Winterizing your home creates a cozy space, lowers energy bills, and prevents damage such as broken eavestroughs or a cracked foundation. The following steps can be completed in a weekend—and all for less than $180.

Check that your rain gutter spouts are pointing away from your house and there are no blockages. Doing this can save you from an expensive and potentially catastrophic foundation problem. If water from the roof is repeatedly deposited beside your home, the soil becomes saturated with moisture. In the winter, that moisture turns to ice, which expands and creates cracks in your home’s foundation. Over time, those cracks become larger and larger until there is a flood or structural damage.

Extend the life of your furnace, save energy, reduce duct cleaning, and improve indoor air quality by changing (or washing) your furnace filters. Washable filters use an electrostatic process to capture dust and particles and although they cost more upfront (approximately $100), they pay for themselves in less than two years. Disposable filters cost an average of $20 each and should be changed every three months. Washable filters may be cleaned up to 60 times depending on the product specifications.

Drafts swoop down chimneys in the wintertime (even with the flue closed) and cold seeps through the walls of the stack. For as little as $40, a chimney balloon or plug fits just above the hearth and will keep your heat indoors and the cold outdoors by blocking the fireplace opening. Don’t forget that the opposite is true at the peak of summer. In July and August, when you don’t need a fireplace, seal it to save on air-conditioning costs.

Winter heating is typically the largest single consumer of household energy (e.g., gas or electricity). With rising utility costs, it makes cents to put on a sweater or an extra blanket instead of cranking up the heat. Turn down the thermostat at night and whenever household members are away at work or school.

A programmable thermostat is a convenient way to automatically set different temperatures for various times of the day and night. In the long run, this saves effort and money. However, these are best for standard furnaces. According to the U.S. Department of Energy, a programmable thermostat may interfere with the optimal functioning of heat pumps, electric resistance heating, steam heat or radiant floor heating.

Drafts can waste five to 30 per cent of a home’s energy, according to a report by the David Suzuki Foundation. Check for drafts by holding a lit stick of incense near doors, windows and chimneys; where the smoke wavers, there’s a draft. To seal windows, use weatherstripping tape, which costs as little as $5 per roll. For your doors, there are all sorts of products for less than $20 that either fit next to the door or wrap around the bottom.

Electrical outlets, especially those on an external-facing wall, can allow cold to seep into your living space. Conversely, in the summer, the outlets bring unwelcome warmth into your air-conditioned home. A simple once and done solution is to install insulating covers underneath the wall plates. These cost approximately $5 each.

Have you ever noticed the difference in the air temperature near the windows when you first open the curtains? Window glass is a poor insulator allowing some cold and heat to pass through. Heavy curtains are one solution. In the winter, when you want to enjoy as much natural light as possible, a better solution is insulation film. The thin plastic shrinks to fit the window with the heat of a hair dryer and costs as little as $15.

With a small investment of effort and money, you can enjoy a cozy, draft-free space as you save money.

Sources:

“How to winterize your home,” David Suzuki Foundation, accessed October 27, 2021, https://davidsuzuki.org/queen-of-green/how-to-winterize-your-home.

“Thermostats,” US Department of Energy, accessed October 27, 2021, https://www.energy.gov/energysaver/thermostats.

Main Source: https://www.sutton.com/blog/home-improvement/winterize-your-home

Everyone knows not to leave cash on the kitchen counter or jewelry sitting on your nightstand before an open house but there are other things besides valuables you should think about stashing away. Thankfully, with a bit of due diligence, it’s unlikely you’ll run into any issues.

“I’ve only had one screwdriver stolen during a property visit in my 23-year real estate career,” says Katia Samson, a REALTOR® and certified real estate broker with Group Sutton Centre Ouest in Montreal. “I always do a tour of the property before any showings and if I think an item should be put away, I tuck it in a drawer.”

With lots of visitors coming and going, you still want to be sure to secure, hide or remove these nine items. Your REALTOR® can help guide you through the process to make sure you’ve checked off the various items on this list.

1. Mail, private documents and passwords

If identity thieves don’t mind rooting through your garbage to find personal information, they will happily swipe it off your desk. Tuck away your mail, social insurance card, banks statements, passport, utility bills and credit cards. If you can’t take these things with you, hide them somewhere visitors won’t find them. This goes for your online passwords, too. Don’t display your Wi-Fi password and avoid leaving a list of your personal passwords taped next to your computer.

2. Ashtrays

You may already know the smell of smoke is a huge turnoff to home buyers, but even the suggestion people light up in your home is enough to make them move on to the next property.

“If a property smells like tobacco or marijuana, it will be very difficult to sell,” says Samson.

3. Plug-in air fresheners

Yes, you want your house to look and smell fresh, but buyers might be sensitive to that flowery mist. Worse, they might wonder if you’re trying to cover up a bigger problem. While you’re at it, avoid sloshing bleach or other harsh chemical cleaners everywhere before the open house begins–buyers might think you’re concealing mould issues and could be turned off by the harsh smell.

4. Fans or space heaters

Neither of these items will do you any favours in the décor department, but buyers who see spot heaters plugged in everywhere may also wonder if something is wrong with the heating system or if your home is poorly insulated. On the flipside, fans may suggest the house can get too hot.

5. Pets and their stuff

We know you’d never leave your dog–even in its crate–during an open house, but you may also want to pick up food dishes, slobbery toys, litter boxes and other things that suggest an animal lives in the house. Buyers who don’t like cats or dogs don’t want to wonder if your pet has peed all over the basement carpets.

“Any signs that an animal is part of the household should be removed from sight for visits,” says Samson. Which means, don’t forget to thoroughly vacuum furniture if your furry friend sheds everywhere.

6. Prescription drugs

Thieves are more likely to steal valuable medication than wander off with a piece of jewelry, so don’t make it easy for them to find any. That means clearing out the medicine cabinet, your night table drawer and your kitchen cupboard if you usually store meds there.

7. Fridge magnets and family photos

Take down the wedding photos, kids’ awards, plaques, school photos and even magnets on your fridge. “Items that might make clients uncomfortable should be put away as well, such as toothbrushes, sponges in showers, hygiene items and dirty laundry,” adds Samson.

Not only is this a good way to declutter, but buyers will be able to see themselves living in the space if it doesn’t seem so personal.

8. Valuable paintings, sculptures or heirlooms

Electronics are not the only items that can mysteriously disappear during an open house, so keep expensive things away from view. Even if thieves can’t walk out with a large sculpture, don’t tempt them to come back and steal it another time.

9. Your keys and remotes

Nothing screams, “Come back some time and rob our house or steal our car!” more than extra keys dangling from hooks in your entry hall; ditto for the garage door opener. Store these items in a safe, secure place or bring keys and remotes with you when the open house begins.

Anything else?

While it’s very unlikely you’ll encounter any issues during an open house, it’s good common sense to take precautions. Listen to your REALTOR® and use your best judgment for a safe and successful experience.

Source: https://www.creacafe.ca/9-things-sellers-should-never-leave-out-during-an-open-house/

There’s something about looking at images of a perfectly put together fridge or pantry that inspires you to do your own #fridgemakeover or reach #pantrygoals. It’s a popular trend on social media right now, but a well-organized kitchen isn’t just good for an Instagram post or TikTok video. Smart fridge and pantry organization can also help reduce food waste and inspire more home-cooked meals or snacks. If you have an appetite for organization, we’re sharing fridge and pantry hacks you can use in your own kitchen today.

Consolidate, decant, and label

The first thing to do is check what you have, toss out expired items, donate other unwanted items to a food bank (if accepted), and see what you have left. Once you know what you’re working with, batch similar items together and use a label maker, label sheet, or tape and marker to add visible labels with expiry dates to every item. Matching containers—either glass or clear plastic—help make it easy to see what you have on hand and will create a polished look in your pantry. If you don’t have storage containers, or you don’t want to buy any, you can still group things together based on their similarities and label them clearly.

There’s no right or wrong way to group your food items, but some of the more common categories are:

• By meal: group all your breakfast items together, your lunch items, snack items etc.
• By height: if you’re really going for aesthetics, grouping by height is a good choice.
• By function: all your spices in one spot, all your baking supplies in another, etc.
• By healthy choices: make it easier to grab a healthy snack by grouping them all in one. spot, and likewise for when it comes to finding a sweet treat.

You should also be sure to follow the FIFO rule—first in, first out. When you bring home a round of groceries, place the newest items towards the back and go through what you already have. This will help eliminate food waste and clutter.

Think outside the crisper drawer

We’ve all thrown away uneaten produce that was forgotten in a crisper drawer. To help your produce last longer and encourage healthy eating, wash and prep all your fruit and veggies before loading them into the fridge. This way, they’re ready to go when it’s time for a meal or snack. According to Oxygen Magazine, meal prepping can help take away the stress of healthy eating, since everything is conveniently ready when you want a quick snack. Make snacking simple by adding a labelled snack drawer to your fridge and filling it with healthy grab-and-go items you and your family love.

Opt for clear fridge containers with drawers or lids to help make produce easy to grab and go, and use the freed up drawer space to organize other items like cheese, meat, or backstock of milk or juice.

Stick to your own style

There’s no rule your pantry or fridge has to be filled with clear or white containers all items lined up in a row! If you’re into a more rustic style, aim to use natural materials like woven baskets, wooden boxes or crates, and glass jars of different sizes for a clean but homey look. In this example, glass jars make it easy to see what’s available while doubling as a design element on an open shelf. Plus, using recycled glass jars or baskets is environmentally friendly and often more cost effective.

Organize on your own budget

Wire bins, lazy susans, acrylic containers, and baskets can quickly add up with some items costing $20 or more per unit. Save money on your kitchen organization project by starting with what you already have at home, then looking for budget-friendly options at your local dollar or discount store. Dollar stores can offer inexpensive and cheerful solutions like baskets, containers, and jars in a range of materials. In this #pantrygoals example, dollar store organization finds are used to pull off a pantry overhaul on a small budget.

Use stadium shelving and turntables

Deep cupboards seem good in theory, but in practice they can become a waste of space. When you stack cans and boxes four or five deep, you lose sight of what’s available! Using stadium shelving, or shelf risers, lets you utilize the space towards the back but still keeps everything in view. Turntables offer the same convenience, letting you access things with ease.

Adjust your shelving height

Most pantries and fridges have adjustable shelves, but most people neglect to use them! If you buy a lot of tall items, such as cereal boxes or juices, make sure there’s a shelf to accommodate them. A good rule of thumb is to allow 2 inches of clearance above the tallest item on the shelf so you can add items easily.

Here are some typical pantry shelf measurements you should keep in mind:

• 6.5 to 7 inches for canned goods
• 14 to 16 inches for cereal boxes
• 18 to 20 inches for larger items (bags of potatoes or rice, soft drinks, etc)

Whether you opt for a total organization overhaul or make some simple changes to make your fridge or pantry more functional, a little effort can go a long way towards making the most out of your kitchen’s storage space. 

Source: https://www.realtor.ca/blog/5-fridge-and-pantry-organizing-hacks-you-can-do-today/22638/1366

Purchasing a property in the winter can be a pretty chill idea. Buying in the wintertime can be advantageous for both home buyers and sellers—with a smaller buying pool, the (typically) off-season market can lend more serious offers from motivated purchasers who benefit from less competition. However, wintery weather can make it tricky to assess a home when you can’t fully see the condition of the property under layers of ice and snow.

Don’t overlook the home’s exterior

A home’s first impression from the sidewalk is always important to consider when buying, and it’s no different during the winter.

Travassos and Rushforth agree it’s crucial to inspect the outside of the home in the winter time. Travassos notes you want to make sure the property’s driveway, outdoor stairs, and sidewalks are shoveled so you can clearly see their condition. A blanket of fluffy snow can also make it a challenge to gauge the property’s roof and grading to see if water is running away from the house correctly.

“Sometimes it can be difficult to see the condition of the roof or the shingles if they’re covered in snow, and then if all of the other roofs [in the neighbourhood] are covered in snow and yours isn’t, it means there’s probably not enough insulation—heat is getting out of the house that shouldn’t be,” explains Travassos.
Image via James Bombales

Landscaping costs for trees and grass can add up, so it’s best to get a sense of the condition of the back and front yards, too. Rushforth says a buyer should ask for pictures of the home in the summertime to assess the state of the yard, gardens, and any outdoor structures such as pools.

“You want to know what you’re buying, and the problem with [the winter], everything is covered,” said Rushforth. “You don’t know if there’s grass, if there are weeds, if there’s interlock, if there’s not interlock. Trying to get some recent summer pictures is absolutely key.”

Examine the interiors from floor to ceiling

When touring the inside of the property, you’ll want to keep your eyes peeled for any wintertime red flags that could indicate issues within the house.

Rushforth says to look for any signs of drafts, fogging, or condensation in the windows that could point to broken seals, allowing cold air to enter the home.

“Looking in the wintertime, you get to see if there are any drafts in the windows,” said Rushforth. “Can you feel cold air coming through? Do you see any leaking? Are you seeing any water stains?”

As colder weather tends to dry out rooms, Rushforth explains a buyer will want to look for gaping or splitting in hardwood floors, which can speak to the home’s humidity levels. Dryness can cause things to shrink slightly, so a purchaser should inspect the home to ensure interior doors and cupboards can close properly. By feeling the interior walls, you can also assess if they are cold to the touch and therefore poorly insulated—Travassos points out some homes may be double bricked and not insulated.

When viewing a home in the winter, Rushforth notes purchasers should monitor for big differences in temperature between rooms, a sign there could be ventilation problems to address.

“You’re looking for signs of chilly rooms, drafty rooms, or even rooms that are really warm,” said Rushforth. “Why are they really warm in the winter time unless the heat is punched up? You’re looking for differences in rooms that will be a tell-tale sign as to whether there are issues.”

Inspect your home utility systems and out-of-season amenities

The winter often calls for homeowners to shut down seasonal home amenities like pools and cooling systems, but this shouldn’t mean a buyer should skip on investigating these features.

Travassos and Rushforth explain a buyer won’t be able to turn on and test the home’s air conditioning in the winter to confirm if it’s working properly or not. Because of this, it’s important for the buyer to do their due diligence and ask the seller and their agent questions about the state of home systems such as the furnace, septic, pool parts, and other property features.

“Quite often, additions aren’t done with permits and pipes were not insulated properly, so in really cold months, they freeze a little bit,” said Travassos. “So you want to run the water on all of the taps and make sure you’re not seeing any of that.”

For pools and hot tubs, you may want to request copies of receipts, maintenance reports, and proof of professional services to ensure they—as well as all of the other home systems—are in good working order when you purchase the property. As always, opting for a home inspection can be a way to ensure a professional can get a deeper understanding of the property, including in areas like the basement and attic.

Source: https://r.trendinghomenews.com/8pdi0?fbclid=IwAR1dlVH0fJjVCSqywMN3l1drYE9HSNRAAwrRAR9ABm2Bl6ikZL0HFbL-00A

Just like it’s in your best interest to get a head start when it comes to holiday shopping, it’s also a good idea to start prepping your home for winter early, too. Once the first signs of crisp air and winter-like weather make an appearance, you know it’s the perfect time to start making sure you won’t be left in the cold literally and figuratively.

If you’re a former longtime renter new to homeownership, you may be at a loss determining how to best prepare your home for winter. I talked to seasoned real estate agents to learn the best winter home maintenance tips which will spare your home in the cold and possibly save you time and money.

Clean the gutters ASAP.
If you want to preserve your walls, ceilings, and insulation, it’s best to keep your gutters clean, says Patricia Matus, a Realtor with CENTURY 21 Alliance Realty Group. Allowing snow and water to freeze and accumulate at the eaves of the house can cause damage to the roof and create leaks in your home, she explains. Use a snow rake to remove heavy snow when temperatures fluctuate between above and below freezing — this can prevent ice buildup and reduce the potential for leaks.

Make stray branches disappear.
The trees you admired in the spring and summer can do damage to your property come winter. Dealing with fallen branches after a snowstorm can be a huge headache turned financial burden, especially if they land on your house. Hire a professional to identify dead trees and trim branches before it’s too late, suggests Matus.

Drain your hot water heater.
Sediment build-up is a common problem for hot water heaters. Draining the heater can help the reduction of sediment so it runs efficiently, says Ryne Lambert, co-founder of Sell My House In Wisconsin.

Tune up the snowblower.
Nothing is worse than having the first big snowfall of the season, pulling out your snowblower, and finding that it doesn’t work. You’ll end up frustrated and tired from shoveling your way out a foot of snow and thinking about the money you wasted on the snowblower. Avoid this pitfall by having the snowblower tuned up. Replace spark plugs, change the oil, and make sure the unit is running efficiently ahead of time, says Lambert.

Install weather stripping.
A drafty house can be just as uncomfortable to live in as it is to effectively heat. Keep it warm by replacing or installing stripping for exterior doors to save money, says Lambert. Take it a step further by putting insulation or plastic around the windows as well.

Clear the chimney.
Chimneys can be problematic if they aren’t properly maintained, Matus says. “If you have a fireplace, call a chimney sweep to have it cleaned before you start using it,” she says. “Creosote build-up and debris such as a nest or leaves can be a fire hazard.” 

Source: https://www.apartmenttherapy.com/winter-home-maintenance-tips-real-estate-agents-36987441

Prior to a home inspection, Boston real estate agent Sam Reifman-Packett makes sure he manages his clients’ expectations. “A home inspector isn’t there to hype up your dream home,” cautions Reifman-Packett, a vice president with Compass. “Their job is to find and make note of everything wrong with the property.”

Home inspectors are a bit like professional bearers of bad news. But their work can save you big bucks, because they often spot things you overlooked during an open house. Sometimes, the home inspection report includes several little fixes. Other times, they’re big, costly ones, like a roof that needs to be replaced or outdated electrical wiring. To further complicate the matter, there are parts of a home that will pass a home inspection but are still expensive to fix.

I asked real estate agents and home inspectors which finds in a home inspection can be the most serious or the most costly. Here’s what they had to say.

The Deck
A deck nearing the end of its life cycle can be a costly fix and also spell danger, explains Welmoed Sisson, a home inspector and author of “101 Things You Don’t Want in Your Home.” Typically, decks are built to last for 12 to 15 years in the outdoor elements, she explains. After that, the fasteners can corrode, which could lead to a collapse, Sisson says. While deck repairs can cost less than $3,000, a full replacement can run between $4,000 to $11,000, according to HomeAdvisor.

Foundation Repairs
Foundations can be very costly to repair, says Khari Washington, broker and owner of 1st United Realty & Mortgage. “The repair might even entail raising the house off of the foundation to repour footings on older homes,” Washington says. While minor cracks can cost a few hundred dollars, more major ones that require hydraulic jacking can cost tens of thousands of dollars.

Roof Replacement
A roof replacement has high material costs, Washington says, and can vary in cost depending on the roofing material and square footage of the home. While some roof replacements can soar over the $10,000 mark, the average homeowner pays $8,453 to install a new roof, according to HomeAdvisor.

New Septic Systems
A septic system is the non-urban way to deal with human waste, explains Glen Pizzolorusso, a broker with Compass in Fairfield County, Connecticut. These systems are designed to last 30 to 50 (or more) years, but mistreatment of a septic system can be very costly, with a new system costing between $20,000 and $50,000.

“It’s something that you cannot see when you fall in love with a home, and will only come up on inspection,” Pizzolorusso says. There are all types of systems, and they have changed over the years, he explains. Houses built in previous decades adhered to previous building codes, which are now obsolete, and new codes are adopted every few years.

“If a system fails and is outdated, you may be required to replace the system, but replacing a system must adhere to the new codes, so hopefully you have good soil and enough land, otherwise an engineered system with a hefty price tag is required,” he explains.

Water Damage
Oftentimes, water damage goes hand in hand with homes that need a roof replaced, explains Valentino Gecaj of Valentino Home Inspections in Westchester, New York. Although anything from leaky toilets to burst pipes to floods can also give way to this pesky problem. Water damage can lead to an abundance of mold, Gecaj explains, which can cause a slate of health problems. If the water damage is extensive, it can also cause major structural damage in the home.

Source: https://www.apartmenttherapy.com/most-expensive-fixes-home-inspection-36985263?amp=1

Buying and updating an older starter property can feel pretty overwhelming. Luckily, you don’t need to spend a fortune to feel instantly at home in your new digs — these easy painting DIY home projects will get the job done in no time.

Stairway to Heaven 
Jazz up a simple stairway by painting each rise its own bold colour — choose a single colour with varying amounts of white added for an ombre effect, or splash out and turn it into an indoor rainbow. Lugging laundry up and down the stairs just got a whole lot brighter. Tip: A sample can typically holds 8 ounces, which would be more than enough to cover a step or two.

Curtain Call

Update tired wooden curtain rods with a fresh coat or two of scratch-resistant paint. Cleaning, sanding and painting them will take a bit of elbow grease but it’s a way cheaper alternative to replacing them all, and will instantly change the feel of a space.

Show Your Mantle

When noodling over the best living room paint colours, turn to the experts. This year, Behr has selected BEHR Canyon Dusk S210-4 as their 2021 Colour of the Year — its warm inviting tones make it the ideal shade for a mantle refresh. Sometimes pulling out one element in a room to paint is all that’s needed to elevate the design; use a durable on-trend flat paint, such as BEHR SCUFF DEFENSE Interior Extra Durable Flat Paint & Primer for a modern feel.

Look Up, Way Up

When looking for other living room paint ideas, all you need to do is look up. Yep, adding colourful paint to the ceiling — especially if the rest of the room’s palette remains quite neutral — is a fun way to flip convention and inject energy into a space without too much work or investment.

Finding Patterns

Instead of using traditional (and oftentimes, expensive) wallpaper to highlight a specific area, opt for this simple DIY painted-wallpaper alternative. Painting a rainbow riot of colours with a (steady) free hand brings visual interest and vitality to a small space, such as an entryway or powder room.

Out Canvassing

When looking for an easy DIY home project, you can go beyond painting a feature wall and think about what you’d like to put on that wall. Put your artistic hat on and create your own large-canvas…just make sure you protect your “studio” from wayward paint splatters while working on your craft.

Paint Cabinets

When searching for straightforward, paint-based home improvements in the kitchen, look no further than the cabinets. Give these kitchen workhorses new life with a fresh, on-trend colour, such as BEHR Dressed to Impress MQ1-19 and choose a made-for-the-task paint such as BEHR PREMIUM Cabinet & Trim Enamel in the newly launched satin finish. It flows on fast and level, and dries to a durable finish — a must in a hardworking kitchen.

Take a Seat

Another bright DIY paint idea is to give a vintage chair new lease on life with a bright makeover. It may be a piece you found, inherited, thrifted or hunted down online, but putting your own creative stamp via a vivid coat of paint is an easy way to create an instant focal point in any room you place it in.

Blue Moon

White, cream, tan: there’s nothing wrong with bathroom vanities in these neutral shades — but if you want to add a little drama to your space, go for colour. This bright sky blue vanity paired with romantic brass fixtures and accessories is an undeniably sophisticated combination.

Back to It

With the advent of the #shelfie, bookshelves have become so much more than just a place to store your books — they’re now curated displays of taste, from art to personal interests. Painting the back of the bookshelves in deep, rich colour creates a tonal backdrop for these new decor vignettes to shine. Don’t worry: You don’t need elaborate built-ins to get the benefits of this simple DIY paint idea — any bookshelf setup will do.

Source: https://www.hgtv.ca/paint/photos/make-old-house-feel-new-with-paint-1948592/#

Check out this fun, budget-friendly project that will help update your space with minimal disruption to your home.

It is possible to transform kitchen cabinetry, whether wood or melamine, by simply painting it—the finish options are endless, and you’ll be left with a beautiful space that’s totally rejuvenated.

MATERIALS

• Screwdriver
• Painter’s tape
• Sander or sandpaper
• Clean cloth
• Brush or roller
• Paint primer (for latex paint)
• Paint
• Wax or finishing varnish (for chalk paint)

Pro Tip: No primer is needed for chalk paint, but a finishing wax is required.

HOW TO

1. Remove cabinet doors and drawer fronts from cabinetry and lay them flat.
2. Remove hardware from cabinet doors and drawer fronts or protect them with painter’s tape.
3. Sand the surfaces to be painted, then wipe them down with a clean cloth.
4. Use brush or roller to apply primer if you’re using latex paint; let dry.
5. Stir paint colour well, then apply with a brush or roller. Let dry. Apply second coat of paint. Let dry completely.
6. Apply a finishing wax if you’re using chalk paint. Let dry completely.
7. Reinstall the hardware.
8. Carefully re-mount cabinet doors and drawer fronts.

Source:https://www.canadianliving.com/home-and-garden/decor-and-renovation/article/how-to-paint-kitchen-cabinetry

When it comes to investment properties, there’s a lot to take into consideration. Aside from the financial and tax responsibilities, finding an investment property that makes sense for your situation requires some serious soul-searching.

It’s best to take a look at some of the pros and cons before getting into the market, as each type comes with its own set. However, there are some pros and cons that apply to every type of investment property. One pro, of course, is you’ll have a second income—always a plus. The biggest con for any investment property is you’re not guaranteed to have tenants at all times, which means that second income may not be consistent. As the landlord you’re also on the hook for any repairs or issues that need to be dealt with.

Let’s walk through some of the other pros and cons of the most common investment properties to see which one suits you best.

Duplexes
Duplexes are popular choices for investors looking to be close to their property—really close. They can also be great family investments, allowing different generations to live under the same roof but with private dwelling spaces. There are additional tax deductions available to you as well when you live on the property! Typically, work done to common spaces such as your yard, roof, or adjoining wall can be written off at 50% if the duplex is owner-occupied. Some people also consider the proximity to your investment to be a pro. If issues arise you can deal with them in a timely manner, plus you can keep an eye on how your tenants are treating the space. If you’re not living in the space and are instead choosing to rent out each portion of the duplex, the biggest advantage is collecting that additional rent.

On the flip side, duplexes can be more expensive to purchase, which puts you at a bigger risk if you can’t find tenants. It can also be harder in general to find tenants for duplexes, as more and more people are looking for privacy and larger spaces. Living attached to your tenants, albeit in a designated space, can also be a bit strange depending on who they are. If you’re not choosing to live in the duplex, you’ll have double the tenants to find—and double the repairs to deal with.

Single family homes
Over the last 18 months, single-family homes have been in demand as buying trends have changed. With an increase in working and schooling from home, the need for space has become paramount. Because of this shift, single-family homes could potentially be more attractive as investment properties.

Let’s start with the pros! In comparison to a full duplex, single-family homes are typically less expensive (depending on the home), which could see higher gains in your net income. Plus, the market for single-family homes is hot right now, meaning if you need or want to sell your property you’ll likely have an easier time doing so. From a rental perspective, single-family homes tend to attract longer-term tenants, providing a sense of stability to your financial situation.

In terms of cons, there’s one big one that stands out. Owning a single-family home as an investment property means a lower return on investment the longer it sits vacant. The costs to maintain a single-family home can be higher, and when the house sits empty those costs can quickly add up.

Pre-construction
With new developments popping up all over the country, buying pre-construction properties (either homes, condos, or apartments) can seem enticing. It’s easy to find the big pros for this type of investment. The customization allows you to create a space potential renters will find appealing. When you choose fixtures and finishes for a new construction home, you can find options that are agreeable to most people without breaking the bank. Plus, newer builds are more attractive to renters since they know things are in good working order and there likely won’t be any repairs needed in the near future.

That being said, pre-construction comes with a unique set of cons some people just don’t want to deal with. These cons can really be summed up into two words: the unknown. Your build could be unexpectedly delayed, leaving you to navigate these financial waters without additional income. Your down payment could be up to 30% up front for a new build, and it may not be complete for up to two years, which means you’ll be waiting a while to recoup that money as well as start making any profits. You should always consider the type of tenant you’re looking for (students, young professionals, growing families, etc.) so you can assess and align the property and neighbourhood with what they’ll need and want.

Basement apartments
Basement apartments have come a long way in the last 10 years or so! They can be spacious, private, cost-effective, exactly what young professionals are looking for as they save to buy their own home. Having a basement apartment in your home shares a lot of the same pros (and cons!) as duplexes. They help pay the mortgage of the home you’re in and you can write off a lot of the repairs since the space is owner-occupied. But it also means you’re living in the same home as your tenants and you lose a portion of your home.

There are two additional cons to consider when it comes to basement apartments, though. The biggest one comes if you’re adding a basement apartment to your home vs. buying a home that already has one built. Adding a basement apartment requires money up front to ensure the space is up to code, not to mention any regional requirements (i.e. permits, inspections). You also have to consider things like parking for your tenants, how they’ll get into their portion of the home, etc. When it comes time to sell your home, not having a “typical” basement could affect your resale value. You eliminate the group of people who aren’t looking to purchase an investment property, which could make the home harder to sell.

Something to consider when it comes to basement apartments is actually living in it yourself! I got my start in real estate by purchasing a home with a basement apartment and renting out the main floor while I lived in the basement apartment. I was able to charge a higher rent, allowing me to pay off the mortgage more quickly and ultimately make my way up the real estate ladder. If you’re going to purchase a home with a basement apartment, or are considering adding one to your current home, I really do recommend living in the basement portion yourself if possible!

Identifying risk factors
As with any investment, you need to identify the potential risks. There are four main risks to consider before purchasing an investment property.

Financial

You need to spend money to make money, but owning an investment property does come with some financial risks. If you can’t find tenants for an extended period of time, you’ll need to cover the mortgage out of your primary income, which may leave things a little tight.

Property location

Do some research on the neighbourhood to see if there’s a high demand for rentals in the area. If not, you may struggle to find people willing to commit to a lease. It’s also a good idea to ask a REALTOR® about the projected evolution of the neighbourhood. If it’s an up-and-coming spot, you may find yourself getting a great deal! Other things to consider include transit access, proximity to schools and daycare, nearby amenities, and access to the highway.

Age of the property

Older homes can be appealing for a vintage look, but they may end up causing you more issues than they’re worth. Homes over a certain age will likely need more frequent (and more expensive) repairs, which will ultimately cut into your profits.

The real estate market

No matter when you buy, this will always be an important thing to consider. The real estate market is unpredictable, which means any time you enter the market there are a lot of factors to consider. However, when you’re buying an investment property, you really want to be sure you’re getting a good deal so your profit margins can be higher. You’ll need to look at it as a longer-term investment and consider how it will affect you over a course of years, not months.

Investment properties can be a great way to earn a secondary income while getting yourself onto the property ladder. There are plenty of different property types you can find, each with their own set of pros and cons, but one thing remains constant: owning an investment property is a commitment! It’s not something you can do on a whim, which is why doing your research is the most important first step you can take.

*The information above is for informational purposes only and should not be used as investment or financial advice.

Source: https://www.realtor.ca/blog/different-types-of-investment-properties-and-what-to-consider/21898/1362