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For most people their home is their castle and one of the most important things in their life. Your home reflects your personality and is one of the most expensive
acquisitions that you will ever make. It is therefore imperative to choose wisely the very best home for you.
Many aspects need to be considered, how much can you reasonably afford, how much of a deposit is required, what type of home is more suitable at this juncture of your
life, are you buying with an eye on a profit and investment or for a expanding family etc?. There are also additional expenses to consider on closing costs, moving fees,
warranties, insurance and more. So although it is not a decision to take lightly it is certainly a great idea to investigate all aspects of buying your own piece of real estate.
Debt to income ratio will be a large part of the equation. You definitely do not want to buy anything outside of your comfort zone. You need to know that you can
financially bear that monthly payment, be able to cover all of your usual bills and expenses, have money set aside for the inevitable rainy day and still have sufficient
money to enjoy your hobbies, vacations and savings.
Real estate at the moment is a great buy as unfortunately many home owners are suffering in today's economic climate. Too many people rushed into mortgages which
were above their means especially when they signed for a low start payment or an adjustable rate when the climate was favorable. They did not receive good advice.
When you go looking for your ideal home bear in mind a classic rule of thumb and that is: It's better to buy the least expensive home in the best neighbourhood that you
can afford rather than the most expensive home in not the best of neighbourhoods. If you feel that an area that has been less than favorable is transforming into a more
desirable area then check out local coffee shops over a period of a few months if prices start to go up then you have probably found somewhere in which a real bargain
can be found. Visit prospective homes that you have short listed several times in the evenings and weekends. Neighbourhoods can take on a totally different 'feel' when
children are homeowners are home. Suddenly tidy roads can be littered with bikes and balls and too many cars.
Take time to check the best type of mortgage for you half a point can make the world of difference on the life of your loan. There's tried and tested old favorite lending
and the newer creative financing which can be wonderful if you are not in a position to buy immediately however watch out for a 'balloon' after a set period of time (This is
where
the home owner holds the 'mortgage note' but you agree to complete and pay him the full agreed purchase price within agreed parameters).
When you have made your final decision on your dream home make sure that you double check all of the fees, insurances and warranties and even if you are on a tight
budget an attorney is definitely recommended: a relatively small expense compared to making a huge financial mistake. Make sure that all taxes on the home are paid up to
date, that there are no liens against the property or overdue homeowners or tradesmen fees, that it is not in a flood zone and that a certificate is available ensuring that the
home is free from pests (termites etc).
These are but a few of the precautions, investigations and research that you need to make. Finding a great Realtor that is dependable, of a high caliber, will have your
best interests at heart and that you trust is a good step in the right direction. Ask for personal recommendations from close relatives and friends and do some research
before making a decision. See our page: Realtors
The above reflects personal thoughts and suggested recommendations. We cannot stress how important it is to seek professional advice on all aspects of buying and selling real estate.
acquisitions that you will ever make. It is therefore imperative to choose wisely the very best home for you.
Many aspects need to be considered, how much can you reasonably afford, how much of a deposit is required, what type of home is more suitable at this juncture of your
life, are you buying with an eye on a profit and investment or for a expanding family etc?. There are also additional expenses to consider on closing costs, moving fees,
warranties, insurance and more. So although it is not a decision to take lightly it is certainly a great idea to investigate all aspects of buying your own piece of real estate.
Debt to income ratio will be a large part of the equation. You definitely do not want to buy anything outside of your comfort zone. You need to know that you can
financially bear that monthly payment, be able to cover all of your usual bills and expenses, have money set aside for the inevitable rainy day and still have sufficient
money to enjoy your hobbies, vacations and savings.
Real estate at the moment is a great buy as unfortunately many home owners are suffering in today's economic climate. Too many people rushed into mortgages which
were above their means especially when they signed for a low start payment or an adjustable rate when the climate was favorable. They did not receive good advice.
When you go looking for your ideal home bear in mind a classic rule of thumb and that is: It's better to buy the least expensive home in the best neighbourhood that you
can afford rather than the most expensive home in not the best of neighbourhoods. If you feel that an area that has been less than favorable is transforming into a more
desirable area then check out local coffee shops over a period of a few months if prices start to go up then you have probably found somewhere in which a real bargain
can be found. Visit prospective homes that you have short listed several times in the evenings and weekends. Neighbourhoods can take on a totally different 'feel' when
children are homeowners are home. Suddenly tidy roads can be littered with bikes and balls and too many cars.
Take time to check the best type of mortgage for you half a point can make the world of difference on the life of your loan. There's tried and tested old favorite lending
and the newer creative financing which can be wonderful if you are not in a position to buy immediately however watch out for a 'balloon' after a set period of time (This is
where
the home owner holds the 'mortgage note' but you agree to complete and pay him the full agreed purchase price within agreed parameters).
When you have made your final decision on your dream home make sure that you double check all of the fees, insurances and warranties and even if you are on a tight
budget an attorney is definitely recommended: a relatively small expense compared to making a huge financial mistake. Make sure that all taxes on the home are paid up to
date, that there are no liens against the property or overdue homeowners or tradesmen fees, that it is not in a flood zone and that a certificate is available ensuring that the
home is free from pests (termites etc).
These are but a few of the precautions, investigations and research that you need to make. Finding a great Realtor that is dependable, of a high caliber, will have your
best interests at heart and that you trust is a good step in the right direction. Ask for personal recommendations from close relatives and friends and do some research
before making a decision. See our page: Realtors
The above reflects personal thoughts and suggested recommendations. We cannot stress how important it is to seek professional advice on all aspects of buying and selling real estate.
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