Buying a home that needs some work is a good way to save money, but it can also hide unexpected costs or complications. It's possible to get a wonderful home, or to go broke making unanticipated repairs. These tips can serve as basic guidelines to assess the potential value in a fixer-upper before buying it.
Consider the Neighbourhood
Keep in mind that one person’s version of paradise is another’s fixer-upper. The view depends entirely on the buyer, and the buyer’s view relies a lot on the neighbourhood. Take the time to look around the area and see how owners take care of their properties. If the neighbourhood is trending upscale with the most expensive upgrades in every aspect of the home, they will probably have to pay more to maintain
Buying a home for a family can be a challenge. To meet the needs of a growing, changing family, a home must be flexible in its layout, large enough for many generations, and safe for everyone from children to older adults.
Home Amenities That Benefit Families With Children
Open Floor Plan
In a typical open floor plan, public spaces like the living room, dining room and kitchen are open and connected, with few or no walls in between. For parents of small children, there are many advantages to open floor plans. Adults at work in the kitchen can oversee children playing in the living room, dining room and beyond. In addition, open floor plans allow families to spend time together as they work on separate activities in separate spaces. For
Condominiums offer many benefits to buyers looking to move out of a rental and into property ownership. Condo living is ideal for anyone downsizing or looking for a property with minimal maintenance. For people asking themselves, “What is a condo?”, a condominium or "condo" actually refers to a specific type of legal ownership versus a style of construction, states the Canada Mortgage and Housing Corporation (CMHC). Potential condo buyers can find condominiums in low-rise residential buildings as well as stacked townhouses, townhouse/rowhouse complexes, and both duplexes and triplexes.
Approximately one million Canadian households own a condominium. The popularity of this type of home continues to increase due to various benefits a condo offers
Uttering the words "housing bubble" is enough to make any real estate agent or interested real estate investor shudder. It conjures up images of the great real estate bubble burst of the new Millennium, which ushered in the Great Recession and brought along with it one of the worst housing markets in history.
Fortunately, most housing bubbles are not this drastic and these real estate phenomenon is actually more common than most people think. These are the common signs and symptoms that are associated with a housing bubble.
Cost of Living Increases Faster than Wages
Inflation is often a warning sign of many economic conditions, including a housing bubble. When the cost of living rises faster than wages, people are often forced to rely on
When you walk into a person's home, you expect to see the young kids running through the house playing games. One spouse may be cooking the family dinner in the kitchen while the other is in the home office finishing up work before the weekend arrives. Yet family dynamics have changed over the past decade. It is no longer frowned upon to see the thirty-something young adult still living at home with their parents or find the aging parents living out their retirement years with their adult children, and when several generations live in one household like this, it is what is called multigenerational living.
Interest rates not only vary depending on the type of loan a home buyer chooses, but they also vary on the location and the lender. Before a buyer is even pre-qualified for a certain loan amount, it helps to understand how interest rates will affect the long-term financial repercussions of the mortgage. Home buyers have a few important factors to consider before settling on a mortgage and rate that works for them.
For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.
A Look at Interest Rates
A conventional loan is one that usually requests at least 20% of the home's total value as a down payment from the buyer along with a good credit history. The 20%
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