21 Sep

Your Credit Rating: The Four C’s.

Credit Score

Posted by: Tyler Cowle

Buying your first home is an incredible step in life, but it is not without its hurdles! One of which is demonstrating that you are creditworthy, which all comes down to your credit rating. This is how lenders and credit agencies determine the interest rate you pay, or whether you will qualify for a mortgage at all.

As mortgage rules continue to change, the credit rating is becoming even more important as a higher credit rating could mean a lower interest rate and save you thousands of dollars over the life of your mortgage.

If you’ve never given much thought to your credit rating before, don’t worry! It is not too late and we are going to take through everything you need to know. The most important of which is that, in order to qualify for a home, you must have a credit rating of at least 680 for one borrower.

There are several attributes that factor into your credit score, and these are commonly referred to as the “Four C’s” and consist of: Character, Capacity, Capital and Collateral. Let’s take a closer look at each:


The character component of your credit score is essentially based on YOU and your personal habits, which comes down to whether or not it is in your nature to pay debts on time. Some of the components that make up this portion of your credit score viability, include:

  • Whether you habitually pay your bills on time
  • Whether you have any delinquent accounts
  • How you use your available credit:
    • Quick Tip – Using all or most of your available credit is not advised. It is better to increase your credit limit versus utilizing more than 70% of what is available each month. For instance, if you have a limit of $1000 on your credit card, you should never go over $700.
    • If you need to increase your score faster, a good place to start is using less than 30% of your credit limit.
    • If you need to use more, pay off your credit cards early so you do not go above 30% of your credit limit.
  • Your total outstanding debt


The second component relating to your credit rating is your capacity. This refers to your ability to pay back the loan and factors in your cash flow versus your debt outstanding, as well as your employment history.

  • How long have you been with your current employer?
  • If you are self-employed, for how long?

Don’t be confused as capacity is not what YOU think you can afford; it is what the LENDER thinks you can afford depending on the debt service ratio. This ratio is used by lenders to take your total monthly debt payments divided by your gross monthly income to determine whether or not you are able to pay back the loan.


Capital is the amount of money that a borrower puts towards a potential loan. In the case of mortgages, the starting capital is your down payment. A larger contribution often results in better rates and, in some cases, better mortgage terms. For instance, a mortgage with a down payment of 20% does not require default insurance, which is an added cost.

When considering this component, it is a good idea to look at how much you have saved and where your down payment funds will be coming from. Is it a savings account? RRSPs? Or maybe it is a gift from an immediate family member.


Collateral is something that is pledged against a loan for security of repayment. In the case of auto loans, the loan is typically secured by the vehicle itself as the vehicle would be repossessed and re-sold in the event that the loan is defaulted on. In the case of mortgages, lenders typically consider the value of the property you are purchasing and other assets. They want to see a positive net worth; a negative net worth may result in being denied for a mortgage.

Overall, loans with collateral backing are typically more secure and generally result in lower interest rates and better terms.

There is no better time than now to recognize the importance of your credit score and check if you are on track with the Four C’s and your debt habits. A misstep in any one of these areas could be detrimental to your efforts of getting a mortgage.

Published by the DLC Marketing Team!

20 Sep

Title insurance and Home Insurance: Do Homeowners Need Both?.

Mortgage Tips

Posted by: Tyler Cowle

It’s a common question and one that deserves a little context.

Buying a home is an incredibly exciting event for any new homeowner, but with ownership of any property comes the need to protect it from a range of risks. These could include losses or damages to the home and fraudulent attempts to steal, transfer or use the ownership title. Homeowners and lenders can safeguard property from threats with the right insurance.

Many Canadians are familiar with two of the most common forms of insurance, home and title. But they may not be aware that they are two fundamentally distinct forms of coverage. This common misconception can be dangerous, and confusing the two has led many people to obtain one form of insurance, but not the other, leaving them vulnerable to greater risks down the road. The reality is, both forms of insurance are essential to provide comprehensive protection of your property.

The red-hot real estate market shows no signs of slowing down in the foreseeable future. As more Canadians become homeowners, it’s more important than ever for mortgage brokers to understand the difference between title insurance and home insurance to properly assist your clients, and the benefits of investing in both to protect what may be the largest single purchase of their lifetime.


Home insurance (also known as homeowners insurance or house insurance) protects a residence against losses and damages for many risks and can also include additional structures on your property. While home insurance comes in many forms in the market, the standard policy includes coverage that provides six types of protection:

  1. Dwelling coverage: the most recognized coverage, which protects from natural disasters such as fire, wind and lightening. It is important to note that flood and earthquake coverage are not always covered and may need to be purchased separately.
  2. Other structures coverage: protects sheds, fences and detached garages from natural disasters.
  3. Personal property coverage: covers the items inside the home such as furniture, clothing, electronics and jewelry. Each policy will outline the maximum amount of personal property coverage that homeowners are entitled to.
  4. Personal liability protection: pays for the legal defense if someone gets injured on the homeowner’s property. It is important to note that the policy will only pay up to the specified coverage limit. If legal costs or a settlement exceeds the coverage, the owner will be required to pay the balance out of pocket.
  5. Medical payments coverage: provides protection if someone gets injured on the property and does not want to sue. This coverage will pay for their medical expenses such as crutches or prescription medicines.
  6. Loss of use coverage: covers expenses such as a hotel stay and restaurant meals if the home becomes uninhabitable and needs repairs due to an event that is covered by the policy. Again, there is a limit to how much coverage is received for loss of use. Make sure your client checks with their insurance provider.

Home insurance is typically paid via monthly insurance premiums and the cost depends on various factors including details of the property and the province, or city. The average annual home insurance cost in Canada hovers around the $1,500-mark.


Title insurance is a policy that provides protection by indemnifying against loss with respect to your ownership or true entitlement of the insured property. There are two types of title insurance: one protects property owners through an owner’s policy and the other protects lenders through a loan policy. A homebuyer receives title to a home once the previous owner has signed the deed and transferred the property over, and the homebuyer is registered in the government’s land registration system.

Many homeowners assume that title insurance is included within a home insurance policy. Because of this misunderstanding, an alarming number of Canadians today do not have title insurance. While home insurance protects homeowners from unexpected circumstances that occur on or against their property, title insurance protects the homebuyer from unexpected circumstances that affect the title to the property, such as financial loss from title fraud or other issues.

Title insurance also provides protection against loss from pre-existing issues, which may include:

  1. Challenges to title by third parties.
  2. Liens on the title due to the previous owner’s unpaid debts.
  3. Encroachment issues, such as if your client’s backyard shed is technically on their neighbour’s property and needs to be removed.
  4. Adverse matters that would have been disclosed on an up to date survey.
  5. Title fraud, which occurs when a person uses false identification to get the title of a property in order to obtain a mortgage or sell the home without the homeowner knowing or impersonating you to obtain a mortgage.

Additionally, title insurance protects homeowners from title issues that may impact their ability to sell, lease or mortgage their property in the future. It also includes a “duty to defend” to protect both buyers and lenders against expensive litigation related to title issues.

Unlike home insurance, title insurance is a one-time premium that is typically purchased at the same time as the property. However, title insurance can be purchased even if your clients already own their property. The cost of title insurance in Canada averages around $250 but can range anywhere from a few hundred to a few thousand dollars, depending on factors relating to the property.


The best way for homeowners to protect themselves from expensive and unexpected costs associated with property ownership is to understand the various risks, and to invest in the right insurance coverage.

Without question, both home insurance and title insurance are incredibly important protection options that homeowners should always consider when purchasing a home.

A home is often your clients’ most valuable asset–make sure they protect it with home insurance and title insurance.

Insurance by FCT Insurance Company Ltd. Services by First Canadian Title Company Limited. The services company does not provide insurance products. This material is intended to provide general information only. For specific coverage and exclusions, please refer to the applicable policy. Copies are available upon request. Some products/services may vary by province. Prices and products/services offered are subject to change without notice.

®Registered Trademark of First American Financial Corporation.

Published by FCT!

14 Sep

10 Mortgage Mistakes.

Mortgage Tips

Posted by: Tyler Cowle

Whether it is your first house or you’re moving to a new neighborhood, getting approved for a mortgage is exciting! However, even if you have been approved and are simply waiting to close, there are still some things to keep in mind to ensure your efforts are successful.

Many homeowners believe that if you have been approved for a mortgage, you are good to go. However, your lender or mortgage insurance provider will often run a final credit report before completion to ensure that nothing has changed. Changes in your credit usage and score could affect what you qualify for – or whether or not you get your mortgage at all.

To avoid having your mortgage approval status reversed or jeopardizing your financing, be sure to stay away from these 10 mortgage mistakes:


This is not a time to try and ‘beef up’ your financials; you must be honest on your mortgage application. This is especially true when seeking the advice of a mortgage professional, as their main goal is to assist you in your home buying journey. Providing accurate information surrounding your income, properties owned, debts, assets and your financial past is critical. If you have been through a foreclosure, bankruptcy or consumer proposal, disclose this right away as well. We are here to help!


With all the changes and qualifying requirements surrounding mortgages, it is a mistake to assume that you will be approved. Many things can influence whether or not you qualify for financing such as unknown changes to your credit report, mortgage product updates or rate changes. Getting pre-approved is the first step to ensuring you are on the right track and securing that mortgage! Most banks consider pre-approval to be valid for four months. So, even if you aren’t house-hunting tomorrow, getting pre-approved NOW will come in handy if a new home is in your near future.


One of the biggest mistakes people make when signing for a mortgage is not shopping around. It is easy to simply sign up with your existing bank, but you could be paying thousands more than you need to, without even knowing it! This is where a mortgage broker can help! With access to hundreds of lenders and financial institutions, a mortgage professional can help you find a mortgage with the best rate and terms to suit YOUR needs.


Your down payment is a critical part of homeownership and a useful financial tool that you should utilize when purchasing a home. A down payment reduces the overall amount of financing you need and increases the amount of equity right from the start. Down payments also show the bank you are serious. In Canada, the minimum down payment is 5% (with mortgage insurance), with the recommended being 20% if possible.


As employment is one of the most important factors that determines whether or not you qualify for financing, it is important not to change employers if you are in the middle of the approval process. Banks prefer to see a long tenure with your employer, as it indicates financial stability. It is best to wait for any major career changes until after your mortgage has been approved and you have the keys to your new home!


Applying for additional loans or financing while you are currently in the midst of finalizing a mortgage contract can drastically affect what you qualify for – it can even jeopardize your credit rating! Save any big purchases, such as a new car, until after your mortgage has been finalized.

Also, just as applying for new loans can wreak havoc on a mortgage application, so can co-signing for other loans. Co-signing signifies that you can handle the full responsibility of the debt if the other individual defaults. As a result, this will show up on your credit report and can become a liability on your application, potentially lowering your borrowing power.


As mortgage financing is contingent on your credit score and your current debt, it is important to keep these things healthy during the course of mortgage approval. Do not go over any limits on your cards or lines of credit, or miss any payment dates during the time your finances are being reviewed. This will affect whether or not the lender sees you as a responsible borrower.

Also, although you might think an application with less debt available to use would be something a bank would favor, credit scores actually increase the longer a card is open and in good standing. Having unused available credit and cards open for a long duration with a good history of repayment is a good thing! In fact, if you lower the level of your available credit (especially in the midst of an application) it could lower your credit score.


Credit card debt is on the rise and overuse of lines of credit can put you at risk for debt overload. Large purchases such as new truck or boat can push your total debt servicing ratio over the limit (how much you owe versus how much you make), making it impossible to receive financing. Some homeowners have so much consumer debt that they aren’t even able to refinance their home to consolidate that debt. Before you start considering a new home, make sure your current debt is under control.


Just as now is not the time for new loans, it is also not the time for large deposits or “mattress money” to come into your account. The bank requires a three-month history of all down payments and funds for the mortgage when purchasing property. Any deposits outside of your employment or pension income will need to be verified with a paper trail – such as a bill of sale for a vehicle, or income tax credit receipts. Unexplained deposits can delay your mortgage financing, or put it in jeopardy if they cannot be explained.


Having the financial talk before getting hitched continues to be critical for your financial future. Your partner’s credit can affect your ability to get approved for a mortgage. If there are unexpected financial issues with your partner’s credit history, make sure to have a discussion with your mortgage broker before you start shopping for a new home.

If you are currently in the midst of a mortgage application, or are looking to start the process, don’t hesitate to reach out to a Dominion Lending Centres Mortgage Professional today to ensure that you do things the RIGHT way to succeed with your home purchase.

Published by the DLC Marketing Team!

8 Sep

How to Teach Your Kids About Money.


Posted by: Tyler Cowle

“You’re teaching them way too young,” joked the man next to me and my three girls at the bank machine; clearly he assumed we were taking out cash, and thought it would be funny to tease me about that. “No, man,” I teased back warmly; “I teach my girls to make deposits.” He laughed, I laughed, and then I invisibly high-fived myself for actually teaching my kids how to do just this. Because it’s a skill, isn’t it, to be confident and capable in money and its management.

And too often, the learning curve feels steep even for ourselves, let alone to share the key messages with our kids.

The thing is, that teaching our kids to use and value money for the powerful tool that it is, is one of the most empowering gifts we can give them, from even an early age. How do you do it? It’s so much easier than you think; even if you grew up with a distorted view or approach to wealth and personal finance, here are our top five teaching tools for parents and kids to learn to speak the language of money, and develop a healthy attitude towards money straight away.

“It’s not too late to start right now!”


Use it. Allowance is a fantastic hands-on learning tool to teach the actual process of money management. (Don’t give your kids money for chores – chores are a part of family life, and it is an expectation that they participate in them.) Give allowance because it shows your kids how to be responsible for their own saving, spending, and sharing, and give them the wide berth to make bad decisions in spending it; better to learn the lesson that the glow in the dark Beanie Boo was a bust as a seven year old, than to realize that the car they bought at 21 was a lemon.

Get them familiar with the pattern of reserving part of their money to share with others, to cultivate a spirit of generosity, and to reserve part for saving – this is crucial in developing a pattern and attitude of “I don’t spend all my money once I get it.”


Speak it. If you are someone who grew up with a bitter taste in your mouth about money, more than likely there were messages and feelings of shame associated with it; stop that cycle with your kids, and open up the conversation in all of the age appropriate ways. Talk about saving for the mini Golden Doodle you all want as a family pet. Talk about the $25 budget at the toy store for their friend’s birthday present. Talk about the cost difference between a dance class and the competitive dance team. And have each of these conversations in a frank and open way, not of guilt or shame, just in a way that draws attention and awareness to the fact that there is an energetic cost to everything we do.

Are you into stocks? Show them bits of your portfolio, especially the visual charts, and let them in on the secret pattern that over time, it always goes up. Each of these micro-conversations plants an essential seed that you can continue to grow over the course of your child’s lifetime.


Take them. Chances are, unless you’re keeping your cash in a jar under your bed, the bank is the hub of your personal financial transactions. Include your kids in this area of daily life: let them not only “press the buttons” at the ATM, but take them to the teller, get them familiar with the processes behind daily banking, let them count cash when it comes out, and let them fill deposit envelopes with bills and cheques. Teach them to look at the balance on the receipt and say “thank you” for what’s there.

Let them know how grateful you are to have this wonderful tool in your life that enables a whole lot of freedom, and how it got there.


And pay them together. There is something deliciously analog about getting a paper bill in the mail. I kid you not, when my girls see a bill in the mailbox, they actually say “Yessss! Bills are here!” Why? Because we have carved out a ritual in which we sit together one on one and pay our bills together. Show your kids to find the vendor, the amount due, and to circle that amount and write “Paid on [date].” As they gather that info from the bill, you can enter it into your own online payment system.

Not only is this much needed and celebrated time together, but it’s another conversation about personal finance: why do we pay a hydro bill? Why is this utility bill higher in the winter? Can you imagine a world without internet – let’s happily pay that one! These conversations draw kids’ awareness to the daily happenings of life, and connect them to their own resources.

If your attitude towards bills is “man, I’m so grateful to have a house that is heated in the winter and cool in the summer, with a one click connection to anywhere the world,” suddenly the entire experience is a joy for you, too. And where there is gratitude and joy, there is the cultivation of more gratitude and joy.


So wait, and teach patience and a mentality of “earned, not given.” One of the greatest parenting challenges our generation faces is exactly this: how on earth do we teach patience and process while we live in an instant, on-demand world? Well, we simply teach it.

Just because we can access something instantly doesn’t mean we should; you know from your own experience how sweet a victory it is when you buy something with your own money, or hold something in your hands you know is irreplaceable. These feelings are part of healthy brain development, and in their absence we cultivate a near constant dopamine rush of instant gratification that becomes stronger, and harder to fulfill over time. It’s ok to say “no” to things, to hold out, and to appreciate the consumption of less, not more.

Children thrive when they feel like they are a real part of our family life, and respected enough to be included. Having these grown up conversations distilled into a child friendly way shows your kids that you have confidence in their abilities to handle it, and that they are valued members of your tribe. And in the same breath, you are teaching them an incredibly valuable life skill they will continue to hone and use over the course of their lifetime.

Published by the DLC Marketing Team!

7 Sep

Are e-signatures in Real Estate Transactions Here to Stay?.

Mortgage Tips

Posted by: Tyler Cowle

The pandemic has changed the way we do business. Between home offices and ZOOM meetings, our daily engagements have felt a seismic shift. While some of these changes are temporary fixes, others could prove to be the new normal.

If you’ve bought or sold a property in the last year, you’ll recognize some of these changes right away. From virtual open houses and appointment-only viewings to online meetings with banks and lawyers, you might question if you’ll ever personally meet any of the people you’ve been doing business with.

One of the biggest changes in the management of real estate transactions is that you don’t always have to provide a “wet,” or physical, signature. Instead, in a lot of cases, you can provide an e-signature to act as your legally binding agreement.


While e-signatures have been used in real estate transactions for years, since the start of the pandemic, their use has increased exponentially. “Prior to COVID, I would guess that I was using e-signatures 60-70% of the time” notes Ronald Francis, a real estate broker with 22 years of residential experience, “now it would be at least 90%, maybe 95%.”

A spokesperson from the Royal Bank of Canada (RBC), observes that the introduction of e-signatures to mortgage documents had been in the works, but was pushed to implementation with the pandemic. “At the onset of the pandemic,” he states, “we rapidly shifted our priorities and launched an e-signature solution that could be leveraged by our mortgage specialists. The use of e-signatures has accelerated steadily ever since.”

Mark Weisleder, a senior partner and notary public at Real Estate Lawyers.ca LLP, points out that while the pandemic resulted in a rapid shift in how business was handled, the change was almost inevitable. “Already, a year or two before the pandemic, things were moving in that [the e-signature] direction,” he comments.


To see the real estate industry’s confidence in e-signatures, look no further than Canadian Real Estate Association (CREA)’s partnering with DocuSign, an electronic signature management program. While this partnership began before the pandemic, it demonstrates how the industry was prepared for the shift.

Adopting e-signatures into real estate transactions has had numerous advantages for the industry. Mark Weisleder observes, “I think [the government] did realize that the electronic signature in many ways is more secure, and there’s a record of it, even more so than a hand written signature”. With the digital footprint they leave behind, it’s much easier for e-signatures to be authenticated, and easier for witnesses to be verified.

During the pandemic, e-signatures have also allowed real estate agents, mortgage brokers and lawyers to stay at the forefront of health and safety. RBC notes “to help keep our clients and employees safe, we encourage our mortgage specialists to recommend the use of e-signatures, eliminating the need for in-person interactions as much as possible. Currently, the majority of our mortgage documents are signed using our e-signature capability.”


The use of e-signatures has made the process of buying and selling a property much smoother. In the past, individuals would have had to meet with a number of individuals to sign various formal documents, driving from meeting to meeting as they put ink to a seemingly endless stream of papers. “[The] advantages are obvious,” says Ronald Francis, “stay in [your] home office, send documents for signature and receive them in matter of minutes.”

It’s important to note that not all provinces have fully incorporated the practice. Jeff Kahane of Alberta’s Kahane Law Office comments that “[e-signatures are] not permitted in real estate documents that need registration at land titles. We need video signed documents to be sent back to us (originals) for land titles submission. In Ontario and BC things are different and contracts have been signed electronically for a while […] here a transfer needs wet ink.”

Ephraim Fung of British Columbia’s Alexander Holburn Beaudin + Lang LLP in B.C. similarly notes that “section 2(4) of the Electronic Transactions Act (British Columbia) provides that documents registered in the B.C. Land Title Office to create or transfer interests in land cannot be signed with e-signatures. These documents need to be signed with wet ink and witnessed by a lawyer or notary public.”

That’s not to say that a change to the industry isn’t coming in the near future. RBC notes “the recent shift may also expedite some regulatory changes regarding e-signatures on registration documents as some provinces still require a wet signature.”

Mark Weisleder echoes the sentiment that present circumstances have pushed technological adaptation forward in a way that might not otherwise have been possible. “This is where I’ve seen the pandemic actually move things along in a very positive way, which might have taken, frankly, years,” he observes.


With how easy e-signatures have made handling transactions, it’s not surprising that Ronald Francis and others feel that “e-signatures are here to stay”. With individuals able to sign documents on their own time and with minimal disruption, the adoption of the technology will continue once the pandemic is behind us.

The efficiency of e-signatures is not lost on Mark Weisleder. “The use of e-signatures has also enabled our law firm to complete an entire real estate closing without ever seeing a buyer or seller, and making sure everything is completely safe,” he notes.

Not only do e-signatures allow for a more streamlined flow of business, but they also help to reduce the possibility of errors in document signing. By clearly directing consumers to what lines of a document need signatures, there’s less chance of missed or incorrectly placed signatures. This allows transactions to be completed faster and with less confusion.

Beyond the benefits to consumers, RBC notes that e-signatures have additional advantages. “There is also an environmental benefit since we’re able to significantly reduce the amount of paper required to complete an application and eliminate the greenhouse gasses associated with travel relating to signatures.”

Ephraim Fung observes that in B.C., “In response to challenges presented by the COVID-19 pandemic, the B.C. courts and Land Title Survey Authority have released practice directives and policies that make remote/video witnessing of land title documents possible.”

This evolution is a positive step forward, while still maintaining strict security measures. Fung continues, “these policies require parties to B.C. real estate transactions to go through stringent checks and balances to ensure their identities are properly verified. Additionally, practitioners must submit sworn affidavit evidence concurrently with any remotely witnessed land title document for review by the Land Title Survey Authority, prior to the land title documents being accepted for registration.”


While the pandemic has presented the industry with many challenges, it has also driven real change. “We’re very pleased at the way that we’ve been able to use technology, as lawyers… it has helped to keep the industry going during difficult times,” says Mark Weisleder.

The relative ease with which the real estate industry has integrated e-signatures shows a significant shift in thinking. While the pandemic may have forced the industry to integrate the technology sooner than anticipated, it’s a welcome change that won’t be going away any time soon.

Published by FCT

3 Sep

Renting vs. Buying: Pros and Cons

Home Buyer

Posted by: Tyler Cowle

Trying to decide if renting or buying is for you?

Start by finding out average home prices where you want to live.  Next, make a list of the pros and cons of owning vs renting to see which option is best for you; the following are some examples.


  • Less maintenance and repairs
  • Lower monthly upfront costs
  • Shorter-term commitment, making it easier to move to a new home, neighbourhood or city
  • Protection from decrease in property values
  • Possibility to free up cash to invest or to save a larger down payment for a house


  • Monthly payments may increase year after year
  • The risk that your lease won’t be renewed
  • You are paying someone else’s mortgage rather than building equity of your own
  • You can’t paint or remodel without the landlords permission


  • Freedom to renovate or modify your home as you wish
  • You are building up equity in a safe, secure investment as you pay down your mortgage
  • Potential for rental income if you include a secondary suite
  • Stability and peace of mind that comes from being in control of your investment and owning the place where you live


  • The risk of financial loss if your home has lost value when you sell
  • Responsibility for all ongoing costs including mortgage principal and interest, property taxes, insurance and maintenance
  • Monthly payments can increase significantly if interest rates go up at renewal time
  • Possibility of unexpected and potentially costly repairs

There are advantages to both renting and owning a home. Make sure you understand the benefits and responsibilities of each before you decide what’s right for you.

2 Sep

Is Home Ownership Right For You?

Mortgage Tips

Posted by: Tyler Cowle

Buying a home is one of the biggest decisions you will ever make.  To ensure that you make the best choice, ask yourself a few questions.  What do you really want in a home?  What is your current financial situation?  What are your financial and lifestyle needs?

As a first-time buyer; you might not be aware of all the costs associated with home ownership and it’s a good idea to review them all and factor them into your decision.

Upfront costs: The initial amount of money you will need to buy a home, including the down payment, the closing costs and any applicable taxes.

Ongoing costs: The continued cost of living in a home you own, including mortgage payments, property taxes, insurance, utility bills, condominium fees (if applicable) and routine repairs and maintenance.

Major repairs: Large and expensive repairs and renovations your home will eventually need, such as roof replacement or foundation repair.

If you choose a property that is not hooked up to municipal services such as water and sewer, there may be additional costs to consider as well.

Click here to read tips like this and others in my Home Buyers Guide