Buying a home: 10 things you need to know
Buying a home is the largest purchase you’ll likely make. No wonder you’re stressed. Where should you look? Can you afford it? What will happen if interest rates rise? It may all seem daunting, but you can make it more manageable with a little planning. Here are a few things to figure out before you make the leap.
Making the decision to purchase your first home is an exciting time. It should be noted, however that this is the first of a series of important decisions you will have to make. This article from the Toronto Star is a helpful guide to assist you in navigating through one of the most important investments in your life.
Before starting the search for your dream home, it is important to ensure your finances are in order. You should calculate your net worth (assets minus liabilities) and assess the amount you are able to use for a down payment. Talking to a professional mortgage broker is also key. This will give you an idea of the price range you should be shopping within as well as possible interest rates.
Once the process has begun, keep in mind that you will need to hire a real estate lawyer. Ask your mortgage broker for any that he or she may recommend, and don't be afraid to compare rates.
When you begin your search for the home of your dreams, remember to be realistic. Having a wish list is fine, but sometimes it is necessary to compromise.