As restrictions have lifted and you’ve found yourself rediscovering and exploring our hometown, you may have noticed that the real estate market here is currently on fire! We’re seeing houses leave the market as quickly as they came. Whether this is your first kick at the home buying can, or you’ve been through this before, there are a few things to consider, including, but not limited to, your home insurance! Let’s take a look!
If this is your first home, don’t forget that the government of Canada offers first time home buyers incentives, and you can also use your RRSP money towards your down payment tax-free! Also, don’t forget to ask your mortgage broker or bank about prepayment options on your mortgage. Sometimes there are penalties for paying a mortgage off too quickly!
In addition to closing costs, lawyer’s fees, taxes, and your down payment don’t forget about furniture! Some home sales will allow for large appliances to remain in the home, but couches, chairs, and other furniture are both rarely included and can become very expensive very quickly. Try to set some money aside for any new furniture you might want in your new home!
Don’t forget to reach out to your insurance broker and let them know that you’re buying a home. Your insurance needs can and likely will change once you own a home. You may need mortgage insurance, as well as home insurance. Not sure the difference? We can make sure that you’re covered for what you need.
