Our latest ramblings.
Enjoy! We definitely have important things to say!
Our latest ramblings.
Enjoy! We definitely have important things to say!
So, you’ve found your ideal apartment: a 2-bedroom basement paradise or a mid-town penthouse or a fantastic south-facing 1-bedroom condo. Now it’s time to move in right away, right? Sure, start packing, but make sure you also budget for tenant insurance.
Perhaps you think you don’t need it because you’re only renting and you don’t own any fancy stuff. But, what if something happened — would you have enough set aside to replace all your belongings and to find temporary housing?
Tenant insurance protects your property and also covers you in the event that you accidentally cause damage to the property of others. For example, if your bathtub overflowed and flooded the apartment below destroying your neighbour’s property, tenant insurance would protect you. Luckily, it’s a simple and affordable coverage. Also, if you’re a student, your parents’ policy might automatically extend coverage to you at school.
What’s typically covered by tenant insurance?
This type of insurance protects you from damage, like fire, theft, certain water damage and vandalism. If your apartment is seriously damaged as a result of an insured loss, tenant insurance would also typically cover your additional living expenses while it’s being repaired. Tenant insurance also provides liability coverage if someone gets hurt because of your negligence, like slipping and falling on a wet floor in your apartment for example.
How much coverage do you need?
The total cost of tenant’s insurance will depend largely on the value of your contents. Most renters tend to underestimate what it would cost to replace their belongings. It’s smart to take an inventory, including photos, which only takes a few minutes and will make things a lot easier if you experience a loss. Start by walking from room to room and itemize all the contents, including your closets and cupboards. You might think they’re not worth that much until you have to replace them. Keep in mind however that coverage for some insured items may be subject to exclusions or maximum limits. Read your policy carefully to determine your exact coverage.
Typical items to include on your inventory are: computer, printer, tablet, smart phone, flat screen TV, video game system and games, music player and other electronics, clothes, shoes, boots, pots, pans, other personal and household items.
For more information about choosing the right tenant insurance, give us a call (604-588-4466) or email (firstname.lastname@example.org).
Below is a video from the Real Estate Board of Greater Vancouver regarding the stats on the month of November. As you will see, the Greater Vancouver area is still in a buyers market as the ratio of homes for sale vs. buyers in the market remains at 11%.
For other recent blog posts and market insight on the Vancouver housing market, click on Blog in the menu bar at the top of the page.
Property sales through the Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) decreased by 19 per cent in November compared to the same month last year, moving from 1,120 to 905. Sales also decreased 14 per cent month-over-month compared to October 2012.
Scott Olson, president of the Board says, “Buyers can’t borrow as much as what they could prior to the mortgage rule changes, so we’re seeing our pool of prospective buyers shrink and we’re seeing a change in the price range they’re looking for.
“For three months in a row, we’ve seen a decrease in sales of detached homes $700,000 and up and greater demand for those $400,000 to half a million. Tighter credit conditions are having an impact on the market.”
In addition to the drop in sales in November, the number of new listings posted on the MLS® decreased by 11 per cent compared to last year and by 32 per cent compared to October. Olson observes, “This was a significant drop with last month ranking alongside November 2003 as the slowest for new listings in the last decade.
“It means that sellers are adjusting to conditions that favour buyers; great selection, houses are on the market longer and prices are lowering. If sellers don’t have to sell, they’re taking their home off the market.”
In the last six months, prices for all three residential property types combined have decreased by 1.4 per cent while year over year they’ve increased by 1.3 per cent. For single family detached homes, the benchmark price increased by 2 per cent in one year, going from $533,800 in November 2011 to $544,700 last month.
For townhouses, the benchmark price in November was $298,900, a decrease of 1.5 per cent compared to $303,600 during the same month last year. The benchmark price of apartments in Fraser Valley in November was $202,800, an increase of 2.6 per cent compared to $197,700 in November 2011.
The Board received 1,723 new listings in November compared to 1,926 during the same month last year, taking the number of active listings to 9,478, on par with November 2011.
For a detached home in the Fraser Valley, the average number of days to sell in November was 59, up five days from the same month last year. For townhomes, it was 70 days and apartments 74 compared to 52 and 72 in November 2011.
See the full statistics package for November here
Published: December, 04 2012 10:41:13 am, by FVREB
Thinking about moving your family? At BrokerSmart, we are family focused in the city of Langley and are very aware of what it takes to sell and buy a home. From mortgages to movers, there is a lot to consider when buying which can be very overwhelming for people with kids. These home-buyers need to think about what is in the area, like schools, day-cares, libraries, parks, recreation, and if their desired location is family friendly.
The following are just a few tips to keep in mind when moving your family:
BrokerSmart’s collective service are here to help, just give us a call!
Thinking about selling your home? The following is a to-do list to help protect your privacy when showing your home to prospective buyers:
1. Remove all private or personal photos, diplomas, awards and trophies.
2. Remove all calendars. These often contain a great deal of private information, often noting when you’re not going to be home.
3. Store all valuables.
4. Remove all bills, letters, magazines and library books. Shred papers with personal information that are no longer needed.
5. Password protect your computer to block access to your private files.
6. Turn off your printer and fax machine before each showing. Printers and fax machines often have the capability of printing the last numbers dialed or received.
7. Turn off answering machines (if you still have one!). This avoids personal messages being left while strangers are in your home.
8. Unplug phones with caller ID features.
9. Remove or conceal digital devices that contain information about you or your family (cell phones, iPods, USB drives).
This list may sound a little extreme but you can never be too careful when it comes to protecting your privacy.
19978 72nd Ave. Unit 205
Langley, B.C. V2Y 1R7