Whether a first-time home buyer or downsizing from a house, millions of Canadians are choosing to nest in smaller, but convenient and often affordable, condominiums. At first glance, condo life seems worry-free and is why many prefer this real estate option. When purchasing a condo, however, many Canadians don't consider the risks associated with non-insured damage to the unit. When purchasing a house, insurance is typically one of the first things accounted for when moving in. Unfortunately, insurance is often overlooked by condo owners, since most are unsure of what they are responsible for should any damage occur.

The following questions have been provided by insurer RSA to help new condo owners determine how much protection they have under their condo corporation's insurance policy and what they need to be aware of. Ask your realtor, lawyer or property manager the following questions for more clarity:

1. What does the condo corporation's insurance cover and, more importantly, what doesn't it cover?

2. Does the corporation's policy cover just the structure and common areas of your building or complex, or more? (e.g. damage to your unit's walls)

3. If there is major damage to your building, is it possible that you would have to make an additional contribution to cover the deductible of the condo corporation's insurance policy?

4. What is the deductible in the corporation's insurance policy?

5. Are you responsible for the full cost or repairs to another condo, or the full deductible on the corporation's policy if, for instance, your dishwasher leaked or your bathtub overflowed and damaged the unit below?

6. How is a “standard unit” defined by your condo corporation? Does it cover things like fixtures, ceilings and floors?

To find a broker who can explain the common types of condo insurance and what is right for you, you can visit the broker locator section at www.rsagroup.ca.

www.newscanada.com

by Kamla Wray

You have decided to put your house on the market. It would be an understatement to say you’re seeking maximum dollar for your investment. While the Canadian housing market seems to be on the rebound with some areas picking up momentum faster than others, it is still a buyer’s market and sellers have to bring it to the table or risk losing out to the savvier house down the street.

In today’s economy, it is understandable major renovations may not jive with your budget, but an updated home is more appealing to the move-in ready buyer and will sell faster than its outdated counterpart.

Location and pricing aside, what are the prime selling features every home should have? Updated kitchens, bathrooms and floors not only add value to your home, they yield the best return when you’re ready to sell.

Nothing speaks to potential buyers quite like granite countertops and hardwood floors, but if those aren’t financially viable, a new laminate countertop or re-finished cabinet doors with contemporary hardware will give you that upper hand with buyers.

Energy-efficient appliances are more appealing than ever before. While investing in new kitchen appliances may not be within your budget, they will appeal to potential buyers. If kitchen or laundry appliances are out of the equation, consider smaller upgrades like energy-efficient toilets or showerheads.

Re-finish what can’t be replaced. Smooth, glossy floors say more than their scratched, dented and worn counterparts. If your carpets must remain, at the very least have them steam-cleaned and opt for area rug to help pull adjoining rooms like living and dining rooms together.

Clean and clear. While you may love your passion for purple others may not. Bright, bold colours should be replaced with a neutral colour scheme. Potential buyers will find loud patterns and colours distracting. Don’t take offense or consider it boring, remember, you are trying to sell your home, not your design and decor skills.

Regardless of how you feel about your home, smart renovations will yield an easier sale. Coupled with location and pricing, a smart-looking home will sell faster than its cluttered and outdated competition. Many homeowners find it difficult to make objective changes because they like and are comfortable with what they see. It’s always best to keep in mind some potential buyers won’t be able to see past a pastel blue toilet or multi-coloured home – they will only see the “extra” work that needs to be done.

Kamla Wray is the managing editor at allinthehome.com, send her your thoughts for savvy renovation updates at kamla.wray@allinthehome.com.