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Wednesday, January 13, 2016

Could you be saving money on your boiler?

Could You Be Saving Money On Your Boiler? by Cast Iron Radiators 4u
Could You Be Saving Money On Your Boiler? by Cast Iron Radiators 4u.

Thank You Georgia!

Monday, December 21, 2015

Investing in a Holiday Home in Canada

Investing in a Holiday Home in Canada

Holiday Home Canada
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Canada is a beautiful unspoiled country, considered to be second most beautiful country in the world, according to the Rough Guides who praise the nation’s “mixture of raw beauty and complex, unexpected landscapes”. Because of this, Canada attracts holidaymakers from all over the world, with many of those visitors becoming so enamoured with the country that they choose to purchase property and set up roots with a holiday home of their own. Canadian property is a sound investment, and the country is a wonderful place to visit over and over again, discovering something new each time. Unsure about the logistics and commitment involved in owning a holiday property in Canada? Here are just some of the things to consider when choosing whether investing in a holiday home in Canada could be the right decision for you.

A Simple Process for Foreign Investor

Dollers and Pounds
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For foreign investors, purchasing property in Canada is surprisingly easy, because unlike many other developed nations, the country has very few restrictions on ownership of real estate from people whose main residence is overseas. There is no need to apply for residency in the country, provided that you are only planning on residing in the country for six months or less, and foreign investors are (as a general rule) only subject to the same financial charges and restrictions as Canadian residents. Provided you don’t need a secure a mortgage for your property, then, you should find purchasing a property in Canada massively straightforward. If you do need to secure a mortgage for your property then a Canadian bank is likely to ask for a larger security deposit from a foreign investor than they would from a Canadian resident: typically this stands at 35 percent, whilst native residents are generally only required to put up a 5 to 10 percent deposit

Be Aware of the Ongoing Expense

Graph for expenses
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Whilst purchasing a second vacation property is a dream for many, the initial outlay and ongoing expenses can be massively off putting. There’s no escaping that purchasing a second property is a financial commitment, and so before purchasing the holiday home of your dreams, you should calculate the ongoing expenses that you will be responsible for each year. Purchasing holiday home insurance is important wherever in the world you choose to purchase your holiday property. In many countries, including Canada, the USA, and the United Kingdom, regular home insurance simply isn’t appropriate for holiday or vacation properties, as it doesn’t cover properties that are left vacant for more than 30 days at a time. The good news though is that specialist holiday home insurance is very easy to source and be secured in no time. If you plan on letting out your property when you aren’t using it then property management fees should also be considered, however these should be offset by the incoming income you receive from that short term property rental.
All the other expenses that you would be accountable for in your primary home are also likely to be relevant in your second property. Remember, even when you’re not living in your holiday home, you will still be charged for the water, gas and electrical rates, as well as any trash removal, landscaping, regular gardening, and other maintenance services. When you are working out whether you can afford the specific holiday home you have in mind, you should calculate these costs and include them in your budget. Nothing can turn a vacation home dream into a nightmare faster than realizing there are additional expenses you hadn’t considered and can’t afford.

A Stable Market

The Canadian property market is currently in a stable position, meaning that now is a good time to consider investing in property in the country. Interest rates in the country are currently very low, standing at just 0.5 per cent and prices are surprisingly reasonable, particularly when compared to similar markets, however property prices are on the rise, with the national average price of one-storey single family homes in the country increasing by 4.51% during the past 12 months. This means that when you are ready to sell your property on, you should see a healthy return on your initial investment.


References
“The most beautiful countries in the world”, Rough Guides
http://www.roughguides.com/gallery/most-beautiful-country-in-the-world/#/0

Real Estate rules don’t discriminate against foreigners”, CBC News Canadahttp://www.cbc.ca/news/canada/real-estate-rules-don-t-discriminate-against-foreigners-1.1216517
“Holiday home insurance”, QZ,
 http://www.quotezone.co.uk/holiday-home-insurance.htm  
“Own a piece of  paradise”, Money Sense,
 http://www.moneysense.ca/property/own-a-piece-of-paradise/
“Mulling investing in a vacation home? Here are Canada’s top 5 markets”, The Globe and Mail,
 http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/thinking-of-investing-in-a-vacation-home-here-are-canadas-top-5-markets/article12457582/?page=all
“Eight things to know before buying a vacation home”, Forbes, 
http://www.forbes.com/sites/trulia/2014/06/06/8-things-to-know-before-buying-a-vacation-home/



This Article is courtesy of
Gemma Hewson  

Thank You, Gemma,  Ken Calcutt

All images Courtesy off  FreeDigitalPhotos.net
Image 1 by Simon Howden
Image 2 and 3 by Stuart Miles 

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