition of your mortgage you will need to obtain home insurance. Since premiums can vary widely, be sure to get a number of quotes. Remember as well, that if the seller has prepaid utility bills and taxes beyond closing, you will be required to reimburse them. If you’re moving into a larger space, higher ongoing utility costs should also be considered. Account for the fact that property taxes could also increase significantly if you’re a move-up buyer.
While the preparation might seem a little daunting, the benefits of your new investment far outweigh the inconveniences of moving. A home after all, is not only the sole type of investment in which you can live while it appreciates; it’s also a place to build memories that last a lifetime.
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Contact the Jeffrey Team for more information - 416-388-1960
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Setting up a home can be hard
Sylvia Putz – Metro Canada
If you’ve just bought your first home, I bet you’re learning that the process of setting up a home can be exciting, but also a little overwhelming.
But don’t fret. Focus on looking after a few important logistical details first, and then you can enjoy deciding on décor and furniture and all the other delightful stuff.
Before you move in:
• Change or re-key your locks.
• Complete a change-of-address at the post office.
• Transfer or set up new utilities.
• Purchase home insurance.
• Set up automatic mortgage payments with your lending institution if you haven’t done so already.
• Ensure you have window coverings in bathrooms and bedrooms at the very least, even if they are temporary.
In those first few weeks:
• Locate the main circuit breaker in the house and label each breaker.
• Locate and know how to operate the main and other water shutoffs in your house.
• Find out how to look after your furnace and any other appliances that need regular servicing.
• Make sure you have working smoke detectors.
• You should have easily accessible fire extinguishers on each floor of the home, preferably hung on the wall near the entrance to the kitchen and near the entrance to the garage.
• Set up an annual schedule of important servicing or maintenance duties at your new home, so they are not overlooked in the years to come.
• Also have an emergency exit plan in place and make sure all family members know exit plans.
• Purchase and install a carbon monoxide detector if you don’t have one.
• Write down and keep important emergency numbers close to the phone.
• Put together a first aid kit for your new home.
• Find out which day of the week is garbage/recycling/compost pickup day. Also find out the rules in your area, and make sure you buy raccoon-proofing straps if you store your garbage outdoors.
• Cut plenty of extra keys for yourself, and your family. Give one or two to trusted friends, relatives or neighbours in case you or family members forget or lose a key.
• Check out the neighbourhood and find the nearest grocery store, drugstore, walk-in medical clinic, gas station, hardware store, post office, beer and liquor store, good restaurants, fast food, parks and recreational amenities, and so on.
• Introduce yourself to your new neighbours.
Things you may need sooner or later:
• Assemble or purchase a few basic tools, like hammers, assorted screw drivers and wrenches, a hacksaw, a small drill and drill bits and a tape measure.
A stepladder and an outdoor ladder are handy. You may also want to buy assorted nails and screws, sandpaper, paper yard waste bags, plastic garbage bags and any other house repair items you think you may need regularly.
• If you’ve got a lawn or garden, you may also want to purchase a few gardening tools, such as assorted shovels, including a pointed-tip shovel suitable for digging, a rake, a hoe, trowels, a water hose and watering can, gardening or outdoor workgloves, a lawnmower, and an outdoor broom for sweeping off steps and porches.
Depending on how much gardening you do, a wheelbarrow can be handy as well.
A snow shovel and ice melter or salt will also be a necessity.
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Contact the Jeffrey Team for more information - 416-388-1960
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Price of electricity to jump 12%
The Ontario Energy Board has announced a steep increase in the price of power for consumers who pay the regulated rate
John Spears – Toronto Star
Electricity prices for consumers who don’t buy their power from a retailer will see the rates for the energy portion of their bill jump 12% May 1.
The Ontario Energy Board’s new rates will push the total monthly bill for a typical consumer up by about 8%, the board said in a release. Then total bill includes charges other than the cost of the energy itself.
Consumers now pay 5.8 cents a kilowatt hour (kwh) for the first 600 to 1,000 kwh of power they use, depending on the season. (They’re allowed more power at the low rate in the winter months.) They now pay 6.7 cents for any power beyond that threshold.
Under the new rates, they’ll pay 6.5 cents a kilowatt hour for the first 600 to 1,000 kwh each month, and 7.5 cents a kwh for the remainder.
The energy board says that a consumer who uses 800 kwh of electricity a month will see their bill rise $7.60 a month, or about 8% over-all.
The energy board has also approved higher prices for consumers who are billed on time of use rates, which are higher during peak periods and lower on weekends and at night.
The low, off-peak rate will jump to 5.3 cents a kwh from 4.4 cents – a 25% increase.
Opposition politicians at Queen’s Park were denouncing the price increases even before they were formally released at mid-day Thursday.
“Everywhere we turn we see the McGuinty Liberals sticking one more hand in our pockets and one more charge on our hydro bills,” said Conservative energy critic John Yakabuski.
“Ontario families are already paying more, and getting less.”
Consumers who buy their power from retailers at fixed prices aren’t directly affected by today’s announcement, but they’re paying higher prices as well.
They pay an extra charge called the “provincial benefit,” which varies from month to month, but has jumped in recent months to 3 to 4 cents a kilowatt hour when it used to be about 1 cent.
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Contact the Jeffrey Team for more information - 416-388-1960
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