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Equity in your Home

If you’ve lived in your home for more than even just a couple of years, it’s likely that you’ve created some home equity or possibly substantial equity. You might even be mortgage free.
Because of the surge in housing prices over the past few years, if you purchased a property prior to 2016, you will most likely have had an increase in value and now be in a better financial position.

So, what do you do if you have home equity?

Well – you could do nothing other than just sit on it and enjoy the safety net you’ve created!
You could take out a home equity loan and put the money towards a new kitchen or bathroom.
Or, you could consider an investment property. Taking money from your equity to use as a down payment on a second property is a great way to utilize the cash that could be available to you. It’s likely you’ll need to come up with 20% of the purchase price as your down payment and you’ll need to ensure that you either have positive cash flow or that you are able to top up the short fall. You will create some tax breaks and future retirement income if it gets paid off before you retire or hold it until it goes up in value and sell it (there may be capital gains involved).

I’ve got personal experience with taking money from my home equity to purchase a rental/investment property, as well as lots of professional experience with clients. If you’d like to find out if this is a viable option for you, call me at 604-866-5697 and I’d be happy to chat with you!

Know Before You Grow

It’s now legal for those who are 19+ to grow up to 4 non-medical marijuana plants in your home in BC. This may sound like great news to some people, but currently, growing marijuana in your home, even legally, will categorize your home as a Grow Operation.

In real estate this can raise a lot of issues.

Anybody planning to sell their home must disclose if your home has ever been a grow op. This can have an effect on your selling price, the ability for Buyers to get financing approved, and issues when obtaining home insurance.

Homes that have been disclosed as grow ops often sell for up to 20% less than market value.

If you are a Tenant, be aware that your Landlord can restrict the growth or use of marijuana in their property.

The Fraser Valley Real Estate Board has launched an online resource called “Safe Grow Homes for Homeowners and Buyers” and want the government to provide more support and guidelines for homeowners and buyers. For more information on the Safe Grow Homes click here: http://safegrowhomes.ca/

For more information from the government regarding Cannabis Clarity, click here: https://cannabis.gov.bc.ca/

If you have questions or concerns, please don’t hesitate to contact me at 604-866-5697.
Know before you grow!

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What is the difference between Joint Tenancy & Tenants in Common?

Q. What is the difference between Joint Tenancy & Tenants in Common?

A. When you purchase a house, somebody has to go on Title. Joint Tenancy means that 2 or more people all own equal amounts of the property, with equal rights to use it. When one Joint Tenant dies, the property automatically transfers into the surviving Joint Tenant, thus not becoming a part of the estate of the person who died and is also not subject to any probate fees. Typically, most spouses prefer Joint Tenancy. Continue reading