By Richard Yasinski Certified Financial Planner I often get asked the best way to help grown-up children to get into their first home. A home can be a great savings and investment strategy. But it can also be challenging for first-time homeowners to purchase without help. Here are a few things you should consider before making the decision to help, and how you might go about it: Does it make sense for them to own a home at this time? My daughter started working in Ottawa with the best of intentions of settling here. She rented an apartment, bought furniture, and began to save for a home. But life happened. Now she’s a wildfire ranger in Alberta, living in a camp all summer. (And guess where all her furniture is.) With the transient nature of employment, you need to be as sure as you can be that your son or daughter have a high probability of staying put. Be prepared with Plan B: Let’s say they move out of town for work. Your investment may need to become a rental. It might be more appropriate to renovate the basement for them to live if job security is an issue. Buying a home and having to sell too soon is costly. How to go about it? Once you’re confident they’ll buy the most appropriate home in the right...Read More
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How to find a renovator
What is RenoMark™?
RenoMark™ renovators are held to the highest industry standards. They have to do the big things – carry $2 million liability insurance and enforce strict workplace safety – and the smaller things that give you comfort: pledge to call you back within two business days, for instance.
RenoMark™ renovators must pay a fee to be certified. They must also follow detailed guidelines. In addition to insurance, safety and courtesy, they must:
• Give you a detailed written contract for all jobs, big or small
• Provide a minimum two-year warranty on all work except minor repair
• Carry the proper licences and permits
• Keep their worksite organized and safe
• In the Ottawa area, be a member in good standing of the Greater Ottawa Home Builders’ Association (GOHBA) and abide by the GOHBA Code of Ethics.
• Stay current, through consistent and continuing education, in their professional knowledge of building codes, permit procedures and technical skills.