Buying a new home a BIG DEAL!
Every different type of property is unique when making a purchase. Single detached homes, townhouses and apartment-style condominiums each have considerations and diligence to be done. That is what you need me! ( a dedicated real estate agent )
There are some considerations that apply to any purchase.
Firstly, know what you can afford. The maximum amount of your mortgage approval is not necessarily the amount you should be looking to spend. Talk with your family and trusted financial advisor to establish a monthly mortgage amount that gets you into the house you want, without overextending yourself.
Being prepared for unforeseen life events, from an job loss to mortgage rate increases should stay on your radar. I recommend that you speak with an insurance provider to get the coverage to safeguard your home – and your income.
Secondly, know what kinds of demands the property will have on you – and what you can expect from living there. Single family detached homes, including duplexes are often subject to regular maintenance like cutting grass and shoveling walks. These are either extra duties (for some lucky member of your family) or some additional expense to be budgeted for hiring a service provider.
For detached homes, plan on replacing anything to do with the property – from pillar to post. Townhouses are a little different. Each condominium is managed independently and your responsibilities may differ from building to building. In some, the windows and doors may be the responsibility of the corporation, while in another, you may be responsible.
Engaging the services of a condo document reviewer will help clarify your responsibilities and make sure you are in for any surprises down the road.
Lastly, is this the right to buy? The best way to answer this, is what is the right time for you? Before you postpone buying a new home for interest rates, know the numbers. Is waiting on your dream worth $50 per month? $125 per month?
Also keep in mind that a mortgage is generally secured in 5 year increments, so the best way to prepare is to have a solid budget and know your numbers.
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