Given the restrictions on mortgage financing, which also limits the access to home ownership, many families feel obligated to postpone their plans for buying their property. How about buying a smaller house instead? Times have changed, you know.
In the past, living in a smaller home was too often perceived as some sort of failure. Social success was determined by the size of your home. Big house, lavish lifestyle, large budget. The size of the home sometimes exceeded the family’s needs.
The whole world is joining together now to fight the rapid change in climate. Consequently, owning a home that suits your exact needs is perceived as an Eco-friendly gesture.
However, for many families, the restrictions to home ownership prevents them from even buying a property that fits their needs. What to do? Postpone the purchase? Not necessarily. Continue reading →
You’ve saved money. You’ve done your research and you’re just about ready to visit properties in the hopes of buying your very first home this year. You’d better make sure that these visits are effective. Here are a few tips.
We assume that you’ve defined your needs and priorities before visiting your first homes. Don’t make the mistake of defining them as you go along. If so, you’ll waste precious time.
Don’t wait to visit the property before getting the basic information, such as the age of the house, the electricity costs, the taxes, etc. Browse the websites of cities and power companies. They can usually give you this information. The real estate broker’s listings also hold a lot of information. If the house is not listed, a phone call or an email to the homeowner should suffice. If you’re afraid to sound too pushy, tell yourself that the homeowner is probably glad to proceed in that way. He or she will also be saving time.
In addition to calling upon a realtor for the purchase of your home, here are some tips provided by homeowners.
Think about the future
It’s essential to consider your needs, lifestyle and financial resources when choosing location. Because after many years, there’s nothing better than truly feeling at home!
Save up a good down payment
Wait until you have a decent down payment from your personal assets so you can get a reasonable mortgage and cover the 3% to 5% start-up costs. About 88% of buyers manage to do it by using their personal savings, including RRSPs and investments. About 41% of buyers save up a down payment of at least 20%; for 31%, it’s between 5% and 19%.
Look into the HBP
The Home Buyers’ Plan (HBP) is a government program that allows you to withdraw up to $25,000 from your RRSP (per person) to buy or build a home. You have up to 15 years to pay it back interest-free.
Do the math
Get preapproved for a mortgage so you can determine your budget and narrow your search to properties that meet your criteria.
Buy a house in a neighbourhood that’s going up in value and focus on the value of the land. What criteria should you consider to evaluate the area’s economic situation? Proximity and diversity of businesses and public services (e.g., schools, daycares, parks, hospitals, public transit) are good examples.
On the not-so-good side, here’s what they reported:
Skipping the home inspection
Underestimating the time and cost of renovations
Accepting a purchase offer with a closing day that doesn’t leave you enough time to find a new home
Not dealing with a mortgage broker
Not insisting that the former owners clear out the house completely before you move in
To find out more about the housing sector, visit www.desjardins.com/home. You can also contact a Desjardins mortgage representative at 1-844-626-2476.
With the last days of summer drawing near, you are probably on the lookout for a new project. You are wondering what you could do or work on and suddenly it comes to you: your home. Whether you plan to buy, sell or renovate your home, National Bank has a range of financing products to help you out.
If you are looking for peace of mind, you may want to consider a fixed-rate mortgage with set monthly payments for the entire term of the loan. Not sure what is best for you? Try a madeto-measure mortgage, where part of your loan is financed at a fixed rate and part at a variable rate. Continue reading →
You’re sick of your home office. You’re often being bothered or your space is poorly structured. You decided to dedicate part of your vacation to renovating your workspace, or possibly even creating it if you have just joined the ranks of the self-employed.
The door to your office isn’t insulated enough? There is a draconian solution: take the office out of the house, which is something many people have done. Some have even renovated a room near the family home, even if it involved paying rent.
Why not convert the shed into a workspace? That was the solution for author Roald Dahl (Charlie and the Chocolate Factory played by Johnny Depp in the movie) and Russian writer Anton Tchekhov, who set up a pavilion behind his property.
You could also use the garage. Some self-employed workers have also set up their offices there.
A less radical solution: build an outside door and cover the one that connects to the inside of the house.
You have to expand the space between you and your family, your friends and your neighbours, who will not hesitate to travel the short distance to go and bother you.
If none of these ideas work for you, try the attic. It’s a space worth considering. Self-employed workers often take refuge in the basement. However, it’s harder to go upstairs than it is to go down. Your entourage will be less inclined to bother you.
If you want to keep your current office. Add a separation between you and your entourage. It could be a screen, a glass partition wall or even a bookshelf that covers the wall. The more massive it is, the more efficient it will be. Continue reading →
Articles on home financing, home decor & renovations