Whether you are thinking about buying your first home, upsizing or downsizing, or investing there are few things you need to do to make sure you’re ready to buy your new home.
Saving for a down payment
If you’re a first time buyer the down payment you need will depend on a variety of factors. For a home that is $500,000 or less you would need a down payment of 5% of the purchase price, a home of $1,000,000 you 20% of the purchase price.
Once you know how much you need to save, there are a variety of different incentive plans you can access to help make your home buying dreams a reality sooner rather than later. Visit our blog ‘Buying Your First Home - Incentives edition’ for some of the options available to you.
Getting your credit score in order
Why is your credit score important when you are thinking about buying a new home? A good credit score gives you access to more money at a lower interest rate. In Canada, you need a credit score of 680 or above to qualify for the best mortgage rates, although some mortgage providers will give you a mortgage with a credit score of 600-680 at a higher interest rate. For more about the importance of a good credit score and what you can do to improve yours visit our blog 'What is a Credit Score and Why Does it Matter?'
Picking the right neighbourhood…
Whether you are a first time buyer, or a seasoned homeowner upsizing or downsizing it’s really important that you know what you want in a new home. It’s not just about the actual home you are buying you need to consider, it's also about what the neighbourhood has to offer. There are lots of things to keep in mind,everything from school districts to accessible transit. When making any of these decisions don’t just think about what you need today, give some thought to how things will change in the next 3-5 years. For more information about the importance of where you want to live visit our blog 'Location, location, location'
Figuring out what you want in a home
Now that your finances are in order and you know what neighbourhood you want to live in it's time to figure out what are the must-haves for your new house to be your dream home and what items are on your wish list. Visit our blog 'House Hunting Checklist' for a great list of questions to ask yourself about what are your dream home must haves.
Please feel free to contact me in complete confidence if you have any questions about realizing your home ownership dreams.
This information should not be relied on as legal advice, financial advice, or a definitive statement of the law in any jurisdiction. For such advice, please consult your own legal counsel or financial representative.
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