First Time Home Buyers
Are You Ready For Home Ownership?
Owning a home is the dream of many, but it is likely to be the largest investment you'll ever make in your lifetime. It's not a decision to be made lightly. Interested home buyers need to make sure they are both mentally and financially ready for such a large commitment.
Owning a home is just like renting but with some added benefits, right? Not quite. Home ownership brings with it a whole host of added responsibilities. Things like a mortgage, taxes and home maintenance will no longer be the responsibility of your landlord, but you instead.
Ask Yourself a Few Important Questions...
Are you ready to buy?
It's important to understand the full extent of the commitment you make when you purchase a home. More than just being able to decorate it how you like, or paint the walls, you have to understand that a great deal of your monthly income, and perhaps more importantly, your time will be dedicated to upkeep. Prospective home buyers should also have a realistic understanding when it comes to the long-term returns of their investment.
How much home can you realistically afford?
It can be an extremely attractive notion to stretch your income in order to afford that dream home - but can you realistically afford it? Over-extended home owners can often become what is known as "house-poor". With so much of their monthly income dedicated to paying off a huge mortgage, they aren't left with much else and owning a home quickly becomes a burden. It's much better to keep within a realistic price range with the intentions of moving up to something larger down the road.
What is your debt-to-income ratio?
Lenders take this very seriously. Your overall debt should not be more than 40% of your income, and your housing debt should not be more than 32%. What 32% of your income will buy depends on where you want to live. High-end condos near the downtown core will, of course, cost you more than more modest homes in an older neighbourhood.
What style of home matches your lifestyle?
Another important consideration, aside from what you can afford, is what property type matches your lifestyle. If you're buying, you'll likely be in this home for a while, so you better be comfortable. If you're looking for a maintenance-free lifestyle, a condo or townhouse might fit the bill. If you want a bit more space with a yard for the kids and a dog, a single-family home in the suburbs might be a better fit. Consider all your options carefully, if you want to be happy in your new purchase.
How Margarita Parisone Can Help
You need a good Regina Real Estate Agent who will work hard for you.
Margarita is dedicated to helping you find the right home, at the best possible price. She wants you to find the home that will make you happy and successful in real estate ownership.
When you hire Margarita, there are two things she'll want to know off the top - what kind of home your looking for and how much can you afford. Using these two pillars as our guide, she will find the ideal property to match all your unique wants and needs.
Keep your objectives in mind when visiting a home.
It's essential to keep your emotions in check. It can be helpful to create a list of needs and wants beforehand and keep this as a reference. It can be very easy to let your emotions take over when visiting a great property. You can go over the pros and cons of each property privately with your agent afterward, but during a showing it's important to stay cool and collected.
Engage in the services of a good Real Estate Lawyer.
The legalities of transferring land ownership can be a complex and confusing process; enlisting the services of a good real estate lawyer can help keep you out of trouble in the future. Margarita would be happy to recommend several reputable local lawyers.
Make the offer.
Simple right? In reality successfully making an offer leads down a road toward a mountain of paperwork. The process of making an offer, negotiating and countering can be a maze and extremely stressful if you don't know what you're doing. Margarita has over a decade of experience managing the process, so you can trust Margarita to get it done right.
Get the necessary inspections done.
If a home inspection is something you're considering skipping, think again. The nominal amount of money you need to spend on a home inspector is nothing when compared to the head ache and repair bills it could save you down the road. A home inspector will complete an in-depth assessment of the property for any sign of pests, leaks or faulty wiring. Margarita would be happy to recomend experienced Home Inspectors that she has worked with over the years.
Complete a final walk through before closing the deal.
Margarita's happy to do this with you to make sure that everything agreed upon is completed prior to the final signing. From your initial meetings to the signing of the final documents, Margarita is dedicated to you each and every step of the way. Please don't hesitate to contact her with any questions or concerns at any point during the process.
Fill out the Contact Form & Margarita will contact you to help you get started on your home search.
Let’s get started!
Call or Text 306.535.3133