What You Need to Know About Real Estate and Home Ownership
Here are a few question and answers that will assist you…
If you are currently renting, which of the following would you consider to be a good reason to continue?
- I need a large down payment
- Owning is too expensive
- I have poor credit
- I am self employed and I can’t get a mortgage
- I am new to Canada and I have not established credit yet
- Because I want to make my landlord wealthy
- Because that’s what my parents did
ALL ANSWERS WRONG!
Why: If you don’t have enough of a down payment to qualify at the bank, the Rent to Own home ownership program is a perfect solution for you. It will help you to save additional down payment, repair and or rebuild your credit or establish credit if you are new to Canada. Investors that advertise their properties on this website will work closely with you and help you to achieve these objectives by providing you with the necessary education and show you what you will need to do. Banks are NOT in the education business and they typically tell you…SORRY, we can’t help you today! Renting should really be considered as “expensive”, because you will only make your landlord rich by paying down his or her mortgage, and not your own. Did you know that “90% of all Millionaires own real estate”? It’s a fact! Just because your parents may have rented all of their lives, does not mean that you should! You do have the option to OWN your own home, you just have to believe that you deserve and have the right, it’s really that simple!
Why should I consider Renting to Own my own home, instead of just renting it?
- As a stepping stone to obtaining conventional financing
- To help me build equity faster
- Time to save up for additional down payment
- Time to repair or establish my credit rating
ALL ANSWERS CORRECT!
Why: A good Rent to Own program should be considered as a “stepping stone” in the process of obtaining conventional financing. Sometimes it only requires a few minor changes for the banks to say “YES”, instead of saying “NO”! Most people just require a little extra help or a second chance. It really can be that EASY! Look at it this way…it’s kind of like buying a lottery ticket. If you don’t buy one, you can’t win. Purchasing your own home is really no different. If you don’t get involved in home ownership, you can’t build any equity.
What would you consider to be the single biggest wealth creator for the average Canadian?
- Buying stocks in a company
- Buying precious metals like gold and silver
- Buying GIC’s
- Contributing to an RRSP plan
- Buying a Lottery Ticket
ALL ANSWERS WRONG!
Why: It’s a proven fact that owning your own home provides you with the opportunity to gain equity faster. If you rent, you only help your landlord pay down his mortgage and gain equity as a result of the appreciation in value. Did you know that any gain realized in your home is considered as “tax free”? That’s right, you do NOT have to pay ANY tax on the gain. It’s classified as “Capital Gains Exempt”. There are not too many tax advantages available to the average Canadian unless you own your own business, but this one should definitely be right at the top of everybody’s list.
What is holding you back from owning your own home?
- I heard there is a “housing bubble”
- It’s too late to buy real estate
- Recently divorced
- Recent bankruptcy
- Self employed
- New to Canada
- Poor credit
ALL ANSWERS WRONG!
Why: For the most part, there is no housing bubble in Canada. The fundamentals (economy & in-migration etc.) are stronger than most industrialized countries in the world today. It’s never too late to buy real estate! As the old saying goes…”don’t wait to buy real estate, buy real estate and wait”. You may be divorced, you may have filed for bankruptcy in the past, you may be self employed, new to Canada or faced with poor credit, but that is NO reason why you should be denied the opportunity of home ownership. Did you know that with a little bit of work and some expert guidance from a qualified credit counselor you can typically overcome these “seemingly” impossible situations quite easily and much quicker than you think!
STOP Paying Rent, Become a HOMEOWNER Today!
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