Monday, August 20, 2018

How to Save Up for Your Dream Home While Renting



Renting an apartment or home is an excellent option and makes sense in many situations. But perhaps you are tired of leasing and want to lay down some roots. You’ve decided to start saving for a house. However, attempting to save up for a down payment while simultaneously keeping a roof over your head can seem practically impossible, even when you take on extra shifts, budget, and put in over time.


But don’t despair. We are here to shine a light on what may seem like a hopeless situation. And since my family and I are also saving for a house while paying rent each month, I am as eager to write this article as you are to read it, so let’s get to it!

Establish a savings goal


For starters, it’s easier to accomplish your ambitions when you have a clear goal and know toward what you’re working. When saving for a house, it’s best to have a down payment of at least 20 percent because anything less than 20 percent means you’ll have to pay mortgage insurance.


Know how much home you can afford by getting a pre-approval from your bank or credit union. Although granting a lender permission to pull your scores counts as a “hard inquiry” and can negatively impact your credit score by a few points, it’s good to know what you can afford before you start saving for a house. For example, if your budget is $150,000, you plan on moving in two years, and you want to put down 20 percent, you’ll need to save up $30,000. That means you’ll need to save $1,250 each month to reach your savings goals.
Pay for things in cash


It’s hard to keep track of your spending when spending is so easy. Just swipe your card, or even better, use the app. Apple Pay and a million other apps allow you to pay for purchases and services with just a click of your phone. Convenient? Yes — if saving for a house is not a priority.


Paying cash for goods and services is a great way to keep track of your spending. Determine your budget, and each week, withdraw a decided amount from the ATM. If you’re short on cash and it’s only Thursday — well, then it’s either gas in your car or a caramel macchiato.


However, if you’re someone who likes to collect credit card reward points make sure to pay off your balance in full each month so you don’t accrue any interest.
Set up autopay for your bills


Despite your efforts to be a responsible adult, the truth of the matter is that it’s easy to forget when one or more of your bills are due. Set up autopay to ensure that you never miss a due date. Those late fees are pesky and can add up if you’re late often. Some companies are gracious and will credit the charge to your account if call and ask, especially if you are generally a timely-paying customer. However, others are staunch and won’t budge.


If enabling autopay isn’t an option for one reason or another, at the very least, set up a reminder on your cell phone’s calendar to make sure that you never miss another due date.
Bill yourself


If you are saving for a house, billing yourself is a practical way to ensure that you save money while renting. Most financial institutions let you set up scheduled transfers from a checking account to a savings account. That way, like a bill set to autopay, you don’t have to worry about forgetting to transfer the funds.


But instead of saving your money in a regular savings account — where interest gains are negligible — there are other types of savings accounts that offer higher interest rates. GICs (Guaranteed Investment Certificates) are a type of savings account which accrues periodic interest for the duration of the loan. Maturity dates can range anywhere from a few months to several years. If you pull out money before the GIC matures, you’ll have to pay a nominal fee. Another option is a High Interest Savings Account.
Stash your tax refund


Am I the only one who thinks that 2018 has gone by insanely fast? My point? Tax season is not that far away. Instead of using your tax money to treat yourself, go ahead and deposit it into your savings account.


Saving for a house while paying rent each month can make you feel panicked — like a fish out of water. Though it’s tough to stay afloat while leasing a home and simultaneously saving, it’s not impossible. Set clear goals, make and stick to a budget, and save whatever extra income comes your way and you’ll be in your dream home before you know it.


More here Article Link

The 2018 first-time homebuyers guide for Canadians

Should I get pre-approved?πŸ‘ˆ

Getting pre-approved for a mortgage means you talk to a lender before you officially need a mortgage. The lender will check your credit history and ask for evidence of your income. By taking this preemptive measure, you’ll know exactly how much you’re qualified to borrow and at what rate. Pre-approval can be a strategic advantage if you’re trying to buy in a competitive market: it allows you to make offers without attaching a financing condition, it saves you time (which can be crucial if a seller is fielding multiple bids), and it locks you into an interest rate for a few months (however, if rates go down, you can always get a lower rate — pre-approval isn’t binding).

What is the Home Buyers Plan (HBP)? Is it right for me?

The HBP essentially allows you to borrow money from your Registered Retirement Savings Plan (RRSP) to finance your home.

The Homebuyers ' amount on Line 369

If you're a first-time home buyer, you can claim up to $5,000 πŸ‘on your taxes when purchasing your first home. This is the First-Time Homebuyers (FTHB) Tax Credit. If you have a disability, you can actually claim this amount everytime you buy a home. There are some requirements on both fronts, however.
The home must be owned by you, or your spouse/common-law partner
The buyer has not lived in another home they owned in the year of purchase, or within the previous four years


More information here : Mortgage Advice







Monday, July 30, 2018

Tuesday, March 27, 2018

Just Listed -$464,000

πŸ™‹
• Entertainers dream home nestled in Bramalea West • Perfect choice for first time home buyers or investors • Completely renovated 3 Storey Home, 3+1 Bedroom Single Car Garage With Walk-Out Finish basement and private backyard • Approximate Square footage: 1200-1399 • New appliances, pot lights and contemporary move-in ready kitchen • Close to all amenities: public transit, bramalea city centre, 410 highway, parks, grocery stores • Includes: Stainless steel appliances, built-in dishwasher, washer, dryer, all light fixtures. • Maintenance fees: $360.73 (includes water, cable tv, building insurance and common elements)











Tuesday, January 31, 2017

First-Time Home Buyers’ Tax Credit

 To assist first-time home buyers with the costs related to the purchase of a home.


 • The First-Time Home Buyers’ Credit (FTHBC) provides a 15 percent credit on a maximum of $5,000 of home purchase costs (e.g. legal fees, land transfer taxes, etc.), meaning maximum tax relief of $750. • Applicable to first-time buyers purchasing a home closing after January 27, 2009.

• The FTHBC is claimable for the taxation year in which the home is acquired.

• An individual will be considered a first-time home buyer if neither the individual nor the individual’s spouse or common-law partner owned and lived in another home in the calendar year of the home purchase or in any of the four preceding calendar years. First-time home buyers may be eligible for a 15 percent income tax credit for closing costs. 

Tuesday, August 30, 2016

Brand New Mississauga Condo - JUST LISTED! $309,000

Attention first time home buyers, working professionals and investors! 

Brand new condo 1 Bed + den

Open concept 

Amenities: Pool, Gym, Sauna, Bowling lanes, Party room Billiards and much more! 

Prime location- walking distance to square one, major intersection (Hurontario/ 403)









Monday, August 1, 2016

Brand New Listing - Condo Apt $349,900 (Brampton)

Beautifully Renovated Suite!

Recently Converted 2+1 Into A Luxurious Open Concept

2 Bdrm Penthouse Suite With Unobstructed Toronto Skyline Views

Located at Hurontario / 407

2 Bedroom

2 Washroom

Call 647-716-0145 to book your showing














Wednesday, July 27, 2016

Mississauga/ Brampton house for rent $1950































3 bedroom
3 washroom
9 feet ceilings
Brand New, Never lived in
Hardwood floors/ walkout to deck
Deck Faces ravine! Lots of privacy
Stainless steel appliances
Master bedroom has 5 pc ensuite with walk in closet
Walkout basement with lots of room for storage
Located at Mississauga Rd/Financial Drive
1 year lease, Move in ASAP


Call Megan 647-716-0145 to arrange a showing

Friday, July 15, 2016

GOVERNMENT PROGRAMS FOR HOME BUYERS AND PROPERTY OWNERS

A home is usually the single largest investment that most people make in their lives. Achieving your dream can be made easier by taking advantage of various Government Programs for home buyers and property owners. Some of the programs are targeted to first-time buyers, while others apply more generally. Other programs benefit those in the industrial, commercial and multi-unit property market.


Government Programs for Home Buyers

  • First-Time Home Buyers' Tax Credit 
Program First-time home buyers may be eligible for a 15 per-cent income tax credit for closing costs. 

  • RRSP Home Buyers' Plan 
The Home Buyers’ Plan (HBP) is a program under which you can, generally, withdraw up to $25,000 from your registered retirement savings plan (RRSPs) to buy or build a qualifying home
  • HST New Housing Rebate 
You may be eligible to claim a rebate for a part of the HST you pay on the purchase price of a newly constructed home or the cost of building your home
  • Land Transfer Tax Rebates 
First-time buyers of new and re-sale homes are eligible to receive rebates of the provincial and Toronto land transfer taxes. The maximum provincial land transfer tax (LTT) rebate for first-time buyers is $2,000 and the maximum Toronto LTT rebate for first time buyers is $3,725.

For more information about these programs- please call or email me

Megan Rekhi B.HSc. MHA
647 716 0145
647 929 3324
meganrekhi@gmail.com

Friday, June 17, 2016

5 Reasons You Should Buy A Home In 2016


Why is 2016 a good year to buy a home in Canada? Let us count the ways.
1. LOW INTEREST RATES

In its latest rate announcement on Jan. 20, the Bank of Canada held its target for the overnight rate at 0.50 per cent, citing a setback brought on by a decline in oil and commodities prices. BoC expects the economy to grow by about 1.5 per cent in 2016 and 2.5 per cent in 2017.

Some experts, such as Benjamin Tal, deputy chief economist at CIBC World Markets, expects interest rates to remain low through 2016, if not fall.

At least one lender, in Ontario, even recently introduced what it says is the lowest posted fixed mortgage rate on the market - at 1.69 per cent for a one-year term.

The BoC's next rate announcement is March 9.

2. THE UPSIDE OF DOWN PRICES

When the The Canadian Real Estate Association (CREA) released its latest statisticson Feb. 16, one number jumped off the page and into the headlines: 17 per cent - the rate by which the national average sale price rose on a year-over-year basis in January.

"Holy," prospective homebuyers might have thought, "how will I ever be able to buy a home if this keeps happening?"

The key thing to look for when you see such news, however, is what's happening inyour market. Real estate is local, not national. You don't buy the Canadian market, or even a provincial or regional one. You buy one home in one location.

Excluding British Columbia and Ontario from CREA's January stats, the national average sale price actually declined slightly, by 0.3 per cent.

Economies and housing sectors in markets such as Calgary, Edmonton and Saskatoon are feeling the pinch of the extended slowdown in oil and gas. For existing homeowners, of course, this isn't great news; average home prices in Calgary dropped 3.05 per cent year-over-year in January, and in Saskatoon they fell 2.11 per cent.

For prospective buyers, however, this means opportunity.

Naturally, buyers might not too jazzed about getting in when prices are dropping, fearing their home's value will go down after they purchase. But look at the longer term. In Calgary, prices have increased 14.29 per cent over the last three years; in Saskatoon, 2.07 per cent.

3. THE HOT GETS HOTTER

The Toronto and Vancouver housing markets continue to roll along, hitting record sales and prices. If you live there and you're fortunate enough to be able to buy, particularly in the lowrise home category, the forecasts for 2016 are for more growth.

Again looking at the CREA's stats for January, B.C.'s Lower Mainland and the GTA contributed most to the national increase. Greater Vancouver (20.56 per cent) and the Fraser Valley (16.94 per cent) posted the largest gains, followed by Greater Toronto (10.69 per cent).

Longer-term performance for these markets is off the charts. Greater Vancouver average home prices rose 20.56 per cent in the last year, 31.58 per cent over the last three years. For the GTA, the figures are 10.69 and 27.44 per cent, respectively.

4. HISTORY IS ON YOUR SIDE

If you've heard the adage, "Don't wait to buy real estate, buy real estate and wait," but aren't sure what it means exactly, read here.

While there are no guarantees, in short, real estate in Canada is a proven performer over time.

Sure, Vancouver and Toronto have shown the most spectacular historical growth, but even unsung markets in eastern Canada have performed well over time.

5. SPRING IS AROUND THE CORNER

Spring in real estate is typically "busy season." The warmer weather and longer days generally encourage more activity in the market. Those who were thinking of selling but delayed through the winter months might now throw up that "For Sale" sign.

Those looking to buy are similarly more enthused about getting out and looking around when the weather is nicer, and when, coincidentally, listings are usually higher.

Even on the new-home front, builders often use the spring season to launch new developments, and to add incentives for any remaining inventory in existing communities.


Adapted from HuffPost Canada

Friday, June 10, 2016

OPEN HOUSE / Semi detached at Bovaird and Bramalea


OPEN HOUSE! 
JUNE 11 from 1-5pm 

Semi detached 3 bedroom hardwood floors house 
Upgraded kitchen, lots spent on upgrades 
Finished basement with large room and kitchen 

Direct Intersection: Bramalea/ Bovaird 
Call MEGAN REKHI 
homelife miracle realty ltd. 

Not intended to solicit Buyers / Sellers already under contract.