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How to Get the Most Out of Home Ownership in BC

Friday, November 03, 2017

Owning a home can be a symbol of financial security, but it can also be a financial trap for those ill-prepared for the task. Your home, after all, is the largest asset you will ever have. If you purchase it right, and be careful when it comes to debt, you could maximize how that investment works for you.

The structure of your home ownership makes a significant difference in the tax burdens you carry with your home. Furthermore, you need to be cautious about managing your finances for a long-term positive return. Seeking timely debt help is also important when you see the first signs of trouble with being able to meet the financial obligations related to your home ownership.

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Tips for Maximizing Your Investment Return from Homeownership in British Columbia

You are on the right path. You have saved and preserved your credit, now you can purchase a home. Before you jump into homeownership, keep these tips in mind so that you buy wisely, and stay out of debt long term.

  • Structure with Caution: When you buy, you have a few options for how you structure the purchase. Owning it personally, which means the home is in your name, lets you claim the principal residence exemption (PRE) on your taxes. You can also put ownership in a spouse’s name if you are worried about debt obligations passing over into personal, and you want to protect your home. Lastly, you have the option of transferring the home into a trust or owning it through a corporation. Before selecting any of these options, however, you should speak with a tax professional.
  • Stay on Top of Payments: Whether it is your mortgage payment, credit card, or another debt, make sure you pay on time. Most consumers find themselves falling into debt because they cannot pay their monthly or bi-weekly outgoings on time. Late fees add up, and on a credit card, those late fees also accumulate hefty interest charges.
  • Pay More than the Minimum: While you can pay the minimum due on your mortgage and be fine, credit cards and other debts with accumulating interest are a different story. When you pay the minimum, you will find yourself taking several years to pay off even the smallest of debts.
  • Save Money: Pay yourself first by putting a percentage of your paycheck into savings every pay period – such as 10 or 20 percent. Then, pay the remainder of your bills.

Consider Debt Consolidations in Vancouver When You are in Over Your Head

When you cannot pay your mortgage, credit card bills are piling up, and you find yourself overwhelmed with incoming bills, a debt consolidation could be the answer.

The team at Abakhan & Associates offers debt help in Vancouver and throughout the Lower Mainland. If you are a homeowner who finds they are struggling to keep up with debts, taxes, and are worried about losing their home, contact us immediately. Instead of having multiple payments to remember every month, a debt consolidation loan puts your obligations into a single loan and one payment – all while helping you get out of debt.

Contact Abakhan & Associates, Inc. today for debt help in Vancouver. We will review your debts and help create a consolidation plan that gets you back on track. Call us at 877-308-8877 or contact us online.

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