Courtesy of Daryl Colin, Mortgage Architects on Facebook

If you want to take advantage of the $1,350 home renovation tax credit, you’ll need to get that renovation done before February 1, 2010. So if it’s time for a new roof, new flooring, or a fresh new recreation room… this is the time to get it done.

Here’s the details. For renovations done between January 28, 2009 and February 1, 2010, you’re eligible to claim a 15% credit against your renovation expenses after the first $1,000.

The maximum tax credit is $1,350, which represents $9,000 worth of renovations, and comes directly off your taxes owing. A wide range of renovation expenses qualifies for the credit; go to the Canada Revenue Agency web site at http://www.cra.gc.ca where there is a list of eligible expenses.

If your renovation project includes some energy-saving home improvements, you may also be able to tap into grant money under the ecoENERGY retrofit and other government and local programs. You may therefore be able to benefit from both of these incentive programs for one renovation project.

But what about the upfront financing for larger projects? If you’ve built some equity in your home, you may be able to unlock the financing you need for those projects. Assuming your current mortgage is $150,000, here’s an example of how you can roll your renovation cost into your mortgage and have one, easy monthly payment. You can then use your prepayment privileges to pay your renovation project off faster.

Renovation Mortgage Monthly
Cost                Amount              Payment*
$20,000     $170,000            $894
$40,000    $190,000             $999
$60,000     $210,000            $1,105

*Assumes 4% 5-year rate, 25-year amortization. OAC

Want another reason to renovate now? It pays to renovate.

The right improvements will boost the value of your home. So you’re building on your biggest investment – while you enjoy your improvements every day. Before you choose a renovation project, then, it’s worthwhile to consider what the impact will be on the appraised value of your home – in case you ever want to sell.

The Appraisal Institute of Canada ( http://www.aicanada.ca ) has a good idea on which renovation projects can maximize the value of your home – and which ones just don’t pay, financially.

To check on the estimated payback, visit the RENOVA section of the Appraisal Institute’s website (click on Client Resources Centre), which has an interactive webbased guide to the value of home improvements. RENOVA is designed to give you a better idea of the return on investment you can expect for a variety of home improvements. You simply input the amount you plan to spend on one of the 25 listed renovation types,and you’ll receive an estimate of the effect this home improvement project may have on the value or resale of your home. Even if you are renovating for personal reasons only – to improve the livability of your home – it just makes good sense to understand how that investment might payback in the value of your home.

In today’s great interest rate environment, homeowners aren’t renovating just because they want to… but also because they can. Many are taking advantage of the Home Renovation Tax Credit and incredibly low mortgage rates to refinance their mortgages, potentially saving thousands of dollars, while extracting some of that equity for a renovation project or two.

A clean start and proper gap are essential for good caulked joints.

If caulking isn’t the most poorly handled home detail ever, it’s got to be near the top.

Ill-advised caulking choices, improper surface preparation and sloppy application techniques all make many caulked joints fail sooner than they should – and look ugly while they do.

It’s rare to find a good caulking job, and the routine reapplication of new caulking over old only makes matters worse. But it doesn’t have to be this way for you.

Stinginess is the most common cause of caulking failure. A tube of cheap caulking looks pretty much the same as more expensive versions, even though it’s destined to fail earlier. Pinching pennies is also why new homes are routinely built with the lowest-quality caulking available (who’s going to notice?).

Read the full story here

When I am with buyers, sellers, or homeowners, I always make it a point to advise them to buy the good quality caulking, NOT the Dollar Store stuff; it only makes sense. Unless you like caulking every year!

Courtesy of Canada’s Housing Agency, CMHC, there are a number of very informative videos here, accessed by clicking on the dropdown arrow just below the video window.

Click HERE to access the videos.