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Benefits of Buying a Home Over Renting

Posted onJune 09/2014By

Buy or rent? This is one of the more common questions that comes up when someone is looking for a place to live. Sometimes, the decision is made before the search even begins, but if you aren’t sure, it can be a tough choice. Each one has its positives and negatives, but since so many people seem to be afraid of mortgages, we thought we’d highlight some of the main benefits of buying a home over renting. You’re Building Equity The concept of making monthly payments to pay off someone else’s mortgage instead of your own is one factor that draws a lot of people to buying over renting. You may be paying down interest during the first years, but as time rolls along your payments reduce more and more of the principal. If your home increases in value during this time, you’re building even more equity. Design & Renovate…

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7 Closing Costs Many New Homebuyers Fail to Consider

Posted onJune 03/2014By

If you’ve ever purchased a home, you know the price you agreed to pay the seller is not the only cost involved. You likely encountered many additional costs along the way, including those infamous ‘closing costs’ you always hear about. Lawyer fees are always part of the equation, so we’ll leave them out. But here are 7 other closing costs many new home buyers don’t even think about beforehand. Not all of them occur after the deal is completed, either! 1) Land Transfer Tax Depending on the province you’re in, you may have to pay a land transfer tax when you buy a home. This is a transfer fee that can be between 0.5% and 2% of the home’s value. First-time home buyers are eligible for rebates, but if you aren’t a first-time buyer this tax could add thousands of dollars to your purchase price. 2) Home Inspection Naturally, a…

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