Tag Archives: buying a home

Alton Village West – Burlington’s New Development

The new master planned community, Alton Village West, is coming to the beautiful Burlington, Ontario! During the initial home development proposal the builder, Sundial Homes, has received an overwhelming amount of positive responses.

AVW_Site-Aerial-Photo-1024x673

Basically, the new development is located north of Dundas St and west of Walker’s Line. The community will be designed around the natural areas like the parks, pond and creek. It’ll definitely be a designer community, and lots of focus will be on the greenfield, nature, etc.

The exact completion of phase I is yet to be known but the sales have already started at the beginning of April 2016. You can register at builder’s website for more info and next steps. Consider getting a buyer’s agent first.

Living in one of Burlington’s most charming neighborhoods, will be grand and comfortable! With the offered 31′ and 36′ single detached, two story, modern, Victorian style homes, there is plenty of space to live and entertain!

Contact Lori VanDinther to help you make the right moves when selecting, negotiating and buying your home in Burlington’s Alton Village West. Having a buyer’s agent to represent you at the sales center is key when buying these kind of homes!

Alton Village West

Major Changes to Mortgage Insurance for Second Home Buyers

Canada Mortgage and Housing Corp. has declared that they will be tightening up the types of mortgage insurance it will offer. The Crown corporation said Friday that it is going to stop offering mortgage insurance on second homes. It will also stop offering mortgage insurance to self-employed people whose income cannot be validated through traditional means.

These changes affecting those who buy second homes also means that if they currently have an insured mortgage; they will not be eligible to act as a co-borrower on another insured mortgage.The CMHC says that its second home program and its self-employed-without-third-party-income-validation programs account for less than 3 per cent of its insurance business volumes in terms of the numbers of mortgages insured. A recent press release stated:

“Given the limited use of these products, their discontinuation is not expected to have a material impact on the housing market.”

The Crown Corporation has been offering insurance on second homes since 2005. This has enabled people to buy more than one home with a smaller down payment than they would otherwise need. It has been offering insurance to self-employed people without strong income validation since 2007. CMHC will cease offering both products as of May 30.The CMHC also noted that

“self-employed Canadians can still qualify for CMHC insured financing through CMHC homeowner products with a validation of their income using traditional methods.”

Those might include a notice of assessment, audited financial statements, or unaudited financial statements prepared by an independent third party.

For the full article go to: http://m.theglobeandmail.com/report-on-business/economy/housing/cmhc-tightens-mortgage-insurance-offerings/article18224612/?service=mobile

Benefits of Home Ownership vs. Renting

A young couple standing in their new home kitchen

Overall, while renting is a good solution for the short term, in the long run buying a home definitely is more advantageous.

There are numerous people that want to give up renting for home ownership, but they stand on edge wondering if they are potentially making the worse mistake ever. It is true that buying a home is one of the most important decisions a person will ever make. It is important to be well informed about the home buying process in order to be in the best position to buy the property that is best for one’s personal circumstances. While renting may be “safe” in some aspects, it doesn’t really allow individuals to take full advantage of their ability to build their own wealth. Thus, the following details the many benefits of home ownership in comparison to renting.

One of the biggest benefits of home ownership is the building of equity and personal wealth. People that own their own are constantly increasing their equity when they pay a mortgage each month. As the mortgage is paid down and eventually paid off in full, a home becomes a piece of property that can be used to build personal wealth. When renting, any money that is paid goes to the landlord or the apartment complex. The renter does not obtain any benefit in the long term when paying for use of a property on a monthly basis. However, when buying a home in Burlington, Ontario, the monthly mortgage payment is paying off the 15 or 30 year mortgage that was used to secure the home. This is truly one of the main benefits of home ownership that all monthly payments actually bring people a step closer to building their own wealth.

An additional reason people should consider buying a home is to have security. Owning a home is the only way to truly know where one will live a year, five years and ultimately 30 years from now.  People that rent an apartment of home may encounter a number of interesting situations if their landlord is not paying the mortgage on the building where they reside. Numerous people find themselves homeless when they discover that their landlord did not pay the rent on their building. To avoid this form of upheaval, it is best to consider the benefits of home ownership. Once a home is purchased, the buyers can remain in the property as long as they pay their mortgage in a timely manner or until they decide to move.

Buying a home definitely becomes an advantage for people at tax time. Homeowners qualify for a number of tax breaks. This can help to greatly reduce the amount of money that people pay during the tax season. Each year, homeowners qualify for a number of different tax breaks for everything from purchasing energy efficient appliances to being a first time home buyer. Also, some of the tax related benefits of home ownership include the ability to deduct the mortgage interest from income taxes and deduct real estate taxes. These are some of the major tax and financial benefits of home ownership that people should consider.

One of the best things about buying a home is the ability to personalize your property. Everyone knows how picky landlords and apartment complexes can be about personalizing space. Renters are usually forewarned that they are not allowed to add or remove anything from the property. Likewise, most renters are subjected to the ever boring “white walls” that often lack personal style and character. However, homeowners can do whatever they please with their property because they own it. This is one of the best benefits of homeownership. Personalization of the living environment is something that many people want in order to feel comfortable. When buying a home, the ability to personalize and make home feel like a home is something renters will appreciate.

Overall, while renting is a good solution for the short term, in the long run buying a home definitely is more advantageous.