Money, money, money. It looms huge in the minds of everyone, but especially for a person who dreams of owning his or her own home. The lack of ready cash is one of the biggest obstacles holding a person back from becoming a homeowner. However, just because you don’t have cash physically sitting in your bank account today doesn’t mean you don’t have access to the cash. There are many sources of cash around that you are not even aware of. And many are available to you NOW. What this means is there are creative ways of coming up with extra cash or creating cash “out of thin air.” Past clients of ours have used the following ways of raising money to buy a home. Their situation was no different from yours. They did it and so can you!
Government Grants RRSP Plan Accounts* You may be able to get access to your RRSP plan to use for a down payment.
Lira’s Locked-in Retirement Account* You may be able to access your LIRA money to use for a down payment.
Credit Cards** (Yes, you really CAN buy a house with a credit card. It’s a little more costly, but it can be done.) Some folks have literally gotten a cash advance on their credit cards to generate the down payment. Seems unreal, right? But think of it this way: **if you have a card that is at 0% interest for 12 months it’s like using free money.
Tax Refunds (Let CRA buy your house!)
Friends and Family Members Think of those who believe in you and know you just need a second chance. Would they advance you a short-term loan?
Sell Unwanted Items Anything you have around your house that you don’t need and that can be sold, such as: Boats, Cars, Motorcycles, Snowmobiles, Motor homes, Jet Skis, Jewellery. NOTE: Ebay.com is a great way to sell your items. More on making money from home to help increase your income…coming soon!
Even if you had access to only a couple of these resources, you can see how quickly you could probably come up with $2,700 (for example). We’ll talk about this in more detail in the next lesson. All you need to do is think outside the box to make your dream a reality. Your family is worth it. And here is an idea our family been using for years it is so simple it is crazy!
Now, get excited and get your creative juices flowing to get yourself closer to your dream!
Don’t miss your next lesson! You are now one step closer to owning your own home.
*Be sure to consult your plan’s administrator and/or your RRSP custodian to find out what rules and regulations applies on withdrawals. There might be limitations applied..
If you have any questions, please don’t hesitate to contact me.
Gilles
PS: Make sure you exhaust all avenues when it comes to getting the cash needed to get into your dream home. You are very close!
