🔁 14th Feb 2024 - How To Use Equity To Buy A Second Home!

💥 Wednesday 14th February 2024 💥 Danger! 9 Buyer Traps - FREE Report! Curated GTA Thrive: Daily Insights! "Discover, Decide, Delight: Expert Reports & Premier Listings!" "Curated GTA Thrive: Daily Insights" delivers curated insights into the Greater Toronto Area (GTA) real estate market every day. Get a comprehensive overview of market trends, expert analysis, and valuable insights directly in your inbox. Whether you're a buyer, seller, investor, or simply interested in the GTA real estate market, our daily updates cover a wide range of topics to help you thrive in this dynamic landscape. Stay informed and ahead of the curve with "Curated GTA Thrive: Daily Insights" as your trusted source for navigating the GTA real estate market. What Are the Lesser-Known Home Buying Traps That Can Catch Even Experienced Buyers Off Guard? Even experienced home buyers can fall prey to lesser-known traps in the home buying process. Some of these traps include: Overlooking Hidden Costs: Buyers may focus solely on the purchase price of the home and overlook additional costs such as closing costs, property taxes, homeowner's insurance, and maintenance expenses. Failing to budget for these expenses can lead to financial strain after the purchase. Ignoring Future Needs: Buyers may prioritize their current needs without considering their future requirements. For example, they may overlook the need for additional space for a growing family or accessibility features for aging in place. Skipping the Home Inspection: Some buyers may forego a thorough home inspection to expedite the buying process or save money. However, this can lead to costly surprises down the road, as hidden defects or structural issues may go unnoticed. Underestimating Renovation Costs: Buyers may underestimate the cost and effort required to renovate or remodel a property to meet their preferences. This can result in budget overruns and delays, impacting the overall affordability of the home. Neglecting Neighborhood Research: Buyers may focus solely on the property itself and overlook crucial factors such as neighborhood amenities, school districts, crime rates, and future development plans. Choosing the wrong neighborhood can impact quality of life and property value appreciation. Getting Emotionally Attached: Falling in love with a property can cloud judgment and lead buyers to overlook potential flaws or overpay for the home. It's essential to remain objective and evaluate the property based on its merits and market value. Not Understanding the Home Buying Process: Even experienced buyers may encounter unfamiliar aspects of the home buying process, such as financing options, legal requirements, and contract negotiations. It's crucial to seek guidance from professionals and educate oneself to avoid costly mistakes. Failing to Secure Financing Pre-Approval: Buyers may begin their home search without obtaining a pre-approval for a mortgage. This can lead to disappointment if they find their dream home but are unable to secure financing, or they may miss out on competitive offers due to lack of pre-approval. Not Considering Resale Value: Buyers may overlook the resale potential of the property, focusing solely on their immediate needs. Factors such as location, property condition, and market trends can impact the future resale value of the home. Ignoring Red Flags: Buyers may dismiss warning signs or red flags during the home buying process, such as unresolved inspection issues, a history of maintenance problems, or unfavorable market conditions. It's essential to address concerns promptly and make informed decisions. By being aware of these lesser-known traps, even experienced home buyers can navigate the buying process more effectively and avoid costly mistakes. How to use equity to buy a second home - MoneySense We look at four common ways of financing the purchase of a second property using equity built up in your current home. moneysense.ca READ MORE ... Don't count on mortgage rates falling just yet. A Fed official says interest rate cuts may only come in the summer. Atlanta Fed President Raphael Bostic told CNN he expects the US inflation rate to fall to "the lower twos" only by the end of 2024. " ca.news.yahoo.com READ MORE ... 'Unparalleled': Here are the most viewed homes on the Mississauga real estate market These are among the most viewed on the entire Canadian real estate market. mississauga.com READ MORE ... Montrealers deal with renovictions amid lowest vacancy rate on record | CityNews Montreal Patricia Higgins has been living in an apartment building in Montreal’s Pointe-aux-Trembles for almost 50 years. She’s now among those facing renovictions, told to leave so the owners can renovat3. “Uprooting from my home, uprooted from my neighbourhood, uprooted from my neighbours and friends that I’ve made here,” she said. It’s happening to her and […] montreal.citynews.ca READ MORE ... B.C. real estate sees rebound to start 2024: BCREA The B.C. real estate market is picking up, with a reported increase in sales in January 2024 compared to the same month last year. vancouver.citynews.ca READ MORE ... Kelowna realtor petitioning against province's short-term rental legislation - Kelowna News The provincial government has gone too far in its legislation banning short-term rentals within specific areas of municipalities across the province. castanet.net READ MORE ... Interest rate cuts would ease housing supply constraint, Fraser suggests - National | Globalnews.ca Sean Fraser says that based on conversations he’s had with housing developers, he thinks residential construction projects will begin to move forward once interest rates are cut. globalnews.ca READ MORE ... Proof Point: International student cap won’t immediately cut rental demand in Canada - RBC Thought Leadership The federal government’s new cap on international study permit applications will not immediately reduce rental demand from international students... thoughtleadership.rbc.com READ MORE ... Some GTA college students being paired with seniors with extra space amid housing crisis Some Canadian post-secondary institutions are looking to pair up students with seniors who have extra living space in response to rising rent prices. cp24.com READ MORE ... January buyer's market in Sarnia-area real estate won't last: realtor group Sarnia-area real estate slipped into its first buyer's market in a decade in January, but don't expect it to last. chathamdailynews.ca READ MORE ... Are Houses in St. John’s Still Cheap? The upward trajectory of home prices in St. John’s will likely persist in 2024, says a new report from RE/MAX. blog.remax.ca READ MORE ... Calgary’s January sales surge amid tight inventory, driving prices higher: CREB - REM Despite a boost in new listings, inventory remains tight, leading to continued upward pressure on prices in Calgary and the surrounding area realestatemagazine.ca READ MORE ... The government's costly plan to purchase Canadian Mortgage Bonds is deeply misguided - The Hub Canadian Mortgage Bonds are not actually federal government liabilities. And if CMBs aren’t federal debt, then the currently planned $30 billion in CMB purchases this year is a significant policy shift that is deeply misguided. thehub.ca READ MORE ... Luxury five-star hotel planned within enormous $800M Toronto skyscraper A new landmark for the Toronto skyline will bring the city a new five-star hotel and a soaring restaurant perched 63 storeys up in the sky. The new... blogto.com READ MORE ... As unruly guests disturb the peace, Muskoka Lakes considers licences for short-term rentals | CBC News As short-term rentals have become big business in cottage country, Muskoka Lakes property owners say partying and noise are a growing problem. The township wants more regulation, but some say proposed fees and limitations hurt responsible renters. cbc.ca READ MORE ... Could Canada's housing market pick up sooner than expected? Rate cuts could herald beginning of an upsurge – but are buyers already stepping off the sidelines? mpamag.com READ MORE ... How to calculate the adjusted cost base of inherited property - MoneySense What happens if you inherit a property and have no record of its value at that time? How can you determine the tax payable on its sale? moneysense.ca READ MORE ... Canadian Bond Yields Surge, Mortgage Costs To Climb Ahead of Spring Market - Better Dwelling Canadian real estate markets picked up at the end of the year, as cheaper mortgage debt appeared. Expect the opposite pressure over the next few days as Government of Canada (GoC) bond yields surge on strong inflation data. Reversing some of the ground made over the past few weeks, a sudden jump in yields is […] betterdwelling.com READ MORE ... Housing prices expected to hit 'bottom' in Toronto this spring: RBC report Canada is seeing 'early signs' of a housing market upturn and Toronto could see prices bottom out this spring, a recent report from the Royal Bank of Canada says. toronto.ctvnews.ca READ MORE ... Short-term rental owners voice concerns over Muskoka Lakes proposed bylaw The Township of Muskoka Lakes is debating new rules that govern short-term rental accommodations(STRA), addressing concerns related to rental property management and community impact in the face of a notable apprehension among some rental property owners. barrie.ctvnews.ca READ MORE ... Editor's Note "Welcome to my Newsletter Page! I am a professional Real Estate Agent in Toronto GTA with an Architectural background from India. With a unique combination of design and real estate knowledge, I am dedicated to helping clients find their dream home. My expertise in both fields allows me to understand the potential of a property and how to best showcase it to potential buyers. I am committed to providing excellent service and going above and beyond for my clients. Let me help you navigate the real estate market and find your perfect property in the Greater Toronto Area & Surroundings. Contact me today!" 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