Buying A Second Property

Blue Front Door

Are you looking to purchase a second property as a weekend getaway or rental property?

With a lot to consider before you sign on the dotted line, we have a few important questions that will get you thinking about your options so you can make the right decision.

Do you qualify for a second mortgage?

Qualifying for a second property comes with different guidelines than you may have experienced with your primary home purchase. If you used your RRSPs as your down payment for your first home, you will not be eligible to do this again; this means you will have to save up for your down payment or take the equity from your primary home.

Can you afford the upkeep?

In addition to mortgage payments, property taxes and insurance, you will also have to maintain your second property. Remember to budget for expenses including lawn care and snow removal, general maintenance including renovations and repairs, and ongoing expenses including water and hydro.

If being a landlord or owning a vacation property is something you’d like to discuss, get in touch with a Cambrian Lending Specialist and find out what you can afford.