First and foremost the Main Question going through a Buyers head should be “What am I Looking For?” This is dependant on a few factors
- Your Preferred Choices, such as what Types of Area are you looking to Buy into? Central Suburb Areas, Suburbs, Downtown and or a Rural area?
- Next would be the Type of Property you are trying to Purchase, considering there are a variety of options as well as ’New’ or ‘Resale’ to consider. The types of homes being; Detatched, Semi-Detatched, Link/Row Townhouse, High-Mid-Low Rise Building.
- Income. At the end of the day buying a property holds more costs then just the Mortgage. The consideration of property taxes, utility costs, and in certain scenarios the Condo or Strata Fees. A tip for investing into real estate would be to try and avoid exceeding 35% of your monthly income when it comes to carrying your property monthly.
- Consideration of Market Conditions, whether it is a Buyers Market or a Sellers Market or a Balanced Market.
- Addition Costs should always be accounted for before beginning your search. The more specific you are the clearer the vision of the sales representative will be in finding you your Dream Home. At the end of the day you don’t want to start looking in a specific area where the houses are out of your price range, as well as having the intention to renovate.
- Finally, make sure you are aware of your potential Mortgage. Having a pre-approved mortgage always helps in finding what you are capable of purchasing as well as creating negotiations with Sellers. There are many Types of Mortgages, which is why it so important to know where you stand financially in terms of your price range.
After uncovering where you stand financially as well as what you are willing to spend monthly, you can start your search with greater ease! The process of buying your home can either be a short or long process. Often when you start your search you may end up finding a home the first week and purchasing that home; or you can spend weeks, even months looking for the right home and still not find it.
This is something you do not need to stress, the right home is out there!