“Rightsizing” for your home typically refers to the process of finding a living space that is better suited to your current needs and lifestyle. It often involves downsizing or upsizing to a home that better matches your circumstances. Is your home continuing to serve its purpose? A question worth answering. Here are some factors to consider when rightsizing your home:

1. Current needs: Assess your current needs in terms of living space. Consider the number of bedrooms, bathrooms, and other features that are essential for your lifestyle.

2. Future needs: Think about your future needs as well. Will your family be growing, or will you have fewer household members in the coming years? Planning for the future is important.

3. Budget: Determine how much you can afford for housing, including not just the mortgage or rent but also ongoing maintenance and utilities. It’s essential to have a clear budget in mind.

4. Location: Consider the location of your home, including proximity to work, schools, amenities, and transportation. Location can greatly affect your quality of life.

5. Lifestyle: Think about your preferred lifestyle. Do you want a larger home with more outdoor space, or are you looking for a more low-maintenance, smaller living space?

6. Decluttering: You might realize you have more space than you thought. Or before downsizing, declutter your current home. Get rid of items you no longer need to make the transition to a smaller space easier.

7. Selling or renting: Decide whether you want to sell your current home, rent it out, or keep it for other purposes. This decision can impact your financial situation.

8. Accessibility: If you have mobility issues, consider a home that is accessible and suits your specific needs.

9. Energy efficiency: Consider the energy efficiency of your home. A smaller, well-insulated home can be more cost-effective and environmentally friendly.

10. Emotional attachment: It’s important to factor in emotional attachment to your current home. Sometimes, the memories and sentiment associated with a house can be a significant consideration.

11. Consult with professionals: If you’re unsure about the real estate market, finances, or other aspects of rightsizing, consult with real estate agents, financial advisors, and other professionals to get expert guidance.

Ultimately, rightsizing your home is a personal decision that should align with your goals and priorities. It’s essential to carefully evaluate your options and make a choice that suits your current and future needs while also being financially feasible.

Whether you’re a growing family or a downsizing retiree – I recommend that my clients review the process of finding the financial and lifestyle values of their property on an annual basis. I can help you with that analysis, giving you a good idea as to what the value of your home is in today’s market, and help determine the degree in which your home is fitting the lifestyle you want. Give me a call, I’d be happy to arrange a visit and do an “Annual Checkup”.

Get your outdoor living space ready to use!

With the last frost behind us, it’s time to start prepping your yard for Spring!

Lawn Care

Remove winter debris by lightly raking. While considering de-thatching and aerating. Aeration is a great way to fertilize your lawn as it pulls tiny plugs of grass out of your lawn, allowing more air to reach the root system. De-thatching is more aggressive and can tear apart a healthy lawn. It only really needs to be done if the lawn feels spongy to walk on.  If there is no need to de-thatch or aerate your lawn, instead give it it’s first mowing in preparation to apply fertilizer. It's also a good time to consider if you need to neutralize your soil’s pH balance with lime to promote a healthy, lush lawn to grow. A soil’s pH is measured by its acidity and alkalinity and can be easily tested with an inexpensive test kit found at most garden centers. And if need be top-dress with a sand/soil mix accordingly which allows for better drainage and fills in any low spots. Then overseed as part of your maintenance for a healthy lawn.

Garden Beds

Start by removing any dead annual plants that remained over the winter and remove any of those pesky weeds before they take over. Spring is an excellent time to top dress your garden with compost/manure and till it into the existing soil for preparation of planting your beds. It’s also a good time to cut a clean edge on your beds as the soil is moist and easier to work with. Perhaps you have some perennials that can be divided too.

Pruning

It’s best to trim trees and shrubs when they are dormant. Cutting back branches before buds and greenery start appearing. Make sure and do some research on the specific types of trees and shrubs to find out if it should be done in the spring or the fall.

Plant a Tree or Two

If you are a City of Surrey resident, take advantage of planting a new tree or two. The city encourages residents to plant new trees on your property to help the environment, by providing shade and insulation for your home, while increasing your property value. Variety of trees available for $20 each and average in size from 2 to 3 cm in caliper size in 5 or 10 gallon pots varying from 5 to 12 feet. Make sure your vehicle can accommodate on pick up day! Tree’s go on sale on April 19^th at 9am until May 3, with tree pick up on May 14.  https://www.surrey.ca/renovating-building-development/trees-yard-garden/tree-sale-program

Wash and set up your patio furniture.

Whether your patio furniture was stored or outside for the season, give it a good rinse with a hose, then give it a wipe down with soapy water to remove any scum. Follow up with another good rinse.

Power wash the deck, patio, and driveway.

Remove the unwanted collected dirt and debris or possible mold that has accumulated over the winter by power washing all decks, patios and driveway surfaces. Getting it ready to set up your freshly cleaned patio furniture.

The New Anti-Flipping Rule.

Most of us are aware that when selling our principal residence, we can claim the principal residence exemption reducing or eliminating the capital gain or fully taxable business income tax all together.

New rules went into play earlier this year in respect to the sale of residential real estate (including rental property) within a year. If you are looking to buy a residential property and sell it within 12 months you will be taxed at 100 per cent business income and are ineligible for either the 50 per cent capital gains rate or the principal residence exemption. This property would be considered a “flipped property” as it has been owned for less than 365 consecutive days. There is talk that this could also apply to gains arising from assignment sales, individuals who hold the rights to a pre-construction residential property and sell those rights for a gain within 12 months. However, at the time of writing this article, this has not been passed by legislation.

There are some exemptions should any of the following of these life events take place:

-          Household addition, such as birth, adoption, or care of an elderly parent.

-          Death of individual or related party in the household.

-          Breakdown of marriage or common-law partnership.

-          Threat to personal safety.

-          Work relocations or termination.

-          Insolvency.

-          Involuntary disposition, such as from a natural or human-caused disaster.

The new rule is rather complex, and I suggest you reach out to a tax accountant to determine whether this may affect you.

Disclaimer

The information contained in this article is general in nature and is based on proposals that are subject to change. It is not, and should not be construed as, accounting, legal or tax advice or an opinion provided by Michele MacKenzie to the reader. This material may not be applicable to, or suitable for, specific circumstances or needs and may require consideration of other factors not described herein.