If you are looking to buy a home, you may be stuck deciding when it would be best possible time to buy your new home. However, the answer to the question relies largely on your current position in life itself; and not the on a calendar. Real estate is more situational rather than seasonal these days!
Before picturing your first house warming party with friends or how elaborate you want your interior décor to be, you need to do these three things to help give you a clearer home-purchase strategy:
Know what you want in a home and where you want it
In the initial stages of your first home purchase, it is crucial to know what you want to live in, but more so what you can afford. The best place to start is to determine where you want to live and know the housing costs in the area as well as a good grasp on utility costs. Regina certainly has some high-demand areas that would entail higher housing costs, in some cases you can get close to these areas without paying more to be there.
Realtor.ca is an excellent resource for home-hunting, but you can also contact a local Real Estate Professional to guide you. They will be able to get you in touch with a trusted representative from a financial institution or broker. These individuals will help you establish your buying power for your home purchase.
Determine how much you can afford
Along with pinpointing the location of the home and the related housing costs, it is also critical to gauge your finances. Are you in a healthy financial situation? Can you really afford a monthly mortgage payment given your current income?
Every homebuyer has a different financial situation — some are fortunate enough to have deeper pockets, while others have tighter budgets. By using the Mortgage Affordability Calculator, you can determine how much money you can borrow for your mortgage. This tool considers your annual income, any outstanding debts, and monthly living expenses when calculating a tailor-made mortgage amount for you.
Look for ideal home-loan deals
Now that you have a rough idea of how much a home purchase would cost you, you can now determine whether you are indeed ready to break into the market.
To get started, you need to find a home loan that would best fit your financial health. Some traditional lenders and mortgage brokers can get you the best mortgage that fits your wants and needs. They can take a look at your personal situation and examine a wide range of loans offered by various companies to find the best product for you.
After a decade in Real Estate we have the means to get you going on the pathway to home ownership. Helping you get into your first home and investing in your future is one of the drivers for us in our business.
If you have questions or would like me to blog about something in particular, please email me and of course always check back to read and pass along my blogs!