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March 20th, 2019 
Lawrence Day
Sales Representative

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You've been renting for awhile. You've enjoyed it. You have the freedom to move without the worry of selling a home first. You don't make repairs or pay property taxes. But something's missing - a sense of security, or perhaps a feeling that your monthly rental payments are going into a bottomless pit.

Buying your first home can be a nerve-wracking experience, and for good reason.  It is probably the most important purchase that you will make in your life time.  Your first home purchase sets into motion a chain of events that will alter the course of your social, economic and cultural lifestyles.  There are many questions to consider when you get ready to take the plunge and purchase a home. However, there are also some compelling reasons to purchase a home as soon as you are financially able.

If you are a first time buyer, if your downpayment is less than 25%, or if you plan to use RRSPs toward your downpayment, Lawrence highly recommends the Canadian Mortgage and Housing Corporation website: www.cmhc-schl.gc.ca. 

1) You have to live somewhere anyway! 
One of the most intriguing and compelling reasons to purchase a home is that you have to live somewhere anyway, and home ownership is one of the best ways to invest money that you would have wasted on rent!  Instead of paying a landlord rent, who in turn pays a mortgage on his or her investment, you are committing funds your own future!
2) Real property is an investment! 
In most cases, real property appreciates with both inflation and other market forces.  Even if the property you purchase does not appreciate, your mortgage will eventually be paid off and you will own your property "free and clear!"  That means that you can live out the remainder of your days without making mortgage payments, or you can sell your property or even will it to your heirs.
3) There is a pride in ownership! 
There is a sense of pride and accomplishment that you attain when you own your home.  You have the satisfaction of  knowing that any improvements, upgrades and repairs that you make will enhance the value and desirability of your property.  You are no longer "making the landlord rich," rather, you are setting off on a mission of financial independence.

New homes aren't always single family residences, but how do you decide if a house, a condo, or co-op is the best choice for your housing needs?  Here are a few explanations to help you sort out the differences and similarities in ownership of those two types of real estate.

Condominiums
  • An individual condo owner holds title to the unit only, not the land beneath the unit, so condos can be stacked on top of each other.
  • All owners share title to common elements. Common areas include land, the exterior of buildings, hallways, roofs, swimming pools -- any area used by multiple owners.
  • Condo owners pay property taxes on their individual units.
  • A property owners' association usually manages the complex and collects fees from all owners in order to maintain common areas.

Co-operatives and Co-ownerships

  • generally, title to all associated real estate is held by a corporation. Buyers purchase stock in the corporation and are considered shareholders, not owners of real property. Each shareholder holds a lease to his apartment that runs for the life of the corporation.
  • Taxes are paid by the corporation. The mortgage is normally held and paid by the corporation. Those costs plus the costs to operate the building are shared by shareholders.
  • New shareholders must usually be approved by an administrative board.

Freeholds

  • is the common form of title in which a deed to the property and any dwelling upon it,  is owned by the titleholder.

My Personal Commitment

My  "Guaranteed Service, Exceptional Results"™ guarantee is a commitment to provide the highest quality professional service.  We will negotiate on behalf of the buyer the lowest price under the most the favourable terms, and to make the process as helpful, convenient, informative, and problem-free as possible. We can also introduce you to the best mortgage services, lawyers, home inspectors, home insurance companies, movers and more… so you don't have to look any further for help with the entire transaction.

If you are considering purchasing your first home, don’t be overwhelmed. Contact Lawrence Day’s Team and let them help you make the process as problem free and enjoyable as possible.

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