Be Wary of Constant Buying and Selling
I have to admit that I have a hard time staying in one place. Every time I move (which is far too often), I vow to stay put, but it just never seems to happen.
According to the Canadian Association of Mortgage Professionals (CAAMP), Canadians move on average of approximately five times in their lifetime. Buying and selling property can incur various costs such as lawyer’s fees, real estate commissions, not to mention the potential costs of breaking your mortgage. If you moved the average amount you could be eroding your home equity to the tune of about $150,000 in costs.
While there are many reasons why people either upsize or downsize, such as changes in life circumstances – like births, deaths, health issues or marital status – it’s important to remember that over time we’re losing a huge chunk of home equity when we move.
