June 2004

Owning your own home has never been a right, I've always felt that everyone should have the opportunity to own if that is what they want. CMHC has very recently made owning your own home a lot easier, having introduced the zero down program. If you have been sitting on the fence thinking about it, please, please do it now! This has never happened before in history! In reality it is not zero down. It is zero down of your own money. You can borrow the 5% down payment as well as borrow for the balance. Your total debt can still not be more that 42% of your gross income.

Once the decision to buy has been made, the only other choice to make is buy new or buy existing.

I'm afraid my opinion is very one sided. There is absolutely no question in my mind on this issue. Buy new. Why, why, why would you buy a home with old shingles, old carpet, old kitchen cabinets, old everything when you can have a brand new home with a 10 year warranty?

The cost difference is marginal and the monthly mortgage payment is also marginal because the interest rates are so low.

Obviously there must be some benefits in owning that old house or else they would be sitting empty. One of those benefits may include location. New homes are in new subdivisions. New subdivisions are at the edge of the city. If you need or want a home in an existing area, say near the skating rink and a grocery store, you have only one option. Another reason may be landscaping. If you feel the need for mature trees that only an older area can offer, then again you have only one option. But remember sod is very affordable and it is not expensive to landscape your yard. It may be very time consuming but not overly expensive.

So, weigh your needs, wants and necessities and call your favorite builder or realtor. As much as I would like our company to build your new home, my primary message is "own your own home, new or existing." Get into ownership before it is too late. Call me with any questions at 548-3137.