Buy the least expensive house in the most expensive neighbourhood

BE PICKY WHEN HOUSE SHOPPING   Typically we like to buy quality when we shop which included shopping for our home. This is why we scoured every available neighbourhood around our city for the best deal. The only thing we don’t like is paying full-price which meant we had our work cut out for us. Thankfully, it worked out in our favour. When buying a house you want to make sure that if you are buying a $400,000 house that the neighbourhood matches the price tag or you might struggle to sell as fast as you’d like down the road. This is why we hear over and over not to over-renovate but then again a smaller house in a bigger neighbourhood might have more luck finding a buyer than a house that costs far more than smaller surrounding homes. Today I have an email from a guy who is a first-time home-buyer with his wife and wants to know if they should spend the money and get the biggest house they can or a smaller house but in a more expensive area. Note: If you have a question for me please send me a detailed email similar to below so […]

One Year of Savings After No Mortgage Payments : May 2015 Budget Update

A MORTGAGE IS A HEAVY DEBT   Kissing our mortgage payments goodbye one year ago this month was one of the greatest accomplishments we’ve achieved financially as husband and wife. Honestly it was my wife that reminded me that it has been a year since our final mortgage payments were processed. Time certainly does fly by but I’m certain since having our son time is just a big blur to the both of us.   Mortgage Payments are reality   Having no mortgage payments have not gone unnoticed though as our budget has shrunk and our net worth has jumped up to just under $700,000. It would be nice to be worth a cool million before I turn 40 although that may be super optimistic of me. When we conquer one hurdle we set goals to conquer another. Having mortgage payments will add bulk to any budget but it’s not the end of the world if you have one. The reality is that most people who have a mortgage pay for it until the end of their term unless they pay extra to shave a few years off here and there. That is great if you can do this as […]