The idea of getting a great deal on a power of sale house can be attractive to the right buyer. BUT there are many things that an informed buyer must be aware of when considering this type of purchase.
Evaluate carefully both sides of the opportunity presented – the advantages and the disadvantages.
Recently the Bank of Canada (BoC) met and, as expected, left its target overnight rate unchanged. Surprisingly the bank also eliminated its oft-repeated warning about near-term rate increases.
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Now more than ever, homeowners are venturing into the domain of home renovating and they look forward to enjoying the new, attractive or functional features that these renovations can bring to their everyday life.
Yet more and more, market-savvy homeowners are spending thousands of dollars on home improvements, just to turn around in a short period and put the property up for sale.
Condos can be a good starting point and a great choice for many people, including first-time buyers looking to get into the market and build equity. On the other hand, freehold units offer other advantages over the condominium option. You have more freedom to alter your property, and a bit more control over your maintenance costs.
Whatever your reasons and considerations are, it’s important you start out by knowing what you’re buying into.