Closet Upgrades 2

Condo living makes for unique ways to creatively maximize storage space. I usually found that my extra items that I like to have on hand, never had a decent accessible space to dedicate to them. My “extras” refer to items such as crafts, linens, luggage and tools. Other items that sometimes come into consideration, if you don’t have a storage locker or need them to be a bit more accessible may include sporting gear and seasonal items.

I decided to convert two of my closets that I felt weren’t maximizing their use. The one closet originally had two wire shelves with adjoining hanging bars at 3’ and 7’ heights. The second closet had one shelf at 6’. These shelves are the common installed product with new builds. You can still see the placement of the shelves in the pictures. I was considering removing the shelves, but decided to keep them and add more shelving and drawer units.

To get started, I first looked at what space I had, what I needed to store and how I though I would best be able to access my items. At one point I was considering adding a table that I could sit at to do work or even ironing . Eventually I realized that my preference would be to work at our living room table and stick with my current ironing board arrangement, therefore, I made many of my supplies more portable.

The stackable Ikea Salma box with lids from the craft closet were purchased from Ikea. They hold a variety of supplies from paints, to ribbon to paper, photos and cards. I used an old plastic bin as a holder for my wrapping paper, and the Antonius drawer units are great for tissue, bows, gift bags and décor. The other drawer unit to the right of the closet holds boxes, candles, candle holders, and note books. The extra shelving and the Antonius frame and drawer unit on the left side were purchased from Ikea.

The second closet I kept with a similar concept. I kept the original shelf and added other Antonius shelving to give me more places to stack and hide things. On the bottom I kept my household paints, tools, and hardware bins. The shelves mainly hold my extra linen, pillows and towels, while the top shelf stores our luggage bags. I also keep my ironing board and iron in here. The iron will eventually be installed properly with the Rationell Variera iron holder from Ikea on one of the inside walls. The iron fits nicely between the shelves and the closet doors.

Both these closets may not be the pretties looking, but they are functional and can easily be adjusted or changed if I ever wanted to re-arrange the space or put it back to the original design for rental or selling purposes.

Mortgages: To 2.99% and below!

We won’t be going too much below 2.99%, but BMO has put the heat on again to get the consumers thinking and the competitors talking.

The BMO no-fills product will attract some clientele, however, even the BMO Mortgage Specialist are aware that this product isn’t for everyone. One of my clients, a BMO account holder for over a decade went to check it out in January when they launched the first ever 5-year fixed rate below 3%. The mortgage specialist honorably told her that this was not a product for her.

The product offers a limited 25-year amortization, 10% lump sum payment per year and/or 10% increase on monthly payments, no skip payment options, no additional access to products such as credit lines, and a fully locked product restricting any access to equity. This is not for those who are concerned with the changes that come with living life.

It has been mentioned that first-time homebuyers, rental property owners and owners of second homes may find this product suitable. However, even those in my opinion would be have to be very specific cases, with individuals in predictable futures to be able to determine what the next 5 years will bring.

For me, first-time homebuyers should not be included in this list. They are a vulnerable group, not due to foreclosure concerns, but that they will likely undergo changes involving their home prior to end of their 5-year term. Entering a fully closed, restricted mortgage can drastically impact their real estate investment strategy by eliminating a number of options (such as using equity for reinvestment or upgrading) and ability to seek other services.

Rental properties and second homes are potentially good options for this product. It would keep the payments consistent and at a low interest rate, however, the borrower would need ensure that they are fine with the invested equity being locked in for the next 5 years.

On average, households make changes to their mortgage every 3.6 years.  This means that only a small percentage actually complete a 5-year term.  Therefore, having flexibility with a mortgage, in most cases makes sense.

With the restricted use of this product, the consensus from many in the mortgage industry is that BMO is using this 2.99% product to bring clients into the bank, not to sell the 2.99% product, but to “up sell” or “cross-sell” them on a more appropriate and flexible product listed at a higher market price. A marketing approach to get consumers to react to the low rates, but then sold on a mortgage that is more aligned with their needs at a much greater cost.

As for my client, I’m not sure if the BMO specialist tried to sell her to another product, however, I know my client quickly realized the value of having flexible options and the level of service she was receiving from the Mortgage Professional (Broker) channel. Having over 40 lenders to choose from, there is always a product, service and lender that can be the right fit with competitive rates. Shortly after her visit to BMO we found her a full-frills 5-year product, with flexibility and options to suit her unknown future at a very comparable and competitive rate of 3.09%.

alpha Delicious Sushi

If you live in Vancouver or are planning a visit to the city, it would be unfair of me not to share one of my most favorite sushi places. In a city with hundreds of sushi restaurants, this is truly a hidden gem worth your time to visit. Not only is the food exquisite, it provides a wonderfully relaxing atmosphere and has such kind and attentive staff.

alpha Global Sushi & Bar has been serving Japanese sushi and izakaya style cuisine and exotic cocktails since 2005. I have been enjoying it personally since 2009. The other day, my friend and I managed to get a table on a busy Friday night. The Tuna Toro Sashimi is a must have, and their Ebi Mayo is tempura like no other; it keeps me coming back for more. Their rolls and weekly special lists always offers flavours that tantalize your taste buds. The food was so good and service so incredible, it reminded me that the least I could do was give props to one of my favourite Vancouver hang outs.

I could go on, but really, the only thing I need to say is that you have to go. When you do, let me know what you think.

alpha Global Sushi & Bar

Crab & Cream Cheese Stuffed Mushrooms

I found this recipe years ago, but have tweaked the ingredient to make it an ultimate crowd favorite. Delicious, rich and creamy, it easily competes against the Keg’s Stuffed Mushrooms Neptune.

Mushrooms

Get about 16-24 large white mushrooms.  Clean and pull out the stem and set aside.  With a brush lightly butter the outside & inside of the mushroom cap.  Place caps individually into muffin tin.

Stuffing

1 package 250g softened cream cheese 1/4 cup parmesan cheese 1 tbsp garlic 1 tbsp olive oil 1/4 tsp pepper 1/4 tsp onion powder 1/4 tsp cayenne pepper 1 can crab meat Finely chopped mushroom stems (4-8)

Prepare mushrooms.  Combined stuffing ingredients in a bowl or mixer.  Once well blended either spoon or pipe into mushroom caps.  I usually use a ziplock bag, trim the corner and pipe into mushrooms.  Bake at 350 degrees for 20-25 minutes or until tops are slightly brown.  Serve plain or top with a sprinkle of paprika or parsley.

Alterations: I have added cocktail sauce and lemon juice to taste occasionally.  This is a great recipe to adjust to make it your own.

Enjoy!

Mortgage Gossip

There has been a great deal of talk on mortgages lately. Unfortunately, most with negative perspectives. The following headlines have been consuming the mortgage industry over the past couple of weeks:

1. CMHC nearing its 600 Billion government-imposed limits on mortgage default insurance due to portfolio insurance purchases by banks and private lenders on conventional mortgages.

2. Canadian Government concerns about historical low mortgage rates.

3. Lighter standards on some home-equity lines of credit or HELOC and the use of stated income applications.

4. Discussions of lowering the maximum amortization from 30 years to 25 as the government continues to monitor the average household debt.

The added attention may actually create unnecessary changes to mortgage regulations and could cause a considerable shift in the housing market, for the bad. Tightening regulations and limited available mortgage insurance to lenders could cause mortgages to become either more difficult or more costly to get, which could easily impact the homebuyer market.

Although many believe Canada has been experiencing a housing bubble, it has been projected that we could be in for a soft correction, especially with interest rates forecasted to stay low well into 2013. However, now with the potential cap on CMHC’s insurance lending, we may experience an abrupt halt to the market. With less lenders willing to lend, an increase to the cost of borrowing could decrease the number of interested buyers.

Nothing has been put in stone and things may fall into place. The government could approve an increase to CMHC’s limits, which it has commonly done in the past. This could help with one hurdle on mortgage liquidity. Rates will likely remain low while lending practices could be monitored more appropriately without the need for additional restrictions. This could help with the other hurdle in keeping active buyers in the market.

Although important decision will need to be made, excess attention has been placed on the housing industry that is not completely necessary. It’s understandable, given the issues experienced by our southern neighbours. Keeping an eye on the industry, however, does not mean big changes are needed. We have already undergone a number of tightening restrictions, which were for the better. Proper management of those now will help to keep the industry progressing by supporting all buyers; conventional, unconventional, Business for Self, A and Alt-A borrowers.

It is quite possible that all this talk is just that – talk. The industry and the government taking the opportunity to monitor and recognize that the housing market can continue to progress in its natural manner.