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The Smart Home: Room By Room | Smart Home Series

Diane Buchanan • April 13, 2016

Last week on the blog we talked about smart technology, this week we go through the home. Next week we finish the series with a question and answer period that will help you decide which smart technology is right for you!

Varied, intricate but certainly user friendly, “smart home” technology is currently available for purchase, installation and utilization.

These in-home innovations can be very simple and straightforward. Samsung currently sells a “smart home starter kit” which will do wonders at transforming your home into a “smart” hub, at an affordable price. Or they can be a tad more complex, for this, we look to the pacific northwest and to the home of Bill Gates. Here we see the apex of this technology, nicknamed Xanadu 2.0, this 66,000 square foot mansion is known for it’s design and technology, it cost $63M to build, now that is quite the smart home budget.

The House Bill Gates Built

“Upon entering everyone in the home is pinned with an electronic tracking chip. As you move through the rooms, lights come on ahead of you and fade behind you. Your favourite songs will follow you throughout the house, as will whatever you’re watching on television. You can entertain yourself by looking at Gates’ extensive electronic collection of still images, all available on demand. The chip keeps track of all that you do and makes adjustments as it learns your preferences. When two different chips enter the same room, the system tries to compromise on something that both people will like.” Reference: Smart Home Software and Technology.

Now obviously, this is in extreme example (perhaps the most extreme example that there is, currently); but what isn’t extreme is the idea that, whether you’re a billionaire fifty times over or you’re paying into a twenty-five year mortgage, this technology (on some level) is for you; that it’s here to help you in your daily life.

So let’s walk through of a reasonably equipped smart home, just to give you a taste of that which is out there, for your (the consumer’s) buying pleasure.

The Garage

From the outside of the home, looking in, it’s all about letting the homeowners inside, and keeping unwanted visitors, outside. Garage doors can be programmed to open automatically when smartphones (programmed into the system) draw near. Additionally, this technology can be applied to front and rear house doors. This means that, if the house “knows” you, you gain access. If the house doesn’t “know” you, you’re out of luck.

The Laundry Room

Moving from the garage to the laundry room, we see the advent of “smart” washers and dryers. These machines, when connected, allow the user to track the amount of energy being used at any moment. Many current models can also be programmed to send you a text message when your clothes are ready to be switched over or folded.

The Kitchen

In the kitchen, it’s all about the smart appliances. Here are just a few examples:

The Fridge:  A few short years ago, it would have seemed ridiculous to suggest that “smart” fridges would be available to purchase; fridges that could do everything from suggest meals (based on the regular contents of your fridge), to warn you of impending expiration dates. But this is 2016, and what was once far fetched is now reality.

The Countertop Oven:  Companies like Breville and June have developed “smart” oven technology; ovens that can determine the weight and “girth” of that which is being baked or broiled and adjust heating coverage appropriately.

Accessories:  Ever want to turn on your coffee maker but don’t want to get up to do it? Well, turn it on from your phone! Ever need a charging station but can’t find that cursed iphone charger? Simply lay your phone down on your countertop, which also happens to double as a wireless charging station. The world is truly your playground when it comes to these “smart” kitchen upgrades.

The Bedroom

Finally, as you head upstairs after a long day, there are certain features of the “smart house” that make this transition from day to night as simple as crawling under the covers. Voice or tablet activated blinds can be moved up or down, and the thermostat can be set remotely for each room in the house, both for maximum energy savings and for the answer to those cold morning floors.

Obviously these are just a few of the smart upgrades available to you. But right now, it’s possible to park your smart car in your smart garage, then sit down after a long day at work, turn on your smart TV while your kid watches Netflix on your smart phone, all while your smart washer is getting ready to text you to change the laundry over while your smart oven cooks a roast. Step aside Bill Gates.

When you are ready, smart is ready for you.

DIANE BUCHANAN
 Mortgage Broker

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How To Get The Best Mortgage

By Diane Buchanan • February 19, 2025
If you’re looking to buy a property or have a mortgage up for renewal, and you’re thinking about connecting with your bank directly, save yourself a lot of money and regret by reading this article first. Here are four things that your bank won’t tell you, accompanied by four reasons that explain why working with an independent mortgage professional is in your best interest. Banks have Limited Access to Mortgage Products. Now, while this one may seem pretty straightforward, if you’re dealing with a single institution, they can only offer mortgages from their product catalogue. This means that you’ll be restricted to their qualifications which are usually very narrow. Working with a single institution significantly limits your options, especially if your financial situation isn’t straightforward. In contrast, dealing with an independent mortgage professional, you will have access to products from over 200 lenders, including banks, monoline lenders, credit unions, finance companies, alternative lenders, institutional B lenders, Mortgage Investment Corporations, and private funds. Working with an independent mortgage professional will give you considerably more options to secure a better mortgage. Banks Employ Salespeople, not Mortgage Experts. Banks don’t employ mortgage experts; they employ salespeople. Banks pay and incentivize salespeople to sell their products. There is a fundamental misalignment of values here. If the bank incentivizes a banker to make a profit for the bank, how can they at the same time advocate for you and your best interest? They can’t. Banks don’t have your best interest in mind. In fact, the more money they make off of you, the better it is for their bottom line. However, when you work with an independent mortgage professional, you get the experience of someone who understands the intricacies of mortgage financing and will advocate on your behalf to get you the best mortgage. It’s actually in our best interest to assist you in finding the mortgage with the best terms for you. Once your mortgage completes, we get paid a standardized finder’s fee by the lender for arranging the financing. So although we get paid by the lender, that lender has had to compete with other lenders to earn your business. When you work with an independent mortgage professional, everyone wins. You get the best mortgage available, we get paid a standardized finder’s fee, and the lender gets a new borrower. Banks Rarely Offer You Their Best Terms Upfront. Banks are in the business of making money, and they’re usually pretty good at it. As such, banks will rarely offer you their best terms at the outset of your negotiation. This is especially true if you’re looking to refinance your existing mortgage. With over half of Canadians simply accepting the renewal offer they get sent in the mail without question, banks don’t have to put their best rate forward. Instead, they rely on you to be ignorant of the process and will take advantage of your trust in them. When you work with an independent mortgage professional, we don’t play games with rates and terms. Our goal is always to seek out the lender who has the best mortgage for you from the start of the process, and if there are any negotiations to be had, we handle them for you. There is no reason for us to do otherwise. In fact, the better we do our job, the more likely it is that you’ll be happy with our services and refer your friends and family. Banks Promote Restrictive Mortgage Products. As if it’s not bad enough that banks don’t offer their best terms upfront, they actually promote mortgage products that are restrictive in nature. The fine print in your mortgage contract matters; understanding it is challenging. Banks do what they can to make it hard for you to leave. Now, if you’ve ever heard stories of outrageous penalties being charged, this is what’s called an Interest Rate Differential penalty (IRD). Each lender has its own way of calculating the IRD. Chartered banks are known for their restrictive mortgages and high IRD penalties. When you work with an independent mortgage professional, we take the time to listen to your goals and assess your mortgage needs based on your life circumstances. The best mortgage is the one that lowers your overall cost of borrowing. So not only will we walk through the cost of the mortgage financing, but we’ll also clearly outline the costs incurred should you need to break your mortgage before the end of your term. This might be the deciding factor in choosing the right lender and mortgage for you. Working with an Independent Mortgage Professional is in Your Best Interest. Banks have limitations to the mortgage products they offer. Working with an independent mortgage professional gives you mortgage options! Bankers work for the bank; they are incentivized to make money for the bank. An independent mortgage professional advocates on your behalf to get you the best mortgage available. Banks rarely offer their best terms upfront; they leave negotiations up to you. An independent mortgage professional outlines the best terms from multiple lenders at the start of the process. Banks promote restrictive mortgage products that make it difficult to leave them. An independent mortgage broker will outline all the costs associated with different mortgage products and recommend the mortgage best suited for your needs. So if you’d like to talk about the best mortgage product for you, you’ve come to the right place. Please connect anytime. It would be a pleasure to work with you.

Are You Ready To Buy A Home?

By Diane Buchanan • February 12, 2025
Buying your first home is a big deal. And while you may feel like you’re ready to take that step, here are 4 things that will prove it out. 1. You have at least 5% available for a downpayment. To buy your first home, you need to come up with at least 5% for a downpayment. From there, you’ll be expected to have roughly 1.5% of the purchase price set aside for closing costs. If you’ve saved your downpayment by accumulating your own funds, it means you have a positive cash flow which is a good thing. However, if you don’t quite have enough saved up on your own, but you have a family member who is willing to give you a gift to assist you, that works too. 2. You have established credit. Building a credit score takes some time. Before any lender considers you for mortgage financing, they want to see that you have an established history of repaying the money you’ve already borrowed. Typically two trade lines, for a period of two years, with a minimum amount of $2000, should work! Now, if you’ve had some credit issues in the past, it doesn’t mean you aren’t ready to be a homeowner. However, it might mean a little more planning is required! A co-signor can be considered here as well. 3. You have the income to make your mortgage payments. And then some. If you’re going to borrow money to buy a house, the lender wants to make sure that you have the ability to pay it back. Plus interest. The ideal situation is to have a permanent full-time position where you’re past probation. Now, if you rely on any inconsistent forms of income, having a two-year history is required. A good rule of thumb is to keep the costs of homeownership to under a third of your gross income, leaving you with two-thirds of your income to pay for your life. 4. You’ve discussed mortgage financing with a professional. Buying your first home can be quite a process. With all the information available online, it’s hard to know where to start. While you might feel ready, there are lots of steps to take; way more than can be outlined in a simple article like this one. So if you think you’re ready to buy your first home, the best place to start is with a preapproval! Let's discuss your financial situation, talk through your downpayment options, look at your credit score, assess your income and liabilities, and ultimately see what kind of mortgage you can qualify for to become a homeowner! Please connect anytime; it would be a pleasure to work with you!
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