Easy Ways to Own a Property in Montreal

Easy Ways to Own a Property in Montreal

If you have a dream of owning a luxury condo in Montreal, then now would be a great time to do so. The housing market has been hot over the past few years and it is believed that in just a matter of few more years to come, real estate in Montreal may be so expensive that very few people will actually manage to buy homes. However, if you are not yet blessed financially, there are certain approaches you may consider to make your dream of owning a home in Montreal become a reality. They are as follows:

Buy a luxury condo with a friend

If you can’t afford purchasing a luxury condo on your own, then you should probably team up with a friend or friends to acquire one. In such a situation, the bank will sum up your collective incomes, assets and debts and then determine your eligibility for a mortgage. It may be prudent to hire a real estate attorney to help you draft an agreement to avoid any misunderstandings you may run into in the future.

Buy a plex

Plex or multiplex is a real feature when it comes to the Montreal real estate market and they are also affordable, thus giving you one of the avenues you can use to own a property in Montreal right now. The mean prices for plexes of between two to five units in a place like the Plateau is estimated to be about $669,000, but you will need to raise 10% of that as a down payment and half of the income from the rental is also factored in the mortgage calculation.

Sell your car

Most Montrealers don’t depend on their cars compared to the rest of the Canadians, and perhaps if you really are considering property for sale in Montreal, then you should probably think about selling your car if you have one. If selling the car would make you meet the down payment of a reasonably priced property, then there is no reason why you should continue holding on to it when it could set you on right path towards owning a home.