Blog Archives
What You Should Know About Foreclosure Houses
If you’re on the market for an affordable buy, than the foreclosure market may be a good place to start. These houses are often sold at a loss by lenders who just want to be rid of the property. But before you begin looking for your dream home among foreclosed properties, here are some things you’ll want to keep in mind. Skip Auctions. While an experienced real estate eye may pick up a bargain at an auction, it’s best to avoid them when you’re just beginning. Not only will you need to pay in cash, but auctions are full of traps ready to snare unsuspecting buyers. To start off, you can’t inspect the house. People who lose their homes to the bank, often vandalize them. Any damage they’ve done, will be your problem, and you don’t know what you’re signing up for. Lenders also aren’t known to bother with even necessary repairs on the houses they’ve foreclosed on. Any damage from a leaky roof or frozen pipes will need to be fixed out of your pocket. Secondly, hidden costs like outstanding taxes that are owed on the property are often unknown until after the house is purchased at auction. You […]
Three Tips to Make your Home Feel More Luxurious
Many young Calgarians are exceptionally lucky people. They get to grow up in great neighbourhoods and live in lovely homes. After all that luxury, it can be hard to move out when it’s time to go to postsecondary or you finally achieve an entry level job. While your new home might not be as large and richly decorated as your parent’s place, there are little things you can do to make your home feel more luxurious. Buy Nice Window Coverings. You might not think that the curtains or blinds you choose make much of a difference, but window coverings really can help. Cheap curtains will make your apartment look thrown together, rich velvet drapes will make everything feel suddenly classier. As a bonus, thick drapes will also help to make your windows more energy efficient, so you’ll also save a bit of money on the gas bill. Choose Your Furniture and Accessories Wisely. It can be tempting to just pick up the cheapest furniture you can find on kijiji. It’s affordable — sometimes it’s even free! But if you don’t want your home to look like a mismatched, thrown-together mess, then down throw it together with mismatched furniture. Take the […]
Signs that it’s Time to Move From Being a Renter to a Homeowner
Almost all young Canadian will go through a stage of renting. Fresh out of graduating from high school (or postsecondary), it’s nearly impossible for the average young Canadian to afford to buy their first home. They’ll either need to spend the time renting or living with their parents while they save up capital. But how do you know you’re ready to make the leap from tenant to homeowner? Your Finances are in Order. Student loans and even credit card debt are problems that young Canadians often have to overcome before they can purchase their first home. You’ll know you’re financially ready to take on a mortgage when you’re out of debt, you’re consistently punctual at paying your rent and bills, and you’ve managed to save up a down payment of at least 5%. You Know Where You’d Like to Live. A home is a huge investment! Down payments are a challenge to save up, and your mortgage needs to be paid on time. When you own property, you aren’t able to freely pick up and move the way you can when you’re a tenant. Before buying a home, you should be reasonably certain that you want to stay in the […]
Signs that it’s Time to move from Being a Renter to a Homeowner
For a long time, most Canadians followed a fairly similar route from childhood to adulthood. They were born, went to school, graduated, headed off to post-secondary or otherwise acquired job-training, found a job, got married, and bought a home. However, things have changed a lot in the last few decades. Good jobs are harder to find, homes are only getting more expensive, and the average Canadians marries in their 30s or later! Without this cultural script to follow, it’s getting more difficult to know when it’s time to make the leap from renter to homeowner. Fortunately, there are still some signs that you can pay attention to. Ready to Settle Down. One of the first things to consider, when deciding to become a homeowner, is whether it’s something you really want. If you enjoy the flexibility of moving around, aren’t interested in settling for a few years, and would rather spend your hard earned coin having fun than saving for a down payment, that’s okay! Homeownership isn’t for everyone. And even if homeownership is something you’re interested in, maybe right now isn’t the right time. Stable Income and Savings. Part of buying your dream home is having a down payment […]
Three Tips to Make your Home Feel More Luxurious
There’s nothing like coming home to your dream home. The luxury home business is a very exciting field to work in because you are able to unite families with their perfect home. However, not everyone can afford a luxury house. Here are some tips to make a more ordinary home feel extraordinary. Bigger is Better. One of the main features a luxury home has over the average suburban house is space. High ceilings and sprawling floor plans are generally a must have. You can help achieve this look in your own house by painting small trims the same colour as the wall. Large carpets where the furniture rests at least two legs on the rug will help make a room feel grander and well organized. Use large pieces of artwork as a focus point on the far wall from the door or entrance. This will help make the space feel bigger. Lighting is Everything. Instead of relying on over hanging lights, use lamps and lighting from many different levels and origins. Make sure your windows are letting in sunshine and invest in a couple cute table lamps for the coffee table or the side tables by the couch! Long curtains […]
First Time Homebuyer: Things to Remember now that you own a Home
Buying your first home is an exciting time! It’s an accomplishment that is often used to distinguish true adults from the young adults who are often still studying in University. But now that you’ve got the keys and have moved in, what does this achievement really mean for your lifestyle? What’s changed? Well, for the most part living in a home, whether you rent or own, is about the same experience. However, homeowners are responsible for a few things that tenants just don’t have to worry about. Paying the Mortgage on Time. This is an obvious change between being a tenant and a homebuyer, instead of paying rent, you have a mortgage. While both renters and owners have to be punctual with their payments, a homeowner has a lot more skin in the game. Too many missed payments can lead to you losing your home and all the money you’ve already sunk into the mortgage. Landlords, unlike banks, are more likely to be lenient since they want to keep receiving rent money. Nothing is Included. Often renters will have heat and hot water included in their monthly rent. Sometimes, electricity or even wi-fi will be included as well. When you […]
Holiday Decorating Traditions
When it comes to decorating and getting in a holiday mood, it’s easy to envy the people that it comes easy too. During childhood, handmade wise men would take the long journey from one end of the house to the other and there was magic in the movement. European friends, celebrating the feast of Saint Nicholas, would have little oranges and chocolate coins on the 6th, and other friends would have the most beautiful candles set up and a Hanukkah bush that was similar to our own tree but different and interesting and new. I’m not sure what other people do to celebrate this season and what traditions come with Kwanzaa, Midwinter, etc, but I thought I’d share a couple common decorating choices and how they’re represented in a different traditions as well as a little history behind them. The Tree. While nowadays most people see an evergreen set up in the living room and assume it’s a christmas tree, there are actually many traditions that use a tree. The Hanukkah bush that I mentioned earlier is just one of them. The use of evergreens as a symbol of eternal life can be traced back to ancient Egypt. In North […]
Improving your Credit Score
Nobody wants to fall in love with a home they can’t afford, and not satisfying the qualifications for a mortgage can be really disappointing. It can be difficult, but instead of being upset, this might be a good opportunity to work on your credit. However, an important part of improving your credit is understanding what exactly a lender is looking for. Fortunately, this is pretty simple. Here are the basic basic factors that make up your credit score. Payment History. Your lender will be checking whether you pay your bills on time every time, and whether you have any bankruptcies, settlements, etc against you. This is the single most important aspect of your credit score. If your payment history is a bit up and down, it may take you some time (months or even years) to improve your score. Keeping on top of your finances and consistently paying your bills on time is a mortgage approval must. Amount Owed. How much total do you owe? When you’re applying for a mortgage, make sure that your debt never goes over a third of your monthly income. You’ll want to be consistently keeping debt below 33% for a couple months at least. […]
The Importance of Budgeting for a Move
When it comes to getting ready to buy your first Calgary home, many future homeowners can spend hours scouring online listings for the perfect house and tweaking their budget. They calculate their income, their expenses, and how much is left over for a mortgage payment, and they feel ready to go out and find that dream home. But what first time homebuyers may not realize is that there are a lot of expenses beyond the mortgage that need to be accounted for. Big One-time Costs don’t usually slip by forgotten. These include your down payment and necessary legal fees. The down payment is the part of your house’s expense that you pay out of pocket. It proves to the bank that you’re serious about your purchase and have the ability to budget and save money. The down payment is usually between 5-20% of the house’s closing cost. However, if you pay less than 20% down then you’ll also need to juggle paying premiums for mortgage loan insurance. When you make an offer to purchase, you’ll also need to include a deposit — the deposit is usually a portion of your down payment. If your offer is accepted and you back […]