Almost two-thirds of young Canadians (63 per cent) are looking to purchase their first home within the next two years, according to a recent RBC Home Ownership Poll. But these 18-34-year-olds have significant concerns about making the leap. Almost half of respondents (49 per cent) in this age group cited affordability as a reason they had not yet purchased a home, while one-third (34 per cent) said they were saving money for a large down payment.

“Buying your first home is a major milestone and you want to ensure you are both financially and emotionally prepared,” says Michael Schmidt, manager of client segment strategies. “There are no ‘do-overs’ when buying your first house, so it’s important to arm yourself with the right advice to avoid unexpected costs down the road.”

First-time buyers could also benefit from the wisdom of current owners. Three-in-five Canadian homeowners admit they made at least one mistake when they bought a house, including underestimating or overlooking significant renovations that the property needed, not having a bigger down payment, and lack of a home inspection.

Schmidt provides the following tips to combat some of common home buying mistakes:

• Put saving on autopilot: Down payment saving takes discipline. So when you get your paycheque, pay yourself first. One of the easiest ways to commit to this plan is to arrange for pre-authorized transfers from your bank account to your savings account.

• Understand the total cost of owning a home: Purchasing a house is more than just a regular mortgage payment. Budget for both one-time expenses (such as land transfer tax, property surveys, and legal fees) and ongoing costs (property tax, utilities, condo fees) and balance those costs against your lifestyle.

• Create a rainy day fund: Major repairs and upgrades are inevitable. Keeping a separate emergency fund will ease unexpected costs such as a leaky roof or a furnace repair.

More information is available online at /www.rbcroyalbank.com/mortgages/first-time-home-buyers.

www.newscanada.com

(NC)—The majority of Canadians prefer to make their big move during the summer season. There are a variety of reasons for choosing this time of year: it is easier to transport boxes in non-icy conditions, no need to worry about your belongings freezing during transport, and children’s lives are not disrupted by the transition since they are on summer holidays.

Minimize potential moving chaos by asking yourself the following questions:

• Do you need to keep everything? Moving offers a good opportunity to reorganize your life by giving away, donating or recycling items that you no longer need. You’ll thank yourself later when there is less to pack and transport.

• How well do you know your moving company? The Office of Consumer Affairs drafted a Consumer Checklist for choosing a moving company and it reminds Canadians to request their moving estimate in advance and be mindful of seasonal rates (a summer move can be pricier). Will your items be held in the transport vehicle overnight or a secure facility? Consider purchasing Replacement Value Protection, which will ensure the company is liable if your possessions are damaged.

• Do you have enough boxes and packing materials? Start collecting boxes and newspapers in advance; ideally you should begin packing non-essential items a month in advance. Pack and clearly label a couple boxes with important first day arrival items, such as toothbrushes, remote controls, medication, and pet food, which could otherwise become lost in the shuffle.

• Once you step in the door, what are your top priorities? After the bed is set up, most people are eager to get connected by hooking up their TV, internet and home phone. Rogers introduced a free concierge service which makes this process easier by setting you up with a personal concierge agent. The agent proactively connects with customers throughout the transition, reviews order details, answers billing questions, and can assist with any changes to your order if your moving date needs to shift.

• How will you keep your new home secure and connected? When settling into your new home, another important thing to consider is how to keep your new space and your family, secure and safe. Rather than get a traditional security system, consider Rogers Smart Home Monitoring. It provides far more than basic home security. For example, the system alerts you through text messages the moment your child arrives home from school. Rogers Smart Home Monitoring also allows you to automate everything from your lights, thermostat, to small appliances, and it even monitors water leaks and carbon monoxide levels. The best part? The whole system is controlled through your smartphone, computer or tablet so you can stay connected wherever you are.

Entering the next chapter of your life can be a thrilling time, but like any significant life change, the process can be quite overwhelming. Control potential moving chaos by jotting down questions and tracking their completion on your personal checklist.

For more information on Rogers Concierge and Rogers Smart Home Monitoring, visit: www.Rogers.com/Moves and www.rogers.com/smarthome

www.newscanada.com

Summer to-do lists are often filled with road trips, swimming pools, vacation adventures and taking in the great outdoors. However, for many Canadians, the warm-weather season means even bigger plans – such as buying a new home.

Purchasing a new property, especially for the first time, presents many questions. After separating the must-haves from the wish-list, finding the right real estate agent, and calculating how much you can afford, getting insurance for the new home is often left to the end, or only considered after the papers are signed and the move-in plans are underway.

“The type and location of home you buy can have a significant impact on your insurance premium,” says Wayne Ross, an insurance expert at Aviva Canada. “By looking at a new home through the eyes of your insurance company, you could save thousands in home insurance premiums.”

Ross offers four simple tips to keep insurance in mind when shopping for your dream home:

Explore the location: Neighbourhoods with lower crime rates and that are close to fire stations are kinder to your insurance premiums.

Think warm thoughts: Check out the heating system installed in the home. Oil tanks can cause expensive environmental damage if they leak while gas furnaces and electric heat are much less risky. If you heat with oil, you’ll likely pump more money into your premium.

Some things are better new: Houses with more recent heating, electrical and plumbing systems are less susceptible to fire and other dangers, and result in lower premiums. Also search for an updated roof and look for signs of wear and tear.

Examine your extras: Adding upgrades such as swimming pools or hot tubs can increase your chance of liability – and therefore your insurance costs.

More information are available from your insurance broker or at avivacanada.com.

www.newscanada.com

Whether you are a first time buyer, looking for a bigger home, or downsizing, investing in real estate is a smart decision – but only if you do it wisely. Bidding wars, unfortunately, may be here to stay, so here’s some advice that may help you to secure your next property.
1.Crunch the Numbers
One of the most important elements in the process of buying a home, particularly if you enter a bidding war, is getting pre-approved by your bank or mortgage company so you know exactly what you can carry – and how high you can go in your offer.
2.Do your Homework
Buying a property is the most expensive financial decision most people will ever make in their lifetime so spending time to research the neighbourhood is so critical. There is so much emphasis on house inspections, and there should be, but the same amount of care should also be spent checking out local schools, transportation links, parks, crime rates, medical offices, family activities, seniors programs, daycares and even future housing developments.
3.Nail the Timing
I try to get into properties on a Wednesday so I can put in an offer on Thursday and avoid the weekend open house competition – or before they are on MLS. By beating out the weekend competition, I might not have to enter into a bidding war. There’s no law that states that you can’t make an offer before the official offer date and a good agent should send you properties as soon as they are available and preferably before they go public.
4.Pick the Right Agent
Having an agent who has your best interest in mind is key to winning a bidding war. Your job as a buyer is not to seal the deal, it’s your agent’s job and they need to know what your limit it is – and respect it. If your agent tries to up sell you on the price and encourage you to go beyond your budget, it’s time to find a new agent.
5.Keep your offer clean
Surprisingly, not everyone is after top dollar when it comes to selling their home. I’ve put in a lot successful offers that may not have been the highest, but they were the cleanest. A clean offer with pre-approved financing, especially in a multiple offer scenario, shows the seller that you are serious. Conditional sales and offers that are contingent on financing just don’t fly when there are other offers on the table.

www.hgtv.ca