10 Common Mistakes First-Time Home Buyers Make

A first-time home buyer falls in love with a property: afraid to lose out, any & all helpful advice gets thrown out the window, an offer gets put in and accepted.

This first-time home buyer has now spent more than he/she can afford on less of a house that he/she wanted.

Does this sound familiar? How can you avoid these mistakes

This is but one of the common mistakes first-time home buyers make when plunging into one of life’s most exciting, exhilarating and exhausting times: buying your first property.

At this point, there’s a lot that comes into play that you need to be aware of as you’re going through the different stages of buying your first property. Buying a home is quite different to what you’ve ever purchased before, which is why it’s…

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5 Tips for getting a job in Canada

Getting a job in Canada, like in any country, may seem like a very difficult task.

According to the Canadian government, the best possible way of landing that dream job is to familiarize yourself with Canada and whichever province you want to live and work in. We have to agree, so we did our research and most of the provinces and towns offer advice and information about the jobs on offer in their region. Canadian-ize yourself and follow these tips to succeed in the job industry.

1. Know what Canadian employers are looking for

As we mentioned before, you will need to do your research. Look into the specific jobs themselves and what skills are needed, learn about the Canadian workplace environment and research the specific company that you want to…

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Renting Versus Buying: What Makes More Sense Financially?

Many first-time buyers are debating whether they should continue to rent or should they buy. It’s also a consideration for those entering retirement age that are thinking of downsizing out of their home to a condo or apartment. But what makes more sense to rent or to buy? There are some big advantages to rent in certain situations and some even bigger advantages to buy a home.

Answer these 7 questions to know for sure if you should buy or if you should rent.

 See our First Time Buyers page for more info including Government incentives for first time buyers

1. Do You Have Enough Cash Saved Up?

The first question we need to look at is the financial implications of buying or renting. In order to purchase a home or condo, the banks will generally…

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Basement Living: Paying Off Your Mortgage Sooner by Renting Out the Main Floor of Your House

Are you looking to pay off you mortgage sooner? Buying a home with a basement apartment may be your ticket.

And while a lot of homeowners consider renting out a basement apartment, what’s stopping you from taking it a step further? What if instead of living upstairs and renting out the basement, you did the opposite: living in the basement and renting out the upstairs?

I know what you’re thinking: Why condemn myself to the basement when the main floor is available? I own this house, so why should I live downstairs?

First off, it’s a good way to subsidize your mortgage in high-priced Toronto and Vancouver housing markets. The rent from your tenants can go directly toward the mortgage, helping you burn your mortgage sooner.

3 Tips for Secondary…

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3 tips for secondary income suites

Buying a home with a secondary income suite, or with the intention of installing one, can be an effective way to offset steep mortgage costs in some of the hottest Canadian real estate markets.

And it should come as no surprise that they’ve become a widespread practice in Toronto and Vancouver, where the average price for a detached home now exceeds $1 million.
 
Considering rental vacancies are incredibly low in both cities – 1.6  per cent in Toronto, and 0.6 per cent in Vancouver – offering affordable housing seems like a guaranteed money maker. In fact, 80 per cent of rental units outside of purpose-built developments are located in private residences.
 
The Canada Mortgage and Housing Corporation (CMHC) recently recognized how secondary suites help…

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Mortgage Basics: Types of lenders

You have many choices when it comes time to get your mortgage.

Not only do the different types, terms, and options for the mortgage vary, but you also have options when it comes to choosing the lender for your home loan. It’s important that your lender offers you a competitive rate, but there are other things to take into consideration, such as flexibility, customer service, and the fact that not all lenders offer all types of mortgages.
 
Banks
 
The biggest players in the mortgage market by far are the commercial banks. Big banks provide the majority of home loans to consumers. The general public knows and recognizes their brands, and there’s also some brand loyalty for consumers who already make use of the bank’s other financial products. These…

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5 Crucial Tips Anyone Buying a House Should Know

You’ve made up your mind to purchase a new home.

You have started looking at online listings to get a feel for the types of houses that are currently available. Before you give into those real estate temptations, there are a few crucial tips you need to bear in mind.

1. Know your Purchase Power
Before you even start looking at houses know how much your lender will pre-approve you for. Getting your heart set on a listing you can’t afford will taint your entire home buying journey. Keep in mind that there is usually negotiating room on a listing price, but try not to look at homes more than 10% above your pre-approved mortgage amount.

See our article on pre-approval/qualification

2. Decide what you are looking for
Know exactly what you are…

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Do all home improvements make financial sense?

Not all home improvements make financial sense.

I hear questions from prospective sellers all the time regarding home improvements and will they add value to the home. A common question is "I am worried that my home improvements are not going to pay off at all when I sell my house. Do all home improvements make financial sense?"

Not all home improvements make financial sense. Some homeowners make improvements because they want a particular feature or “feel, ” without regard to the cost. Be leery of articles in popular magazines that imply these improvements are an automatic financial benefit. Lists of the percentage gains on individual components, like a bathroom or kitchen remodel, are common. Every home must stand on its own two feet, not…

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Getting a divorce? Think about the house

Getting a divorce is tough enough, but having to sort out the house and finances can seem like a daunting process.

Here’s a few tips on how to minimize your frustration, and financial exposure, during a divorce.

In era where almost half of marriages end in divorce we all must try to acknowledge that divorce and property is a messy business. The best solution is, obviously, not to get divorced. But if separation is imminent in your life you may be curious as to how a family break up with impact the marital home.

There are three basic scenarios as to what can happen to your marital home.

Sole possession. This is when one partner opts to buy out the other partner. Often a paid appraisal is conducted, which provides a current or fair market value…

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Real estate Myths, Fact or Fiction?

Have you heard or been told things that you think "that doesn't seem right" in regards to Real Estate?

A home is likely the most expensive purchase you'll ever make. And the best way to protect yourself from costly mistakes is to go in with a solid understanding of all aspects of the home-buying process. Feel like you're swimming in misinformation?

Well lets look at a few of these "myths" and debunk them. Here is a list of the “Top Real Estate Myths.” There is no particular order. A typical consumer would not encounter all of these (and may not experience any of them) in a transaction. We could substitute many different “myths” for the list above. Some of these may surprise you, so there are general comments about each myth.

1. Experienced agents…

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