{"id":9914,"date":"2018-08-01T11:11:14","date_gmt":"2018-08-01T18:11:14","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=9914"},"modified":"2018-07-28T08:55:25","modified_gmt":"2018-07-28T15:55:25","slug":"creative-tips-for-getting-into-todays-housing-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/08\/creative-tips-for-getting-into-todays-housing-market\/","title":{"rendered":"Creative Tips for Getting Into Today\u2019s Housing Market"},"content":{"rendered":"<p style=\"text-align: justify;\">The real estate in cities like New York and London is so precious, most residents will never own their own home. Some believe Toronto and Vancouver will eventually be the same. All the more reason to get in now, while you (hopefully) still can. If you need to get a little creative, these five tips might help :<\/p>\n<p style=\"text-align: justify;\"><strong>1 : Tap your RRSP<\/strong><\/p>\n<p style=\"text-align: justify;\">If you\u2019ve never owned a home before, you have written proof that you plan to build or buy a new home, and you have money in your RRSP, you may be able to use the RRSP Home Buyer\u2019s Plan to get your hands on a tax-free down payment. Alternatively, if you are helping a related person with a disability through this process, you also qualify.<\/p>\n<p style=\"text-align: justify;\">The Home Buyer\u2019s Plan allows each spouse to withdraw $25,000 to purchase a home. The only snag is you need to pay the money back to your RRSP in annual instalments within 15 years. Any amount you don\u2019t repay within that timeframe will be subject to income tax.<\/p>\n<p style=\"text-align: justify;\">Being able to jump-start your homeownership using tax-free money is pretty attractive. Depending on your tax bracket, it\u2019s like having twice as much money at your disposal. Just don\u2019t forget to put those annual repayments in your new budget.<\/p>\n<p style=\"text-align: justify;\"><strong>2 : Go In With a Partner<\/strong><\/p>\n<p style=\"text-align: justify;\">Sharing the cost of housing probably shouldn\u2019t be the main reason to shack up with someone, but it certainly doesn\u2019t hurt. Heck, these days, it\u2019s even becoming more common for couples to find themselves coupling with other couples.<\/p>\n<p style=\"text-align: justify;\">Whether it\u2019s a pair of siblings sharing a condo, close friends going halfsies on a bungalow, or couples with kids dividing a big ol\u2019 house into separate living quarters, you get the idea. You might be able to share the burden of a down payment and monthly bills with someone else.<\/p>\n<p style=\"text-align: justify;\">To make this work, you\u2019re going to need a few things, like a well-chosen partner, a lawyer to draft up a co-ownership agreement that spells out all the rules, and some type of system for regular communication to make sure all the housemates are cooperating and cohabitating happily.<\/p>\n<p style=\"text-align: justify;\">Another option to lessen the weight on your shoulders is to consider co-op or co-ownership opportunities, which allow you to buy shares of a company that owns the property, or buy a small ownership percentage of the building. This then grants you specific rights to a unit.<\/p>\n<p style=\"text-align: justify;\"><strong>3 : Become a Landlord<\/strong><\/p>\n<p style=\"text-align: justify;\">When you buy a home that contains a rental unit, the income from that unit can help you qualify and pay for a mortgage.<\/p>\n<p style=\"text-align: justify;\">A common scenario is to buy a home with a basement apartment, which you can rent out. If building an investment is more important to you than living in palatial conditions, you can even do it the other way around: live in the basement yourself and rent the upstairs for maximum income potential.<\/p>\n<p style=\"text-align: justify;\">Rental units are a tried-and-true way to get onto the property ladder and definitely worth exploring. You can run the numbers on purchasing a property that already comes with an apartment and tenant or doing the rental renovations yourself, which can be less expensive but obviously quite a bit more effort.<\/p>\n<p style=\"text-align: justify;\">You might be worried about annoying tenants, or dealing with regulations that come with renting out a separate unit. These concerns can be dealt with by screening tenants before renting your property out, and checking the Government Canada site for any regulations that need to be followed, which are actually quite straightforward.<\/p>\n<p style=\"text-align: justify;\"><strong>4 : Make More Money<\/strong><\/p>\n<p style=\"text-align: justify;\">If you find that home prices are soaring but your income is not, one possible solution is to make more money. It may sound easier said than done, but there are a few approaches you can take.<\/p>\n<p style=\"text-align: justify;\">The first and quickest approach is asking for a raise. It may seem like a daunting task, but it doesn\u2019t have to be. You could start by telling your boss that you\u2019re trying to purchase a home, what income level you\u2019re aiming for, and how you might be able to work your way there.<\/p>\n<p style=\"text-align: justify;\">At the end of the day, asking for a raise is a sales pitch. You sell yourself by developing rapport, asking questions, understanding how to leverage your strengths, and ultimately asking for the raise. Employers are people, and most people like to be helpful. Personal stories always have a measure of relatability to them, and they often work better than pure logic.<\/p>\n<p style=\"text-align: justify;\">On the other hand, if you\u2019re willing to open yourself up to new opportunities, there\u2019s no harm in shopping around. Leverage your network, speak to recruiters and you may just land a job that boosts your income.<\/p>\n<p style=\"text-align: justify;\"><strong>5 : Try Meditating<\/strong><\/p>\n<p style=\"text-align: justify;\">You want to own a home. Your friend recently moved into a beautiful one. And, let\u2019s be honest, you\u2019re not getting any younger here. The whole thing can be a bit anxiety-inducing.<\/p>\n<p style=\"text-align: justify;\">If you\u2019ve looked at all your options and the truth is you\u2019re simply not ready yet, it\u2019s OK. As the saying goes, \u201cRome wasn\u2019t built in a day.\u201d<\/p>\n<p style=\"text-align: justify;\">Home ownership is a desirable thing, but it\u2019s not the only thing. We live in a real estate-obsessed culture, but the relationships you build with your family, friends and partners will be the real key to your happiness in the long run.<\/p>\n<p style=\"text-align: justify;\">So write out your plan for home ownership and stick to it. In the meanwhile, take a deep breath and relax. You will get there!<\/p>\n<p><a href=\"https:\/\/www.zoocasa.com\/blog\/5-tips-for-getting-into-todays-housing-market\/\" target=\"_blank\" rel=\"noopener\">5 Tips for Getting Into Today\u2019s Housing Market<\/a> by Planswell | zoocasa<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The real estate in cities like New York and London is so precious, most residents will never own their own home. Some believe Toronto and Vancouver will eventually be the &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/08\/creative-tips-for-getting-into-todays-housing-market\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-9914","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Creative Tips for Getting Into Today\u2019s Housing Market &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/08\/creative-tips-for-getting-into-todays-housing-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Creative Tips for Getting Into Today\u2019s Housing Market &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The real estate in cities like New York and London is so precious, most residents will never own their own home. 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