Tuesday, May 18, 2010

How to buy a house and make it pay!

There's a path to home ownership that cuts a trail through high prices and rising rates... Most people buy a home to live in it. Others buy homes as investments, either to rent out or resell at a profit. Still others buy a property and rent out part of it, using the income generated to reduce their mortgage payments. But with the bidding wars and skyrocketing prices, is it still possible for home buyers to get into the market without breaking the bank?

It’s not easy. Mortgage lending rules have tightened and, although the harmonized sales tax will not be charged on the purchase price of resale homes, commissions, closing costs and all home renovations in Ontario and British Columbia will be subject to the 13-per-cent tax as of July 1. Added to that, interest rates are on the rise.

Source: Scott McGillivray
From Friday's Globe and Mail
Published on Thursday, May. 13, 2010 12:51PM EDT
Last updated on Thursday, May. 13, 2010 1:06PM EDT

Click here for the entire article...