The first question you are bound to ask is, “How much home can I afford?”
The answer to this question will depend on a number of factors:
- Your Income. It is not just the mortgage payments that you have to take into consideration. There are property taxes, utilities, insurance, and in some cases condo fees. As a general rule of thumb, your monthly home carrying costs should not exceed 30 – 35% of your income.
- Your preferred type of home. There are a variety of home styles that you will want to explore: Detached? Semi-Detached? Duplex? Townhome? High-Rise? Stack? Link? New or Resale?
- Your selected location. Do you have a specific area in mind? Downtown? Suburbs? Waterfront? Rural Area?
- Market conditions. Is it a buyer’s, seller’s or balanced market?
There are also additional costs to keep in mind. It’s a good idea to work out exactly what you want and what you can afford before you begin your search. You don’t want to suddenly come to the realization that your dream house has come with a nightmare of bills and expenses. Stick to looking at houses that fall within your price range. The more you’ve thought it out, the better your sales representative can meet your needs.
Deciding what you can afford can be accomplished by meeting with your bank or a mortgage broker and negotiating a pre-approved mortgage. There are many types of mortgages and many different terms. Research all of your options. This will ensures that there are no surprises once you are ready to make an offer. Once you have calculated your monthly expenses and what you can afford, you can start your search. The home you’re looking for is out there, and when you find it, you will be ready to make an offer.
Your Sales Representative
As your real estate sales representative, I am a professional who can save you time and trouble….and possibly even a lot of money. You see, as a real estate sales representative I have the home buying experience most people lack. I know all of the necessary steps to finding the ideal property, and will fiercly negotiate on your behalf.
As your sales representative I will:
- Fine-tune your wants/needs list
- Get special computer access to listing information
- Create an automated email notification system that updates you daily as properties come on the market that match your price range, size and neighbourhood preferences
- Screen houses so as not to waste your time
- Arrange appointments
- Offer helpful advice about the neighbourhood
- Introduce you to trusted contacts who should be on your team, such as mortgage brokers, lawyers, and home inspectors.