Home Buying 101

Home Buying 101

The following information is provided to help demystify the process of buying a home. If your questions are not covered here, please do not hesitate to contact me. As a qualified, experienced Realtor® and full time Broker, I forward to being able to talk with you personally about your real estate needs.

Are You Ready to Buy a Home?

Purchasing a home is an enormous step, it involves many decisions and it is a long term commitment. Here are some things to consider to help decide if home ownership is a realistic option for you.

          1. Are you financially stable - have a permanent job, steady income, savings, and a good credit rating?
          2. Do you have the financial management skills and discipline to handle this large purchase?
          3. Are you able to be responsible for all the costs that come with being a homeowner?
          4. Do you have the time and money available to devote to regular home maintenance?

Purchasing a home allows you:

      • the freedom to renovate your space
      • the ability to build equity
      • the possibility of generating rental income

At the same time, there are some serious risks. With a Mortgage you will be more vulnerable to increases in interest rates. You will be entirely responsible for the ongoing costs of property tax, home insurance, and possibly substantial maintenance and repair costs. Although there is a long term trend for real estate to increase in value over time, this is not a guarantee your home will increase in value.

Buying a home can be an excellent financial investment if you are financially prepared, select your home carefully, and keep up with maintenance, repairs. If you are hoping to generate revenue by completing a ‘fixer-upper’ project, there are many additional factors that need to be considered in your purchase decisions. Consulting with Alex, an experienced full time Broker to help guide you through these decisions can be extremely helpful.

NEXT: MORTGAGE FUNDAMENTALS - A FEW DEFINITIONS

This Mortgage Calculator is very helpful to estimate a monthly Mortgage payment . You can also use it to find out how variation in interest rates and amortization periods affect your payments and the total amount of interest you will pay.

GET GOOD ADVICE

Working with Alex, a qualified, experienced Realtor® and full time Broker, can be extremely helpful because he can save you time, energy (and stress) at virtually every step in the process - along with the whole buying process, he can also assist with finding a Lender, save you time with your home search, give you insight about what to look for in different neighbourhoods and other valuable characteristics of properties (and what to avoid) and many other things that may not be so easy to learn about on your own.