If you are in the market to buy a new home – don’t overlook that fixer upper!
For many first time home buyers, they face the duel challenge of not having a big down payment and higher home prices. Often, the only homes that younger buyers can afford are ones that are in need some renovations.
But just how do you budget for renovations when you’ve maxed out on the down payment?
If you’re on the hunt for your first home and want to have a smooth and successful home purchasing experience avoid these common first-time homebuying mistakes.
1. Thinking you don’t need a real estate agent
You might be able to find a house on your own but there are still many aspects of buying real estate that can confuse a first-time buyer. Rely on your agent to negotiate offers, inspections...
Having problems finding your dream home? Have you said, "great home, great location, too bad the kitchen is so outdated?" Don't overlook these properties, as there are mortgage programs available that can help you get into the home with the dream kitchen or hardwood floors you so badly want. These programs save you the inconvenience or hassle of arranging a second loan after closing to do the improvements.
Both CMHC and Genworth Insurance offer a program called "Purchase Plus Improvements" that allow you to purchase a home, renovate it the way you like and...