Ottawa Homeowners Need Relief

Guest Post | Jan 11, 2023

Image: Pexels/Ketut Subiyanto

You don’t need to be an avid newspaper reader to know that the cost of living is rising everywhere. Cities across North America are increasingly expensive, and Ottawa is no different.

With interest rates and inflation impacting the lives of Ontario residents, homeowners need a few ways to stabilize and strengthen their finances. Read on for a few helpful tips.

Home Equity Loans and HELOCs

Homeowners looking to consolidate loans or borrow money at low-interest rates should consider getting a HELOC or home equity loan in Ottawa from an industry-leading mortgage firm. Using your home as collateral is the surest way to get the lowest rate, and the funds get approved quickly, so you can use them when needed.

You can secure a lump sum payment to borrow in the form of a home equity loan, whereas a HELOC, or home equity line of credit, lets you borrow continually at a stable rate. Speak to your broker about which option is right for you and which specific type of loan or HELOC works best.

Legally, you’re free to use the borrowed money for whatever you want, but most experts recommend using it for things like home renovations or repairs. Try to avoid using these funds for frivolous indulgences since the failure to repay the loan can result in losing your home.

Drive Less

Most North American cities were designed to revolve around cars. Planners anticipated everybody owning their own private vehicle and assumed most trips would be by car.

Today, fuel is incredibly expensive, as is auto insurance, maintenance, parking, and all the various costs the city pays for road upkeep. The simpler and healthier solution is to use your car less.

Deciding to leave the car at home and go for a walk or take public transit lets you get some free exercise or take some time to read a book instead of worrying about navigation or directions. Private car ownership is a money pit — it’s the only form of transportation that costs money when you aren’t using it, as anybody who has ever paid for parking knows.

Save the wear and tear on your vehicle by only driving when it’s truly required, such as for long journeys or when you need to haul a lot of cargo.

Don’t Go Out on the Town

The price of food is rising quickly to the point where restaurants can’t afford to serve lettuce. With prices this high for ordinary groceries, you can imagine how much extra restaurants need to charge to break even, given the low margins in that industry.

It may be understandable for restaurant managers, but if you’re struggling to make ends meet, you’ll need to prioritize your own budget. You don’t need to remain homebound, but try to find tasty food at great prices in a lovely atmosphere — fancy restaurants don’t necessarily offer better food or service, even if the price is higher.

As prices keep rising, Ottawa homeowners should know about all the different ways they can get some financial relief.

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