By Laura Branson

As a prop and wardrobe stylist I spend my days in and out of every type of store you could possibly imagine.  Shopping as a professional duty is potentially disastrous!  I’ve compiled a few tips on how to get in and out of your favourite store without buying a thing!

1. Getting caught in the heat of the moment

You don’t really need it. Walk away. My rule is, if you keep thinking about it for the next couple of days then consider going back and making the purchase.  If at all possible, sleep on it. Most often our retail attention span is fairly short.

2. There is always tomorrow

This one is really important. Remember, there will always be something next month or next week that you just have to have. Try not to give into your impulse buying every time you “browse” as your whims may cost you a fortune.

3. Trend Report

Beware of investing in trends. Trends are one-season wonders that can challenge our better judgment, giving us false feelings of “must-have”!  Don’t invest.

4. Visualize

Décor items look beautiful when cleverly merchandised. Think about that item outside of its store environment where everything matches it. Is it really that amazing?

5. Starting a Collection?

I have a collection of pretty white things clustered on a shelf. If you are not adding to an existing collection and you already have something similar, ask yourself if you really need it.

6. A Walk in the Park

You can walk into a store and enjoy the scenery. It’s like talking a walk in a park. You do not buy the trees, Canadian geese, manicured flowerbeds – o.k. you might pluck a flower or two. Think of stores as fabricated parks.

7. Try it on for size

One of my small rules is: try it on. If it doesn’t fit or suit you – flee before you see something else! Don’t try to “make it work”.

There are those relationships between clothes or décor items that were meant to be. As the old adage goes…

“If you love something set it fee and if it comes back to you then it was meant to be”.

Johanna Pigeon, Broker

When buying a home there’s always the usual list of “must haves” and the “nice to have” …it’s important to differentiate between the two before you go out and view homes.

Your wish list will not only serve to keep you focused when on the hunt but also be a valuable guide for your real estate professional to find the right fit.  It also opens up discussion if you’re not the sole decision maker…you may be surprised with what your  co-buyer deems essential which may lead to some compromises. Take into account your budget, housing needs and lifestyle!

1. Your price range will be the primary factor of which areas are available to you.
2. Make a list of the typical housing needs; minimum bedrooms/bathrooms, parking, deck/balcony, etc…
3. House or condo? Are you prepared and willing to maintain a home (who’s going to cut the grass!) or is the freedom of condo living more your speed?
4. Are you an “urban, walk out the front door with access to all the conveniences” kind of person…cafes, restaurants, galleries, shops.
5. Are you willing to commute to get that larger home with the great big backyard? Test drive rush hour traffic beforehand …could you handle it daily?
6. Are schools and day care a factor?
7. Need to be close to transit? Check the schedule and try out the bus route.
8. Try on a neighbourhood…hang out for the afternoon and get a good feel for it. Return at night with a friend; would you be comfortable coming home late from work?
9. And how much work are you willing to put into it?  Cosmetic work only, ready for that handyman special or looking for move-in condition?

Johanna Pigeon, Broker

Mortgage Pre-Approval…Down payment…Deposit…Mortgage Insurance…Closing Costs…Land Transfer Tax…huh?  Are you ready?! Here’s a quick guide to help get your finances in order before you start shopping!

Don’t end up house poor, before you take the plunge find out what you can afford.

• Visit your bank or mortgage broker.  They will pre-qualify you which will determine your home buying power. 
• If you have less than 20% of the purchase price, the mortgage will need to be insured. The premiums can be rolled into your mortgage however the GST on the premiums will need to be paid on closing. 

What happens with your money?

• The ‘deposit’ accompanies your offer of Purchase and Sale and will be held in the listing brokerage’s trust account until you take possession. It will then be credited against the purchase price. 
• Typically a 5% deposit of the purchase price is a sign of good faith (Yes, it might very well be your entire down payment! The deposit amount may differ by city).
• Your deposit should be readily available; if you need a few days to access your funds be sure to arrange for this before you start your search!

Factor in closing costs which are in addition to your down payment. 

• This includes lawyer fees and associated disbursements such as mortgage and deed registration.
• Any adjustments such as prepaid water or property taxes.
• Provicial and City of Toronto land transfer taxes (See here for first-time home buyer rebates)
• Title Insurance.
• Count on roughly 2% of the purchase price for a first time buyer in the city of Toronto, 3% for previous home owners.

 

 Have a question about whether you are ready to buy a home? Post here?

By Joanna Pigeon

There are fantastic government incentives currently being offered for first-time buyers! 

Most recent are the two rolled out in the Federal Budget this past January. 

First is the First-Time Home Buyer’s Tax Credit, which helps with the related closing costs (lawyer fees, land transfer tax) when purchasing a home.  It is a 15% credit on a maximum of $5,000 of the related costs which means a maximum tax relief of $750 to be claimed in the same taxation year of the home purchase. 

Secondly, you are now eligible to withdraw up to $25,000 from your RRSPs under the Home Buyer’s Plan to buy or build your principal home. The funds must be in an RRSP account 90 days prior to the withdrawal and it is tax free as long as the funds are repaid back into an RRSP account over the next 15 years. 

The largest sums of money due on closing are the Land Transfer Taxes so the following rebates are truly phenomenal! 

You are now eligible to receive a rebate up to $2,000 of the Provincial Land Transfer Tax on both new AND resale homes.  This is the equivalent of the tax payable on a $227,500 property.  If you purchase in the city of Toronto, you may qualify for a rebate of up to $3,725 on the Toronto Land Transfer tax which is the equivalent of the tax payable on a $400,000 home. To find out how the Land Transfer Tax is calculated visit http://torontorealestateboard.com/consumer_info/gov_programs/index.htm . Also on this site are further details on the above incentives and their qualifications of a first-time buyer

Good luck and happy house hunting!

Have a question, comment? Post HERE!

By Aurea Crotty

You like nice things and you want the good stuff but it does come at a price, and it may not be a price you can afford right now!

The good news is you can have all the things you want. It’s just a matter of how. Planning, budgeting and being smart with your money are key factors to a successful and prosperous future.

With all the media surrounding the current economic situation, if you hadn’t given your money much thought I’m sure you are now!

Here are some practical tips to help you on your way to your pretty purse, fabulous shoes and a savings account you can be proud of.

1.  Pay yourself first!

• Most experts agree that the best money-saving tip is to SAVE! You work hard for your money, the more you can keep for yourself the better.
• How much money to save is a personal decision, depending on your age, income, plans for the future etc. Whatever your situation, attempt to allocate a monthly percentage of earnings to your savings.

2.  A brown bag today…makes a very big difference for tomorrow!

• Find out what you’re spending, one of our biggest pitfalls is not knowing where our money is going.
• Identify your habits: do you enjoy premium coffee, eating out, bottled water, après work socials? Do the math! That could be costing you as much as $30-$40 a day, over a year this could be costing you upwards of $8,000!

3.  Become a Savvy Shopper…Get control of your impulse buying.

• Many of our purchases are impulse buys, savvy marketers spend lots of time and money figuring our how to entice you and get you to buy their products. Don’t be a victim!
• Is it a want or a need? A simple question to ask that will prove very profitable for your wallet.
• Wait for sales! Everything goes on sale…I remember my aunt telling me to “never pay retail!” retail mark-up is exorbitant and name brands are even more outrageous. Know what you’re paying for.

4.  Remind Yourself of what you’re saving for!

•  Create an inspiration board, make a list and write “vision notes” to remind you of what you’re saving for.

Do you have questions or tips about saving money? …share them with us.