Renting and buying are distinctly different experiences. You may already know some of the reasons you'd like to buy your first home. Or maybe you have some reasons for wanting to continue to rent.


It helps to consider both sides before you make a decision. After all, buying a home is most likely the biggest investment you've ever made. Renting or buying - which is better for your current situation? Only you can make the decision that's right for you! Click to view our side by side comparison.



 

Rent

Own

Repairs

Call the landlord

Figure out what’s wrong.  Fix it yourself or call a professional to help

Painting/Decorating

Call the landlord. All changes have to be…

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For many Canadians buying a home is the single largest investment in their lifetime.

You’re excited and stressed – not only because of the financial commitment but because it’s about a place and a community that you have set your heart on.  It is during this emotional time you will meet with a lender to arrange the mortgage and you will also be asked to purchase Mortgage Insurance. If you’re like many people, you may have overlooked insurance in the home buying process.

Buying a home is an exciting time! But ensure you are making an informed decision about protecting your investment, and your future. So what is the difference between Mortgage Insurance and Life Insurance?  Click here to view our side by side comparison.

Mortgage…

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Even if you’re not planning to sell your home right away, updating and maintaining your home shows you take pride in owning it.

Clean the exterior. Dirt, grime, and cobwebs can accumulate on your home’s exterior. Use a pressure washer to remove the buildup and give your home a fresh look.  Wash the windows inside and out, clean gutters and doors – including your garage door.

Paint. Painting is a great way to boost your homes curb appeal.  Update your home with a coat or two of the same colour or choose a new shade.  If you choose to pant the same color you can scrape a small swatch of paint to take to the paint store to have it matched.  Also paint your doors and trim in a complimentary shade. Don’t forget to prep the surface area before you start…

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Mortgage picture

It is best in our current market to get a pre-approval for a mortgage.  You can go to your bank and speak to them about your options, or you can contact mobile mortgage specialists who will help you with all of your needs.

MORTGAGE TYPES/OPTIONS
It is best to speak with a professional in the mortgage industry, but some options for younger buyers are:
0% down, etc.
Do not let o% down fool you as you will need some money up front for your deposit, which will likely come from a line of credit.

5% Down Payment
The following is an excerpt from the Canada Mortgage and Housing Corporation Website under the topic of “Mortgage Loan Insurance”:

“Get into your home sooner.  Mortgage Loan Insurance helps you do it.  Put as littles as 5% down. When you need a…

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Whether you’re considering remodelling worn-out surroundings, enlarging your home for a growing family or going beyond yesterday’s standards, you have important investment choices to make.

The first piece of advice is never try to renovate a part of your home, simply for the purpose of selling. You are incurring a huge risk here.  The housing market can be volatile, and you never know which amenities are going to pay-off. If you renovate for yourself, at the least you will get value simply by enjoyment of the change.

If you are looking to spruce up your home a little bit before you sell, make minor cosmetic changes like painting.  They are fast, inexpensive and involve little risk. If you know that you will be living in a home for some time, but are…

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Mortgage Insurance or Life Insurance?

For many Canadians buying a home is the single largest investment in their lifetime.

You’re excited and stressed – not only because of the financial commitment, but because it’s about a place and a community that you have set your heart on.  It is during this emotional time you will meet with a lender to arrange the mortgage and you will also be asked to purchase Mortgage Insurance. If you’re like many people, you may have overlooked insurance in the home buying process.

Buying a home is an exciting time! Buy ensure you are making an informed decisions about protecting your investment, and your future. So what is the difference between Mortgage Insurance and Life Insurance?

Mortgage Insurance

…

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  1. Keep updates in line with the style of your neighbourhood.  Expensive upgrades may not pay off in the future if they’re too out of the norm of the neighbourhood.  If you plan on selling your home soon, choose materials and appliances that are on par with the style of the average home in your neighbourhood.  A $70,000 kitchen renovation won’t go over well if the average home price in the neighbourhood is $250,000.

  2. Don’t over-improve the room; you’re unlikely to get a great return on your investment.  Instead, make simple upgrades to your lighting, fixtures, and hardware and freshen up the space with a coat of paint.

  3. Update appliances, especially if they’re no longer working properly.  Don’t focus on upgrading to the highest end…

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  1. Why are you remodeling? Do you want to improve the function of your kitchen? Update the style? Or are you planning to sell soon?  The answer to this question will help you determine the scope of your project and your budget.

  2. How long do you plan to live in your home? If you think you’ll be house shopping within 5 years, try to focus on a renovation that will give you the highest return on investment.  If you plan to stay in your home for a decade or longer, consider making long-term functional improvements that will fit your style and your budget.

  3. Do you have or plan to have children? If the answer is yes, it’s a good idea to consider choosing durable, easy-to-clean materials for your renovation.

  4. Are you planning to live…

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 If you’re looking to update your kitchen, but don’t have the budget for a complete remodel try these tips to make your space appear larger:

Choose light colors – Light colours give the illusion of openness, so try updating your wall color to something light or if you’re a DIY enthusiast you could try giving your dated cabinets an update with a coat of white paint.

Install Open Shelving – Ditching your upper cabinets for open shelving will open up the space and allow you to keep dishes within easy reach.  Display your dishes with style and up the wow factor of your kitchen!

Incorporate Patterns – Choosing a bold pattern for the floor, countertops or a wall will create visual interest in the room.

Diversify your lighting – Installing flushed or…

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The total cost of buying a house goes beyond just its price.  Your Real Estate Agent or Lawyer will be able to tell you exactly how much you’ll have to pay.

LAND TRANSFER TAX | .5-2% of value
When a home changes hands, many provinces and a few municipalities, charge a property transfer tax, or title transfer fee.  It can add thousands to your purchase price. (First time home buyers qualify for rebates or exemptions in some provinces)

APPRAISAL FEE | around $500
Your lender may ask you to have a home appraised to confirm its market value.  Fees vary depending on a property’s value and complexity.

LEGAL FEES | $500-$800
A lawyer or notary will help protect your interest by reviewing your purchase agreement, searching the property titles, and…

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