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Dominion LenDing CentreS OUR HOUSE Spring 2017 >> 45 (2) StoCKSY, (2) iStoCK, CoUrteSY oF mArC SHenDALe Choosing a fixer-upper because the listing price is cheaper that old character home may have loads of potential, but be extra diligent during the inspection period. What will it really cost to get your home to where it needs to be? negotiating a long due-diligence period will give you time to get estimates from contractors in case you need to back out. Committing to more than you can afford Don't sacrifice retirement savings or an emergency fund for mortgage payments. You need to stay nimble to life's changes and overextending yourself could put your investments—including your house—on the line. Going with the first agent who finds you Don't get halfway into house hunting before you realize your real estate agent isn't right for you. the best source: a referral from friends. Ask around and take the time to speak with your potential choices before you commit to a realtor. Diving into renovations as soon as you buy renovations may increase the value of your home, but don't rush. overextending your credit to get upgrades done fast doesn't always pay off. take time to make a solid plan and the best financial decisions. Living in your home for a while before renovating will also help you plan the best functional changes to the layout. marC sheNDaLe is the Vp, business develop- ment, at genworth Financial Canada, responsible for the development and execution of national sales strategies directly linked to mortgage brokers. Choosing a house without researching the neighbourhood it may be the house of your dreams, but annoying neighbours or a nearby industrial zone can be a rude awakening. Spend some time in the area before you make an offer and talk to local business owners and residents to determine the pros and cons of living there. Researching your broker and agent, but not your lawyer new buyers often put all their energy into learning about mortgage rates and offers. But don't forget that the final word in any deal comes from your lawyer. Like finding a real estate agent, your best referral sources for a lawyer will be friends and business associates. 4 5 7 8 6 3 Fixating on the lowest interest rate A reasonable interest rate is important, but not at the expense of heavy restric- tions and penalties. make a solid long-term plan to pay off your mortgage and then find one that's flexible enough to accom- modate life changes, both planned and unexpected. Be sure to talk your Dominion Lending Centres mortgage professional to learn more. Opting out of mortgage insurance Your home is your largest investment, so be sure to protect it. mortgage insurance not only buys you peace of mind, it also allows for more flexible financing options. plus, it allows you to take advantage of available equity to pay down debts or make financial investments. 9 10