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7 Weeks Complete!
Congratulations on Completing the "7 Weeks to Your Dream Property" Challenge!
Over the past seven weeks, you've embarked on a structured journey toward acquiring and managing your dream rental property. Here's a concise recap of the steps you've undertaken:
STEP 7: The Rental Property Spreadsheet
You've made it to the final week of our "7 Weeks to Your Dream Property" series! With the knowledge and tools you've gained, you're now well-equipped to build and manage the rental portfolio you've always envisioned.
STEP 6: Taking It One Step Further
In the sixth week of our "7 Weeks to Your Dream Property" series, we focus on Exploring Additional Financing Strategies to help you acquire your rental property. If your savings aren't sufficient, consider these alternative funding methods:
STEP 5: Knowing When to Take Action
Your Goals Are on Auto-Pilot—When Is It Time to Buy?
Your savings are growing, and you're inching closer to your dream home every month. But how do you know when it's time to pull the trigger? Here are three key factors to consider:
STEP 4: Make it Automatic
You've been taking consistent steps toward your dream property, which deserves to be celebrated. Sticking to a financial plan takes commitment, and you're proving that you're serious about homeownership. Each week, you're getting closer to turning that dream into reality.
This week, we're taking things to the next level by setting up automation so your savings can grow effortlessly in the background. This step is about working smarter, not harder—so let's dive in!
STEP 3: Break it Down
Welcome back! You've officially made it to Week 3 of our "7 Weeks to Your Dream Rental" journey.
By now, you've identified your total down payment goal— amazing! That's a huge first step. This week, we're taking that big number and breaking it down into small, achievable monthly targets. Because, let's be honest, saving $20,000 sounds daunting, but saving a few hundred dollars a month? That's something you can plan for.
STEP 2: The Downpayment
You know from experience that building up that initial down payment can take a lot of time. And doing it is the best way to get your foot in the door with real estate investing. However, to scale your portfolio, you have alternative financial strategies that could help you grow much faster than saving another down payment yourself. Here are some potential financial strategies that might work for you: the type of property you're buying, and your risk tolerance.
STEP 1: Setting the Foundation
The first step to making your rental property dreams a reality is choosing a dedicated account to save for your down payment.
Which account will be best for you depends on a few things. Let's break them down here:
The Banff Collection (Coming Soon)
Since its inception in 2021, TAYCON Homes Inc. has quickly established itself as a trusted name in the home-building industry. This year, they are thrilled to announce their latest venture—an innovative slab home project that is set to redefine affordable, convenient living in Saskatoon and surrounding areas.
Restoration + Renovation
Strawberry box homes, known for their charming simplicity and historical significance, present exciting opportunities for restoration. Originally built as affordable housing in post-WWII Saskatchewan, these homes are now cherished for their character. This article highlights inspiring renovation success stories that enhance their appeal and value while preserving their vintage charm.
A Community Where Everyone Feels at Home
King George, Saskatoon | The holiday season in King George is a time when the neighbourhood comes alive. With homes adorned with festive decorations and neighbours organizing community events, it’s easy to feel at home here.
Greenbryre Neighbourhood Highlight
Greenbryre is the epitome of luxury living, offering expansive homes surrounded by nature and the Greenbryre Golf & Country Club. Located southeast of Saskatoon, within the RM of Corman Park, Greenbryre Estates boasts some of the city’s most exclusive properties.
Nutana Neighbourhood Highlight
Nutana, Saskatoon | Nutana stands out as one of Saskatoon’s most sought-after neighbourhoods, known for its historic charm and close-knit community.
Create Your Dream Team
Embarking on the journey to buy your first home is exciting and challenging. One of the most crucial steps to ensure a smooth process is assembling your dream team. This team typically includes a Realtor, mortgage broker, and lawyer, each playing a vital role in your home-buying adventure. Here’s how to create your dream team and set yourself up for success.
Buy Smart = Invest Smart
Buying your first home can be an exciting milestone! If you are interested in investing in real estate one day, consider purchasing a home that can eventually become your first rental property—a smart, two-in-one strategy. A double whammy!
Your Comprehensive Guide to a Smooth Move
Moving to a new home can be an exciting yet overwhelming experience. Planning and staying organized are essential to ensure a smooth transition. Here's a step-by-step guide to help you successfully move from one place to another.
Evaluating Home Damage: Move Forward or Look Elsewhere?
When you find significant damage in a home you’re considering purchasing, you must take a step back and evaluate your options carefully. The decision to proceed with a purchase under these circumstances requires a thorough understanding of the extent of the damage, the potential costs of repair, and how these factors align with your goals and resources. Morrison Realty ‘87 shares more:
Choosing the Right Team
Navigating Your Real Estate Journey: Choosing the Right Team to Sell Your Home
Transitioning from Selling to Buying:
In today's real estate market, transitioning from selling your home to buying another can feel like walking a tightrope. The thrill of a sale can quickly be tempered by the challenge of finding your next dream home in a market where listings are scarce. However, with the right strategy, you can turn this tight market to your advantage.
BREAKING NEWS
The First Time Home Buyer's Incentive is ending March 21, 2024. This means, you will have to have an offer on a home before March 21, 2024 to access this incentive. Also, it may change your existing pre-approval.
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