Of course having a credit card is essential in our society today in order to carry out simple tasks such as booking a hotel room, ordering items online or even renting a car. In order to ensure you don’t dig yourself deep into debt, here are some great ways to stay on top of your credit spending:

1) Have one credit card! It’s easier to keep track of one balance and always make at least the minimum payment (it’s advantageous to also never spend more than 60% of the credit limit).

2) Before making unplanned purchases, give yourself a 24 hour cooling period to ensure the product is truly worth spending on. This forces you to really think twice about your purchases and if you can afford that cool new tool or strappy shoes!

3) Always aim to pay down the highest interest card first. Once that one is paid off, move on down the row and pay off the next highest interest card until you have a zero balance.

4) Canadians with larger loans, such as student loans, should seek help or advice from the financial institution before missing a payment. Usually if loans such as these go into default, it greatly bruises your credit rating which in turn affects your future borrowing ability.

5) Be aware of lines of credit. Although they offer lower interest rates than typical credit cards, they are much easier to tap into for funds. If you do have a line of credit, do not use it as a means to purchase more things in abundance! Instead, you can use it as a way to pay off a higher interest debt.

People of all ages, young or old, can sometimes get carried away with consumer products. If you have had difficulty with credit in the past, it’s not too late. Being aware of how your financial spending and decisions impacts your credit is a huge bonus, whether you are young or old, great with debt or have issues. It’s never late to start yourself on the right track again!

Roof and Gutters

Check out your roof and gutters to see if there are any leaks. If there is leakage present, have it immediately repaired. Most condominium fees cover this type of outdoor maintenance. All gutters should be clean of dead leaves and dirt. There needs to be a clean flow of water draining away from the house; not pooling! Clogged gutters and roofs can create leaks and cause wood rot. Ensure the soil around your home slopes away from the foundation of the house. If need be, fill any low areas. This keeps water away from the foundation and basement of your home.

Filters

You should regularly clean and replace your furnace filters in all seasons. Also, clean the filter on your air conditioner, hood range, dryer vent and bathroom fans. You would be surprised at how much bacteria and dust collects in these commonly used household goods. Ensure all your heating and cooling vents are accessible and not covered by appliances or draperies. This keeps a consistent and good flow of air throughout the home on all levels and rooms.

Windows and Doors

Check around your windows and outside doors for any drafts. If you detect a draft, make sure you seal it properly to ensure the cool air in your home over the summer months does not escape! Patch door and window screens and lubricate door hinges. This would also be a good time to bring in the view of spring beauty by cleaning the inside of your windows. You can do this with a light window cleaner. After all, the windows are the eyes of your home!

Refrigerator

To prolong the life of your fridge, maintain regular cleaning of the coils on the bottom. Vacuum any dust off them as well as under and behind your refrigerator. Test the doors to ensure they are air tight and replace any broken door seals.

Siding and Painting

Take a walk around your home and note any cracks or holes that may have formed. Repair them as needed using the appropriate outdoor materials. Check outdoor caulking around windows, doors, and other crevices. If you notice weathering occur, such as gaps, recaulk the surface.

Plumbing fixtures

Check the piping around kitchen faucets, bathroom sinks and toilets to see if there are any leaks. Replace any leaking washers as needed. Routinely check sink and toilet drainage for any clogs. If you notice a clog and you are not “handy Joe”, your local plumbers can rescue you!

Basement

The spring is a good time to check for dampness in your basement floors and walls. When you are talking that walk outside your home as I mentioned earlier, be sure to scan your concrete foundation for any cracks that need to be fixed. Make sure that the grass and soil around your home slopes away from your home. A great suggestion to balance dampness is any basement is to use a portable dehumidifier. Make sure you empty the water from the dehumidifier regularly. Also, if you have a sump pump in your basement, lift the lid and ensure it is clean as it will be working overtime with the “spring showers”!

Air Circulation

Spring is always the best time to crack open those closed winter windows and let in some fresh air. A good tip not to waste energy is to close one room off at a time and open the window for a couple of minutes. This helps to release stale winter air and introduces freshness in your home.

Fill your home with the energy of springtime!

Katarina

Cleaning Carpets and Flooring

Once a year, carpets should be cleaned to remove dirt and bugs that live within them. Since most people spend a majority of their time indoors during the winter, it would be beneficial to do this now. Although vacuuming may appear to make your carpets look clean, a vacuum cleaner only lifts surface bacteria and dirt. It is important for your family’s health to clean your carpets with an industrial cleaner. As well, it prolongs the life of the carpet itself.

Laminate and hardwood floors can also be steamed to remove the dirt stuck between the strips of the boards. Check to ensure your steamer is compatible for hardwood floors. Doing this will make your floors much brighter and cleaner.

Furnace Inspection

During the winter months, most furnaces work hard in transferring warm air throughout the home. This would be an optimal time to stock up on furnace filters and change them monthly. Remove any flammable material near the area of your furnace. You can call a Heating and Ventilation professional to inspect your furnace and clean the ducts. This will ensure a cleaner, quality of air circulation throughout the home.

Exterior Doors and Windows

Cracks that have formed on exterior window frames, entry pipes or doors need to be sealed using caulking. To prevent cold air from entering around your main entrance or garage doors, ensure the weather-stripping around them is sealed tightly. Install your storm windows as soon as possible. As well, if your home has a basement, you might want to consider protecting the windows with plastic shields.

Roofs, Gutters and Downspouts

Ensure there is adequate insulation in the attic. You can easily do a test of this on your own by going outside to see if there is a large build-up of icicles. If there is a lot of warm air creeping out from your roof, large icicle dams will appear around your gutters. Make sure the gutters are clean prior to the first frost of the season. This will ensure there is no debris and the downspouts can clearly direct water away from the home.

Smoke and Carbon Monoxide Detectors

Ensure every floor of your home has a smoke detector. Buy extra smoke detector batteries and change them at least once a year. It is also good to perform routine checks on your smoke detectors by using the ‘test’ button. Install a carbon monoxide detector near your furnace and water heater (these units are usually situated near one another). It is always safe to have a fire extinguisher in your home. If you already do, verify that it is not expired.

Plumbing Freezing

It is always good to know where your water main in case you need to shut it off for an emergency. To ensure your plumbing does not freeze, you should drain all the water from the outdoor pipes, including garden hoses and air conditioner pipes before the first frost comes. It would be a good idea to insulate any exposed exterior piping and turn your air conditioner off if your A/C has a water shut-off valve. If you are away from your home for a longer period of time (for example, work trip, vacation), you should leave the heat on at least 15 degrees Celsius.

Outdoor Surfaces and Equipment

If you live in a neighbourhood with mature trees, trim long tree branches that hang too close to your home or electrical wires. Condominium fees usually cover this outdoor maintenance. Sensitive potted flowers should be moved indoors. Dead vegetation can stay throughout the winter months and usually provides good nutrients to the soil in the springtime. Ensure all your outdoor summer equipment is stored in a sheltered place (for example, lawnmower, patio furniture, rakes, gardening equipment etc.). Replace any worn shovels or service your snow blower to ensure it is ready for snow removal.

Emergency Kit

It is always good to have indoor candles or matches in case of a power outage. Store extra water, non-perishable food supplies, blankets and a first-aid kit in a dry and accessible location in your home. Write down the contact numbers for your utility providers and keep it in a convenient place by the phone.

Home maintenance is important to keep in mind all year round. Stay tuned for home improvement tips in the springtime!

Katarina

Keeping Yourself Out of Debt

Are you having trouble paying your bills or receiving late payment notices? You are not the only one! Many Canadians face financial crisis in their lives due to different reasons, such as family illness, divorce, loss of a job in the recent economy, overspending and other personal issues. Although it can seem daunting, it can be conquered. To keep your accounts from being turned over to debt collectors and to keep your financial situation from going from bad to really bad, consider creating a practical budget. Budgeting is an important aspect of planning finances that keeps you in control of your financial situation and ensures you can reach a positive goal: savings! The first stage to developing your own budget is to create an honest evaluation of the amount of money you spend versus the amount of money you save.  Keep track of a list of “fixed expenses” versus “secondary expenses”. Fixed expenses are the big expenses that are the same monthly, such as mortgage payments, car and insurance payments. Secondary expenses are just that, secondary to everything else. These expenses change and should be modified according to what you can afford without stretching your credit limit. Examples of these expenses are entertainment, clothing and leisure.

The next step is to write down all your monthly expenses and prioritize the list. Write down every expense, even if it seems minor to you since this will help in keeping track of the outflow of your money. The important goal of prioritizing your expenses is to ensure you can afford the necessary basics, such as housing, food, clothing, insurance and even education. There are excellent books on budgeting as well as computer software such as Quicken that will help to keep your finances in check so you can meet your goal: save and reduce your debt.

Another great alternative for those who are not as self disciplined is a credit counsellor. Consider contacting your local credit counselling service to help solve your financial problems. Certified credit counsellors can work with you to help you manage your debt, develop your personal budget to keep track of your money and offer free educational materials and even seminars.

Saving the Dollar Bills

Money is an endless need for many people. Having too much money is a problem few people have. The majority of people will encounter endless obstacles in life where money is an issue. There are many ways you can save money in your personal budget. Important areas to improve or keep in mind are: transportation, insurance, banking/credit, housing, utilities and other personal expenses. Learn about issues surrounding these major categories of finances in your life in order to reduce them. For transportation, you might consider new versus used cars, auto leasing versus financing, gasoline expenses and car repairs. For insurance, it would be wise to research and ensure you have a good, comparable rate for your car, home and life insurance. For banking and your credit score, ensure you know your credit score and report (which you can check for free online). Also check and stay in tune with your credit spending and limit (ensuring you do not go over 60% of the limit) and other loans. 

Housing is a major category of finances that tops the list of personal budgets. XRenter ensures your home in inspected by a certified home inspector and helps you save towards the purchase of your home. Developing a budget for this saving is automatic in the XRenter Rent-to-Own experience. Living in a neighbourhood that you would like to live in and that is close to the things that matter to you (work, family, schools, and amenities) is on the top of the list. Your home search is not limited but rather you get to choose where you would like to live and create a foundation for your future homeownership journey rather than wasting money on dead-end rentals.

Other important housing savings include home improvement and major appliances. Check out the latest Consumer Reports (available online) for product-specific information about energy use for different appliances. Look for The Energy Guide label on products to evaluate which ones can help you save in energy consumption. This can be very helpful in limiting utility bills.

New Year’s Resolutions are positive but can dwindle after the first few months of the year. Do not let the goals of managing your debt and saving money wither away. Make them routine, realistic and practical. Most importantly, make them personalized to ensure your finances help you achieve what you want in life.

 Katarina 

Income

Everyone has different financial backgrounds and stories. No one is the same. For this reason, everyone’s price range of home varies. Regardless of what employment you have, most lenders like to see steady employment history in order to verify you can safely make the mortgage loan payments. Lenders also consider other sources of income that can supplement traditional job finances, such as a small side business from home, regular income from a relative living with you, child benefits and other government benefits adds to your total income.

In general, most people will be approved for a home value of three times their income. If your price range is way beyond this, you should reconsider the property. The XRenter Rent-to-Own program sets you up with a safe price range you can afford and helps you save for a down payment for your home with the built-in savings plan.

Savings

One of the biggest lump sums of money you will need when acquiring a home is a down payment. Even if everything else is perfect and you have a great credit score and steady and high income, you will still need a down payment in order to obtain a mortgage for your home. Most homeowners can obtain a mortgage with a 5% down payment. On top of this down payment, you will need to pay legal costs to purchase your home. These closing costs average around 1.5% of the purchase price.

The XRenter Rent-to-Own program has a wonderful savings plan that will make certain you have the down payment and legal costs set aside…no worries, we’ll take care of it! The Rent-to-Own terms we set up for you ensure you have enough money (actually 6.5% saved!) for your down payment and legal costs. This money comes from your initial deposit and your monthly option credits. It’s nice to know that’s one less thing you have off your shoulders!

Other Home Costs

During the Rent-to-Own term, XRenter pays the property taxes, Insurance and the Land transfer tax. After you are ready to purchase the home on your own with your accumulated savings, you will now be responsible for paying these things. Prepare a monthly budget and stick to it! This will help monitor your spending every single month (personal spending versus home expenses) and will help you evaluate your own progress in meeting your financial goals. Remember, you want to stay within your comfortable zone, whatever price range that may be for yourself and your family.

The XRenter Rent-to-Own program is proud in helping families prepare themselves financially for their journey to homeownership, every step of the way.

Happy savings!

Katarina

The following list is a series of tips on how to help your credit “back on its feet”:

• Obtain your credit score and the details of it. You can pull your own credit report free of charge; it is recommended to check every 3-4 months. You can obtain your own credit report at www.equifax.ca or www.transunion.ca. This helps to monitor your current situation.

• If your credit score is not as high as you think it should be, make sure that the information in your credit report is correct. If it is correct, read your report carefully to find out which factors are most likely having a negative influence on your score, and then work to improve them.

• Always pay your bills on time. Although the payment of your utility bills, such as phone, cable and electricity, are not recorded in your credit report, some cell phone companies may report late payments to the credit-reporting agencies, which could affect your score.

• Try to pay your bills in full by the due date. If you aren’t able to do this, pay at least the required minimum amount shown on your monthly credit card statement.

• Try to pay your debts as quickly as possible.

• Don’t go over the credit limit on your credit card. Try to keep your balance well below the limit. The higher your balance, the more impact it has on your credit score.

• Reduce the number of credit applications you make. If too many potential lenders ask about your credit in a short period of time, this may have a negative effect on your score. However, your score does not change when you ask for information about your own credit report.

• Make sure you have a credit history. You may have a low score because you do not have a record of owing money and paying it back. You can build a credit history by using a credit card.

• Signing-up for internet banking allows you to monitor your finances and set-up automated bill payments. This is a bonus for those that have difficulties remembering bill payment dates.

• Do not make any large purchases that would cause further difficulties with your credit.

• Contact the credit company to fix any errors on your report in order to see an improvement in your credit score. Keep all receipts as proof of payments if any errors arise.

• If you are having difficulties managing your credit contact a credit repair specialist to assist you.

The most important tip we can offer starts with you; become aware of the importance of your credit and how you can change it. Only you can positively change your credit score.

Stay tuned for more information on preparing your finances for Homeownership!

Until next time…take care,

Katarina

               Whether you’ve been a Hamilton resident your whole life or have just moved to the area, you’ve probably observed a change in the city that has so many people loving this place! So what is it exactly about Hamilton?  You might have heard or even seen the new construction projects in your neighbourhood…smart centers, new health facilities, harbour developments…what’s going on? The growing Canadian population is becoming very interested in this old “steel town” for a number of different reasons. With a population of over 500,000 Hamilton has converted itself from being a ‘steel town’ to a diverse city including employment areas such as advanced manufacturing, health care and life sciences, film production, agriculture, education and commercial. With beautiful natural amenities (including the harbor, Lake Ontario and Niagara escarpment), great job opportunities and new transportations routes, it is no wonder why Hamilton ranks among the top ten towns in Canada to live in!

                Location is a key part of it all…and Hamilton is blessed with it! It’s right in the heart of Ontario’s Golden Horseshoe, only a hour away from two United States border crossings, access to international rail lines, has its own airport and operates the busiest port out of all the Great Lakes.

               On top of its great location, you can actually get around the city easily! With the recent addition of the Red Hill Valley Parkway in November 2007, and new Metrolinx rapid rail transit routes in the coming years, commuters all around town will be able to get from one end of the city to the next in just minutes! In case you wanted to know, the four planned Metrolinx rapid rail connections are: the Hamilton Airport to the waterfront (known as the ‘A-line’), McMaster University to Centennial Parkway (known as the ‘B-line’), Mohawk Road from Ancaster to Main Street (‘T-line’) and Centennial Parkway to Rymal Road (‘S-Line’).

               Hamilton’s housing market is very affordable compared to many of the surrounding cities. It has a wide variety of homes: ranging from styles, age, conditions and types…all within close distance to one another. The average price for a home in Hamilton is well below the GTA’s market; which is an obvious reason why many people working not only inside the city, but commuters out of Hamilton choose it as their “home sweet home”. In fact, the 2009 Re/Max First Time Home Buyers Report recognized Hamilton as one of the most attractive areas for Canadian first-time buyers.

               Hamiltonians are witnessing the city’s Economic Development and government projects all around town; all in the positive mind frame to create jobs, diversify the economy and revitalize the city. Some examples include: the Centre mall which is being revamped, the major high-tech industrial park on the move near McMaster University, as well as the new health facilities and additions at Henderson Hospital.

               Let’s face it, Hamilton’s got it all!  Great post-secondary institutions (Mohawk College, McMaster University), lots of employment opportunities (whether you are a student, nurse, teacher, contractor, labourer etc.), great multi-cultural mosaic including immigrants and long-time residents, and diverse landscape where the farmer, downtown resident, lake dweller and escarpment inhabitant can live together! Hamilton is experiencing a transition from a gloomy past to a bright future…welcome to the bright side Hamilton!

Katarina

This week I wanted to rant about a deficiency I see in the education system. Why do we not receive training or education on our finances? Every high school, college and university should have a mandatory course on personal finances; teaching our youth about money, credit reports, saving, budgeting, loans, investing, RRSP’s, etc. It would allow young adults to start their careers off on the right foot and give them insight before making a major financial decision.

This concept seems obvious…educate children on one of the most important subjects in life. It makes you wonder why it’s not offered. Some conspiracies suggest it’s the government’s way of keeping people in the middle class…to allow the major financial institutions to pull the wool over our eyes allowing them to do the educating! This might seem harsh, but it makes you wonder?

In the financial game of life, our position on the board is not our fault. Although sometimes we can be our own worst enemy when it comes to money and spending habits, we can’t truly take the blame because we were never properly educated on the topic of ‘Finances’. You can’t reprimand a child for not cleaning up their toys if they were never taught to keep the room tidy. Similarly, we cannot guilt ourselves for the uninformed decisions we made in our lives because many Canadians are ill-prepared when it comes to facing their financial futures.

So what now?

On the flip side of the coin, it is never too late to take control of your finances; any financial situation can be repaired. A great starting point would be to go out and buy yourself a book…I suggest “The Wealthy Barber” by Thomas J. Stanley. It is a delightful read and the insight is truly priceless. In my opinion, reading this book, in a classroom atmosphere, should be mandatory… along with Shakespeare.

At XRENTER, we can help you fix your situation and get you out of the ‘renters’ cycle that so many people get stuck in because of their haunted past financial decisions. We can help you move into a home of your own and arm you with knowledge on how to fix your financial situation. You might not have had the education and help in the past but XRENTER is here move you to a better spot on the financial game board! We invite you to apply for our XRENTER Rent-to-Own program (Click here to apply ) and get you started on the path to becoming a homeowner.

Mark

Rent-to-Own … lease-to-Own … Rent with the option to buy … it’s written all over town! I can go on about its benefits but before I do that, I’d like to give you a little insight on how I started with rent-to-own.

Although XRenter is a new website I have been involved with Rent-to-Own’s for a number of years now. This experience stems to a time when I myself was a renter. I fell into a rut, where I planned to rent for a couple years while I saved for a sizable down payment. So I rented and I rented…3 years passed and I managed to save NOTHING. I moved 3 times, each time moving further from my original goal to save for my own place. Freshly out of College, I worked hard to build my career while at the same time developed poor financial habits. As I increased my pay at work, I upgraded my car, my clothes and moved into a more expensive rental. The concept of building a strong credit never entered my mind. It wasn’t until I was declined, yet again, for a mortgage that I asked myself…what am I doing wrong? I became determined to educate myself and buy my own home…to figure out how to play this game called life…to BECOME AN XRENTER!

The reality at the time was that I had damaged credit and not enough money saved for a down payment. I made a decent income and was sick of making excuses for not having a place of my own. So I read a few books, spoke to some people and came across a lovely home that advertised rent-to-own. So with my new found financial knowledge and determination I called the number and in 3 weeks I was moving into my own home…my rent-to-own home.

It was a single family detached home that needed some work but it fit my vision to the “t”. The 2 year lease was as much as I would have spent on regular rent but in the end I had saved the down payment I needed to buy out the home through monthly credits. In the 2 year term I took the necessary steps to increase my credit score and renovated the bathroom and kitchen. The greatest part of all was that the home appreciated greater then I expected…partly due to my new found power tool hobby!! I was finally a homeowner…I was proud…I was officially an XRENTER!

Shortly after, I refinanced my home and used the equity to buy an investment property in which I found a rent-to-own tenant. I was determined to help others achieve home ownership…I was passionate about the concept. Since then, I have partnered up with others to create a team of real estate experts and former renters that share the same passion as I do. We are dedicated to providing clients with a home…once and for all.

In a nut shell, that is how XRenter was started! We do not just provide the service of rent-to-own but we have been there and seen the benefits first hand. Feel free to look around the site or contact me if you have any questions…we are here to help.

Thanks,

Steve

You may have seen the signs or heard it from others….”RENT-TO-OWN”, but what is it exactly? In today’s society we are bombarded with advertisements and gimmicks, forcing us to be more cautious and question the intent of those that try to sway the masses. When things sound too good to be true, you ignore, because there is an inevitable caution hidden in the fine print.

Us here at XRENTER.ca do not want to play that game and we are not in business to pull wool over your eyes but rather work together to formulate a win-win situation for everyone involved. This website has been created to do just that…create a win-win situation by showing you exactly what is behind the curtain, outlining the full truth about the XRENTER rent-to-own program. The intention is for you to know the in’s and the out’s of the services available because becoming a homeowner is a very important milestone in life.

We encourage you to browse the website to see if our program is right for you.

Click here for an in depth information package!

We welcome you to fill out an application for a free, no hassle assessment,

Click here to fill out an application!

and want you to email us if you have any questions or concerns.

Click here to email us!

We invite those interested, applicants, current clients and even those who do not think our program is for them to stay tuned to our blog. We will be blogging regularly on all sorts of topics…real estate, home ownership, rent-to-own, home maintenance, client interviews, Hamilton / Ontario / Canada news…

Check back shortly, as next, we will be giving readers an inside look on how we started with rent-to-own.

Take care,

Mark