Owning a home may be your dream, but in order for the purchase to be the happy and satisfying experience it was meant to be, you need to ensure that you are financially and mentally prepared for the responsibilities that come with it.
Some people have a notion that home ownership is like renting, but with the power to have pets and paint the walls whatever color you like. However, while these privileges are available to homeowners in most municipalities, they come with the responsibilities of a mortgage, taxes and home maintenance. Preparing for home ownership requires you to take critical stock of your finances and your expectations.
Are you ready to buy?
Owning your own home is about more than just being able to decorate any way you like; it's about being prepared to maintain your home over the years, realizing that part of your income and time will go towards repairs and maintenance. It's about being willing to take the risks of home ownership with a realistic expectation of the rewards.
What is your debt-to-income ratio?
This is something that lenders take very seriously. Your overall debt should not be more than 40% of your income, and your housing debt should not be more than 32%. What 32% of your income will buy depends on where you want to live.
What do you want?
Do you like the idea of cleaning your own gutters? Do you shudder at the thought of lawn care? Would you rather just pay a fee every month and have everything done for you? Would obeying rules about when you can have your garbage cans out bother you, or do you want to live in a neighborhood where everything is 'just so'? The answers to these questions can help you narrow down the search for the right type of property for you.
You need a good agent who will work hard for you. Our real estate team is dedicated to helping you find the right home, at the best price. We want you to find the home that will make you happy and successful in real estate ownership.
When you hire us to help you buy your first home, we will discuss what you want and how much you can afford. Then we'll find a home that will meet your needs and budget.
Keep your objectives in mind when visiting a home. Keep a list handy of the features that you need and want in a home, and judge each home by the list instead of by details that could distract you from your goal. When you're alone with your agent, you can go over the pros and cons of each home. We can help you stay on track while still keeping our eyes out for a great property.
Engage the services of a good real estate lawyer. We can recommend several lawyers in the area who might be a good fit for you. Interview them to ensure that you get someone you can work with. The legalities of transferring land ownership can be hard to navigate, and a lawyer can be your best defense against future legal troubles. A good lawyer can charge several hundred to over a thousand dollars for their services, but the thousands of dollars saved in legal fees later on makes this a good expense.
Make the offer. This can be an overwhelming process of "buyer", "seller", "chattels", "deposit", and "completion". We are here to prepare the paperwork and walk through it step by step before submitting. There are three possible outcomes once we submit the offer, the seller may reject, counter your offer, or accept your offer.
Get all necessary inspections done. A home inspector will check for signs of harmful materials like asbestos, lead paint and mold. They'll also check for evidence of pests, faulty wiring and leaks. This is a crucial part of the home purchase. Not getting an inspection done means that you could be stuck in a home with a bad case of black mold and no recourse other than to pay for its removal. Inspections will cost a few hundred dollars, but again, this is more than worth it in the end. There are several inspectors in the area that we'd be happy to recommend.
Do a final walkthrough before closing the deal. We'd be happy to do this with you to make sure that everything agreed upon is completed prior to the final signing.
From the first interview that determines your requirements to the moment that you receive the keys, we can help you with the complicated process of buying a home. Don't hesitate to contact us to find out more about how we can make the home buying process easier!
I look forward to working with you and helping you reach your home ownership goals. Reach out to get in touch and start the process today. I offer:
Buying a home is one of the largest financial transactions you will make in your life, so there are many important questions to consider when purchasing a home. A CENTURY 21® REALTOR® goes beyond the transaction and will be there with you every step of the way. Trust the experience of a CENTURY 21 Realtor to help you find your dream home.
Buying a home is one of the largest financial transactions you will make in your life, so there are many important questions to consider when purchasing a home. A CENTURY 21® REALTOR® goes beyond the transaction and will be there with you every step of the way. Trust the experience of a CENTURY 21 Realtor to help you find your dream home.
If you're buying, I can enhance your search process by helping you uncover what you may not have considered. Whether it is schools, lifestyle, or the investment value of the property. Using our property search tools, you will be able to find the home that best meets your needs. Finally, with the knowledge of the market, real estate expertise and negotiating skills, I will help you get the best possible deal and handle all the critical details.
The number of years it takes to repay the entire amount of the financing based on a set of fixed payments.
The process of determining the market value of a property.
A mortgage that can not be prepaid or negotiated for a set period of time without penalties.
The date on which the new owner takes possession of the property and the sale becomes final.
An asset, such as term deposit, Canada Savings Bond, or automobile, that you offer as security for a loan.
A sum of money deposited in trust by the purchaser on making an offer to purchase. When the offer is accepted by the vendor (Seller), the deposit is held in trust by the listing real estate broker, lawyer, or notary, until the closing date of sale, at which point it is given to the vendor.
The difference between the market value of the property and any outstanding mortgages registered against the property. This difference belongs to the owner of that property.
A mortgage is a loan that uses a piece of real estate as a security. Once the loan is paid-off, the lender provides a discharge for that mortgage.
The period of time the financing agreement covers. The terms available are; 6 Month, 1,2,3,4,5,6,7,10 year terms, and the interest rate will be fixed for whatever term one chooses.
I look forward to working with you and helping you reach your home ownership goals. Reach out to get in touch and start the process today. I offer: