Should Your First Rental Property Purchase Be A Condo Or A House?

NEED TO KNOW BASICS BEFORE BUYING A RENTAL PROPERTY   So you’re ready to buy your first rental property. Maybe you’ve heard about all the money you can make just by buying a property, finding a tenant, and letting the cash roll in. Perhaps your parents had rental property and you know the money that can be made. Or maybe you’d like to buy a house with a basement suite and have someone help pay your mortgage. All these are great reasons to consider owning rental property.   Where to Start?  Evaluate Your Current Living Situation   Where are you living right now? Are you happy where you’re currently living? Do you want to live in the same building as your tenant by having a basement suite or one side of a duplex to rent out or would you prefer to live in a dwelling away from your tenants? Do you own your home or are you renting? Are you living in a house or an apartment condo?  If you live in a house, what do you like about living in a house? If you’re living in an apartment condo, what is it about condo living that really appeals to […]

How To Test Budget A Mortgage Before Buying A Home : The Saturday Weekend Review #250

LIVE LIKE YOU OWN THE HOUSE BEFORE YOU BUYING   Think about the above statement for a moment and ask yourself how that may have changed your past or current budget before buying your home. You may find that had you created a test budget before that purchase you may have noticed that you shouldn’t have spent so much. Typically you wouldn’t hear me say anything about using a test budget because a budget is a budget, however there are times when pretending to budget comes in handy. Forget about the word pretend for a moment and consider the reasons why you would want to prepare a test budget and how it would benefit you as a potential homeowner. Can I afford the house Can I afford the house Can I afford the house   Start Young Finish Free   I often like to believe that anyone who starts learning about finance from a young age will have basic knowledge to make financial decisions that may not impact their lives the way someone who did not. This is why I urge parents to teach themselves about finance FIRST and pass that knowledge on to their kids. Even then there are […]

Everything You Need To Know About Porting A Mortgage In Canada: The Saturday Weekend Review #241

IT’S WORTH KNOWING THE INS AND OUTS OF YOUR MORTGAGE   It’s true and certainly something to always be mindful of, “It’s not about how much money you make, it’s how you save it.” When it comes to porting a mortgage in Canada, there are some things like interest rates that you need to factor into the equation, and we will cover these in detail in this article. Homeowners in Canada, and potential homeowners are faced with many important questions when it comes to mortgages. We are living through interesting times with respect to interest rates. The Fed is expected to raise rates further before the end of 2017, the Bank of England is clearly on a similar trajectory, and in time the European Central Bank will move away from quantitative easing towards quantitative tightening. What does this mean for mortgage holders around the world?   The Canadian Economic Scene   In Canada, the current bank rate is 1%. The BOC (Bank of Canada) decided to maintain the overnight rates when it met on Wednesday, 21 October 2017. The Bank of Canada forecasts that inflation will hit 2% by Q2 2018, later than economists projected. In 2017, real GDP grew […]

5 Point Checklist For Hosting A Successful Moving Sale : The Saturday Weekend Review #233

NOT ALL SALES ARE EQUAL ESPECIALLY WHEN SELLING YOUR BELONGINGS.   Whether you’ve lived in a house for one year or 25 years you will accumulate stuff that gets shoved away in a dark corner and collects dust. We all do it unless you’re an extreme minimalist which wouldn’t be so bad for some people who can’t stop shopping for stuff to fill up their home. It’s after you are ready to move house and de-clutter for your first moving sale that memories and things start popping up. Then you have to make decisions about these items and sometimes selling or donating memories can be the hardest thing to do. Two questions pop into my head when I find stuff I haven’t used, we haven’t used or won’t use; Did we spend our money to buy it? Should we sell it or donate it? If it wasn’t our money then we don’t have to worry about a loss because we didn’t fork out the cash for it. Do you sell the stuff or do you take it with you? This is a question you need to ask yourself or sit as a family and discuss before even beginning to think […]

A Guide To Help You Negotiate A Rent Increase (Sample Letter)

YOU CAN NEGOTIATE ANYTHING AS LONG AS YOU KNOW HOW TO MAKE ALL THE RIGHT MOVES.   Dealing with a rent increase is one of those difficult negotiation situations that needs to be backed by top-notch negotiation skills. Whether you’re a new tenant, on the cusp of renewing your rental lease or you’ve been handed a yearly rent increase the ball is now in your negotiation court. The art of negotiation can be used in just about any situation even when someone says the price is firm. Even then if you have the right backing power you might be able to squeeze in a discount or in this case negotiating a rent increase that doesn’t fit with your current budget expenses. Rental prices in our area have gone through the roof in the last couple of years. If you are a family with 2 children and need to rent a 2 or 3 bedroom apartment you’ll be looking at near $1200-$2000 a month whether it be in a basement apartment, one level of a house or apartment complex. An apartment complex is typically run by a property management team and basement apartments and house rentals have landlords who own the […]

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