Take a Well-Informed Journey to Make your Dream Home a Reality
A Buyer Guide to Home Ownership
Becoming homeowners of a property that checks off all the boxes is a milestone all adults want to achieve. However, the question “should we buy our dream home now?” can be hard to find an answer to. The opportunity at hand may seem exciting and profitable, but the confusion can be deterring.
If you are struggling to make an informed decision, ask yourself these questions:
- Am I/are we financially stable with secure jobs providing sufficient income for a year or more?
- Have I/we been paying the rent on time?
- Have I/we saved up enough for a down payment?
If the answers to these questions are in the affirmative and the opportunity is at hand, then it is, in fact, the right time to make your dream a reality. Not only will you have the opportunity to set down your roots but also build equity.
This is step one of making advantageous decisions as a homemaker, eventually moving on to a better property at the right time.
The down payment is an initial and upfront payment you will have to provide during the onset of purchasing a home or any other type of property. The exact minimum amount you will be required to pay will vary depending on the purchase price of the property you are interested in.
Typically, a potential buyer pays anywhere from 5% to 20 % of the total purchase price. The percentage applicable to you depends on the property you are purchasing. For example, if you are interested in a house valued at $500,000, you will need to put down 5% of that as down payment i.e. $25,000 or less. The remainder amount is usually financed through a mortgage.
There is no particular value that you need to earn to be eligible for a home purchase. Affordability depends on various factors, including the location and neighborhood you want to buy a house in. Typically, lenders and financial institutions multiply your household’s yearly income by four to determine your eligibility.
Since there are many variants at play here, it pays well to learn more about it. Check out the following page to learn more about financing real estate purchases, affordability, mortgage, and other related subjects.
New homes are a great opportunity for purchasing a home that is truly yours. You will find many buildings offering what seems lucrative and appealing. One of the most common promotions you will find from builders is an offer of upgrading the interior features of the house.
The upgrade allowance they quote might be $20,000, but costing your builder $15,000 or less. In order to get the most out of your money, ask the builder for selling price discounts. You can also ask them for structural upgrades such as adding another room or a finished basement.
The benefit of a real and substantial fast-closing discount has many positive outcomes. Not only would you save money on the mortgage, but you will also pay less cash for closing and avail occupancy faster and at a lower cost.
Look for opportunities where a builder might be offering interest-free financing. Usually, these kinds of promotions are offered for a limited time period. Check with your builder to ask whether they offer it or not.
Also, protect yourself from a high closing cost by making sure all development charges are capped. We want you to ascertain that you go into this transaction with complete preparation.
Putting down money on a house and becoming homeowners is one of the most difficult yet valuable decisions of your life. It allows you to have a place you can truly call your own and make it into a safe haven for you and your family.
That’s why it is crucial that you make the decision, you do so being well-informed and educated on the subject. This will make a path for you to feel more confident and enhance your family prosperity.
Fortunately, proper systems in Canadian and U.S. real estate offer better organization and transparency throughout the process. From financial evaluation and mortgage approval to Prime Plus real estate agents (realtors, with access to MLS properties detail, pricing and sold history), we’ll assist you throughout the process.
We have a team of highly-trained and expert real estate agents and lawyers that will support your decision and find you the best deal possible. However, our service goes beyond once you purchase a home. When it’s time to move, we’ll connect you with the right movers.
Get started on your home buyer journey today!