With the uncertainty that we are currently facing, a lot of people are wondering if they should defer some of their monthly payments. The very best way to figure that out is to know exactly where your money will be coming from in the next few months and where it will be going. 
 
How can you achieve this? 
 
The answer is simple: make a budget.  Knowing exactly where every dollar will be going BEFORE the month begins will put you in control of every dollar that you will earn or spend and will also alleviate some of the financial stress you might be experiencing.

We have found that a good way to start is by looking at the last 6 months of expenses to figure out what the next 6 months might look like.
 
Step 1: Write down your expected total income for the next 6 months
Do it for each and every month. This includes your after-tax income from all sources of income (employment income, EI benefits, spousal support, investment income, etc.)
 
Step 2: List all your expenses for the last 6 months and categorize them
Most banks offer online tools to quickly download your bank statements into an Excel spreadsheet. Let us know if you need help with this!
 
Step 3: Transfer your total monthly spendings into this year’s budget spreadsheet
Make any required adjustments to your income and expenses going forward. We are happy to email you our cash flow/budget templates if it helps.  Just email us at philip@philiphollett.com to get your copy.

Step 4: Split your expenses between FIXED or VARIABLE
This will make it easier for you to know which expenses are a must and which ones might need to be adjusted.
 
Step 5: Subtract expenses from income
If you have a surplus, you’re in good shape and need to put the extra money under SAVINGS to achieve a ZERO balance. If you’re short, you need to decide where you can make some changes in your variable expenses. If you still can’t get to ZERO, you might want to consider making arrangements with your creditors to defer some of your monthly payments.
 
TIPS:
-           If there are things you will need to spend money on less routinely, you should set money aside for those monthly instead of trying to figure out how you’re going to come up with a lump sum within a single month.
 
-           Whenever you need to accumulate money for a specific buy, it might be easier to have a separate savings account for that money. When it comes time to use the money, you transfer it back to your regular account to pay the bill.
 
If you think you won’t be able to make your monthly payments over the next 6 months, it is important that you take immediate action.  Contact your bank or service providers before you miss a payment.

We're here to help, don't hesitate to reach out to us.

When buyers come to see your home, the first thing they notice is how your property looks from the curb. That first impression is powerful and lingering. If buyers don't like what they see, it can influence how they judge the rest of your property, regardless of how great it looks on the inside.

You definitely want to do whatever you can to boost curb appeal. Here are six affordable ideas to consider:

1.    Driveway sealing. This makes the pavement look darker and less faded. It also helps cover up some of the cracks. Sealing won't give you the "brand new" look of repaving, but it's close — and significantly less expensive.

2.    Exterior window washing. Washing the front windows makes them look clean and bright. In fact, the effect can be stunning. There are window washing products that connect to your hose to make this job easier. Check your home improvement retailer.

3.    Maintaining shrubs, hedges and flower beds. Trimming the hedges, shrubs and other evergreens can make a big difference in how your property looks from the street. It's like giving them all a haircut! Flowering plants can also brighten up the look.

4.    Front door painting. From the curb, a buyer's eye is naturally drawn to your front door. If your entry system looks old and worn, consider a fresh coat of paint. It can make the entrance look almost new.

5.    Garage door painting. This is abigger project that can take a day or two, but the effort might be worth it. For many homes, the garage door is the biggest item in the curb appeal panorama. Making it look better will have a big impact.

6.    Removing unsightly items. Look at your home from the street. Are there items in your field of vision that take away from the curb appeal? For example, are there garbage cans and other items stowed along the side of the property and visible from the road? If so, move them.

If you have a home that is overdue for a renovation, you might be worried that it will be difficult to sell as a "fixer-upper". In fact, you might delay listing your property for that reason.

The good news is, you don’t need to fix up everything in your home to prepare it for sale. You can be selective and choose only those projects that are most likely to help your home show well and sell quickly.

Here are some projects to consider:

·       Repairs. Few things stand out more during a viewing than something in obvious need of repair. That includes minor issues, like a dripping bathroom faucet, as well as major concerns, such as the central air conditioning unit not working. Get these repairs done.

·       Painting. Painting is one of the easiest and most affordable DIY projects you can do. Yet the impact it can have on your home is stunning. Some rooms are completely transformed by a fresh coat of paint.

·       Light fixtures.  A quick and affordable way to add flair and ambiance to a room is by updating the light fixtures. With all that is available on-line today, it is easy to find budget-friendly options that will completely transform the feel & look of your home.

·       Kitchens & Bathrooms. Buyers love to see great looking kitchens and bathrooms. In fact, there are even magazines devoted just to those rooms! You don't necessarily need to do a major renovation of these spaces, but a makeover can be a good idea. Consider replacing sinks, countertops, and/or cabinet hardware.

·       Floors. If the floors in any of your rooms have become worn and unsightly, look at options for refreshing them. Consider replacing carpeting, refinishing hardwood, and/or getting tiles professionally cleaned and polished.

·       Outdoors. Sometimes you can compensate (a little) for a less-than-ideal interior by sprucing up the outdoor space. Explore ways to improve your deck or patio, walkways, and landscaping.

Even if your home is older, you can make it more attractive to buyers with any one of these projects.

Want more ideas for finding eager buyers for your home? Call today.

Two of the biggest stressors for DIYers are projects that cost too much or take too long. Unfortunately, there’s no sure way to guarantee that one or the other (or both) won’t happen. But there is a lot you can do to minimize the probability.

When budgeting, a big mistake DIYers make is not considering the little things. For example, you might budget for drywall panels but neglect to include the cost of nails, tape and plaster. It's easy to overlook these small items thinking they won't add up to much of an expense. But often they do. In fact, for many renovation projects, the little things account for up to 20% of the cost.

Another expense that is often overlooked is taxes. When you find a bathtub you like for $399, be sure to budget for what you'll actually pay out-of-pocket. Also, don't forget possible delivery expenses.
A budgeting tip many experts recommend is to price everything you need and then add 10%. That gives you a buffer.

Regarding scheduling, consider whether or not you've done this type of project before. If you're laying hardwood floors for the first time, there's a learning curve. You'll likely take two or three times longer than you would if you were more experienced.

Even if you have experience with the type of project you’re undertaking, it's human nature to underestimate how long it will take. So, if you feel confident you can install that sink in an hour, give yourself two.

A lot of this, of course, is common sense. But if you take a common sense — rather than an optimistic — approach to budgeting and scheduling, you'll stand a much better chance of your DIY project going smoothly.

As more and more people have to work from home, the planning of home offices has become increasingly significant. There are many ways of creating office space and realizing a space that is a pleasure to use.
 
Perhaps one of the first points to consider is where to place your office. Your work may require privacy and your home office might get in the way of family living, especially now that kids are at home too. Make sure you’re not working off your couch all day as it will negatively affect your productivity and may potentially affect your posture and hurt your back.  Choose an area well away from the hub of family life, like a seldom-used guest bedroom, loft or basement space. It may be worth converting a garage or outbuilding to achieve a comfortable home office environment.
 
A proper desk and some adequate storage are also essential if working from home is to be a success.  When you are seated, the computer screen should align with your eye-level and the keyboard should sit at a slightly lower level so that your hands are at right angles to your elbows.  Office items often create a “busy” effect so for a sense of calm and order, having your space well organized with shelving, cabinets and(or) drawers is key.
 
List every piece of essential equipment that you will be using in the dedicated home office and decide how near or far each item is to be stored in relation to your desk for maximum efficiency.
 
A comfortable chair that provides good support is essential.  The chair should be adjustable and on wheels, for greater mobility. Consider a standing desk, especially if your work demands that you sit for long periods in front of a computer. Otherwise, make sure you get up and move / stretch every 20 minutes.
 
Good lighting is also important. Desk lighting should fall without creating shadows or glare.  A desktop lamp on a flexible arm is much easier to control than a desk lamp with a fixed head. Same thing for natural lighting: make sure your desk is facing the window or sideways to avoid glare on your computer screen.
 
If space permits, try to add a comfortable area for relaxation with a small coffee table for setting down a glass of water and a book or magazine.  But don’t make it so cozy that all you’ll want to do all day is nap.
 
Working from home can give you some flexibility but keep in mind that you still have to plan your day with time slots for getting work done. 
 
-Determine the start and the end of your workday then make a schedule that include proper lunch break and stick to it. 
 
-Get dressed for work even if you’re not going out. Getting out of your pj, showering and getting into comfortable clothes can help get you into work mode and be ready for any impromptu video conference with your clients or colleagues. 
 
-Reduce distractions that don’t require your immediate attention, like television and household chores. You can do those during your lunch break or after work hours.
 
With a little work, you can quickly create a home office space that is comfortable, functional and enjoyable. It sure beats the dining room!

Want to make your bathroom look fantastic without having to do a major renovation? There are a lot of projects you can do yourself. In fact, there are some improvements you can get done in less than a day that will transform the look and feel of your bathroom. Check out these ideas:

·       Update the sink. If you have some basic plumbing knowledge, this is a project you should be able to do on your own. A new sink can make the entire vanity look like new.

·       Buy new decor. New shower curtains, towels, window coverings, mats, etc. can transform the look of a bathroom.

·       Install new hardware. Replacing cabinet hardware may not seem like much of a change. However, it can have a surprisingly big impact. Shiny new hardware is like jewelry. It stands out.

·       Replace the vanity mirror. Even if there are no scratches, an older mirror is like an old pair of glasses. It can become foggy. No amount of cleaning will make it any clearer. When ordering a replacement mirror, be sure that your measurements are exact.

·       Paint. There's no doubt about it. A fresh coat of paint makes any room look better.

These bathroom improvement projects can make a huge impact on the look of your bathroom. And, they can all be done affordably and in just a day or two.

Ideally, when you sell your home, you want the process to go smoothly and relatively stress-free. While things may happen that are outside your control, there is a lot you can do to ensure that the selling experience is a good one.

Consider these four steps to reduce worry and stress when listing your home:

Step 1: Learn the selling process.

Find out what to expect when the FOR SALE sign goes up. How will viewings be scheduled? Will an Open House be needed? What happens when there is an offer? The more you know, the less mysterious—and, therefore, less stressful—the experience will be.

Step 2: Schedule wisely.

Use a calendar to block out times for viewings and other selling-related activities. Be sure to schedule plenty of time to clean and declutter your home before a viewing or Open House. Try not to have a tight schedule during the sales period.

Step 3: Anticipate issues.

The more problems you can foresee, the better you'll be prepared to deal with them as they arise. For example, if you know you're going to have a busy week at work, start making plans now to deal with viewings and related matters during those days.

Step 4: Make decisions.

Things can move quickly in the real estate market. There might be a few days when there are no enquiries at all, and then suddenly two offers will come in.

Be prepared to make some quick decisions. Fortunately, with sound advice from me as your real estate agent, making those decisions will be a lot easier.

So, follow these simple steps. They'll help make your sale less worrisome and even enjoyable!

When you put your home on the market, chances are you’ll cross your fingers and hope that a good offer – or two or three – will come in fairly quickly. So, what can you do to help make that happen? A lot!
 
Here are just three of many sure-fire ways to speed up the sale of your home.

 1. Price it right. Your home will sell more quickly when the list price is set at or near the current market value. That value is calculated using a number of factors, including what similar homes in the area sold for recently. You don’t want the price to be set too high, otherwise few, if any, buyers will bother to see it. On the other hand, setting the price too low may not excite as many buyers as you might think, and you may end up leaving a lot of money on the table. 

2. Staging. This is all about presenting each room of your home in a way that looks attractive to buyers. The technique involves decluttering, reorganizing furniture, and decorating strategically. Staging is proven to reduce the number of days a home sits on the market. In fact, many studies suggest you can expect a 10-20% reduction in days on the market. 

3.Flexibility.During the listing period, if you’re flexible when it comes to scheduling viewings, more buyers will see your home. More buyers means more chances that at least one will become interested and make an offer.

The great thing about these strategies is none involve lowering the price of your home.

Homes that are staged well definitely stand out. The right amount of decluttering, organizing and acessorizing does make your home more attractive to potential buyers. Here are some before and after photos of some homes we staged that show how powerful home staging can be.

Find balance when arranging furniture
Consider both size and placement when arranging furniture. Make sure not to group all the large pieces in one corner and also make sure there is variety in the shapes - like how we put a round teak stool beside the straight-line chair and a round clock between the square wall art and the bookshelves.

BEFORE 

 AFTER 

Declutter the wall space
Organizing and decluttering go hand-in-hand with home staging. The focus is now on the fireplace versus your eyes being distracted by all the photos on and above the mantle.

BEFORE 

 AFTER 

Update the decor
Many consumers have a hard time envisioning themselves in a space if the decor is too distinctive or distracting. Keeping items current and appealing to all is a way to attract as many buyers as possible.

BEFORE 

 AFTER 

Consider furniture placement to maximize traffic flow
People should not be tripping over each other when getting in and out of bed. Moving the bed onto the longest wall created a clear path and made the room feel twice as big.

BEFORE 

 AFTER 

Don’t push furniture against the walls
Pulling the furniture away from the walls provided easy access to the windows & blinds and allowed for a cozier conversation area where people don’t have to shout across the room. 

BEFORE 

 AFTER 

Consider the floor color when choosing a rug
You want that rug to be a contrast or a different coloration, especially if the flooring is dark.  It can be something that will work with your color schemes but on the lighter side.

BEFORE 

 AFTER 

Strategize if you’re in a small space
Look for pieces that are elevated from the floor. It lets light under the furniture and creates more visual space.

BEFORE 

 AFTER