Whether you are a first-time home buyer or a veteran, buying property is a complex process. As one of the biggest financial and lifestyle decisions you can make and it’s easy to let emotions to get in the way of reality. So before you start imagining the new décor of your latest find on MLS, here are some key points to consider.
Are you Ready to be a Home Buyer?
How do you know if you are ready to be a buyer? Buying a home is not for everyone. Take a moment to think through the advantages and disadvantages of owning verses renting.
You will make a good home buyer if you are:
- Willing to Stay in the Area
If your residency is uncertain, it’s probably a good idea to skip buying a home. You don’t want to be forced to sell before establishing enough equity to pay for all the costs associated with a sale.
- Financially Stable and Prepared
Mortgage lenders will expect to see stability in your employment history and some type of assurance that you can afford to own your own property. You need to know that on top of mortgage payments, you can afford all of the costs associated with your purchase as well as ongoing expenses like municipal taxes, utilities and home maintenance.
- Willing and Able to Maintain a Home
Homes require upkeep. You will have a lawn to mow, windows to wash, furnace filters to replace and you will need to tend to minor repairs and seasonal maintenance tasks.
If you have answered “yes” to these key questions, then it’s time to think about the specifics associated with home ownership.
Please refer to our Buyer’s Resource Guide for more information.