First Time Buyers

According to a recent survey by CMHC, almost half (49%) of people planning to buy a home in 2009 are first-time buyers compared to a little over third (36%) of buyers in 2008.  This illustrates a significant emergence of first-time buyers who can take advantage of the First-Time Home Buyer Tax Credit in the Economic Action Plan. The study found most first-time buyers fall between the ages of 25 and 34.

Condos can be an attractive way for ecoboomers who are looking for an affordable way to ease into homeownership. When deciding between a detached home or a condominium, consider the advantages and disadvantages of each. A few key differences in maintenance and costs can be found in this table:

 

House

Condominium

Pros

  • - More freedom to renovate as you wish
  • - You only pay for the amenities that you use, rather than an all-inclusive condominium fee
  • - One monthly fee usually covers most maintenance costs, and you're free of outdoor chores
  • - Steady, predictable expenses make it easier for you to budget your costs

Cons

  • - You are responsible for all upkeep, repairs, and maintenance
  • - Expenses usually vary by month, making it difficult to budget
  • - You are subject to the rules of the condominium and have little control over the amount of monthly condo fees that you must pay in addition to mortgage payments
  • - Condo fees are subject to change and you may not have a choice over how much they increase

I hope you find this information useful.  Thanks for stopping by.

Constantine Isslamow

Broker/Manager

 

Source: CMHC, Scotia Bank, tdcanadatrust.com

Constantine Isslamow

Constantine Isslamow

Broker of Record
CENTURY 21 United Realty Inc., Brokerage*
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