Have you just moved into your dream home and can’t wait to grow your own outdoor oasis with vegetables and flowers, but don't know where to get started? Or are you a notorious plant killer that is looking for guidance so your attempt at boosting your home’s curb appeal for sale doesn’t end in disappointment? Hope is not lost! Here is a list of essential tips to help you get started!
Location, Location, Location
Like starting your home search, gardening is all about the location! The phrase "out of sight, out of mind" definitely applies to gardening, so be sure to place your garden somewhere that you will see regularly. That way, you will be more inclined to show it some TLC.
You also want to know where the sunlight hits in your yard, as most plants need large amounts of sun exposure to thrive. Placing your garden close to a water source where you can efficiently run a water hose is also incredibly important for when your plants get thirsty. A great indicator of this is if the soil is dry up to your first knuckle, then it’s time to give your plants a drink!
Cut Down on Lawn Work
One of the best landscaping tips you can get regarding your home is to save time on lawn chores by reducing the grass-covered areas in your yard. The time you will save by combining the use of trees, shrubs, boulders, and other decorative plants to make an eye-catching display in your front and back yards is sure to amaze. And the beauty of these elements is that they are maintenance-free, leaving the time for you (or your potential buyers!) to dedicate yourself elsewhere.
Start Your Garden with Good Soil
You have found your ideal location and reduced your lawn chores, so now what? Start your garden-growing journey strong by using good, nutrient-rich soil. Many local garden gurus here in Saskatoon recommend working with compost, manure, or dried peat moss to combat the drier conditions we tend to face.
Choose the Right Plants
Match the plants you select to your growing conditions and be mindful of placement within your garden. Sunflowers are named as such for a reason, and pumpkins like ample elbow room for all of their vines. Ask around your Saskatoon neighbourhood what plants your neighbours find success with in your area and take note of what they have planted. And don’t forget about the different seasons!
Listing your home for sale soon and need some quick curb appeal without waiting for seeds to sprout? An easy way to fill an empty garden with plenty of colour in summer and into the fall is to plant a few annual starters and keep them well watered. They’ll keep everything looking cheery and bright for summer selling, then die off in the fall so the new owners can start fresh in the spring!
Timing is Everything
Planting too early or too late could mean an accidental killing spree on your plants. The last average spring frost date in Saskatoon is typically around May 15, so plan to plant after that to avoid casualties. And keep in mind the first seasonal frost happens usually around September 11th to 20th, so plan accordingly for fall flair!
Work Smarter, Not Harder
Time release-fertilizers will keep your garden fed for more extended periods, meaning reducing the frequency you need to fertilize. And having a timed sprinkler system can shave countless hours off your maintenance schedule, which can be super helpful if you plan to spend more time at your Saskatchewan lake property this season!
Of course, the best news is, the more you garden, the better and more knowledgeable you will get! So don’t forget to have fun and enjoy the moments, whether they are the first in your new home or your last before you leave.
Homebuyers needing to finance their home are required to pass a stress test, and it's about to become harder to pass. Here's what you need to know about the stress test as it stands currently and what is about to change.
What is the Stress Test?
Introduced in 2018, the stress test for insured mortgages requires applicants to meet criteria that prove they could continue to make mortgage payments based on higher interest rates. For a stress test, mortgage lenders calculate the Gross Debt Service and Total Debt Service ratios to decide if applicants have a high enough income and low enough debt load to make higher mortgage payments should rates increase.
Changes to the Stress Test
"Regulators plan to ratchet up the country's dreaded "stress test" qualifying rate for mortgage borrowers. As of June 1, loan applicants—regardless of the mortgage rate their lender has offered them—will need to prove they can afford an interest rate of 5.25 percent before getting approved for funding. The current benchmark is 4.79 percent." - Regina Leader-Post
Why Are There Stress Tests?
Similar to crash tests done on new vehicles to determine the safety and integrity in the worst-case scenario, the same forward-thinking testing is done in the world of finance. Stress tests will model a bad scenario before the investment is made to show what would happen in case of a financial misfortune, and help determine exactly how much you can afford. If you were to suddenly have a reduced income or lost your job, could you still afford to make the same mortgage payments? What if interest rates were to spike, or you needed to refinance your home? This type of rainy-day planning is essential for a number of reasons.
First and foremost, interest rates are constantly in flux; as are home prices. According to CREA (the Canadian Real Estate Association), the average home price in Canada was over $500,000 in January 2020, up 11% from a year before. It's important to know that you can still afford to pay your mortgage if interest rates increase and could affect the kind of home you decide to buy.
Ultimately the new mortgage rules are in place to protect the Canadian housing industry by ensuring that Canadians are not over leveraging themselves. As a home buyer, this could mean that you will have to settle for a lower budget. Despite the frustration of some Canadians, it is expected that mortgage rates will rise, and this test will help you make sure you don't overextend yourself. This will protect you from future difficulties when interest rates eventually increase.
How is the Stress Test Calculated?
According to the Bank of Montreal, uninsured homebuyers who qualify with a 20% down payment or more will have their minimum qualifying rate based on either the 5-year benchmark rate offered by the Bank of Canada or the rate offered by their mortgage lender plus 2%—whichever is higher. On the other hand, buyers with default insured mortgages—making a down payment of less than 20%—must qualify using either the Bank of Canada 5-year benchmark rate or the rate offered by their mortgage lender, whichever is higher.
When you're in the process of qualifying for a mortgage, the stress test may seem like one more obstacle you need to overcome. Keep in mind, though, that it's there to protect you from future rate increases. And if you're feeling overwhelmed or like buying a house may not be possible right now, please don't hesitate to contact me. I can help you assemble a team of real estate professionals who will make the home buying process far less stressful.
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