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How to get into the Housing Market

For many Canadians, it's not an easy task to enter the real estate market, especially for the first time. The good news is that with my expert advice as your local Coldwell Banker professional and some creative strategies, it can be done.

Here are some home buying strategies that will help you get into the market quickly, so you can start building equity that much sooner:

  • Consider starting with a condominium – It's a great first step on the property ladder, where you can build some equity instead of paying rent, and condominiums have historically appreciated well in value. 
  • Scale back your expectations -- Many first time buyers expect to move into their ideal home right away. Be realistic and start small. It will give you a chance to learn the ‘in & outs' of homeownership and provide experience managing your expenses without getting too stressed out! 
  • Take in a renter – Why not have someone else help you to pay down that mortgage? Having a reliable renter to contribute to expenses can pay off your mortgage years sooner and save you thousands of dollars. 
  • Share a multi-unit dwelling – Perhaps you know another family member or friend who is also looking to enter the housing market. Why not pool your resources and buy a multi-unit dwelling such as a duplex or triplex, or a home with an in-law apartment or ‘granny flat'? As long as you set out all the conditions in writing beforehand, it's a very appealing and workable option for many Canadians.

 Whether you're thinking long-term or just starting out small on your way to bigger and better things, we can help. we've got many helpful tips to help you get into the housing market, successfully. Never thought about homeownership before? Perhaps it's time you did! Why not call us and get the benefit of our expert advice? You'll be glad you did!

Posted on Thursday, March 29, 2007 at 10:55PM by Registered CommenterElaine in | CommentsPost a Comment

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