Are you ready to buy your own Home?
If you're thinking of buying a home in Whitby, Brooklin, or elsewhere in Durham Region, you've come to the right place. But before we jump right in, you have to make sure three things are ready...You, your bank account, and the Whitby or Brooklin real estate market.
Are you ready? You want to be sure
Few joys can match the pride of owning the roof over your head, but you will have to make some sacrifices. There's the obvious financial responsibility, but your home will also require constant care. That's what real pride of ownership is all about.
Is your bank account ready? Check it twice
Your first home will be the biggest financial obligation you've ever faced. You should already be an experienced saver, and good at managing debt like student loans or credit cards. Ideally, you've also saved up some money for a down payment. Our next step will give you a crystal clear picture about How much you can afford.
Before you start looking for your Whitby or Brooklin, Ontario dream home, let's find out how big you can dream. Knowing your true budget is the first and most important step in buying a home. Why?
A Home is a big purchase - it's probably the most expensive thing you'll ever buy, and there are lots of expenses you might not even know about.
Cost of buying a home = One Time Costs (Down payment, Legal fees, Inspection fees, Taxes) + Monthly Costs (Mortgage, Utilities, Maintenance, Insurance, Property taxes)
Everybodys total costs are different, but it's almost guaranteed you won't have enough money saved up. Hopefully you have enough for a nice down payment, but for the rest...
...This isn't the most fun step in buying a home, but it's vital.
How much a bank will lend you? - The first step in determining how much a bank will lend you is to understand how much you can afford each month.
Who do you talk to?
Call a mortgage broker - Mortgage brokers are a great resource and their are plenty to choose from who cover Whitby, Brooklin and anywhere else in Durham Region. They find low rates for a living, and they usually don't get paid unless you sign a mortgage through them, so they're highly motivated to get you the best deal.
Visit the Bank - There are hundreds of banks, credit unions and other lenders out there who would love your monthly mortgage payments. So talk to everybody.
Now is not the time to be money-shy! Ask people you know and talk to your Durham Region Realtor as they are a great resource.
Is now a good time to buy? Here's the hottest market tip you'll ever get
Markets in Durham Region go up, markets go down and even the smartest experts can't accurately predict when a market will peak or bottom out. If you're buying a home as a long-term investment (and for long-term enjoyment), you should be protected from short-term changes in the market. Over time, real estate has almost always increased in value.
All you have to do is work with your realtor to pick a home that meets the needs of you and your family. Then you'll enjoy living in your investment as it grows in value. A home is one of the best financial decisions you can make. If you're trying to compare what are the better investment, a home or equities and the stock market - remember, it's tough to live in a stock portfolio!
Feel free to contact me for information buying or selling your home, I'm here to help!
Check out my "Home buyers - What NOT To Do list" article here