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Showing posts from August, 2024

How Much Can You Rent Your Home For?

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If you're having trouble selling your home in today's market, renting it out may be worth considering. I've had conversations with homeowners who are sitting on a property that isn't getting the offers they expected. Sometimes the problem is the price. Sometimes it's the market. And sometimes, the best move is simply to stop trying to force a sale and look at the numbers from a different angle. Could renting your home out for a year or two make more sense than selling it today? Maybe. But the first question I usually get is: "How much can I rent my house for?" The answer isn't always as simple as looking at what your neighbour is asking. Getting the right rental price is important. Price it too high and your property could sit vacant. Price it too low and you're leaving money on the table. Here's how I would approach it. Start With the Market, Not Your Mortgage One of the biggest mistakes I see homeowners make is basing their rental price on wh...

How to Fix Your Finances After Bankruptcy (And Not Lose Your Mind in the Process)

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So, you’ve declared bankruptcy. Oof. It’s like the financial equivalent of accidentally sending a text meant for your best friend to your boss. Awkward, but not the end of the world! Now that you’ve hit the big ol’ reset button on your finances, it’s time to channel your inner Phoenix and rise from the ashes of your credit score. Here’s a guide—served with a side of humor—to help you get back on track without losing your marbles. 1. Have a Good Cry, Then Get Over It Let’s be real: bankruptcy feels like getting dumped by your wallet. It’s okay to sulk for a bit. But once you’ve finished that tub of ice cream (no judgment), it’s time to move on. Accept what happened, learn from it, and start planning your comeback. After all, even superheroes have origin stories filled with failure. 2. Create a Budget (And Try Not to Fall Asleep) Budgets are about as exciting as watching paint dry, but they’re necessary. Think of your budget as a financial diet plan—except this one actually works. List o...

Navigating Property Division in Divorce: Common Approaches and Considerations

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Divorce is a challenging process that involves not just the emotional separation of a couple but also the division of assets accumulated during the marriage. One of the most significant assets that couples need to address is real estate, particularly the family home. Understanding the common ways to handle property division during divorce can help you make informed decisions and reduce the stress of this often complex process. 1. Selling the Property and Splitting the Proceeds One of the most straightforward ways to deal with real estate during a divorce is to sell the property and divide the proceeds between the two parties. This approach is particularly common when neither spouse can afford to keep the home on their own or when both parties want a clean break from the shared asset. Pros: Provides both parties with immediate liquidity. Avoids ongoing financial ties between ex-spouses. Simplifies the division of other assets. Cons: Emotional difficulty in selling the family home. Poten...