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Home Buying and Selling: Why You Need a Financial Advisor

Updated: Mar 8

Imagine your dream house. Does it feature a sunlit patio, a lush garden, or perhaps an ultra-modern kitchen? But amidst these dreams, how does this major purchase fit into your overall financial plan?

Recent data reveal that housing costs rank among the top three financial concerns for Canadians. Despite these anxieties, half plan to use personal savings to fund their home purchase, and 41% intend to rely on loans or lines of credit from their financial institutions. This is where the expertise of a financial advisor becomes crucial—especially when navigating the complex world of home buying and selling. We at DO Wealth are committed to easing this anxiety and guiding you on this journey.

Here's why a financial advisor from DO Wealth is invaluable when buying or selling a home:

  1. Easing Financial Anxiety: With 71% of Canadians citing housing costs as a primary source of financial stress, our advisors at DO Wealth can help you come up with a comprehensive financial plan that accounts for these costs and aligns with your broader financial goals.

  2. Understanding the Full Picture: A financial advisor integrates your mortgage into your overall financial plan, considering factors like your retirement plans, tax strategies, and more.

  3. Navigating the Mortgage Maze: Mortgages can be complex. Our experts guide you through this labyrinth, explaining the implications of different mortgage rates and terms and how they impact your long-term financial health.

  4. Asset Protection: Only 20% of homeowners claim to be very knowledgeable about mortgage-related insurance, indicating a clear need for guidance. Our advisors recommend insurance policies that protect your ability to make mortgage payments in the event of unexpected life circumstances.

  5. Maximizing Estate Value: Just 45% of homeowners understand how the right insurance can enhance their estate's value. We educate clients on how insurance can cover secondary properties and help manage tax liabilities, thus preserving your wealth for future generations.

Interestingly, a sizable portion of Canadians expects to receive financial support from family and friends to fund their home purchase, and nearly half plan to utilize assistance programs, such as the First-Time Home Buyers Incentive and the Home Buyers' Plan. At DO Wealth, we can guide you through these programs and more, helping you understand their benefits and possible drawbacks.

What's the takeaway here?

Buying or selling a home goes beyond property listings or negotiations. It involves careful financial planning and an understanding of how this major decision impacts your overall financial health.

Choosing DO Wealth means not just gaining a financial advisor; it means gaining a partner dedicated to making your dreams a reality. Our goal is to empower you with the knowledge and confidence to ensure that your home is not just a living space—it's a carefully planned investment for your present and future.

Before you plunge into the real estate market, consider your financial plan. Talk to us at DO Wealth. Let's ensure your dream home makes perfect financial sense!



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