” Whether it’s for yourself or it’s an investment, here’s what you should know about the rules, requirements and financial implications of buying a second property.”
” If you’re already a homeowner, you’re likely familiar with many of the qualifying criteria, because many of the requirements for buying a second or third property are the same as for buying a principal residence. You will have to qualify for a mortgage under the stress test, have a good credit score (especially if you want to get the most competitive mortgage rates) and have a debt-to-income ratio that falls within the acceptable range for your lender. ”
” The one major difference with buying a second property is the down payment—the amount of money you need to pay upfront in order to purchase the home. As with principal residences, the down payment needed on a second property is tied to the purchase price of the home. However, with second properties, the number of units on the property, and whether or not the owner will live there, impact the size of the down payment as well.”
To read the full article published on the MoneySense website follow the link HERE
Other articles that may interest you
Property assessments in Quebec: Deadline to challenge assessed value is April 30, 202...
2023, march 28
” Are you an owner or tenant of a commercial, industrial or institutional building and feel that the assessment of your property is too high? April 30, 2023 is the deadline to challenge this assessment.” ” Property values in Quebec have increased dramatically over the past three years.” ”Last September, the City of Montreal, as
‘It’s not always straightforward’: The risks and rewards of buying ...
2023, march 28
While the benefits can be alluring in a tough housing market, don’t let your excitement lead you into a bad decision. Here are some of The pros and cons of pre-construction ” When you purchase a pre-construction home, you make your down payment on a staggered schedule. While your initial payment will generally be less
Home Renovations? Get it in Writing: A Contractor Talks About Contracts
2023, march 02
” Why do need a formal contract? Because it’s the first step in determining whether your contractor is legitimate and professional, even before one nail has been hammered.” ” Drafting a contract is the start of your relationship with a contractor. In working out the contract details, it will really show you whether this person