Advice on the House

Mortgage broker Cristina Piccirillo of Dominion Lending Centres brings hot topics home.

Q: I am thinking of purchasing a property in Florida. Is pulling equity from my home the right thing to do?

A: The answer to this relies on the circumstance. If, for example, you are thinking of purchasing as a rental income property, then yes, it could be beneficial to pull equity from your home. This will help carry the costs to maintain the property, such as mortgage, property taxes, condo fees (if purchasing a condo), property management, etc. If, on the other hand, you plan on buying a vacation home for pleasure, be mindful of the additional costs to maintain the property, which could run up to $20,000 annually. It’s important to think about what your intention is and ensure that you have the money at your disposal to Read more