Luciano Giustini
Mortgage Agent
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Why buying your first home during inflationary times is good
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Are you a first-time homebuyer concerned about rising inflation? It's understandable to have some reservations, but rest assured that there are still plenty of reasons why buying your first home is a great idea, even during inflationary times.
Firstly, Canada's housing market has historically been stable and resilient, even during economic downturns. This means that homeownership remains a reliable investment in the long run, and you can feel confident in your decision to buy a home.
Secondly, the Canadian government offers programs and incentives to help first-time homebuyers get into the market, such as the First-Time Home Buyer Incentive and the Home Buyers' Plan. These programs can help you get a foot in the door and make homeownership more accessible and affordable.
Additionally, as inflation drives up the cost of living, owning a home can provide a sense of stability and predictability in your monthly expenses. Unlike renting, where landlords may increase your rent at any time, owning your home means that your monthly mortgage payment will remain the same for the duration of your mortgage term.
Finally, by owning a home, you can build equity and wealth over time, which can help you achieve your long-term financial goals.
As a mortgage broker, I can help you navigate the Canadian housing market and find the best possible mortgage deal for your unique financial situation., now could be the perfect time to take the leap into homeownership.
So if you're a first-time homebuyer, don't let rising inflation discourage you from achieving your dream of homeownership. Contact me today to schedule a consultation and start your journey towards owning your first home.
Posted in Investing in real estate can be a frightening task for a first-time buyer. While the rewards can be huge, there are also a number of risks that you will need to consider. However, if you know what to look for, you can find some excellent rental properties on the market in your area.
Research has shown that the following four factors are among the most important to consider when searching for a rental property:
1. Neighborhood:
Making sure that the home is in the right neighborhood can be one of the main determining factors of a rental property's profitability. Your neighborhood quality will determine if people want to move into your home and how much they will be willing to pay. As such, before purchasing any rental properties it is always vital to do a full analysis of the surrounding area. Don't just search for data online either - you can always go knock on doors to find out what the neighbors think.
2. Property Tax:
Taxes imposed on properties are ever-changing. Because of this, you will need to do some research on local tax regulations before making any purchases. High taxes are not necessarily a bad thing, and low taxes are not necessarily a good thing. You will just need to ensure that, in either case, you will be able to charge enough in rent to cover the cost of the tax as well as your other expenses.
3. Amenities:
A good selection of nearby amenities can be a huge draw to potential tenants. This could include nearby parks, malls, public transport, a hospital, gym and theaters. Put simply, the more amenities that you can provide easy access to, the more you will be able to charge in rent - increasing your potential profitability.
4. Upcoming Infrastructure Development:
When purchasing the rental property, it is always important to consider the future as well as the present. While you may only be able to charge $1,000 in rent each month right now, you may be able to charge more once significant infrastructure improvements have been completed. This could mean the completion of a new park, highway, or business center (to name just a few).
Just about every little corner of the world will have good areas, neighborhoods, and homes. With some research and a bit of patience, you could soon be the proud owner of a great rental property in one of these locations. If so, you might just find that it can be a very profitable endeavor.