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All about the house – to own or not to own
Why have you not bought your own home yet?
- You don’t have a deposit saved yet?
- You haven’t held a job long enough to qualify for a mortgage?
- You’re just SCARED!
Scared of responsibility; scared of commitment; scared of making a mistake; scared of leaving home! Well it’s the perfect time to put those fears to rest. Most of the above concerns can be alleviated by one thing: PROPER PLANNING.
Your first step in NOT going to open houses or going to look at homes.
When the idea originates to buy your own home there is an urgency to get started and most people will begin looking online, in the paper or talking to friends about houses for sale. They might even get in their car and start driving around different neighbourhoods oohing and aahing over this or that home. It’s exciting and it’s going to be so nice to finally own a home. However if you use proper planning and take an educated approach to your home buying adventure you will be way ahead of the game financially. The buying process is mostly an emotional experience but must be tempered with a logical mind. So that being said…..
Your first step is deciding how much you can afford. Call your bank or a mortgage broker and set up an initial appointment to talk about getting pre-approved for your mortgage. . (If you do not have a deposit saved ask your bank consultant how you can build up your savings)
Your mortgage consultant will qualify you based on your income and other assets as compared to your current payments & debts and be able give you an estimate of what you will be able to borrow. Now that you have a price range established you can proceed to Step 2.
Call a professional Real Estate Broker and set up an appointment to discuss your “needs” and “wants” for your ideal home. Keep in mind there are many other details you should consider besides the actual house itself. Perhaps you want it to be located close to a school district, or have shopping close by. Do you need to be near public transportation? Is it a relatively safe neighborhood? Are there children, or playground/sports facilities close by? What about resale value? If you get transferred or require more space will it be easy to sell?
Your Realtor will explain all the steps involved in buying a home and show you what homes are within your price range. After narrowing down your selection to the homes that best match your criteria, appointments will be made to go view them. Your Realtor will also be your advisor, answering your questions and specifically pointing out aspects of the home that may need further inspection. They will also guide you through the offer process and all the other related steps that need to be taken in order to make your dream a reality. Your Realtor will be invaluable as a resource to connect you to all the other professionals needed to complete the transaction to your satisfaction.
IS NOW A GOOD TIME TO BUY?
YES – MARKET CONDITIONS ARE IDEAL AT THIS TIME
Reasons to Buy
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Need I say more? Home ownership, even with all its responsibilities and looking after, is well worth the effort and will provide you and your family with not only years of enjoyment but will help you build financial equity. So what are you waiting for????
