how to renovate with confidence - Coastal Community Credit Union

Volume 12 Number 3
A Publication of Coastal Community Credit Union
Summer 2013
HOW TO RENOVATE WITH CONFIDENCE
Don’t be surprised if your neighbour’s home suddenly grows by a storey.
Armed with the advice from our 4 experts, you may find yourself doing the same…
Through surveys, research and conversations with our members
and clients, we’re discovering that home improvements are on
the minds of many. On a national scale, four in ten Canadians
are planning on doing some significant renos to their home
within the next two years (Yahoo Finance, May 21, 2013).
Closer to home, “When asked what their future goals are, home
renovations are often on the top of our members’ lists,” says
Greg Scott, Branch Manager at Nanaimo’s Southgate branch.
“Given the Island’s slower housing market and our low interest
rate environment, someone who would consider buying to get
How To Renovate with Confidence:
TIPS FROM AN INSURANCE EXPERT
“The following tips need to be carried out before your
home renovation begins,” emphasizes Gen McNamee:
• Notify your home insurance broker
about your upcoming renos, no
matter how big or small. Prior to
the work starting, it’s important
that your broker informs your
insurance company to ensure
you’re properly covered and have
sufficient limits. Plus, your updates
are ultimately adding value to
your home, so they need to be
documented by your policy holder.
•Notify
your insurance broker
before your renovation begins
current references from potential
contractors and make sure they’re
complying with local bylaws and building
requirements
Gen McNamee,
Insurance Expert
at the Courtenay
4th Street Office
Renovation Tips Straight from the Experts
our 2013-2014 Board of Directors
• Making a Meaningful Difference–Locally & Globally!
CONNECT WITH US!
Top 4 Take Aways from our Feature Topic:
•Get
INCLUDED IN THIS ISSUE:
• Announcing
14
Check out their
EXPERT TIPS in our newsletter!
green, think ROI,
and think mass appeal
when renovating with
the intention to sell
Insurance services provided through Coastal Community Insurance Services (2007) Ltd.
• Home
Whatever your reno, knowledge and planning ahead are
key. To help you get a sense of what’s important when
considering a home renovation, we turn to the experts in
realty, borrowing, home construction and personal insurance.
•Think
• Make sure any contractors you
hire to carry out your home reno
have Commercial General Liability
Insurance coverage.
• If you’re doing an extensive
home renovation that requires
you to vacate your home, let your
insurance broker know, as it will
affect your existing coverage.
what they wanted out of a house may now be looking
at getting it through a renovation.”
•Consider
what kind of homeowner you are
when thinking about your financing options
Page 2 Volume 12 Number 3
A Publication of Coastal Community Credit Union
Summer 2013
HOW TO RENOVATE WITH CONFIDENCE:
TIPS FROM A
REALTY EXPERT
TIPS FROM A
CONTRACTING EXPERT
Thinking of doing some
Considering hiring
home improvements with the
a contractor to take
intention of selling in the future?
on your home reno? John
Rob Grey shares his advice:
Verrier offers these tips:
• Be careful not to overspend with your reno, as you may
not recover all your money in the selling price. Find out from
your realtor what your home is worth in the current market
and what it would be worth with the renovations—you might
be surprised that you might not get the return on investment
(ROI) you had planned.
• Begin by doing your homework (no pun intended!).
As the homeowner, it’s your responsibility to make
sure you’re complying with local bylaws and building
requirements, so check with your local building
department—they’re there for your benefit!
Remember, work done without the required permits or
inspections will almost always devaluate your property.
• Kitchens and bathrooms have the best ROI and are likely the
most used part of the home. Simple plans that appeal to the
largest number of home buyers
are ideal. And don’t forget about
curb appeal! A nice looking yard
will draw buyers into the home.
• Think energy efficiency! Items
such as thermopane windows,
solid core doors, proper weather
stripping, added insulation in
the attic, and improved air quality
with the installation of a Heat
Recovery Ventilator (HRV) are
all worthwhile investments.
Check out BC Hydro’s website
for more information.
• Consider hiring professionals to
take care of flooring and painting.
If not done right, a prospective
buyer will be estimating how
much to take off your asking price
to re-do what you just did.
Rob Grey, established
Nanaimo realtor, leader
of Remax’s Rob Grey
Real Estate, and Coastal
Community member
• Have a plan and a budget,
and make sure both accurately
represent what you want.
• Get current references,
if you’re hiring a contractor
of any kind. Go ahead and
talk to their recent clients—
they’ll be more than happy
to tell you about their
experiences, good and bad.
Do the same for sub-trades too.
• Relax and be happy!
Take pictures, celebrate reno
milestones, or sign your name
somewhere special. Although
a renovation can be like having
a baby (short-term pain for
long-term gain) it’s also an
adventure, so have fun with it.
John Verrier, experienced
contractor, owner of
Comox-based Avril
Homes Ltd., and Coastal
Community member
Ding Free®
From Sea to Sea
Going on a cross-Canada road trip this
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to find surcharge free ATMs along the way!
Learn more at ding-free.ca.
Page 3 Volume 12 Number 3
A Publication of Coastal Community Credit Union
Summer 2013
HOW TO RENOVATE WITH CONFIDENCE:
TIPS FROM A LENDING EXPERT
Are you a homeowner
with limited home equity?
Silas Sandham says that to find your right financing option for
your home reno, “you should begin by determining what kind
of homeowner you are.”
Take advantage of today’s
low interest rates with a regular
line of credit or personal loan.
These are great alternatives
to high interest solutions like
credit cards or retail financing.
Are you an about-to-be homeowner with a limited
down payment?
Consider financing based on the future ‘as improved’ value of the
home. Through the Canada Mortgage and Housing Corporation’s
Purchase Plus Improvement Program, you can obtain a mortgage
plus additional funds to complete improvements that increase the
property’s value. The program gives you access to funds needed to
complete the upgrades, even if you don’t have the required equity.
Adds Silas, “It’s always worth
discussing your options with
an expert you trust—one who
takes the time to understand
your full financial picture, your
position on debt, and your
other goals and objectives.”
Are you a homeowner with established home equity?
Access home improvement funds as needed through a home
equity line of credit, like Coastal Community’s Primeline. You’ll
only be charged for the amount you use, and you can choose
to pay off all or part of the outstanding balance at any time.
Because a Primeline is secured by property, you also benefit
from the lowest rates available.
Silas Sandham,
Lending Expert
at the Nanaimo
Southgate Branch
ANNOUNCING OUR 2013-2014 BOARD OF DIRECTORS!
Through our annual Directors’ Election, members of Coastal
Community Credit Union have re-elected three incumbent
Directors and one new Director to our organization’s Board.
We’re pleased to announce that members re-elected Evelyn
Clark, Judy Fraser, and Lorne Purchase, while newly electing
Laurie Jackson. On a very sad note, our re-elected Director Judy
Fraser has, with deep regrets, recently resigned for health reasons
from the Board. Having been a Coastal Community Director
for almost 20 years, Judy will be missed for her deep dedication,
experience, insights and sound knowledge of the credit union system.
Our recently elected Directors will each have a three-year term
on the twelve-member Board, which oversees the largest financial
Mary Ashley
EVELYN CLARK
Director
Richard Kerton
Director
Director
Coastal Community’s Directors also re-elected Susanne
Jakobsen as Board Chair and Evelyn Clark as Vice Chair
for the upcoming one-year term.
To learn more about our Board members, including what
motivated them to represent members like you, visit our
Board of Directors page at cccu.ca.
Lynne Fraser
Vice Chair
Terry Law
institution based on Vancouver Island and Gulf Islands,
and Canada’s 19th largest credit union. Thank you to
everyone who voted in this year’s election! We also thank
exiting Director, Doug Lang, for his many contributions,
insights and dedication during his tenure as Director for
over 25 years.
LAURIE JACKSON
Director
John Newall
Director
Director
Gail Preus
Director
SUSANNE JAKOBSEN
Board Chair
LORNE PURCHASE
Director
Cheryl Tellier
Director
Page 4 Volume 12 Number 3
A Publication of Coastal Community Credit Union
Summer 2013
Making a Meaningful Difference–Locally & Globally!
As indicated in a recent survey, supporting youth and
education is important to our members—and it’s important
to us too! This year, eight local youth are that much closer
to realizing their educational goals thanks to the scholarships
we awarded. Two of these students, Kennedy Baker from
Nanaimo and Brandon Wilcox from Campbell River, will also
receive additional funds to make their community project (a
key part of the scholarship criteria) a reality! Stayed tuned to
our website and social media sites to learn of their progress.
In late spring, Coastal Community welcomed Aurea
Dequito Magpantay, who was visiting our Credit Union
as part of the Women’s Mentorship Program through the
Canadian Co-operative Association. The Program connects
women credit union leaders from developing countries
to a Canadian host credit union. Ms. Magpantay was
here to learn first-hand about the policies and operations
of Canadian credit unions—knowledge she’s excited to
transfer to her own co-operative in her native Philippines.
Aurea Dequito Magpantay (left) learns how corporate projects are managed with the help of Adrian Legin,
Coastal Community Credit Union’s CEO, and Susanne Jakobsen, Board Chair. Andrew Crosby (right),
Lending Representative at Nanaimo’s Harbourfront branch and Aurea’s host, joins in on the discussion.
Connect with Us!
Show Off Your Photographic
Talents and You Could Win!
There’s only a short time left for your photo to nab a spot
in the 2014 Great Things Calendar. So start snapping pictures
of the great things our islands have to offer and send them
along! Visit mycoastal.ca/photocontest for full details.
We’re closer to you than ever, thanks
to social media!
Facebook:facebook.com/CoastalCommunityCU
Twitter: @CCCU
YouTube: youtube.com/user/CoastalCommunityCU
Coastal Currents is published by Coastal Community Credit Union for its members, clients and the community.
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Head Office: #21 - 13 Victoria Crescent, Nanaimo, BC V9R 5B9 • Tel: 250.741.3200 or Toll-free: 1.888.741.1010 • cccu.ca
Contents copyright © 2013, Coastal Community Credit Union. This newsletter is presented as a general source of information only,
and should not be considered as individual financial, investment, or tax-planning advice. Readers are urged to obtain professional
advice before acting on the basis of the material contained in this newsletter. Our best efforts have been made to ensure that the
material within this newsletter is accurate at the time of publication. We welcome your comments. Email: [email protected]
Insurance services provided through Coastal Community Insurance Services (2007) Ltd.
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