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 summer? Download the ATM Locator App 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. 100% 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: communications@cccu.ca. Insurance services provided through Coastal Community Insurance Services (2007) Ltd. C R E D I T U N I O N | I N S U R A N C E | I N V E S T M E N T S | B U S I N E S S S E RV I C E S