Don't Sell Your House--Ever!

Keeping your existent house when you purchase a new 1 could be THE most profitable financial determination you could make. See the following:

1. Second watercourse of income: When you travel to another topographic point and maintain your current house as a rental, this gives you an extra watercourse of income.

2. Wage less tax: Your rental property bring forths business income. When you have got a business, you are entitled to tax write-offs. This could salvage you a batch of money that you would normally pay to CCRA (Revenue Canada).

3. Fast wealth: Tenants will pay off your mortgage in a rental property. Your net-worth will turn without you having to salvage out of your ain income. When you have got one or more than tenants there is a squad attempt in edifice your wealth, fast!

4. Bargain priced: You will never again be able to purchase the same type of property for the amount you paid for it originally. The value of all the other houses have got gone up along with yours. You already ain what an investor would see a deal in the current market.

5. High rate of return: The rent you can charge for your house is based on the current market. Rents have got gone up but the cost of your house is still what you originally paid for it. You are getting a higher tax return on investment. In the current market you would have got to pass a batch more to get the same rental income.

6. Guaranteed income: If you are willing to do some small changes to your house so it rans into the criteria required for handicapped people, you will have got a long listing of possible tenants waiting for you. In many cases, some authorities agency will be paying their rent. You will get a good, stable, low-maintenance tenant. You will also be helping person in need. If you need money for the renovations, you can re-finance arsenic much as 90% to 100% of the market value of your house. Government grants may also be available.

7. Increased tax write-offs: Inch most cases, you can compose off the interest paid on the mortgage of a rental property. If you maintain the mortgage as high as possible, you maximise the tax write-offs.

8. Wage off your ain home faster: Keep the mortgage on the rental property as high as possible by re-financing to the max as the value travels up. Use that equity to pay off the home you dwell in, faster.

9. Tax-free retirement income: After your house is paid off quickly by using the equity in the rental property, you may be able to utilize the refinanced cash as a tax-free retirement income. Borrowed money may or may not be taxable. Check with your accountant.

10. Addition freedom from the bondage of a J.O.B.: It takes far less clip to keep rental places than the amount of clip you would pass in a job. If you construct up your portfolio of rental places to 5 or 10 and pay them off (or maintain refinancing), you will have got as much or more than income than your present job. You can be your ain boss, work only a few hours, pass clip with your family, and really enjoy your life.

These strategies will not work for everyone. Before you implement your plans, check with an accountant, lawyer, mortgage broker or other professional. You may need to work with someone. Use your children, parents, brothers, sisters, good friends as a co-signer Oregon co-investor. Turn affluent together, with the people you love.

To measure up for the lowest mortgage rate in Canada, travel to http://www.mortgage-rate-canada.com and chink on Canadian "Mortgage Calculators". Check out the "Pre-Approvals" and "Credit Problems" pages to get the banker's position on your credit profile.

For ideas on how to put up a dependable monthly income from rental places when you have got very small clip or money travel to: http://www.netman-ecommerce-guru.com/rental-strategies

Warm Regards,

Neeraj Varma