Mississauga Real Estate | Buying a Home in Mississauga

Now that the United States housing market is beginning to turnaround, you may be beginning thinking about how to invest in real estate. The current economic recovery has been accompanied by a huge surge in the rental market. Many families who were forced into foreclosure or who took a loss when selling their homes have now become renters, especially because the market for affordable homes remains incredibly tight and competitive. Hoping to cash in on the increased popularity of renting, you might be thinking about buying a multifamily complex in order to make money.

Investing in a multi-family complex certainly looks lucrative. The Pensacola News Journal reports that returns of 7 to 8 percent from rental properties "are not uncommon." If you're considering buying a multifamily home to live in one of the units and rent the rest out, there are some important pros and cons to consider.

Just because renting a multifamily home you own seems like an attractive option in a tight rental market, there are a number of drawbacks to consider. Unexpected costs may be one of your biggest obstacles to making money from a rental property, says Bankrate.com's Margarette Burnette. In a report for MSN Real Estate, Burnette lists four hidden costs of being a landlord: Increased insurance costs, additional legal and administrative fees, expenses for cleaning, care and maintenance of a rental property, and increased taxes.

If you're thinking about buying a rental property, you can expect to pay as much as 25 percent more on your insurance premium. And in order to negotiate the web of new laws you'll be subject to as a landlord, you'd be wise to hire a lawyer who could cost hundreds of dollars an hour to advise you. That's on top of any legal costs you might incur if you have to evict a tenant or face off in court against an aggrieved renter. Meanwhile, some municipalities have special fees they charge landlords. And don't forget: if you're a landlord you're also in business. That means you're going to have to spend money to make your property presentable to new tenants, keep it in good, livable shape, and clean and fix any damage after tenants move out. Security and cleaning deposits won't pay for all these expenses. Your costs are also going to vary depending on what state your rental property is in. Each state will have different taxes it charges landlords. Before you decide to buy a multifamily complex to rent out, make sure you know what those taxes are.

Meanwhile, you also have to consider other drawbacks. How will you feel about living in the same building as a tenant? What will you do if you can't rent a unit? Each month you're unable to rent a space out is a month without rental income, but your expenses for the property will remain the same.

But though there are added costs to owning a multifamily complex and renting it out to tenants, there are also important positives. If you buy a house with multiple units and plan to live in one of them, you can get tenants to pay your mortgage costs, or at least subsidize some of them. That could help you pay your mortgage off faster. Then once your mortgage is paid off you can profit from the monthly rent you receive. You'll be able to pocket some of those profits. Plus the more units you have, the more cash flow you'll have coming in. You also won't have to compete with all the single-family homeowners diving into the real estate market. Finally, once you're ready to sell, you could stand to make much more money selling your multifamily building, especially if you've paid it off.

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Larque Goodson is a real estate writer at Reply! with over 15 years of experience in journalism and marketing. To read more about the advantages and disadvantages of buying a rental property, see her article on the types houses for sale and which is right for you.

One person's misfortune can sometimes turn into another's blessing. This is frequently the case with foreclosure properties. While no one is exactly happy to hear of someone else losing their home, it can turn into a great opportunity for the next homebuyer if they go about it the right way. Many homeowners and real estate investors have found great deals going the foreclosed route. As long as you are aware of the risks and challenges that can come with the benefits of buying this type of property and understand that it will be a different process than a purchase under regular circumstances, then you may be ready to begin searching for foreclosed houses for sale.

Benefits of Buying a Foreclosure Property

Banks and other companies that take over the responsibility of a home in foreclosure are usually looking to have it taken off their hands in a quick sale. This will often cause them to price a property under what it is actually appraised for, opening up the range of potential buyers that it becomes appealing to. In turn, it's possible for buyers to find homes for sale in neighborhoods they never thought they would be able to afford and even get a house worth much more while staying in budget. Buyers will generally find they can get away with a lower down payment in a foreclosure situation and are able to move in soon after the deal is completed. Home values fluctuate all the time, and when purchasing at the low price foreclosures offer, this means there's a good chance to see a big profit as the market increases in value.

How to Find Foreclosure Houses For Sale

Foreclosures aren't listed the same way other houses for sale are, and it may take a little extra time, effort and research to find these bargain investments. One of the best things to do if you're serious about beating out the buyer competition is to build a relationship with a real estate agent experienced in foreclosures. No one will know the local market better and be able to get you in on a deal before it's snapped up by someone else. Agents also have good connections with banks and financial institutions, which help in the buying process. Going straight to major bank websites and searching their current listings is also an option. Government-owned listings, auction houses, asset management companies and information filed with your county offices are all ways to find possible foreclosure properties. If all else fails, you can pay a fee to sign up with an Internet foreclosure listing service as well.

Tips For Going Through a Foreclosure Purchasing Process

Foreclosure buyers should still be pre-approved for a loan before beginning their house hunt and then budget accordingly. Lower asking prices are great, but keep in mind you may be spending quite a bit in home repairs. Look at how long the house has been unoccupied and what conditions its surrounding property is in. Take into careful consideration the neighborhood it's in and other factors that will determine its resale value in the future. Be sure to insist on a home inspection before finalizing the deal.
Don't automatically turn up your nose at the possibility of purchasing a foreclosed property and exclude them while searching other houses for sale. You don't want to miss out on a great home owning opportunity.

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By Tiffany Olson
Tiffany Olson resides in Northern California and has a special interest in real estate. She has been greatly influenced by her aunt who has been in the real estate business for over 20 years. 

It sounds like something out of science fiction. You push a few buttons on your palm-sized personal computer, and every aspect of your home responds with perfect attentiveness and synchronicity. Your lights turn on, your meal prepares itself, your climate control kicks in--all without you even having to be at home. But while a fully remote controlled house may sound like a dream, the truth is that it is fast becoming a reality. Here are five aspects of your home that you can control with nothing more than a smartphone.

1. Security

In the United States, a home is broken into approximately every 15 seconds. In fact, statistics show that 1 out of every 5 homes will experience an invasion at some point. With numbers such as these, it becomes imperative that homeowners do everything that they can to protect their families and property, but when you're away from home, how much can you really do? Well, a lot, apparently. Modern home automation companies such as Vivint provide direct, mobile device based access to their Vivint home security systems from anywhere in the world. That means that even though you’re on the other side of the planet, you can still view live security camera feeds, lock or unlock doors, and even check up on things to see if it was a burglar who tripped your alarm, or just fluffy out for a midnight hunt.

2. Lighting

Energy production accounts for a large portion of the world's dangerous greenhouse gas emissions, and a lot of the energy that we use in our homes and pay top dollar to utility companies for ends up going completely to waste. Have you ever rushed out of the house without remembering to turn off the lights? Well, there's your culprit. With home automation, however, it never has to be a problem again. In addition to timers that can automatically turn on or off lights at specific hours of the day, and occupancy sensors that can deactivate lighting when you leave a room, automated lighting can also be controlled from the phone. That way, when you arrive at work and realize that you left every light in the house burning brightly, you can just use your phone to turn them all off.

3. Climate control

Thermostats are wonderful inventions that have been around a long time, but they certainly have a few flaws. For one thing, how can you make sure that the temperature stays comfortable for you, without having to leave it running while you're away from home? Smart thermostats solve this problem, by not only taking into account the homeowner's schedule, but also making it possible to adjust the temperature of your home remotely. So, if it's been a long, cold day, and you're looking forward to stepping into your nice, warm living room, you won't have to leave the furnace running the entire time you're gone; just use your phone and get things cooking ahead of time, and everything will be perfect when you pull into the driveway.

4. Appliances

Speaking of cooking, you can also use your phone to activate and control appliances. You can set the crockpot to begin heating up supper or the coffee maker to begin brewing you up a steaming cup of joe long before you walk in the door. You can even tell the popcorn maker to start popping while you're still browsing your selection choices at the corner Redbox. In fact, with a few attachments, any home appliance can become mobile phone controlled.

5. Entertainment

And at the end of the day, when you just want to relax, you can even have your phone tell your home to record your favorite television shows to watch later, while it gets your automated home theater setup to your liking. Because really, what good would a totally remote controlled home be if you couldn't also use it for entertainment purposes?
So live the sci-fi dream, and discover what you can do with a few home automations systems, and a mobile smart device. Total home control is just a button away.

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•  License: Royalty Free or iStock source: www.123rf.com
•  License: Royalty Free or iStock source: www.123rf.com

About Author: Lindsey Patterson, a freelance writer who specializes in technology and the latest social trends, specifically involving social media. She is currently a social media advisor to Vivint.

Professional System vs. DIY

Before you install a single camera or motion sensor, you must first decide which direction you want to go in terms of a professional home security system versus a homemade one. Naturally, there are pros and cons for each. Do-it-yourself allows you the freedom to choose exactly which features you want to install and which you can go without. This can make it cheaper than a professional system. However, many professional systems will also allow you that same choice. Furthermore, with a professional system, you have the added benefit of a security company who can monitor your system and be on hand for emergencies, as well as any necessary repairs. It is likely to cost you a little more, however, with a monthly fee for the privilege. Ultimately, both are good choices, so it is up to you to decide.

Now that you have decided how you will install your system, it is time to decide which kind of system you want. Whether you create it yourself or use a professional security company, there will be a lot of different security packages to choose from. If you are new to home security, you might want to start with base level protection, such as an alarm for your door and some security cameras. To make the alarm more effective, add motion detectors in the first floor rooms of your house and sensors on the windows and doors.

Once you have the basics installed, you might want to consider adding some special features that might not be necessary but will increase both security and convenience. Some examples include keyless entry; installing a keypad will make your house more secure as you no longer have to hide your spare key under the doormat or in that fake-looking rock, but it also means that you don't have to worry about forgetting your key anymore! More advanced systems let you lock and unlock your door with your smartphone. Another cool feature that is available with some systems is a smartphone app that lets you view video surveillance footage from your phone. This not only lets you check on your house when you are gone, but allows you greater freedom to leave pets at home or even your older children unattended for a few hours. Home security is a great way to protect you and your family, but it can also be a great way to have some fun with your house.

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•  License: Image author owned 

About Author: Lindsey Patterson, a freelance writer who specializes in technology and the latest social trends, specifically involving social media. She is currently a social media advisor to Vivint.