“The best advice for anyone buying a home is to be realistic,” says Andre Robichaud, Corporate Spokesperson for Canada Mortgage and Housing Corporation (CMHC). “Regardless of whether you’re buying your first home or your fifth, emotions run high.”
These guidelines will help you stay focused and buy smart.
Home buying
step-by-step
Canada Mortgage and Housing Corporation (CMHC) is an excellent resource for anyone considering a property purchase. You’ll find a detailed step-by-step guide, worksheets, a mortgage calculator, and housing statistics, along with information on how to find a real-estate agent, inspector and lawyer, at www.cmhc.ca.
Get a pre-approved mortgage
Pre-approved mortgages will guarantee an interest rate for a specified period of time (normally 60 to 90 days) and for a set amount of money.
“Getting a pre-approved mortgage will save you time,” says Robichaud. “It’s a great first step in knowing what price range you should be looking in.”
A pre-approved mortgage is not a guarantee of financing, however. Once you’ve made an offer on a home, your lender will confirm your income and employment, and check the source of your down payment before approving a mortgage on the property.
Smart tip: To determine how large a mortgage you qualify for, lenders typically use two guidelines, notes Robichaud. “First, total monthly housing costs (mortgage, heating costs, and property taxes) should not exceed 32% of your gross monthly household income. Second, your total debt load — including car loans, credit card payments, and your mortgage — should be equal to or less than 40% of your gross monthly income. ”
Focus on location
“Finding the right neighbourhood for you is critical,” says Robichaud. Consider things like proximity to schools, shops, hospitals, and your workplace. Too often, potential buyers fall in love with a home that adds too much time to their commute to work, or means that children need to be driven to and from school.
Smart tip: Walk around your potential new neighbourhood to get a feel for the area. Take some test drives to work, school, and shopping, at different times of the week so you get an accurate picture of what it might be like to live there.
Distinguish needs from wants
“Simply put: establish your priorities,” advises Robichaud. “Chances are you won’t find a home that gives you 100% of what you want. Identifying the ‘must-haves’ versus the ‘nice-to-haves’ will make your decision easier.”
“Also think about how your life may change in the future,” continues Robichaud. “Will you have more children, want a home office, or eventually have your in-laws move in?” All of these things will help you pinpoint your needs.
Smart tip: Before you start your search, make two lists: one for needs, and one for wants. Needs include things like number of bedrooms and bathrooms, size of kitchen, and parking; wants, on the other hand, are those things you can live without, such as a whirlpool bath, finished basement, or hardwood floors.
Factor in all the costs of purchasing
With any home purchase, the property itself is only part of the cost. “Fees for your lawyer, home inspector, closing costs, transfer taxes, moving expenses, home insurance premiums, and legal fees should be included in your budget,” advises Robichaud — plus GST, where applicable. Although it may be difficult to determine these fees up front, Robichaud recommends estimating 1.5% of the purchase price.
Smart tip: If your down payment is less than 25% of the purchase price, you’ll need to factor mortgage insurance (available from CMHC and a private mortgage insurer) into your costs. “This is essentially default insurance that protects the bank or mortgage lender if a buyer is unable to meet their mortgage requirements,” explains Robichaud. “It can be paid either as a lump sum or added to your mortgage.” There’s an application fee as well.
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KolioBalkanski
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nai dobria savet - izchakaite da stane goliam spad v real estate-a koito sigurno shte se sluchi skoro
imaite pred vid che ako karate kola v nai skoro vreme benzina moje da se udvoi taka che gledaite da ste blizko do publichen transport
sashto az ne bih si kupil kashta na suho miasto
v nasheto vreme shte ima voini za voda
te mai zapochvat veche v blizkia iztok.
imaite pred vid che ako karate kola v nai skoro vreme benzina moje da se udvoi taka che gledaite da ste blizko do publichen transport
sashto az ne bih si kupil kashta na suho miasto
v nasheto vreme shte ima voini za voda
te mai zapochvat veche v blizkia iztok.
Помогнаха на бай Ганя да смъкне от плещите си агарянския ямурлук, наметна си той една белгийска мантия - и всички рекоха, че бай Ганьо е вече цял европеец.
