Durham Region Real Estate Blog

So you, your spouse, three children and mother-in-law are thinking about your ideal house. Perhaps it goes something like this; four bedrooms – the mother-in-law will have the master bedroom and ensuite so that she can have a little privacy. The two boys will share one room, your little angel will have her own room and you’ll take the final room. Since you definitely wanted two bathrooms, you sacrificed a little on living space. No main floor family room, but that’s o.k., you have a finished basement, and the kitchen is small, but functional and there’s plenty of room for family dinners in the dining room. It’s not a palace, but you’re there, you’re together and you love it!

Maybe you are able to afford a few more luxuries. A four bedroom home, three and a half baths, main floor family room, large, eat-in kitchen, formal dining room and a separate suite for your mother-in-law. You are happy here. The family is close but there is a quiet nook for reading and one on one time with each of your children. Maybe even a double car garage.

Well, if you are Mukesh Ambani, the fourth richest man in the world, you definitely don’t think either of these descriptions fit your idea of the perfect house. Instead, a cute and cozy, 27 storey building, with over 400,000 sq ft of living space and room to park 168 cars is in order. When the home was completed in 2010 it was estimated to be worth as much as US$1 billion.

When looking at homes with buyers I often hear that they want an open concept home. One where the cook can see the children playing or be a part of the conversation when company drops by for dinner. But in a home with only 5 residents and 600 employees, you are more likely to run into the maintenance staff than your Mom. With more than four floors per person you could cook, eat, clean up and sleep for weeks without ever running into your family. Hmm, on some days that might be preferable!

Thankfully there is a perfect house for all of us, sometimes it just takes a little while to figure out what our “perfect” is. But once we find it, there’s nothing like going home each day.

Purchasing a home in north Oshawa as an income property does come with some restriction. Residential properties located in the vicinity of Durham College and the University of Ontario Institute of Technology (DC/UOIT) must be licensed through the Residential Rental Housing Licensing (RRHL) By-Law and they must compy with the city’s zoning by-laws.

The RRHL By-Law came into effect in Jun 2008 and it requires homes within a certain area near DC/UOIT to be licensed. Number of rental bedrooms are limited to four on all streets in the rental area.

Property owners must consider five main criteria with their houses:

1. The property may only be used as permitted under the city’s zoning by-laws.

2. An R1 zoned home must function as a single housing unit.

3. Only a maximum of 4 bedrooms are allowed.

4. The home must comply with the fire code, building code, electrical code and property standards by-law

5. The owner must carry a minimum of two million dollar liability insurance policy.

If the owner complies with all these things, they can apply for a license and pay the required fee. Once reviewed, the owner will be contacted to set up the required inspections. The owner must schedule their own inspection with the Electrical safety Authority.If the application is denied, the owner may appeal.

The licence is valid for up to one year and expires on August 31 of each year and it is the responsibility of the owner to apply for a renewal each year.

Have a look at the map attached here. If your property falls within the boundaries and you’d like to rent it out to students, have a look at oshawa.ca/rrhl. If you are thinking about purchasing a home in Oshawa and you’d like to know a little more about renting it out, give me a call so we can get together and discuss what your best options are in today’s market.

Planning for your future involves more than just money. It involves you, your needs, values and dreams. Your financial planner should learn more about you and what’s important in your life. This understanding, along with a review of your financial situation, your investing preferences and your tolerance for risk, will guide your chosen planner as they recommend strategies and provide solutions that will help you achieve your goals.

Whether you’re saving for a rainy day, for retirement, for your future or to send your kids to college, there is a saving plan for you. There are four registered savings vehicles available to you. Registered retirement Savings Plans (RRSPs), Tax-Free Savings Account (TFSAs), Registered Education savings Plans (RESPs) and Registered Disability Savings Plans (RDSPs). You need to work with a planner who fully understands you and the programs available. Helping you get to where you want to be in 5, 10, 25 years.

Planners can also help you achieve your home ownership dreams. They know what it takes to get you into a home, one that you can afford and that will allow you to sleep at night, knowing that you can afford the payments and the maintenance issues that come with owning a home. The other great thing is that if you have been working with a planner for a while, you’ll have a healthy amount in your RRSP and you can take advantage of the Home Buyer’s Plan. You can borrow the funds from your RRSP to help you purchase your first home (you and your spouse can each withdraw up to $25,000).

Financial planning may not be the funnest task you do, but it is one that you should not put off for tomorrow. You want your tomorrows to be full of financial freedom, so you’ve got to start today! Do you need a recommendation to someone great who can help you? Let me know and I’ll recommend some names.