Maintaining your house (or condo) …..a stitch in time…!

If you are a homeowner, you know that keeping a house in good condition demands ongoing work and attention. And it pays off. Regular maintenance not only helps to preserve the overall look and condition of your home, it minimizes the need for major repairs down the road. I recommend planning on approximately 0.5 % of the value of your house each year in basic maintenance – things like window cleaning, lawn and garden care including new planting and weed control, regular servicing of furnace and air-conditioning, eaves cleaning, painting, caulking and minor repairs. Even with proper regular maintenance, major home improvement projects may be needed from time to time, but with a bit of luck they will be few and far between.

If you own a condo, general maintenance of the property is included in your monthly condo fees. You will still have some interior upkeep and in some cases a small amount of exterior upkeep for your own unit. Costs of major improvements to your building may be assigned to you periodically by way of a Special Assessment.

While the buying frenzy in Toronto seems to have eased a bit over the summer, the local real estate market continues to be strong:

Prices Ease in July

Thursday, August 5, 2004--Prices declined marginally in July, falling one per cent to $312,418 from the $316,510 recorded in June, TREB President Ron Abraham said today. "A continued high level of inventory (22,368 active listings, unchanged from June) has contained price pressures," Mr. Abraham said. "This is welcome news for buyers." He went on to note that prices were up eight per cent over July of 2003.

Sales continued strong last month, with 7,329 single-family dwellings changing hands through the Toronto MLS system, the second best result ever recorded for a July. "That's a very strong number for a summer month, and second only to July 2003 when 8,084 sales were recorded. In addition, year-to-date sales are up 10 per cent over the 48,622 recorded in the January-to-July period of 2003."

(Source: The Toronto Real Estate Board)

H2 uh oh
Displaced water is one of the greatest threats to a house. Be on the lookout for leaks under sinks, at the base of toilets, around the bathtub, shower, water heater, washing machine and dishwasher. Check around window frames and basement walls from time to time to see if water is sneaking in. Have your eaves and downspouts cleaned and checked annually; be sure water is being steered away from your house. Unchecked water can cause serious damage to a home, yet often it is quite easy to fix if caught quickly – sometimes as easy as replacing a washer in a tap or applying a sealant or caulking. My advice - if you see water out of place in your home, address it right away.

Change is good – especially if you’re a furnace filter!
Changing your furnace filter regularly – at least once a season – will help keep dust down, save on your hydro bill and prolong the life of your furnace. It’s simple, low-cost maintenance that is often neglected. In addition to changing your filters, have your furnace professionally cleaned and inspected annually. It will pay off in the long run.

Fall preserves….. your house exterior.
If exterior painting or staining is on your “to do” list, now’s the time! The pleasant, relatively dry weather of early Fall makes this an excellent time of year to preserve and beautify exterior wood trim or decks and fences. Be sure to prepare surfaces properly (should be clean, smooth and dry). Check with your local paint supplier for advice on the best product for your particular job.

That smell in the air means back to school and a more regular pace of work. Judging by what is scheduled in Toronto for September, it also means…. running?! Here are a few of the scheduled Charitable Runs taking place around the city this month. If you’re not participating in a walk or run, be sure to sponsor someone who is:

Thank you for your feedback!
Thanks so much for all of your positive comments about this newsletter – it’s great to know you’re enjoying it. If there is anything you want to see in future issues, please send along your suggestions and ideas.

Know someone on the move?
If you know someone who is looking to buy or sell a house or condominium in Toronto, please have them call me, or let me know and I will contact them with your introduction. Most of my clients come through referrals from people like you! Thank you for your confidence!