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Our Real Estate Blog

Great Real Estate advice can only come for professionals who know the process of buying and selling a home intimately. Have a Real Estate Question for us? Ask us Today.

 
 

March 2018

The Elements to Consider When Choosing Between Buying Houses and Condos for Sale in Brockville

As you start to look for houses and condos for sale in Brockville, you’re likely going to have to make a clear decision about which type of property best suits your ownership requirements. Our team at MINCOM Island Realty, Inc. has experience in the real estate marketplace, and we’ll explain the elements to consider when choosing between houses and condos for sale in Brockville.

  • How Important is the Location?

The location is one of the more important considerations for many buyers. Whether it’s being close to job opportunities or simply being in the same area as the town’s main entertainment spots, the location of the property is a decisive factor. It’s why many are now purchasing condos for sale in Brockville as they look to find affordable properties in a convenient location for their family.

  • Is the Price Too High?

In some cases, the cost of house ownership will be out of reach for many buyers. That’s because they have to consider insurance, utilities, home maintenance and other expenditures which drive long-term value. However, even though condo ownership is less expensive than homeownership in most cases, buyers must consider the potential for condo fees to rise in the future as a result of work taking place on the building.

  • Will We Be Having a Family in the Future?

If the buyer is considering having a family in the coming years, they might consider the amount of space they’ll need when purchasing a property. Oftentimes, condo living isn’t suited to young and growing families, and in these cases a house is ideal. When reviewing houses and condos, make sure to consider the potential for expansion. It’s also important to consider how quickly the unit could be sold in the future if family plans change.   

MINCOM Island City Realty, Inc.

Working with a real estate agent can help ensure that Brockville property buyers make the ideal decision for their purchase needs in the future. Our team at MINCOM Island City Realty, Inc. has decades of local real estate purchase and sales experience and we’re here to guide you with actionable market data and guidance. To learn more, call us today.

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Household Debt vs. Mortgage Debt Our Brockville Real Estate Experts Explain the Differences

It’s important to understand debts and how they accrue if you are to achieve a strong financial footing for the future. Our team at MINCOM Island City Realty Inc. works with individuals across the Brockville real estate market to help them understand the process of managing their debt effectively. Within this new post, our Brockville real estate team will explain the differences between household debt and mortgage debt.

Mortgage-Backed by a Tangible Asset

One of the major differences between household debt and mortgage debt is that your mortgage is backed by a tangible asset – your house. If you have a $500,000 mortgage secured against your home, and you paid a 20% down payment for the property, your mortgage will be insured by the CMHC. This insurance means that, if you are unable to make the payments effectively, you have some protection against mounting debt and the accrued interest.

Consumer Debt Accrues with Little Tangible Value

Consumer debt or household debt is a significant problem in Canada. Many people are now choosing to pay for products such as electronics, furniture, and other household items on their credit card. This has sparked a significant trend across the country, and Canada is now one of the most indebted western nations on a per capita basis. Thousands of Canadians are struggling with credit card debt, and have little to show for it but a new item to use in the home.

Focus on Building Equity

The difference between consumer debt and mortgage debt, then, is clear. Those who own Brockville real estate will find they can use their money more effectively by paying down their mortgage and building equity in their home, a tangible asset with significant income potential for the future. It’s important to take a pragmatic approach to this process, however. If you have significant household debt already, you’re far better to start paying off any high-interest loans now than putting more than the monthly amount into your mortgage.

Consumer debt is a common problem for Canadians, but with just a little more knowledge, you can build an understanding of the techniques to reduce debt problems and secure a healthy financial future. To learn more about this topic or any of the trends in the Brockville real estate marketplace, call our real estate team today.

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Simple Questions to Ask When Buying Houses for Sale in Brockville

You might not have much experience in buying homes. Many people only buy one or two homes in their lifetime. So, it’s important to go through the process carefully and make sure you’re making the right decision for your family. Our team at MINCOM Island City Realty, Inc. is here to help you when you’re looking for houses for sale in Brockville. We’ve listed some simple questions to consider when moving forward in the purchase process.

What is the Condition of the Property?

The most important consideration when buying a home is the home's condition. Is it an older home or a newer build? Have there been renovations completed on the property in recent years? Make sure you have a clear understanding of the condition of the property and speak with a home inspector to ensure a full inspection is completed. From there, you can then make a more effective purchase decision.

Do We Like the Local Area?

While you’ll be spending the majority of your time in the home, you should also take several trips to the area before buying. Make sure the area has all the amenities each member of the family needs for a comfortable, and happy lifestyle. How close are the major transit hubs such as train stations and highways? What is the quality of the local school system? Are there entertainment options for all family members nearby? These are key questions to review when looking at houses for sale in Brockville.

What is the Price of the Home?

Make sure you have enough flexibility in your budget to pay for the price of the home. The budget should include potential repairs for the property as well as the potential increases to the offer you might have to make to complete the deal. Work with your real estate agent and find out how much you can afford to pay. Make sure that once you've decided your budget, you don't waver. Our team at MINCOM Island City Realty, Inc. can help you find amazing houses for sale in Brockville. To discover more about our work and our experience, contact us today!

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