“Where there is no guidance, a people falls, but in an abundance of counsellors there is safety.” That is a verse found in Proverbs 11:14, and on today’s podcast “Let’s Talk Money”, Dave and Reb welcome Mortgage Specialist Susanna Penning to provide some of that wisdom and safety for people deciding to build a home.
While the Ottawa, Ontario real estate market has exploded over the last 18 months, with housing selling at an over-asking price and multiple offers on every sale, people are discouraged. Many More Than Enough clients are asking if building a home is feasible in this market and current economy.
Both Dave and Susanna believe that listeners need to educate themselves, and talk to trusted people in the business, before making this decision.
There are four basic suggestions they offer on today’s show:
- Plan, plan, plan, so that you can anticipate as much of the unexpected as possible.
- Have buckets of cash up front. There are lots of fees outside of simply getting a mortgage, like obtaining building permits.
- Communicate, communicate, communicate to everyone in all the details, especially with your partner. As Susanna advised: “Before you build a house together, try wallpapering a room together.”
- Know why you are doing this house-build. What is your purpose? Knowing your purpose will carry you through the rough patches.
Tune in and hear today’s conversation which is sponsored today by More Than Enough Financial – a financial coaching, tax, and mortgage company helping people find hope and freedom in their finances one day at a time.You can find Dave at morethanenough.ca, or email him at info@morethanenough.ca. You can reach Susanna by going to https://themortgageadvisors.ca/agents/susanna-penning-amp/.