With the rise of condo living, one of the biggest issues we are seeing homeowners
faced with is finding a sensible way to decorate their space. We know that it can feel
like a balancing act when you’re working with such a small space. Consequently, it can
feel almost like you need the perfect combination to really get it right. Here are some
useful tips to keep in mind when decorating your condo and considering the impact
of harmonious space.
DON’T FURNISH WITH OVERSIZED PIECES That vintage leather smoking
chair might seem like a good idea at the time but can end up taking too much
valuable floor space. I always tell homeowners to steer clear of overstuffed furniture
and purely decorative pieces when working with limited square footage. With smaller
living spaces an upward trend in today’s lifestyles, you can still find fabulous furniture
to fit small cozy dwellings. That way, you don’t have to sacrifice on style or space.
DO STICK TO SLEEK PIECES You want to maximize the space you have and
keep clutter to a minimum. We recommend choosing your fundamental pieces to
have sleek arms and backings. Think minimalist and clean lines, which translate into
less bulk. Also, bonus points for multi-use furnishings. We love ottomans with storage,
lift-top tables with blanket space and beds with drawers. They can be both functional
and elegant.
DON’T GO CRAZY WITH PATTERNS Loud prints and bold colors can make
a small space actually seem more restrictive. Patterns are best reserved as elements
placed few and far between. Throw pillows and art prints can be a great way to add
character and definition to a room.
DO KEEP THINGS LIGHT AND AIRY We mean this in the genuine sense of
the word. Think ghost chairs at your breakfast nook, glass-topped tables in the living
room and crystalline pendants over the bar. This helps create the illusion of a larger
space. The fewer shadows your space casts, the brighter it will look and feel. - Tina Marie
Singh, www.lionsgatedesign.ca
Everybody who is a homeowner dreams about that
mortgage burning party. Canadians have always
put a high priority on paying off their mortgage
debt and sometimes maybe a little too high. Paying
off debt is always a good idea. Wanting to be
mortgage free is a good goal. Making it your only
goal may not be as sound.
Traditionally, paying off your mortgage as quickly
as possible has been seen as one of the best routes
to financial success. Interest rates used to be much
higher than they are today. Lower interest rates
today often mean that it makes more sense to
take your focus off of your home and mortgage
and view them as part of a more diversified
investment strategy. Over the past 10 years, stock
markets have tended to deliver rates of return
that are markedly higher than mortgage interest
rates. Instead of putting every spare penny into
your low rate mortgage, it makes sense to invest
through RSPs or TFSAs. There is also protection in
diversification. Having a collection of smaller assets
can be useful. If money gets tight, you could sell a
lesser investment in order to pay other bills.
Of course, markets do fluctuate and some people
prefer the stability of the guaranteed return that
comes with paying down a mortgage. It is a form
of enforced saving. There is also a sense of security
that comes with mortgage free home ownership in
the case of job loss or a sudden drop in income.
Paying off your mortgage faster also frees up
equity faster and home equity can become an
investment in itself. Often, it makes sense to use
the equity on your house and buy another rental
property, add a rental suite to your house, or
even become a private lender and work with a
reputable mortgage broker to get up to 10-12%
annually. Equity gives you so many ways to increase
your investment options.
While it is never a bad plan to pay down your
mortgage faster, it is always a good plan to
diversify, spread around your assets, and your risks.
Your lending specialist can then help you find the
best plan for you. - Tamara Tkachuk, www.bayviewfs.com