Preparing to buy

Are you ready to purchase? Home ownership comes with responsibilities.

There’s the obvious financial element of owning your home, but are you ready to take on the care that will be required to look after your property? Have you considered the secondary expenses you might encounter as a result of ownership such as ongoing maintenance?

Crunching the numbers – Representing the largest financial obligation you will likely ever incur, reviewing your income, savings, debt, and bank account is essential to ensure that homeownership is, in fact, affordable for you. I would be pleased to offer consulting in this regard to share budgeting strategies, and to shed light on the costs associated with purchasing a home. I am able to refer you to some excellent professionals who can help you organize your finances.

Meet your Mortgage Specialist – Before you can begin your house-hunt, you must visit your lending institution and receive a ‘pre-approval’ for a mortgage. Once you know what you can afford and how much you are comfortable spending, you can begin searching for ‘that perfect place.’ Remember… the bank may be quick to lend money, but don’t forget that you will need to repay them… with interest. I will help to ensure your budget aligns with your spending habits and help you carve out excess if need be to bring your home ownership dreams to reality.

Put your shopping shoes on – Once you are preapproved, the learning begins, to teach you about market trends and available inventory. The motivation is not in making a fast deal – but in finding you the home that suits your needs best. It will be my greatest effort to ensure that whatever you purchase will be a wise investment and build equity in the future. A ‘handy man’s dream’ might be the project you are looking for, allowing you to renovate over time to increase market value. If low maintenance is a priority, a condo might be a good option to consider. A growing family? Consider the number of bedrooms required, and a family’s needs as children grow up. School zones might also be important to review to ensure you will live in a district that services the educational facility your children will attend. If finances are stretched but space is required, a duplex could be an option allowing you to rent a portion of the home for additional income. A semi-detached house might also be a good fit — two homes that share a middle wall offer good space and are often less expensive to purchase.

Depending on your lifestyle, budget, and of course, your ideal ‘wishlist,’ I will help to decipher what type of home will suit your needs best. I’m thinking about more than just the ‘here’ and ‘now’ — I’ll make sure that whatever you purchase will be a sound investment so that when the day comes for you to move, you’ll have a gem of a property that will be sell quickly and earn you more equity!