The Ultimate Guide to Owning a Home
Ultimate Guide to Owning a Home
You have the keys. Now what?
Buying a home is the sprint; owning it is the marathon. Whether this is your first condo or your forever home, you now possess a significant asset—likely the biggest investment of your portfolio.
At MoveFaster, our job doesn’t end when we hand over the keys. We believe in active asset management. Just like a stock portfolio requires rebalancing, a property requires care, strategy, and attention to perform its best over time.
This guide is your roadmap to protecting that investment, maximizing your equity, and enjoying your home for years to come.
1. The First 30 Days: Settling In
The dust has settled (literally and figuratively). Before you start painting walls or buying furniture, handle the critical logistics that protect your security and your wallet.
Update Your Identity: Update your address with the CRA, your bank, your employer, and your insurance provider.
Change the Locks: You never know who had a spare key from the previous owner. Re-keying is a small cost for peace of mind.
Locate the Shut-Offs: In a Canadian winter, a burst pipe is an emergency. Find your main water shut-off valve and your electrical panel before you need them.
Check Safety Systems: Test all smoke detectors and carbon monoxide alarms immediately. Check the expiry dates on your fire extinguishers.
Update Your Identity: Update your address with the CRA, your bank, your employer, and your insurance provider.
2. Routine Maintenance: Protecting Your Asset
A home is a living system. Neglect it, and small issues become expensive repairs. The secret to low-stress ownership is staying ahead of the seasons.
Key Seasonal Tasks:
- Fall: Blow out irrigation lines, clean gutters, and service your furnace.
- Winter: Monitor humidity levels to prevent condensation and ice damming.
- Spring: Check grading (slope) away from the foundation and inspect the roof for winter damage.
- Summer: Service A/C units and inspect decks/patios for rot or wear.
💡 Deep Dive: Want the full checklist? Link to MoveFaster’s Seasonal Maintenance Hub
3. Renovations & ROI: Where to Spend Money
Not all renovations are created equal. Some add massive value to your resale price, while others are purely for your own enjoyment.
If you are renovating with “Future Resale” in mind, follow the Kitchen & Bath Rule. These two rooms consistently offer the highest Return on Investment (ROI) across the Canadian market. Conversely, specialized upgrades (like swimming pools or converting a bedroom into a massive closet) can sometimes limit your buyer pool later.
Before you swing the hammer:
- Check comparable homes in your neighbourhood.
- Don’t over-improve beyond the area’s ceiling value.
- Always pull permits for structural or electrical work.
💡 Deep Dive: which upgrades pay off? Renovations & ROI
4. Financial Management: Building Wealth
Your home is a forced savings account. Every mortgage payment increases your equity, but there are other financial levers you should be pulling.
- Property Tax Assessments: Every year, your municipality assesses your home’s value. Review this carefully—if it’s too high, you can appeal.
- Mortgage Renewals: Don’t just auto-sign the renewal letter your bank sends. Rates and products change. Shop around 4–6 months before your term is up.
- Insurance Reviews: As you renovate or acquire valuables, ensure your policy coverage keeps up.
💡 Deep Dive: Manage your mortgage and taxes. [Link to Financial & Equity Resources]
5. Condo & Strata Living
If you own a condo, townhouse, or loft, you are part of a corporation. Your responsibilities are different, as you own your unit but share the “common property.”
- Read the Minutes: Stay active in your Condo Board/Strata meetings. You need to know if a “Special Assessment” (a large cash call for repairs) is coming down the pipe.
- Understand the Fees: Know exactly what your monthly fees cover (Heat? Water? Cable?) so you aren’t paying double for utilities.
💡 Deep Dive: The specifics of vertical living. [Link to Condo & Loft Living Guide]
We Are Here for the Long Haul
Owning a home is a journey, and you shouldn’t have to navigate it alone. Whether you need a recommendation for a trustworthy plumber, advice on a renovation quote, or just a second opinion on your property tax assessment, MoveFaster is just a text or call away.
Curious about your home’s current value?
The market moves fast. If you’ve done renovations or are just curious how much equity you’ve built since you bought, we can provide a complimentary, accurate valuation.
Home Ownership FAQs
If you’re ready to sell or have more questions, you can contact us here.
How often should I perform home maintenance?
You should perform a property inspection at least once per season (4 times a year). In Canada, the most critical times are Fall (winterizing hose bibs, cleaning gutters, servicing the furnace) and Spring (checking grading/drainage and roof shingles). Regular maintenance prevents small issues from becoming expensive emergency repairs.
Which renovations add the most value to a home?
Historically, Kitchens and Bathrooms offer the highest Return on Investment (ROI) because they are the most expensive rooms to build and the most scrutinized by buyers. Cosmetic updates to these rooms (like painting cabinets or reglazing a tub) often yield better returns than full structural demolitions.
Can I appeal my property tax assessment?
Yes. Your municipal property tax assessment is an estimate of value, not a final verdict. If you believe your assessment is higher than your home’s actual market value (compared to similar sales in your neighborhood), you can file an appeal during your municipality’s specific review period, potentially lowering your yearly tax bill.
When should I start looking at mortgage renewals?
Do not wait for the renewal letter from your bank. You should start shopping for rates 4 to 6 months before your term expires. This gives you time to lock in a rate hold and negotiate with lenders without the pressure of a looming deadline.
Are condo fees a waste of money?
No. Condo fees are a “forced savings account” for building maintenance. They cover insurance, exterior repairs (roof, windows), snow removal, and the Reserve Fund (for major future repairs). Without these fees, you would have to pay for all these expenses out of pocket as they arise, often unexpectedly.
Where is the main water shut-off valve in a house?
It is typically located in the basement, near the front of the house where the water meter is located. Every family member should know exactly where this valve is and how to turn it off. In the event of a burst pipe, shutting this valve immediately is the difference between a mop-up job and a flooded basement.
