Attention home owners! Do you have buyer’s remorse? You’re not alone!
In a study completed by Amy Reid of CIBC earlier this year, 81% of Millennials have buyer’s remorse with their new purchased home. The study found two-thirds of home owners the individuals not happy citing the cost of borrowing and associated costs with home ownership.
In Canada, home buyers have had the luxury of enjoying low borrowing costs for a spanning back to mid-2010 (check out the rate trends by clicking here). The consistently low rates have been very enticing to new hopeful home owners allowing for more affordable borrowing.
But is that still the case now?
The new mortgage rules that were implemented in October 2016 (and now upcoming in January 2018) were created with the intent of giving new home owners more confidence in the affordability with mortgages. With the introduction of the stress test and benchmark rate (click here to learn more), the new rules give new home owners the confidence to take on a mortgage with the understanding that they can still afford their home if the current market rate were to increase.
These rules have been a good addition to hopeful home owners to have more confidence in their purchase and they can rest assured they can continue to afford their home with any changes to the market rate.
Interested in learn more about the current mortgage trends and home ownership? Feel free to contact me. I’d be more than happy to connect you with one of the many mortgage specialists and brokers I work with to assist you as well as sit down and help you find that next perfect home for your family.
You’re at work when the thought hits you, “Did I lock the door when I left this morning?” You check your smartphone, which access your smart home systems and see that you didn’t, and click the “LOCK” button. Now your house is secure. Or someone has unexpectedly rang your door bell, check your smart home systems’ app and view who it is from your camera door bell. How about automatically arming your home each night at 11:00 pm without any input from you?
That is what smart home systems do for you!
But, are smart home systems a good idea? That depends on a number of factors.
On the pro side, smart home systems can improve your quality of life. There are automation products that will adjust heating/cooling depending on whether or not you’re home, make your morning coffee when you get out of bed, and the list goes on and on. These conveniences save you time.
Smart home systems can also give you peace-of-mind. It’s comforting to be able to remotely see the inside of your home and check that everything’s okay.
Smart home systems can also make your property more appealing to buyers. Traditionally, buyers like homes with security systems, and will appreciate other automation gizmos, too.
The only downside is the cost and dependance of a network. Like most new technology, smart home systems can be pricey and may become out-of-date within just a few years. They are also reliant on some form of network access which can leave them open to cyber attacks or faulty service when the network is down.
Thinking about it? Experts advise you to do your research first. Pricing for something new is always more expense when first introduced. As time goes one and more providers enter the market you will a shift. Check out product reviews online. Then, if you determine that a particular product is going to benefit you, go for it!
To learn about the best smart home systems out there, click here.
Is selling your property the furthest thing from your mind? Well, here are some reasons for listing your property that you might not have considered.
- Your property may be worth more than you think. (It’s difficult to determine market value on your own. I can calculate it for you. Give me a call.)
- You might qualify for a better home than you anticipate.
- Perhaps you are tired of your current property and want a change.
- There may be homes on the market in a neighbourhood in which you’ve always wanted to live.
- Your current property may no longer meet your needs.
- Your neighbourhood may have changed in ways you don’t like.
- You might be ready to downsize or upsize and you no longer want to put that off.
- You may want to sell in the fall, so you can have a fresh start in a new home in the new year.
- Depending on the type of home you’re considering, you may end up with lower mortgage payments or no mortgage at all.
- You want to move to a home that’s more conveniently located near work, family and hobbies.
Of course, you may have your own reasons for listing this month. Why not discuss them with a real estate expert? Me. I can answer your questions and explain the options available to you.