Finding the Right Home
When it comes to the process of searching for the perfect home, it can be both exciting and demanding. While you most likely will have a pretty good idea of the things that are most important, and what you are looking for you in choosing the right home- a tip may be to write them down, so you can quickly go back to reference it.
Create a list of items and separate them into two categories:
Key questions to consider:
- Price: How much can you afford?The first thing you need to know is how much you can afford to spend on your new home. The general rule of thumb is that you shouldn’t spend more than 30% of your gross income on your total housing costs. (This includes; your mortgage, property insurance and taxes, utilities, plus Mortgage Protection Plan and condo fees, if applicable.) As well as costs for any improvements/upgrades that you’ll be making.
- Location: Where do you want to buy?After price, location is an important consideration. Can you be flexible based on the housing market and what you can afford? How far do you want to be commuting for work? Do you want to be in the city or the suburbs? What are key features you want in your community? If you have children or are planning to, how is the schooling system in the neighbourhood?
- Condition: Do you want a move-in home or renovation project?Do you want a home that’s ready for move-in? Or are you flexible with a fixer upper? If you see a fixer upper with potential; do you have the time, money and resources to turn it into the home of your dream? Consider the resale potential for your home should you decide in the future.
Before beginning the process of finding the right home- consider finding a reputable real estate agent and getting pre-approved for a mortgage. Your agent, like your mortgage specialist, can become helpful resource for you throughout the home-buying experience.
Our Sunlite Mortgage agents will walk you through the choices available and help you identify the most suitable mortgage product to your current situation. All while looking at your short to long term goals. Call a Sunlite Mortgage agent today at 1.877.38LOANS and we will be happy to help you with a mortgage!