Your Needs — Now and in the Future
Try to buy a home that meets most of your needs for the next 5 to 10 years, or find a home that can grow and change with your needs.
Here are some things to consider.
How many bedrooms do you need?
How many bathrooms do you need?
Do you need space for a home office?
What kind of parking facilities do you need? For how many cars?
Lifestyles and stages
No matter what type of housing you choose, you must have a clear idea of your needs today, as well as your possible future needs. These are some examples of questions homebuyers might ask:
Do I plan to have children?
Do I have teenagers who will be moving away soon?
Am I close to retirement?
Will I need a home that can accommodate different stages of life?
Do I have an older relative who might come to live with me?
Are you Financialy ready? Can you be qualified for a mortgage?
This is a very important aspect of home buying.
You need to know if you are ready to buy and if so, yet you have to know about the mortgage you can be qualified for. Your Credit history and score besides your down payment and your income, plays an important role in your approval and the kind of mortgage you can qualified for.
Due to complicated mortgage requirements, and different varieties in market as well as categories that suits each individual situation, it is strongly recomended to talk with a mortgage specialist before starting your search.
You can start early to make yourself ready for mortgage pre-approval.
In this case our team with over 10 years experience in mortgage industry can help you with your pre-approval.
For most buyers, a realtor is key to finding the right home.
They can help you to find your dream home and guide you in all steps of buying starts from huge search in areas you like, choosing the best ones that suits you and finding the right price in area for the property you liked with special skills through market analysis report for all comperable ones sold in that area during the last few weeks. (That’s what you miss when you search on web your self and don’t have the knowledge and instruments of this kind of market analysis.)
Making an Offer to Purchase
After you have found the home you want to buy, you need to give the vendor an Offer to Purchase (sometimes called an Agreement of Purchase and Sale). It is very helpful to work with a realtor to prepare your offer. The Offer to Purchase is a legal document and should be carefully prepared.
These items are typically included:
- Things included
- Amount of your deposit
- The closing day(the date you take possession of the home
- Request for a current land survey of the property.
- Date the offer expires
- Other conditions (like: Home Inspection, Mortgage approval)This means that the contract will become final only when the conditions are met.
Now that you are a Home Owner;Your Financial Responsibility
Make Your Mortgage Payments on Time
You can make your mortgage payments monthly, biweekly or weekly. But, whichever timetable you’ve chosen, it’s important to always make payments on time. Making late payments is called delinquency. Delinquency may result in late charges and negatively affect your credit rating. Failing to make payments can even lead to very serious consequences, like foreclosure.
A good way to prevent late payments is to have the amount automatically deducted from your account every month. It’s also recommended that you keep at least three months’ worth of mortgage payments in savings for emergency situations. If you are having trouble making payments, discuss the situation with your lender.
Plan for the Costs of Operating a Home
Besides your mortgage, property taxes and insurance, operating a home has many other ongoing costs. Maintenance and repair costs are at the top of the list. There may be other costs as well, for example a security alarm, snow removal, or gardening. If you have a condominium or strata, some of these expenses may be included as part of your monthly maintenance fee.
Save for Emergencies
Even when you can do repairs yourself, there are costs. When you have to pay for repairs, the costs are higher. As your home ages, it will need major repairs or replacement — this happens to every building. For example, when you bought your home, you might already know that the roof will need to be replaced in a few years because of its age. These are expected repairs and can be planned for. However, many repairs are unexpected, and can sometimes be costly.
Set aside an emergency fund to deal with unexpected problems ranging from major repairs to illness and job loss. A good guideline is to save 5% of your take-home pay, and to keep the money in a special account.
Live Within Your Budget
Prepare a monthly budget and stick to it. Take a few minutes every month to check your spending and see if you are meeting your financial goals. If you spend more than you earn, you must find new ways to save. If you are having trouble sticking to your budget, ask a professional money manager for help.
If you haven’t already reviewed your budget, now is the perfect time. Use the helpful CMHC worksheet Household Budget as Homeowner.
Maintenance, repair, and renovations are a normal part of homeownership. You will need to know about your home’s basic components, and know the actions you will need to take to adjust these systems or turn them off in case of emergency.
You’ll need to inspect your home regularly, and replace, or repair, parts and materials that wear out. And of course, since Canadian seasons can be so extreme, you’ll need to do many maintenance tasks on a seasonal