Statistics Canada says that more than one-third of Canadian households own a home. For most of us this is our largest financial asset.
It's a privilege to own your own home and just like everything else you mustn't neglect it. Homes need regular maintenance and care to keep them well. Everything ages and deteriorates over time, and our homes are no different.
If a home is well maintained the banks will lend you money based on the value/equity that you have in it.
I've seen people borrow from their principle residence to finance a holiday, a cottage and the kids secondary educations.
Here are a few recommendations: -
•If something is broken, fix it right away. The longer you delay it, the worse it will get and the costlier the repair
•Take the time to give your home a thorough check-up at least twice a year
•Keeping your home clean and tidy inside and out makes sense
Banks look at the bigger picture - this is one of the best ways to borrow from your home.
The sooner you own your own home the better your borrowing power will be!