A lot of people think about the question of whether they should rent or buy. And a lot of answers are offered that frame the question as if it’s about investment first and foremost. But the truth is that if it’s your primary residence, you should be considering much more than the factor of buying a home to sell later on. Here, we’re going to take a much closer look at the question of renting a home and why it may be more worth it than many readers believe.
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buying a home
It can be daunting to decide to buy a house, especially if you aren’t on top of your financial game right now. Most first-time home buyers struggle with finding the right loan for their needs. What is the reason for this? Mostly because applying for a loan is not an easy process, so as a result, most people focus on filling up the application without considering comparing several loan options. Indeed, you need to research the options that are available for your situation and to make the best-informed decision you can. Below is a list of six different kinds of loans that you may want to consider.
There has been a lot of buzz recently about the Canadian housing market. Much of the recent financial news revolves around a possible housing bubble. The concerns have mostly had to do with dramatically rising housing prices in Vancouver and Toronto. According to The Huffington Post, although the population in Vancouver has dropped by 5% in recent years, the housing prices have almost doubled. These statistics make no sense if you’re looking at the market through the lens of supply and demand. So, what exactly is going on?
Most of us have ambitions to own a home one day. There’s absolutely nothing wrong with renting, but for many of us, it’s a dream to be able to call a house your home. If you’re thinking about stepping onto the property ladder, here are some budgeting tips to help you afford a new home.
Saving for a deposit
These days, you’ll need to put down a deposit to buy a new home. Even if you only have a relatively small lump to put towards the purchase, this can make a massive difference to the range of homes available to you. If you’re thinking about buying a house, it’s best to start saving as soon as possible.
What’s the most difficult part of buying a house? If you ask most people, probably the deposit. The deposit is the big chunk of cash that you have to save up to convince the bank that you’re really serious about buying a house and that you’re willing to risk your own money in the process.
The good news is that the housing market has rebounded sharply in the last few years, thanks to the improving job situation as well as the growth in the global economy. But for people wanting to buy a house, this has meant rising deposits. Currently, the average home price is standing at around $200,000, perhaps a touch over. With most mortgage brokers asking for a 5 percent deposit, that means that families have to pay out around $10,000 to secure their new house and a mortgage. For many families, that’s a lot of money to have to save up, especially those on modest incomes.