If you've been looking into real estate in Calgary you've probably run into the five-year rule and may not fully understand it. If so, here's a brief explanation that will help you get a grip on this rule and where and why it applies.
What is the Five-Year Rule?
This is a very general rule that means you should plan on remaining in the home you purchase for five years at least. If you don't, it will hit you in the pocketbook, in most cases. This is due to the closing costs that need to be paid when you sell your house and can be a substantial amount, depending on the value of the home.
As well, you'll have to look at how much equity you have actually built up in your property. When you first take out a mortgage you'll be paying mostly interest
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If you're new to the world of purchasing a home and haven't taken out a mortgage before, you may be confused about the differences between a mortgage broker and a loan officer at the bank. Although they can both provide you with a mortgage, there are differences between them that you'll want to learn so that you can get end up getting the best mortgage possible that matches your personal financial situation.
Most seniors are staying in their homes as long as possible to maintain their independence and remain in the familiar surroundings they are used to. This means that many seniors are remodeling their homes to make them fit their needs instead of moving out. The best time to consider the changes your home will need is before retirement.
If you're like most Albertans you prefer the fixed-rate mortgage. This is according to a recent survey conducted by CIBC showing that most residents in the province would select a mortgage with a fixed-rate over a variable rate.
Land surveys are prepared for residential homes and show you exactly where your home is sitting and any renovations and improvements that have been made to the exterior of the property. Some things that may show up on a survey report may include additional decks, pools, driveways and buildings that have been added. This is a legally binding document that can be called upon by the local municipality, mortgage company or the bank and its helpful when any real estate transfer is taking place.
So you've purchased a new home. Congratulations! Now you may have to think about the types of appliances that you're going to add to the house assuming that they don't come with the property and you don't have any of your own to carry over. When you're going out to purchase those new appliances there are some things that you should keep in mind besides the price. If you get too caught up in the cost of the shiny new appliances in front of you, it can attract your attention over from other critical factors.
Although you may think it's a silly question, a lot of people believe in haunted houses and say that they have seen evidence of other beings living with them. Whether you're a believer or not, this may be something to take into consideration when you're selling a home. If you do believe that a house can be haunted, it's something you may have to take into account if you find the home of your dreams! There may be other types of beings inhabiting the property that aren't in human form!
If you're an avid treadmill enthusiast and are thinking about buying a new condo in the upcoming future, you'll need to find out first whether you can operate a treadmill in the unit. While most condominium buildings won't have a specific rule concerning personal exercise equipment, there will be other simple rules that may make it impossible to run the machine.
If you're like most people in Alberta, you're prepared to spend more than the Canadian average in order to buy a home. According to a new report issued by BMO, called The First-Time Home Buyer's Report, the average that the first time Canadian buyer is planning to spend on their purchase is $300,000. People here in Alberta have loftier goals and expect that they'll be spending $406,000 for their first property.
Are you planning on purchasing a new home in the Calgary area soon? If so, you're probably saving up for your down payment. There are a few things that you should understand, however, about how to save for a down payment and the size of the down payment needed in order to buy a Calgary home.