C21 Life Hacks - finances

Tips For Single Home Buyers

Purchasing a home is an exciting milestone in life. At the same time, it's stressful and seems like such a daunting process. For single individuals, this stress is amplified. This week, we're giving out our top tips to make any bachelor or bachelorette a savvy home buyer:

Be Aware of Your Finances

It's hard enough to qualify for a mortgage as a couple! Qualifying for a mortgage while solo carries more stress, amplified further by the fact that interest rates are on the rise right now. It's essential for the singles out there to know where their credit stands, since the higher your credit score is, the more favourable your interest rate will be. If your score is lower than you'd like it to be, check out our surefire ways to improve…

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Helping Your Adult Child Buy A Home

When it comes to purchasing a home, many millennials and Gen Zers have insurmountable worries. When mom and dad were buying their first home, housing prices were significantly lower, lending guidelines weren't as rigid, the cost of living was comparatively better, and the debt to income ratio wasn't large. A 20% down payment was an attainable financial goal in the 70s and 80s - now, not so much. For these reasons, many young people are turning to the Bank of Mom and Dad to turn their real estate dreams into reality. What options are available to you, as the parent of a to-be homeowner?

Can You Afford It?

Anything you contribute in this matter will be significant, so it's important that you consider your finances before making any…

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The 3 Selling Strategies for Move-Up Buyers

If you're reading this because you're looking at purchasing another home, potentially your "forever" home, you are at an exciting time of your life! This is why we like to call you a Move-Up Buyer - because you're movin' on up!  When you were a first time home buyer, you were probably young, broke, and a tad naive. You had to make some sacrifices for the sake of your affordability, and that's okay. That's life! But now, you've got some savings and some home equity on your side. Looking at homes this time around will feel a lot less like compromise, and more like mindful selection. With that being said, there are still some challenges you'll need to face with a strategy. Here are the three selling strategies for you:

1) Sell Current Home…

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They're Coming: Higher Interest Rates

We saw with the global pandemic a major drop in interest rates for homes (this wasn't limited to houses, but for the sake of this topic, we'll limit it to houses). The cost of borrowing money was lower than it had ever been before because of the unprecedented situation. Among the negative crap storm of the world being affected by COVID-19, low interest rates were a positive ray of sunshine. Buyers were able to take advantage of this side effect, which made affording a home easier than it had ever been before.

Now, as the world adapts to live despite this virus, the economy is adapting to be able to recover. This means that interest rates will be on the rise, affecting all types of borrowing. We are already seeing banks here rise their rates, though in…

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Downsizing: More Common Than You Think

When you think of downsizing, you think of empty nesters or retirees, right? Well, it's actually becoming more common to downsize for other reasons. Small families, couples and singles of all ages downsize in order to enjoy life, reduce expenses and help provide opportunities for their children. It's all about their needs and life situations that lead them to make such a decision. Here are the main reasons why more people are looking at downsizing before becoming empty nesters and retirees:

1) Reducing the Cost of Living

Reducing cost is the number one way to save money, whether you're a business or an individual. In recent years, people have opted to ditch landlines in favour of their cellphones. They've cancelled their Satellite…

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Quit Overspending! Save Up For Your Down Payment

We all have good intentions when we start out budgeting. Once a few weeks go by, it's difficult to fight the urge to spend! Sticking to a budget is harder than it looks for most of us. We want to save the money for, in this case, that down payment on a house, but the draw of retail therapy is strong. We get it. That's why we've put together a list of everyday tips that will stop your little purchases from turning into a big problem.

Understand Your Spending Triggers

The key to tackling any problem is doing some introspection first. Take a look at yourself before beginning any external changes. Overspending is almost always a coping mechanism we use to stave off uncomfortable emotions and physical sensations. It can be something simple,…

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Home Buying Advice For Non-Married Couples

For most, this is an awkward topic to cover. More and more couples are electing to buy a home together before marriage, as well as couples that choose to remain common-law. This change in societal norm can result in uncomfortable talks between your sweetheart, your lawyer, your Realtor and your parents. However, the most productive talks ARE the awkward ones! And, in terms of real estate, there's always uncomfortable scenarios you need to be prepared for anyway. In a traditional fashion, married couples had to plan and arrange their finances in a streamlined way for their real estate investment. Does this change for non-traditional you and yours? Nope! In fact, it's pretty much the same - sans the same last name. Let's dive right in and talk about it…

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