First Time Buyers - Do You Know What To Expect And Are You Prepared?
Owning real estate is something that everyone should strive for, but there are a number of things to consider. To make sure you are fully prepared for all the steps you need to get through, you need to sure you are fiscally prepared for what awaits you.
A lot of people things that owning a property is similar to renting, only you are able to make your own decisions about what goes on the walls and what type of flooring you can install. While these options will be available to you when you own your home, they also come with the responsibility of paying the costs involved, a mortgage to pay weekly or monthly, and taxes on the property. You should be aware of these things and adjust your expectations accordingly.
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Things You Should Ask Yourself
Are You 100% Ready To Buy?
Owning a property is about a lot more than being about to paint the colours you want, it's about taking on the responsibility of owning a home and being a responsible resident. It's making a financial commitment knowing the bills for repairing the home and maintaining it to a standard you are comfortable with will be paid out of your pocket.
What Is Your Budget?
There is nothing quite like having an idea of how much you can afford in the real estate market, then going through the pre-approval process and finding out your income doesn't quite match your expectations. It's always better to find something that is within your budget, both now and in the long term. There is nothing stopping you from upgrading in the future.
Take A Look At Your Debt To Salary Ratio
This is one of the initial and most important factors that a mortgage broker will look at when assessing your ability to afford a home that you are considering buying. There are many numbers to consider here, but the two most important ones are that your housing debt should not be above 32% of your income, and your overall debt load can not exceed 40%. What you can afford will ultimately depend on where you want to live and what your income level is.
What Style Of Property Do You Want?
Does the idea of spending your weekends keeping your home up to date make you cringe or excited? This is probably the main distinction you need to decide, so that you can make the best choice possible when deciding between buying a house or condo. Is paying a monthly fee to make sure everything is maintained a great idea or would you rather pay that yourself and spend the time maintaining everything yourself?
Let Us Help You Through The Process From Start To Finish
No matter where you are at in the decision making process, a good real estate agent is essential when buying, especially for the first time. Our group of agents is determined to make sure you get great value on your purchase, and our goal is to ensure you use our services again and feel comfortable referring us to your family and friends. We strive to make sure you are successful and happy in your property purchase.
Keep your goals at the forefront of your mind when visiting a home for sale. It's always important to leave emotions out of the equation when shopping around, although this is probably the hardest thing to do for most people. It's probably a good idea to make a list of the priorities you have in mind. This way you always have something to refer to when you are looking at a property for sale. It's our job to make sure you are focused on what is important to you, so giving us a copy of this list would be beneficial to us as well.
It's a great idea to make sure you have a good relationship with a qualified real estate lawyer. We have a number that we can refer you to use, all provide an exceptional service. The legal issues facing a transfer of ownership can be quite difficult to navigate, so it's important to have a good lawyer on your site. While it's never cheap to have a lawyer involved in any process, you will save money in the long run by hiring the best available lawyer to represent you in your property transaction.
The next step in the process is to make a formal offer to buy the home. We will advise you on the terms you need to provide, and the price we feel you should offer. This is probably the most stressful part of the process, as there is a lot of uncertainty involved. You might get your offered countered by the seller, or even flat out rejected. One thing you will need to do is to write a deposit cheque that shows the seller that you are legitimately interested in buying their real estate property for sale.
When you've had your offer accepted, the next thing you need to do is to get the home inspected to make sure there are not any serious issues with the property. This is a pretty critical part of the process, as it allows you to potentially uncover things that are being hidden by the seller. Any reasonable real estate offer will include an out for you should the inspection bring back a laundry list of repairs that are needed.
We'll make sure we do a final walk through of the property before closing the transaction. This ensures there has been no changes to the unit since your offer was accepted and inspection was conducted. We are always here to make sure this process is navigated professionally and your interests are represented to a high standard. Please feel free to contact us for any additional information you need when you are thinking of getting into the market to buy or sell.
Disclaimer: Information herein deemed reliable but not guaranteed by CREB®.
Listing information last updated on October 6th, 2015 at 9:30am CDT.