Main

Creative Home Buying for 20 Somethings

Posted on March 27, 2008 at 12:23 pm 
Filed Under Financial Planning, Mortgage Planning, Real Estate

The Ottawa Citizen just released an article saying that more and more “20 Somethings” are getting creative when it comes to buying their first or subsequent property.

Real Estate has been on the rise in Canada for quite some time, and many Canadians have been looking for ways to get into the housing market despite their luming student loans and other debts. One strategy that many people have used is to buy a home with a finished basement or separate unit and then rent that to someone they know, or even someone they don’t. This has proven to very succesful for many “20 Somethings” as the article states “About one-quarter of Canadians aged 18 to 34 are homeowners, according to a recent survey by the Canadian Association of Accredited Mortgage Professionals (CAAMP).”

Your Take-Away: If you are currently single and would prefer to own rather then rent, the door to your goal is by no means closed. With longer amortization periods on mortgages, your mortgage payment can be reduced substantially allowing you to buy something for close to the same price you’d pay to rent. This is just one idea to help you get into your home sooner rather then later, but there are a number of other ways you can get creative if you are serious about buying instead of renting.

One caution however is to not make a hasty decision and go bigger then you should just because it feels more affordable based on smaller payments or our low interest rate market. This can come back to bite you if you are not careful to “stay within your means” on this decision.

Until next time, have a Terrific Thursday!

Chris & Elisseos

Email This Post Email This Post

Comments

2 Responses to “Creative Home Buying for 20 Somethings”

  1. Creative Home Buying for 20 Somethings on March 27th, 2008 12:54 pm

    […] ø Celebrity Realtor ø - #1 Reviews on Celebrity Homes, Mansions, Agents,… wrote an interesting post today onHere’s a quick excerpt The Ottawa Citizen just released an article saying that more and more “20 Somethings” are getting creative when it comes to buying their first or subsequent property. Real Estate has been on the rise in Canada for quite some time, and many Canadians have been looking for ways to get into the housing market despite their luming student loans and other debts. One strategy that many people have used is to buy a home with a finished basement or separate unit and then rent that to someone they know […]

  2. Financial Planning on The Finance World For News and Information Around The World On Finance » Blog Archive » Creative Home Buying for 20 Somethings on March 28th, 2008 10:10 am

    […] Creative Home Buying for 20 Somethings The Ottawa Citizen just released an article saying that more and more “20 Somethings” are getting creative when it comes to buying their first or subsequent property. Real Estate has been on the rise in Canada for quite some time, and many Canadians have been looking for ways to get into the housing market despite their luming student loans and other debts. One strategy that many people have used is to buy a home with a finished basement or separate unit and then rent that to someone they know […]

Leave a Reply