More and more first time home buyers, as well as certain types of investors, are showing interest in homes featuring basement suites.
With the promise of a single rental suite bringing in $800.00 to $1,400.00 per month (the average range for one to two-bedroom suites in Saskatoon and certain surrounding areas), it could make good economic sense for a first time home buyer to invest in such real estate property, especially if the aim is to self-finance a few home improvement projects or pay down a mortgage faster.
However before committing to a home that offers a “mortgage helper” basement suite, please be sure that you, as a first time home buyer, understand the differences between legal and illegal suites as defined by the city of Saskatoon…
If you wondering what is the right choice for you when it comes to mortgage insurance vs life insurance, I have put together a list of pros and cons to help make your decision. Click here to check it out!
Now that the smoke has cleared (pun within the first sentence! Punch me in the face please) with pot legalization, we are beginning to examine the legislation on a more macro, big-picture level. The effects will be sprawling, to say the least, but for the sake of real estate, it is impactful in two main ways.
1. Houses in which marijuana is grown
It’s obvious but important to note that this isn’t a new concept as a result of legalization, REALTORS® have been dealing with this issue for decades. Still, there are new factors to consider. First of all, if you decide to grow plants - that’s great, but please remember that FOUR PLANTS is the maximum, don’t go all George Jung. Also as REALTORS®, we would like to offer some advice as it pertains to…
What to do in the meantime
Now that you've purchased your new home- whether it's your first home, one that you've downsized into, or one you've added to your investment portfolio, there are a few things to remember to do while you are waiting for your chosen possession date.
Insured - You will need to ensure that your home has fire insurance set up for the property effective whatever the date of possession will be. I always recommend shopping around to a few insurance providers as their rates can vary greatly. Bring a copy of your feature sheet with you as they will need to know the specifics of the property. Also, bring a copy (or ensure that one gets sent) to your lawyer. If the lawyer doesn't have confirmation that your insurance is in place,…