Mandana Tehrani - You've Found a Home

Getting ready to move this winter? While it may not be as easy a move as in other seasons, with a little preparation you can accomplish a move that goes off without a hitch. For some helpful tips, read on.

• Be prepared to be flexible – Check the weather in the days leading up to your move. If a storm is forecasted for your moving day, consider rescheduling your move date. Get any pre-move errands completed in advance of your move, so you don’t get stuck trying to accomplish them in bad weather at the last minute.
• Prepare both homes for winter moving – Ensure both your old and new homes have clear, wide paths for moving, plastic sheeting to protect floors, and if it will be dark during any part of your move, check that the exterior lighting works, and consider headlamps.
• Protect belongings –Temperature changes from the warmth of your home to the cold of the moving truck can cause items like glass to break and electronics to malfunction, so secure these items according to the manufacturer’s instructions and have them loaded onto the truck last or transport them in your own vehicle to keep a closer eye on them.
• Organize utilities – Schedule utility hook-up at your new home before you move so you aren’t stuck without the ability to control indoor temperatures in the height of winter.
• Prepare your vehicle – Especially if you are making a long-distance move, make sure your vehicle has been serviced recently and is stocked with gas, washer fluid, first aid and emergency kits, and blankets.
• Show your movers some appreciation – A warm drink and something to eat for your movers will be a nice gesture to show you care.

What do you get when you have an onslaught of aging baby boomers, an affordability crisis, and a housing shortage? Granny pods – also known as guest suites, in-law suites, or accessory dwelling units. They are tiny homes that are either separate or attached to an existing home with shared utilities and are usually equipped with a kitchenette, bathroom, bedroom, and living area. For more on why they are gaining popularity, read on.

• Avoids the downsides of a retirement home – A granny pod can be a lot more affordable than a retirement home, while also making it easier for family to stay connected.
• Aging in place – An elderly person can continue to live on their property and rent out the main house to caregiving family or renters, enjoying the comfort of familiar surroundings.
• Childcare - Aging parents, if still in good health, are just steps away to help with childcare for their grandkids, saving money.
• Multi-purpose revenue source- Despite the name, granny pods can also be a place for adult children to live or used as a rental property for passive income.
  • Home value – For all the reasons above, granny pods can also increase the value of your home.

When considering a granny pod, take into account:

• Local zoning by-laws – There may be rules against additional dwellings on a property, but given the housing crisis many municipalities are moving towards more leniency with them.
• Family dynamics– Consider if everyone will get along overall. Discuss if meals will be separate or shared and if the grandkids can stop by anytime.
  • Unexpected costs – You may need to upgrade utilities, ready your yard, and include accessibility features (e.g., ramps, grab bars) that may increase your costs more than initially expected.

Deciding when to move can be a tough decision. If you are thinking about moving, consider the following:

• Length of time living in your next home - Would you be there long enough to recoup the initial costs of moving, such as the down payment, closing fees, and moving expenses?
• Mortgage penalties – Try to align selling with when your mortgage is up for renewal to avoid a penalty, or negotiate it with your lender. You may also have the option to port your mortgage and take on a blended rate combining your old interest rate with the new one.
• Your job situation – If you don’t have a secure job this could be an obstacle with a lender.
• Non-monetary costs – Would you be moving mid-way through your child’s school year, or would they have to give up the sports team they are on if you moved? Consider disruptions to your routine and social connections, along with other stresses in your life, to determine if it’s the best time to move.
• Plans for the new home – Do you have plans for what you would want to do with your new home, and might there be any restrictions on what you can do (e.g. do you intend to renovate it, run a business out of it, or use it as a short-term rental)?
• Your future plans – Would your new home have enough space for your family or future family, including pets? Consider which schools are nearby if you have kids or plans to start a family.
• Your day-to-day life – Consider the neighbourhood you would want to live in, the monthly bills, and the lifestyle you would like to have.

With housing costs at unaffordable levels for many, some people are turning to alternative homes. Here’s a breakdown of some of the other options out there:

Tiny living – If you can compromise on space, there are tiny homes (approx. 120 to 500 sq. ft.), some of which can be hauled around, micro apartments (approx. 200 to 400 sq. ft.) in buildings with varying amenities, and shipping container homes, which can be tiny (approx. 160 sq. ft.), or the size of an average-sized home constructed of multiple containers.

Vehicle conversions – For a 2-for-1 home and transportation deal, consider an RV or a converted school bus.

Houseboats – This option may be for you if you are a water lover. While the price is much lower than a condo and can even offer more space, consider the maintenance costs and how you feel about seasonal weather like wind, rain, and snow while on a boat.

Eco homes – In our ever-increasing eco-conscious world, there are different kinds of eco homes, such as passive Homes, designed to minimize energy consumption, and off-grid homes that are self-reliant for electricity and water.

Laneway homes – Typically found in urban centres and accessed from a back lane, these homes could be new builds or converted garages. Note, that not all jurisdictions allow laneway homes.

It happens. Desirable home. Desirable neighbourhood. Multiple buyers with offers. It can be a recipe for a bidding war.

 So, what do you do if you have your heart set on a home that other people want too?

• Show them the cash – According to a report by Redfin, cash offers were 4 times more likely to win a bidding war. Of course, when considering making a cash offer don’t drain your emergency fund, and weigh factors such as if there is a penalty to pay if you withdraw from a certain account.
• Get pre-approved – Next to cash, getting pre-approved before you shop is the next best option. This way you know what you can afford, and it ups your chances of winning a bidding war because the seller knows you are serious and can close faster.
• Offer over asking – In doing so, make sure you know the highest amount you are willing to offer, thinking in terms of what the monthly payment would be.
• Limit contingencies – Contingencies waived usually apply to inspections, appraisals, finances, and insurance. Be aware that waiving contingencies limits your ability to back out of the deal and you take a potentially serious financial risk.