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Saturday, June 23, 2012

What's hot in Condo living?

When it comes to condos, staying on the cutting edge of style and decor is key. The general perception of what’s hot and what’s not can change daily, so choosing trendy yet timeless decorating styles and furniture pieces is the true challenge for the condo dweller. Always keep resale value in mind when you paint or make upgrades. Chances are, you won’t live in this condo forever and when you do sell, you want the place to be attractive to a wide demographic–rather than simply to those who share the same tastes you do.




What’s Hot:


Clutter-Free Living The choice to live in a condo generally means one must commit to living clutter-free. Although most condos have a storage locker and at least one closet, the space for storage is quite limited compared to that of other types of homes. That’s why it’s so important to adopt a Zen-like approach to clutter and possessions. If you don’t need it, sell it, give it to charity or throw it out. If you don’t know where you’ll put it, don’t buy it. Life is much easier without too much stuff, and condos are much more attractive when they aren’t packed with useless possessions.


Flowing Decor When decorating a condo, choose a theme and stick with it. Condos and condo townhouses are generally open-concept and fairly small, and introducing too many colour schemes will overpower the space. When painting, choose a colour that you can repeat–for example, paint your bedroom the same colour as your washroom to give the impression of an ensuite and then chose a lighter or darker version of the shade for the living area and kitchen.


Dramatic Wood Finishes It’s tempting to go with deep, dark paint colours when seeking to add drama to your condo decor, but particularly in a small space, this is not a great idea. Instead, stain the floors a dark oak or cherrywood finish. Cupboards can be outfitted with dramatic finish as well and furniture in rich distressed black stain is another attractive way to add depth to your decorating.


Streamlined Storage Maximize closet space by building shelves and installing closet organizers. Make every square foot count–even under the bed! Buy thin plastic storage boxes which slide easily into small spaces and use them to store seasonal clothing, wrapping paper, gift bags and more. Invest in drawer organizers and cupboard shelves, too.

Friday, June 22, 2012

Mortgage Amortizations pushed back to 25 Yrs., like it used to be.

The government has decided to thin the herd of buyers by lowering the maximum amortization period to 25 years from 30 for people who require mortgage insurance because of a small down payment. This means higher monthly or biweekly mortgage payments, which will keep marginal buyers on the sidelines until they either save more or make more. Most first-time buyers go with an amortization of 30 years today.
Moving to 25 years isn’t draconian , says Les Sohar of sohar.ca and soharworldhomes.com.,"that was the unquestioned standard for the decades that preceded the increased amortization periods introduced several years ago". The government is also putting limits on mortgage refinancings by capping borrowing at 80 per cent of a property’s value, down from 85 per cent.
The government could have been tougher here, says Sohar. In my brokerage, Re/Max this will have limited effects and I remain enthusiastic about the use of refinancings as well as normal market applications and has not contributed to high levels of indebtedness, directly.