If you think you’ve found a property that checks off all the right boxes and feels like ‘the one’, remember that buying a new home is a major life decision, so taking the time to choose carefully is crucial. Even though there isn’t a secret formula to help you determine whether a home is truly the right one, there are some important questions and choices to make that will help. Learn about some of the biggest decisions you’ll make regarding your new home and how they can help you determine if it’s the right one for you.
What Are Your Long-Term Plans
Purchasing a home is a big and serious step that will have a major lasting impact on your life. Whether it’s the commute time to work, the neighbourhood, or renovations that are needed, you should first spend time determining at least a basic framework for your long-term plans. Do you plan to have kids? If so, will the house accommodate your growing needs? Is the neighbourhood suitable for your tastes and lifestyle? Do you plan to relocate jobs any time soon? Figuring out answers to these type of questions will help you come up with an idea of what your long-term needs will include and whether your new home can accommodate them.
Whether To Use A Realtor Or Not
Realtors are a common resource that first-time buyers feel unsure about. However, an agent will spend the time doing the legwork for you, finding listings that meet your criteria, speaking with sellers, and keeping you on track with everything that needs to signed, organized, and completed. They can also negotiate a lower price and better sales conditions on your behalf, recommend other services you may need, and take care of the tedious documentation process. So when it boils down to the factor of saved time, money and aggravation, it’s well worth it!
How Will I Afford It
Buying a home – even if it’s a fixer-upper – is a big expense. Determining how you will afford your new home is essential in avoiding any serious financial strain or even a foreclosure down the road. Before purchasing, you’ll need to have a good credit score, a stable job with a steady income, get preapproved for a loan, and save up a significant amount of money for the down payment.
If you think you’re ready to make that big step into homeownership, give us a call first. The Mortgage Advisors are Ottawa’s most trusted brokers. Our expert team can guide you through the process and help you determine the best options to make your dream home your reality.