If you're thinking about buying some property soon, you have taken the first of many steps towards making it a reality.
“There is a great deal of effort that goes into home buying so it's important to prepare for the process and the responsibilities that await you,” says Pat Verge, president of the Ontario Real Estate Association. “Even if you are only thinking about it, speak to a Realtor to get your questions answered. One of life's biggest financial investments deserves the support of a professional.”
According to Verge, prospective buyers should determine a few things before jumping in as follows:
Is home ownership right for me? – Owning property comes with a great deal of responsibility. Household maintenance, unexpected repairs and expenses, seasonal upkeep – tending to these duties requires time and money. If you are prepared for the challenges, home ownership may be right for you.
Am I financially ready? – Start by figuring out how much you can afford. Then, determine how much is required for a down payment and closing costs, as well as monthly mortgage payments and other expenses like utilities, insurance, property taxes and maintenance. If you have a reliable income, emergency savings, your debts are under control, and your credit history is in good shape, you are financially ready for home ownership.
What kind of home do I want? – Before deciding to buy a detached or semi-detached house, a condo or other form of home, consider your lifestyle, current and anticipated needs, and your budget. Create a prioritized list of features that you are looking for. Finding the right place involves balancing your "must-haves" with your "nice-to-haves".
How do I get ready for the first steps? – Once you have decided on the kind of home you want and what you can afford, you are ready to start shopping. After you've looked at a few properties, you'll become more comfortable with the process. A Realtor can also show you a list of homes that sold recently in the area, giving you even more market knowledge.
More information is available at www.wedothehomework.ca.
As licensed Real Mortgage Associates and members of the RMA group we are focused on providing you with top quality mortgage advice.