HOW TO PREPARE YOUR HOME FOR WINTER

Winter is coming! Time to think about your home and how you will prepare it for the long months ahead. Here are some great tips to get your home winter ready. After all, your home is the biggest investment you have. So, protect it!

Take care!

Valerie McConville

LOOKING THROUGH KEYHOLES

“People who look through keyholes are apt to get the idea that most things are keyhole shaped.”

(Source Unknown)

A lot of energy gets spent these days managing reputations online. From LinkedIn profiles to the contents of our tweets and status updates, nearly everyone operates under the assumption that what we share will be indexed available, creating at least a partial picture of who we are. And I think we’ve all had the experience of “Googling” someone we’ve just met.

Is this a good idea? With all of this information available online, it’s important to keep a few things in mind: 

1. It’s worth reiterating that what’s available online about a person is only a partial view (and may even be inaccurate). Disinformation is as easily saved as fact, and can be hard to correct. 

2. Social media sites often paint heavily polarized pictures of a person’s beliefs or personality, and tend to reveal the carefully curated best or unintentional moments of their worst. 

3. The truth of a person includes much more than information aggregated from Instagram pics and blog comments. What is essentially human is absent from the internet’s record.

If you’re in the habit of social media stalking people before you get to know them personally, be careful. A relationship can be tainted from the start by meeting someone with preconceived ideas gleaned this way. We should meet everyone with an open mind, and the context of our relationship with a person matters more than their hodgepodge of online data.

Regards,

Valerie McConville

PROTECTING YOUR COLLEGE STUDENT'S POSSESSIONS AT SCHOOL

If you have a son or daughter in college, you probably sent them with most of their possessions, including expensive laptops and other electronics. So what happens if their dorm room is robbed? Are they covered? What about off-campus? Learn more about the issue here…

If you have a son or daughter heading off to college this fall, you’ve probably sent them along with most of their most prized possessions. Laptop, stereo, smartphone, mountain bike… it all adds up to several thousands of dollars of personal gear.

So what happens if they get robbed? Will you be stuck for the replacement costs, or are they covered on your homeowner’s insurance policy?

Believe it or not, the insurance policy on your home might just cover what your kid takes to school. But there’s a catch: Many policies only cover the student if they live in a dorm on campus. If they’re in an apartment or house on their own, you might not be covered.

One alternative to covering your student’s possessions while they’re away at school is renter’s insurance. Renter’s insurance is a very affordable way to make sure you’re not out thousands if there’s a break-in. For as little as $15 - $20 a month you can have a bit of piece of mind you won’t find yourself in the Apple store again plunking down for a new Macbook Air.

A few notes:

1. Your student won’t be covered by their roommate’s policy. Policies are specific about covering a single policy holder.

2. A renter’s policy can also include liability coverage, much like your homeowner’s insurance.

3. Taking inventory of possessions and keeping detailed records (with photos and serial numbers) is essential. It provides helpful evidence of ownership in the case of a claim.

You’ll want to talk to your insurance agent about your specific situation, needs, and your policy. Don’t overlook this opportunity to protect your student and your wallet.

Need a referral to an insurance agent? I can help recommend a few I know and trust: valeriemcconville@gmail.com

MORTGAGE TIPS FOR THE SELF-EMPLOYED

Many people who are self-employed think it’s impossible to qualify for a mortgage. While it can be more difficult, there are some things you can do to improve your odds. Here’s how… 

The so-called “gig” economy means more people than ever are self-employed, receiving 1099 tax forms as independent contractors. In the world of the self-employed, the idea of securing a mortgage can seem like a fantasy. Unlike the traditionally employed, the self-employed entrepreneur is seen as a greater risk. Despite making a good living, some self-employed workers never even apply for a mortgage, believing the dream of home ownership is cut off by slim chances for approval.

This isn’t necessarily true! Don’t give up on home ownership just because you’re self-employed. Instead, take the steps to boost your status in the eyes of lenders. Here are some tips to put you on the path towards pre-approval:

1. Lower your debt. Debt is what haunts almost all new buyers seeking a loan. If you’re self-employed and debt-free, or have a low income-to-debt ratio, you look much more appealing to lenders. 

2. Keep your personal and business accounts separate. Professionals draw a line between business income and expenses and personal income and expenses. Demonstrating this level of maturity is a plus.

3. Deduct less on your taxes. The self-employed are almost always guilty of taking tax deductions which cast a little shade on their mortgage application. Take honest, documented deductions, and don’t make it look like you’re desperate to cook the books!

4. Register and pay yourself like a pro. Make sure your business is licensed and registered and, if possible, setup your business structure to pay yourself rather than declaring your income as 100%.

5. Document everything. Make no claim without paper (or verifiable digital records) to back it up. Check stubs from clients, proof of income, expenses… everything. The more thorough and organized your documentation, the better you look to the lender reviewing your file.  

It can also be useful to make a larger down payment than most, but lenders understand this can be difficult. You may be eligible to use your RRSP to boost your down payment, but talk to your tax professional before you make any moves.

As always, be sure to talk to a mortgage professional for advice.

Don’t let self-employment cloud your view of securing that mortgage. It is possible! I’d be happy to put you in touch with lenders when the time comes: valeriemcconville@gmail.com

MOVING ON AFTER YOUR HOME DOESN'T SELL THE FIRST TIME

Selling a home is an emotional process… especially when your home doesn’t sell the first time around. If you’ve had the unfortunate experience of seeing your plans to move fall apart, here’s a little help for getting over the slump and regrouping for the future. 

Everyone says selling your home is one of life’s great emotional rollercoasters. From making the leap to moving day, the process is one of surprises, anticipation, and (hopefully) celebration.  But what happens if your home doesn’t sell?

If your home’s been on the market for the length of your contract with your real estate agent and it hasn’t sold, your home is on its way to becoming “an expired listing.” At this point you have to make a choice whether to continue with your agent, find a new agent, or delay your dreams and take your home off the market. Still, the sting of the experience lingers. How do you move on from an expired listing? Here are some tips to learn and even grow from the experience:

1. Admit it happened and acknowledge it’s not uncommon. It can be tough to tell people that your home didn’t sell. But you’re not alone. It happens often and it happens for a variety of reasons. Many factors influence this, but if you’re going to make your next move, you have to be open to learning what you can from the heartbreak.

2. Look for lessons, but avoid blame. The number one reason homes don’t sell is a failure to price accurately. This isn’t your fault and it isn’t your agent’s fault… it’s a shared responsibility. Did you feel a price was one you “had to get”? Did your agent fail to present a compelling case for an accurate price? Were there other factors besides price you should consider as part of the whole package? 

3. Abandon worrying about what is beyond your control. If you’re selling in a buyer’s market, there’s nothing you can do about it. If the market crashes, or they discover pesticides in your neighborhood’s aquifer and values plummet, you aren’t responsible and shouldn’t feel the burden of guilt or anxiety. It’s not easy, but sort through what’s truly not your fault and try to distance yourself from those factors.

4. Decide on what you can do next. Review your agent’s approach to selling and your comfort with the relationship. Was there enough communication? Do you feel the home was marketed to the standards of the market? Did you do all you could to make the house welcoming to buyers? Were there curb appeal issues you might want to resolve? Do you want to try again, or should you take a break?

5. Act on next steps. Decide if you’d like to keep your agent or find a new one. If you move on, take your lessons with you, but don’t demonize the past. Accept, forgive, and get back to the dream!

Listing expire? I can help: valeriemcconville@gmail.com or visit my website at www.valeriemcconville.com