Important Considerations when Buying a Home
You want to buy a new home……it can be such an exciting time, but it is a major investment and one that shouldn’t be rushed into. Before you even start house hunting you will need to make a list of your WANTS, NEEDS and DESIRES! Here are a few tips on important things to consider before becoming a new home owner.
It isn’t always as simple as saying “Let’s Buy a House” and the next day you start looking. Planning ahead is a good strategy to have. You may have a one, two or even three-year plan before you are able to buy a house. There are down payments to consider, your credit score and how it will affect the interest rate you secure for your mortgage, and how much debt you currently have. When you’re thinking about buying a home, the banks or mortgage lenders are going to be looking at all of those parameters and it is imperative that you meet all of the qualifications needed.
Sit down with your banker or mortgage broker and figure out the amount you are willing to spend on a house that will keep you in your comfort zone for mortgage payments and allow you to be able to live within your means. Keep in mind there are closing costs, lawyers’ fees and land transfer taxes that will need to be taken care of as well if you are also selling a house. You want to make sure that buying your dream home isn’t going to leave your bank account empty. Home maintenance and repairs can take you by surprise so when planning you need to keep those things in mind as well.
YOU HAVE YOUR DUCKS IN A ROW
- Location, Location, Location!!!!
Depending on what your needs are, you will want to check out different neighbourhoods and decide the area that will best suit you. What schools are in the area? What amenities are nearby? Are there parks close for your kids or fur babies? Spend some time doing your research of different locations – drive around, ask your friends, reach out to social media and hire a real estate agent you trust that will have nothing but your best interest in mind.
Think with your head, not your heart. No, I’m not saying you shouldn’t fall in love with the house you are going to be buying because YES you should, but make sure you are in love with the house for the right reasons. Sure that house you saw has the most beautiful garden and you can see yourself sitting with your morning coffee enjoying every moment of it…..BUT gardens are a lot of work and someone will have to maintain them every year, so if you don’t have a green thumb or can’t afford to hire a gardener that house may not be for you. Don’t let the glitz, glam and sparkle cloud your judgement.
House hunting is not an easy process and you may have to look for months before you find “THE” one. Don’t settle for anything you can’t live with for the time you plan to be in the house your purchase.
Luc Trahan is one of Barrie’s leading sales agents with Century 21 BJ Roth Realty.
Today’s real estate industry is constantly evolving. Luc is committed to staying ahead
of the trends so his clients can acquire top dollar on the sale of their homes.
If you’re thinking about selling, call Luc Trahan, the Real Estate Man. (705) 818 1888