If you’re buying a home, before you decide on whether this home is your dream home, use the following checklist to help you look at prospective homes with a critical eye!
- Print the Buying a Home – Essential Considerations checklist and put it on a clipboard.
- Mark the features you see and note their general condition on this list, when you find a home that really interests you.
- Fill out in the space and check the box of the one that best describes each home, where I’ve provided choices.
If you don’t know the answers to any question, then make sure to ask your Real Estate Sales Representative. Some technical issues should be established by a home inspector.
Getting into today’s housing marketing isn’t out of the question if you do some good common-sense planning.
Talk about mixed messages. There’s concern that the new mortgage rules might push first-time home buyers out of the market. But mortgages are still a pretty amazing bargain – historically speaking. In fact, some are calling it the great Canadian mortgage sale. So what’s a first-time home buyer to do? Is buying a home in Mississauga for e.g. right now a reckless risk… or a great, time-limited opportunity?
Home ownership can make great financial sense. Over the long term, residential real estate has been a very strong asset – showing excellent appreciation. Renters who add up what they’ve shelled out during their renting years are often shocked to see how much mortgage help they’ve given their landlord. Most would prefer to have that money build their own home equity.
If you’re dreaming of a home of your own, then there’s good news. Getting into today’s housing marketing isn’t out of the question if you do some good common-sense planning.
Over the next few weeks I will offer some tips for first-time homebuyers – to ensure that you get off on the right foot in your home buying journey! In the meantime if you require further information on the home buying process or the new mortgage rules feel free to visit my website www.mississauga-properties.ca or give me a call directly at 416-436-1086.
(NC)—More than ever, first–time homebuyers are weighing their options before embarking on the Canadian dream of owning a home. “We want consumers to be comfortable with the financial responsibilities of owning a home, so it’s important to determine what they can afford in order to maintain a reasonable lifestyle once they’ve made the leap,” says Phil Soper, president of Royal LePage Canada. As such, Soper offers these guidelines for first–time homebuyers:
1. Determine your net worth. Take your assets (cash, investments, savings, vehicles and other items you own) and subtract your liabilities (car loans, lines of credit, overdrafts and credit cards). A positive number is a good sign that you may be ready to purchase your first home.
2. Obtain mortgage pre–approval. There are many different mortgage options available on the market today. Thoroughly investigate the terms and rates available, and once you have settled on a rate, term and amortization period, apply for mortgage pre–approval with your lender. Mortgage pre–approval presents you as a serious purchaser, to both real estate agents and sellers.
3. Hire a real estate agent. Top agents have extensive experience and demonstrate dedication and commitment to helping their clients. Ask your family and friends for a referral, or explore real estate sites such as www.royallepage.ca to read profiles on agents, including their areas of expertise and languages spoken. A real estate agent will have knowledge of accurate, real–time market data to leverage your negotiating position, as well as access to properties often even before they are listed on MLS.
4. Be realistic. Choose a home that is within your means. Keep in mind that you will need to set aside extra funds for ongoing home maintenance and potential increases in utilities, taxes and mortgage rates.
5. Rent out a portion of your home. Consider buying a home with the potential to provide added income. Renting a basement apartment or a spare room can put extra money in your pocket, helping you to pay down your mortgage faster.
Source: www.newscanada.com
More helpful home buying tips and advice available on the Mississauga Properties website.
