To first time buyers, closing costs are always sort of a mystery: They have a slight idea of what it is, but don’t know what’s specifically involved or how much it will cost. Many people think it is just the notary fee and that’s all. Sorry folks, that’s not just it. In addition to the mortgage down-payment, you (the buyer) will need to put aside some money for the costs related a … [Read more...]
What’s Included on the Closing Costs?
Filed Under: Buying Real Estate, First Time Buyer Tagged With: Buying, Tax
Buying an Income Property to Live in
There is a fundamental difference between buying a property solely for investment purposes and buying it to live in it. We all want to live rent-free. Having the revenues cover all of the expenses, including the unit we occupy. And while all of this is feasible, it is important to mention that certain factors affect this outcome: size of the building, revenues, etc. So let's take a look at what … [Read more...]
Filed Under: Buying Real Estate, First Time Buyer Tagged With: Income Property, Investment
Home Ownership: Quality of Life Program
This morning I received the latest electronic bulletin from the Montreal Real Estate Board, and I was pleased to read about one more addition to the First Time Buyers Program, a new take on the RRSP maximum withdrawing amount as well as the possibility to have all RRSP holders (not just first time buyers) to invest in Real Estate. Here is a copy of the bulletin, that explains what the Quality of … [Read more...]
Filed Under: Buying Real Estate, First Time Buyer Tagged With: Home Buyers, Programs, RRSP
STOP Paying Your Landlord’s Mortgage!
Lets begin this article by stating: Renting is wasting money! All those payments you've made at the end of each month, you will never see them back again. Ever. But your landlord will, once he/she decides to sell the property. If you remain a tenant, you are making your landlord rich, but you do nothing for yourself. But if you put those exact same dollars into a house payment instead of … [Read more...]
Filed Under: Buying Real Estate, First Time Buyer Tagged With: Danuta, Renting
Property Hunting: Diligence is The Key to Your New Home
Even when the numbers from the last couple of months show otherwise, the sales in March are increasing. I'm not saying this because I have access to the stats (yet), but because I've been extremely busy working with buyers, visiting properties and trying to make offers. Yes, trying. Let me explain: By the time the visit's over and we're deciding on the purchase price, I get a call from the … [Read more...]
Filed Under: Buying Real Estate, First Time Buyer Tagged With: Buying, Current Market, Tips
CHMC and Federal Government Refunds on Eco-Friendly Homes
CMHC (Canadian Mortgage and Housing Corporation) is now offering a 10% refund on the Mortgage Insurance Premium when purchasing a energy-efficient property. There are several green projects in the market right now, we've talked about Square Benny being one of them, and now with the explosion of eco-friendly developments, you have more options in finding an energy-efficient home in Montreal. The … [Read more...]
Filed Under: Buying Real Estate, First Time Buyer, Home Improvement Tagged With: CMHC, LEED, novoclimat
Condo Hunting: Price, Area and Size Matters
Lately I've been getting a lot of calls from buyers requesting condos in the downtown area for under 150,000. While we do have them in the system, a lot of these properties are either "fixer-uppers", small in square footage or located in the basement and/or semi-basement (terrace level) Remember that the price will be set according to certain factors: Location by neighbourhood (Downtown, Old … [Read more...]
Filed Under: Buying Real Estate, First Time Buyer Tagged With: Buying, condo buying
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