If you have never purchased a home before, you are all too well aware of how difficult it can be to qualify for a mortgage and manage those often ghastly monthly payments.
Even more difficult is saving money for that 5% or 10% down payment unless you're lucky enough to deal with the Bank of Mom and Dad.
For informational purposes only. Always consult with a financial advisor before proceeding with any real estate transaction.
The easiest way if you need to squirrel away a few dollars from each pay cheque is to use a Retirement Savings Plan (RSP) as a vehicle to fund your down payment. It's what they call a fund with benefits and not just when you turn 65.
If you weren't aware that you can take money out of your RSP with no tax
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Home warranty policies can be a huge asset for many homeowners, yet many still ask, “Are home warranties worth it?” The answer to this question depends on certain situations. Basic policies typically cover most major appliances, plumbing, HVAC systems and electrical systems. However, a premium warranty often covers specialized repairs like hot tubs, swimming pools, garage door openers, doorbells and even ceiling fans. Policies typically range from $250-1200 per year, depending on the coverage desired. When determining whether or not the coverage is worth the expense when buying a home, here are six things to consider.
Closing costs can cause stress for home buyers. In addition to being costly, closing costs can be difficult to estimate. Knowing what closing costs are, how much you can expect to pay and when closing costs are due can help you plan for this part of the home buying process.
There's no doubt that buying in a competitive market is intimidating, and it's not unusual for sky-high prices to make a buyer think twice about their plans. But there are still a lot of advantages to buying instead of renting, even in high-demand areas in major cities. In fact, it may end up being the smartest investment you ever make. Follow these tip to get the best possible deal (and to crush the competition.)
The down payment that a home buyer puts on a home can have a significant impact on that home's affordability over the long term. The right down payment can save the homeowner money on monthly mortgage payments while also reducing the loan amount need to make the purchase.
Buying a new home is a huge investment of time and money, and no home buyer wants to be taken advantage of. It’s important for buyers to be aware of red flags that they might encounter when buying a new home in order to protect themselves and their assets. Here are some of the different home buying red flags that buyers may encounter and why they can be harmful.
It can be hard to decide which type of real estate to include within a portfolio mix. Those not familiar with investing in real estate may want to understand more about this important way to enjoy additional cash flow and tax benefits.
As interest in green construction has grown, so too has the array of products offered on the market. For the residential real estate market, these are the most popular sustainable materials on the market today for building a new construction home.
Buying a home is a significant and sometimes overwhelming endeavor. Cutting corners can be tempting, particularly in your research. However, dedicating time to these endeavors will give you the best understanding of your options, so you owe it to yourself to do so.
Buying a home can be a fun and exciting time. However, searching for homes for the first time can be overwhelming. Many people get caught up in features like number of bedrooms, the beauty of the garden, the newness of the kitchen and the condition of the appliances. Often North Calgary new home buyers fail to notice red flags because they can be subtle and easy to dismiss. For home buyers who want to avoid buying a home that may need a lot of work or maintenance, knowing what to look for is important.
