(NC)—Visiting a lawyer is often reserved for major life milestones, such as purchasing a home. It is always best to have that contact as early as possible in the home buying process, even before you sign the agreement of purchase and sale, to benefit most from your lawyer’s information, advice and insights.

“Since this is typically an infrequent event for most Canadians, it’s important that you have an open and fruitful conversation with your lawyer as soon as possible,” says Ray Leclair, vice president of public affairs at LAWPRO. “Make sure that you provide your real estate lawyer with all the facts, including your plans and reasons for selecting the property you would like to buy. This will ensure that all potential issues are addressed.”

Be ready to ask questions, such as:

• Have all building permits and final inspections been obtained for the home?

• Should you get a new property survey?

• Should you buy title insurance? What does title insurance do for you?

• What due diligence searches will be undertaken and which will not? Why?

• Would you benefit from an alternate home ownership arrangement where you split ownership with a co-owner, based on your family situation?

• Will you need permits or other legal approvals to renovate/add to your home or another property?

• Is anything preventing you from renting out a part of your home or running a business from your home?

• What is power of attorney, and should you have one?

• Should you have a will prepared, now that you will own a major asset?

With this first conversation under your belt, it is important to develop a good relationship and regular contact with your lawyer. They can provide valuable insights and ensure you make educated decisions.

www.newscanada.com

(NC)—Summer to-do lists are often filled with road trips, swimming pools, vacation adventures and taking in the great outdoors. However, for many Canadians, the warm-weather season means even bigger plans – such as buying a new home.

Purchasing a new property, especially for the first time, presents many questions. After separating the must-haves from the wish-list, finding the right real estate agent, and calculating how much you can afford, getting insurance for the new home is often left to the end, or only considered after the papers are signed and the move-in plans are underway.

“The type and location of home you buy can have a significant impact on your insurance premium,” says Wayne Ross, an insurance expert at Aviva Canada. “By looking at a new home through the eyes of your insurance company, you could save thousands in home insurance premiums.”

Ross offers four simple tips to keep insurance in mind when shopping for your dream home:

Explore the location: Neighbourhoods with lower crime rates and that are close to fire stations are kinder to your insurance premiums.

Think warm thoughts: Check out the heating system installed in the home. Oil tanks can cause expensive environmental damage if they leak while gas furnaces and electric heat are much less risky. If you heat with oil, you’ll likely pump more money into your premium.

Some things are better new: Houses with more recent heating, electrical and plumbing systems are less susceptible to fire and other dangers, and result in lower premiums. Also search for an updated roof and look for signs of wear and tear.

Examine your extras: Adding upgrades such as swimming pools or hot tubs can increase your chance of liability – and therefore your insurance costs.

More information is available from your insurance broker.

www.newscanada.com

(NC)—Owning your own home is an exciting proposition and an achievable goal for most Canadians. The number one reason many become homeowners is pride of home ownership and the stability and security that comes with it.

Buying a home can also be a solid investment and provide tax benefits.

In Canada, you are not taxed on any investment gains made on the sale of your primary residence. So, for example, if you buy your home for $200,000 and sell it 5 years later for $250,000, you do not have to pay income tax on the $50,000 you earned from the sale.

Another advantage is each time you make a mortgage payment, you are putting a portion towards the principal balance of your mortgage, which builds equity in your home. This is a better use of your money than giving rent to a landlord and is a good long-term investment.

Owning a home also means that you can make your own decisions on decorating, home improvements, location, etc. In a recent survey conducted by Genworth Canada, 91 per cent of first-time home buyers said that home ownership may mean more work but the effort is well worth it.

www.newscanada.com

Congratulations to Urzula who won two tickets to an Oilers game in our recent promotion!

Have fun at the game Urzula!!

Stay up to date on the parking ban at…..

CTV Edmonton News | Local Breaking News, Weather and much more.