Found 2 blog entries tagged as budgeting.

 

When it comes to buying a home, there's a certain charm and allure that comes with an older house. From unique architectural details to a sense of history, older homes can be full of character and provide a glimpse into the past. However, alongside the nostalgia, there are important considerations to keep in mind. In this blog post, we'll explore the pros and cons of buying an older home, helping you make an informed decision when embarking on your home buying journey.

Pros

Cons

Character and Charm

Maintenance and Repair Costs

Established Neighbourhoods

Energy Efficiency

Potential for Value Appreciation

Potential for Hidden Issues

         …

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Saving Money for a New Home

Buying a new home takes some planning and some strategic saving; but, with a little forethought coupled with action, you can make home buying a reality.

Be aware that you will need at least a 20% down payment of the purchase price of the house to avoid having to use Canadian Mortgage and Housing Corporation (CMHC) for default insurance. However, using default insurance through CMHC allows you to place a down payment of only 5% of the purchase price of the home. Keep in mind that you will pay more on your mortgage by obtaining default insurance. Below are some tips to help you save money for a down payment on a house:

Take a look at your monthly expenses. Determine what you can realistically afford to put away per month. Once you have determined…

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