KNOW WHAT YOU’RE GETTING INTO When looking at buying your first house or your dream house, picking a house flip or choosing to renovate should be a question you ask yourself. As a household we’re not generally what you’d call nosy but sometimes going to see an open house can give you great ideas when you see renovations in real life. This is always an excuse for the wife to put on her shoes and drag me out because she’s seen another house that we must go and see. I’ll agree with her on some things and not on others. You don’t have to agree with each other on everything, which would be boring.As a husband, I will take interest in what my wife has for ideas around the house because 99% of the time I will be the one doing the install. Having an interest and input on what can and can’t be done makes dream renovations a bit more realistic. Looking at interior design magazines can give you great ideas but having a look at other houses and the renovations that have been completed is a good indication what would add value and sometimes what would be […]
Should I buy an investment property?
DO YOUR RESEARCH Buying an investment property is a big decision and one that you must do your research into first before saying you want to be a landlord. Today one of my fans Allyson shares her story of wanting to finish her education and buy an investment property to get her into the real estate market. Since I was little, I have known that I wanted to move out into my own house. I wanted something that belonged to me that I could sell when I was ready to watch my own family move on. When I was in high school we had a class that was supposed to prepare me for the future of living away from home. We had to fill out a sheet with a basic budget format: monthly rent, food, utilities and expenses. I was the only person in the class that crossed out rent and labelled it mortgage. For some people, renting is a valid option and I can respect that, but for me, renting never made sense in my head. Why would I want to give somebody else my hard-earned money for shelter when I can just buy my own? Obviously I […]
Why I’m not buying your house for sale
BUY MY HOUSE…… There are reasons why I won’t buy your house for sale unless it was up for sale at a fantastically low price and here’s why. Since spending months looking at open houses only a few years ago before we bought our current home my wife complained that I was too picky. I’m pretty sure her views have changed now over the years of learning more about the home buying process. I blogged the other day about how to avoid home buying mistakes the first time but this post goes a bit deeper into what we saw and what we were looking for in our first home. I swear she thought we would never buy a house at one point and the real estate agent was probably getting a little annoyed too. I can’t even remember the amount of houses we visited but it was quite a few although the reality is I didn’t want to buy a house just because it looked pretty. If you have a house for sale and are wondering why your house hasn’t sold yet you might want to look at some of the obvious. Wrong MLS information These […]
How to avoid home buying mistakes the first time
HOME SWEET HOME COSTS MONEY Buying a house to make a home for you and your family can be a stressful time for anyone, especially when it’s your first home. We no longer wanted to rent any more so looking for our first home was something that came fast and furious for us. With that comes the urgency to own a home and sometimes you overlook some of the obvious concerns. I certainly won’t be making some of these mistakes next time around. I can remember the endless trolling through MLS listings online and then booking an appointment with our real estate agent to go and view them. Some houses definitely viewed better through photos rather than real life, but it’s always something every house hunter has to endure. When buying a house everyone has a list of wants and needs and a general style that they are looking for. For us, a more modern house was an easier choice due to lower maintenance costs and less chance that there was going to be hidden problems. The trouble for any couple or family starts when they discover hidden issues with the house they thought was perfectly fine. Other life events can throw […]
Paying rent: Am I really wasting my money?
Throwing Money Out The Window I don’t think there is a right or wrong answer when it comes to renting and wasting money or purchasing a home but there certainly are pros and cons to both. Why do I choose to pay rent? While the freedom of owning my own home sounds great getting there on my own may not be a reality but I am certainly going to try. I am saving my money right now and enjoying it, though what I am saving for exactly is not set in stone. For the next 10 years I am choosing to continue to pay rent. As a single mother I want to make sure I am fully prepared for all the costs and fees that come with being a homeowner if I do decide to make that choice down the road. I have my mindset that in 10 years, if I am still single, I could be close to or have enough money saved for a reasonable down payment on a house if desired. While budgeting and saving money regularly and wherever I can I figure I could have a decent down payment saved through investments and other means in […]
Reader question: When should you renovate your new home?
Renovate Your Home When It Is Right For You A fan sent me an email the other day and asked me the question, When should you renovate your new home? He said that him and his wife had just bought a home and they weren’t sure if they should renovate before they moved in or after they moved and wanted to know what we did when we bought our house. Home renovation checklist It was a question that I really didn’t have to think much about because we are in this position now. We did not renovate before we moved in and preferred to save the cash first before renovating. When we bought our home I created a checklist so I knew exactly what I needed to do although over the years it seems the list keeps growing. It was easier to read my list as I was going along rather than trying to remember in my head. Every smart planner will have a list so they have information to fall back on. There is no custom list here, you design your own. Grab a piece of paper and start making notes. I also wanted to have the opportunity to […]
Buying my first property: Was I too young?
Minimum Pay For Maximum Workload I bought my first property at the age of twenty-one even though some of my friends thought I was too young and crazy. I loved to work hard and equally play hard afterwards. It would have been comparable if I were to buy my first condo here in Canada or flat for those of a British background. I wanted to buy vs rent because with my down-payment I knew that my mortgage would be less than rent. My parents already had a few homes on the go and were renting them out so the mortgage would pay for themselves. It was the best decision they ever made, investing in real estate. They are still enjoying the benefits today of those mortgage-free homes and rental income. Somehow I wanted in on the action early so off I went and I found my first home fresh out of University. How much do you need to buy a home? More than I bargained for and many people suffer because they fail to plan. I was almost one of those people. Living pay to pay Contrary to popular belief, I know what waiting for the next chunk of hard-earned money […]
Buy or Sell First: One Home, One House, Two Mortgages And A Pool
Deciding whether to buy or sell first can be a difficult decision that face home owners. It is a decision that if not executed properly could leave a homeowner with 2 mortgages and lots of stress. Owning two houses sounds like a great real estate investment but not when one is a home and another is a house you are trying to sell. This is the case with a neighbour of ours who is living the stress yet fails to see the problem, is the price of the house. Typically in the UK we would sell our home first with a reasonable closing date and then look for a new home to purchase. Research What to do when buying your first home? That’s easy, research! Talk to professionals and get tips and advice so you aren’t heading down a path where you want to tear your hair out. The same goes when you’re looking for things to do when selling your home, research. When I sold my home I did my research first, granted I wasn’t buying a second home I was moving to Canada. I had estate agents come around and value my home and I averaged the values out […]
