Feeling a little wet behind the ears while shopping for your first home? Well, instead of looking listings up online, why not spend the day out and about visiting open houses in your target neighbourhoods? Even if you’re still in the window shopping phase, open houses are a great place to learn the ins and outs of your local market, refine your first time home buyer wish list, and get realistic about what you can afford based on a mortgage pre-approval. Continue reading
Tag Archives: First Time Buyer
Are Your Ready to Buy?
You’ve had it with your roommates and you’ve had it with paying rent. You’re ready to move out and you’re seriously considering taking the leap into homeownership. But just because you want to buy a home, doesn’t mean you should. Before you start planning your housewarming party, take a minute to sit down and consider everything that comes along with homeownership. From mortgage rate trends to better budgeting, there’s more to buying a house than simply signing an offer. Continue reading
Is Your Home Underinsured?
Did you know that a large number of Canadian homes are underinsured? The following are six important steps to make sure your home is protected against the unexpected.
1) Know Your Policy And What it Covers
Your policy type should reflect your type of home and your needs. It’s important that you review your policy basics and have a good understanding of what you are and aren’t protected against. If you own an older home, or one that has special features (carved moldings or hardwood floors, for example), you will want to make sure you have special coverages in place to protect these items. Continue reading
Should You Use Your RRSP To Buy Your First Home?
Purchasing your first home can be tough, especially when it comes to scrounging up a sizable down payment. In Canada, you must be able to cough up a 20% down payment in order to avoid purchasing costly mortgage insurance. If you’re struggling to find enough cash to meet this requirement, don’t throw in the towel quite yet. Under the Home Buyers’ Plan (HBP), first time home buyers in Canada can borrow up to $25,000 tax free from their registered retirement savings plan (RRSP) in order to help with their down payment and lower their monthly mortgage requirements. Continue reading
Housing Types
From townhouses to triplexes, there are numerous types of properties available to Canadian consumers. Not sure what layout works best for your family? Then check out our explanation of typical housing types below. Your mortgage payments and regular monthly bills may change depending on the kind of house you acquire, therefore it is vital that you carefully weigh the pros and cons related to each design before you make your final decision.
Condominiums
Condominiums, or condominiums as they’re commonly referred to, are a popular form of housing in larger cities. Inside a condominium contract, you own the unit, but do not own the land the unit is situated on, or any of the common space (lobby, gardens, and so on) outside of your unit. In order to ensure the suitable maintenance of these areas, condo proprietors are generally charged a monthly “condo fee.” Fee’s additionally help take care of things like elevator maintenance tasks, snow removal, and the use of any onsite recreational establishments (swimming pools, work-out devices, etc.). Don’t forget, these types of monthly fees are in addition to your residence mortgage payments. Continue reading