Tag Archives: Tips

Do You Know What a Property Disclosure Statement Is?

It’s standard practice for home sellers to freshen up their property prior to listing it on the market. A fresh coat of paint, new floors, or new light fixtures increase the value and marketability of a home. But sometimes these seemingly honest updates are done with the intentions of covering something up.

That’s why it’s crucial for homebuyers to always request a property disclosure statement. Seller’s are obligated to disclose any known defects to a potential buyer by way of this two page document. From zoning and water rights to plumbing, roofing, and structural damage, a property disclosure statement is designed to protect the buyer against a future of regret. Continue reading →

How to Make Wealth-Building Real Estate Decisions

It’s a sad but stark reality: when buying real estate, far too many Canadians fail to take the basic precautions or perform standard due diligence prior to submitting an offer. Instead of running the numbers, comparing mortgage rates, and consulting with a professional mortgage broker, home hunters are simply throwing caution to the wind and diving into the housing market head first. This approach is crazy – real estate is typically the largest and riskiest asset someone could ever buy. The housing crisis of the past few years has certainly showed us how problematic and unpredictable investing in real estate can be.  Continue reading →

How to Buy a Foreclosed Home

It’s no secret that foreclosures have rocked the American real estate market over the past five years, but what about the Canadian real estate scene? While our major housing markets have faired better than that of our neighbour, there are still many foreclosed properties available across the country. First time home buyers and investors alike are jumping at the chance to take advantage of this surge of inventory thanks to affordable investment opportunities. But you can’t reap the rewards until your experience the risks. If you’re considering bidding on a foreclosed home it is important that you first understand the pros and cons of purchasing a property that’s in financial limbo. 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 →

Short or Long: Which Mortgage Term Works For You?

The term of your mortgage is an important factor to consider when choosing your financing program. A few quick strokes on a mortgage calculator will show that long term mortgages do, in fact, reduce your monthly payments, but do these short term savings really add up over time? The professional mortgage brokers at FamilyLending.ca take a look at various mortgage terms to help you decide which financing option is right for you. Continue reading →