Browsing Tag

buying a home

General

Should I Hire A Real Estate Agent To Help Me Buy A Home?

My husband and I have bought two homes now and both times we hired a real estate agent to help us. Many people know that a real estate agent can help you to sell your home, but not everyone knows that real estate agents also offer the service of helping you to find your home as well. When an agent helps you buy a home, they are considered a “Buyer’s Agent”.

Below are three reasons why I recommend that you hire a Buyer’s Agent to help you while looking for a new home:

1. Agents do all the leg work

They will help you find the home you want. They have access to MLS and other listings and can provide you with indepth details on the homes you are looking at. A thorough agent will also research homes that were sold in that area in the past, so you have a good idea as to what homes are worth in the specific area that you are interested in.

October 31, 2012

Household

Play House Before You Buy One

If you are currently renting, and you want to know if you could really afford to buy a house, one thing you can do is “play house”. In other words, pretend you already bought one and see if you can manage financially.

All you need to do is set up a separate savings account and consider it your “house account”. Every time you get paid, put money into this house account just as if you were paying for a mortgage. Be sure to also take into account the additional costs of owning a home such as property taxes, utilities, etc.

May 9, 2011

General

The Costs of Buying And Selling A Home

When you consider the costs of buying and selling a home, it’s a good idea to wait to buy a house until you are sure that you will live there for at least 3 years if not longer. The reason is that the cost to buy and sell a home can be quite high and you will be unlikely to recoup all of your expenses if you only live in your home for a short time.

Some of the expenses you will incur include:

Appraisal fees – Your lender may want you to get your home appraised in order to have an independent assessment of your home’s value. This can cost from $150 to more than $300.

Inspection fees – It’s always a good idea to have a qualified home inspector inspect the home before you commit to making the big purchase. A good inspector will help you to identify problems with plumbing, electrical, the roof, the foundation, and much more. This will help to ensure that you are buying a home that is in good shape. Inspectors vary in price. We paid about $350 for our home inspector when we bought our home. It was worthwhile because it bought us peace of mind.

March 17, 2010

Household

Should I Rent Or Buy A Home?

Renting can sometimes be more appealing than owning a home. For the first two years of our marriage, my husband and I lived in a tiny apartment. All we had to pay for was the electricity; everything else was included in the rent. The only downer was that we felt like we were throwing away more than $7000 a year with nothing to show for it.

We decided to purchase a home in order to build equity as well as to have a place of our own with a small backyard. We soon discovered that our expenses shot way up due to water bills, heating bills, maintenance, insurance, and property taxes. Although our expenses increased, we at least had the sense of satisfaction in knowing that we were no longer “throwing away” our money to rent payments. We also had a lot more space to enjoy.

Although home ownership has been a positive experience for us so far, it doesn’t mean it’s the best option for everyone at every life stage. We definitely couldn’t have afforded to own a home when we were first married, so renting was a sensible option for us. There definitely is a time and a place for both renting and owning a home.

February 17, 2010

Investing

Using The First Time Home Buyer’s Plan For A Home Down Payment

What Is The First Time Home Buyer’s Plan?

If you are planning on buying or building your first home and you want to use money from your Registered Retirement Savings Plan (RRSP) to use for your down payment and other house expenses, instead of making a regular withdrawal and facing the tax consequences, you can take advantage of the First Time Home Buyer’s Plan (HBP). When you take advantage of the HBP, what you are essentially doing is borrowing money from yourself that will eventually need to be paid back into your RRSP.

Who is eligible?

In order to be eligible, you must enter into a written agreement to buy or build a home. The home must be your principal place of residence, and you must be a Canadian resident. The most you can withdraw is $25,000, and you can either withdraw it all at once, or you can make a series of withdrawals throughout the same year. If you plan on buying a house with your spouse, your spouse can also take advantage of the HBP.

January 26, 2010

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