With record low interest rates and great housing affordability, it's a great time to buy a home. Buying a home is one of life's most exciting experiences and one of the biggest financial decisions you'll likely ever make. So, take the time to decide if you want a townhome, apartment or a detached home with a yard. Think of what area would you like to live in. With my help we'll find the home that's right for you.
Here are some tips to help you become your own landlord.
Tip #1: Work with a great realtor – DIANE LUU
I will make the home-buying process easier, help you avoid common pitfalls and make sure you get the best value for your money. I can give you information about the community where you plan to buy including schools, shopping, community centres, parks and great coffee places. I'll make the complex understandable-that includes market trends, assessments, taxes, zoning, transportation and more.
Tip #2: Determine your budget
Before you start looking at homes, find out how much you can borrow. Being pre-qualified for a loan determines the housing price you can afford. It also allows you to move quickly when you find the right home. Your mortgage Broker will assist you in determining the exact amount you can borrow, based on your income, expenses and current level of debt.
Tip #3: Make a "Wants and Needs" list
Your wish list should include both "must-haves" and "nice-to-have but can do without," in terms of features, style, size, and location. Sit down and make a list of everything you absolutely need in a home. Then list everything that you would like, but could live without. This list will help me pinpoint your ideal home. You can always change this list as you start looking at homes and get a better feel for the market. Try to anticipate what your life is going to be like in the next few years. For example, are you planning to have children? Are you planning to change jobs? Would it be possible for you to work from home? Does the home you're planning to buy have enough space, or will it be too small in a few years?
Tip #4: Keep notes on the houses you view
Make notes on the positives and negatives of each home you view. It's important to write down what you thought of each home and give them a rating that will help you determine which home is best for you.
Tip #5: Don’t get fixated on a price
When calculating what you can afford in a house, don't just look at the list price. The amount you pay for a house is important when you consider your ability to re-sell the house. Today's mortgage options are increasing the possibilities for Buyers, so you should also take a close look at what it will cost you to live in the home.
Your monthly housing cost is the second figure to consider, and that cost is largely determined by current interest rates. Today's real estate market is very price-driven. Homes which are in the best condition and have the most attractive price tags are the ones that sell.
Diverse financing options and competition among Lenders are giving many Buyers the opportunity to buy a more expensive house or condo than they thought they could afford - and sooner. There are many creative ways to get into a home with a relatively small amount of money.
Buying your home is a very exciting time. I will try to help make this a fun and enjoyable journey. Happy house hunting!
*The information contained on this page is for information purposes only and does not constitute as legal advice. Although, drawn from sources deemed to be reliable, the accuracy and completeness of the information is not guaranteed. Diane Luu or Legend Real Estate Group does not assume any responsibility or liability. Any distribution, use or copying of the content on this page is prohibited.