One of the most important things that you need to have when planning to buy a home is an emergency fund. What is an emergency fund? It's money that you have set aside to use for unexpected events and circumstances that life throws at you so you won't take a big hit for it and you can still maintain your normal lifestyle. Here are some tips on how you can get started on building your emergency fund.
Don't Get Overwhelmed: Start low on your initial target amount
Setting too high of a goal can easily make you disheartened to continue saving up. Start on a more reasonable amount of just $500 or $1000. That’s a goal that you can reach in just a few months (or even less if you’re in a good income situation) and yet it’s an amount that can make a huge difference when...
Saving money for your down payment seems like a very challenging step. This is especially true if you’re not keen on saving money or planning your finances at all. But sometimes, all it takes to get started is making small changes to get things moving in your favor financially. Learn self-control, make wise decisions and start saving money today to reach your goal of owning your dream home the soonest! Here are some tips to help you get started.
1. Don't give in to the power of marketing
One big way to save money is to drastically cut down on the amount of television and YouTube videos that you watch. You'll notice that when you constantly expose yourself to ads and sponsored content, you're in high risk of eventually giving in to the temptation of making more unwanted and unnecessary purchases. That's the power of marketing. Less exposure to these will result in a lower electric bill (and perhaps a lower cable...
When purchasing a foreclosure in Fort McMurray there are a lot of key things that you need to know. Due to the economic downturn happening in Fort McMurray, there have been a substantial amount of bank foreclosures coming on the market. But just because these properties are on the menu, it doesn’t mean that they go through the same home purchasing process that other properties do. That’s why it’s important to be well-informed about what you need to know about buying a foreclosure home.
There are different types and categories of foreclosures that you need to know about. Bank Foreclosure (through the bank), Insurer Foreclosure (through CMHC or Genworth), Court-Ordered Sale, and Estate Sale. These four categories are typically the more frequent types...
To buy or not to buy? That’s really an intimidating question, isn’t it? With homeownership comes responsibility, while renting may be relatively carefree. Let’s look deeper into the benefits of buying a home versus renting.
Pros of Renting a Property
The lack of responsibility and maintenance
Fewer expenses that might be paid by the landlord (including utilities)
Fewer (if any) maintenance costs
No down payment when necessary
Cons of Renting a Property
Selling your home in a buyer’s market might mean a more stressful time. Buyers tend to be choosier, properties stay on the market longer and prices stagnate. But there are ways to make sure that you get your home noticed by buyers over the others and get it sold in no time.
Know your competition
What makes your home unique? If your property has something that the others don’t, use it as a selling point. Is it located in a prime neighborhood? Does it have all the upgrades that other properties don’t? Make your property stand out by highlighting these features.
Look at the comparables
In a buyer’s market, where...
Fort McMurray is located in the province of Alberta, northeast of Edmonton on Highway 63. It is situated 60 kilometres (37 miles) west of the Saskatchewan border. It is part of the Regional Municipality of Wood Buffalo, located in Northern Alberta. Fort McMurray services the nearby oil sands industry, and has expanded rapidly in recent years due to increased development of the oil sands. Most of the major oil sands projects are north of the town. Suncor and Syncrude are close to Fort McMurray. Other companies, such as Canadian Natural Resources and Shell are approximately one hour north of Fort McMurray in a hamlet called Fort Mackay. All sorts of recreation...
Not a lot of homebuyers expect to go into foreclosure, but due to the recent economic downturn, it is a consideration or situation a lot of people in Fort McMurray are in. Just know that you are not alone. Hopefully you’re reading this before actually ending up in foreclosure. But even if you’re already in foreclosure, as long as you’re still in the house there may be a way for you to continue to stay in it, long-term.
First things first: What is foreclosure?
Foreclosure is the legal means in which your lender is enabled to repossess or take back your house in order to get their mortgage money back and settle any outstanding fees. Apart from wilful mortgage fraud, where someone has no intention of making payments, most homeowners face foreclosure due to a sudden event that leads to them being unable to make their mortgage payments on time. The most common reasons include:
Whether you’ve landed a new job in a new city or you’re simply ready for a change, relocating is surely an exciting adventure. You just have to get there first - and we’re here to help. Here are some helpful tips for successfully relocating without losing all your marbles.
Before you move, research as much as possible about your new city. From restaurant suggestions and local businesses to recreational activities and social clubs, you’ll find a wealth of information about your new home on the internet. I also suggest visiting the area and exploring...
There is an increased number of homes that are under the foreclosed category around Fort McMurray. While some people shy away from checking out these types of properties, you might want to think twice and consider adding them to your list of “to-view” properties. Looking for foreclosure homes, bank owned properties, estate sales and court ordered sales is a great way to own a property. Whether you’re acquiring it as a real estate investment, flip it to be your or someone else’s dream home, or maybe you’re looking to purchase one for your personal home.
When a property becomes foreclosed or bank owned, this means...
Selling your house? You may be thinking about going down the “For Sale By Owner” route. Here are a couple of things that you need to know before you decide on selling your house on your own.
There are a number of parties involved in a real estate transaction. People with whom you would otherwise not have to deal with if you were to hire an agent to help you sell your home. Realtors act as a buffer in negotiations with all parties throughout the entire transaction. Should you decide on selling...