Buyers

Condo Buying Guide So, you’ve finally decided to fulfill a lifelong dream and buy your own condo… how exciting! You are ready to fulfill your dream of having a place to call your own. Buying a condo is one of the biggest emotional and financial decisions you’ll ever make. Prepare by learning about the process of condo buying and the responsibilities of condoownership. The differences between renting and buying a condo are vast, and there’s a long list of pros and cons for both options. And, remember — there is no one best decision for everyone. Before moving forward, though, here are some questions to consider. Do you have the necessary financial management skills? How financially stable are you? Are you ready to take on the responsibility of all the costs involved in homeownership, including mortgage payments, repairs, and maintenance? Are you able to devote the time required for home maintenance? Do you need Parking? Do you want to own your parking space? Are excercise facilities available? Does…

Property Search Tips How to match the home you buy to your pocketbook So, you’ve decided to take the big leap and purchase your first home. Most of us have a “dream home” tucked away at the back of our minds — complete with six bedrooms, two fireplaces and a panoramic view. Before setting off to view properties you likely can’t afford, step back and take a reality check. Your “dream home” can easily become a nightmare when most of your money goes to pay the mortgage and there’s little left over for anything else. Overextending yourself financially is the quickest way to destroy the excitement of home ownership and add stress to your life. Smart home-buying means knowing what you can afford and being practical about it. Most first-time buyers, in particular, lack the funds needed to buy a home without assistance from a bank or financial institution. Buying a home means combining savings with money borrowed through a special arrangement called a mortgage. To keep mortgage payments within their…

Buying Your First Home Buying Your First Home? Many renters are starting to think about purchasing a home of their own. Several factors should be considered when purchasing a home: How long do you plan to live in the home? If you purchase a home and get a job transfer or decide to move after only a short time, you may end up paying money in order to sell it. The value of your home may not have appreciated enough to cover the costs that you paid to buy the home and the costs that it would take you to sell your home. The length of time that it will take to cover those costs depends on various economic factors in the area of the home. Most parts of the country have an average of 5% appreciation per year. In this case, you should plan to stay in your home at least 3-4 years to cover buying and selling costs. If the area you buy your home in experiences an economic up turn, the length of the time to cover these costs could be shortened, and the opposite is also true.   How long the home will meet your needs? What…

Finding the Right Home for You Finding the Right Home for You When you dream of your dream home, what do you see? Each of us has a vision of what it will be, but getting as close to that vision as possible is a practical, step-by-step process that begins with finding a Realtor. A Realtor is your best ally throughout the home buying process. He or she can provide expert advice and help you determine how much you can afford, what kind of home you can buy in that price range, and where it may be located. You’ve no doubt heard the phrase: location, location, location. That’s because it’s the most important factor in making any real estate purchase. To find the right location you must think of where you want to live both in broader terms and in more detail. First of all what type of area do you want to live in? Urban: Urban communities offer the broadest range of housing types, but generally at higher prices than similar-sized homes in non-urban locations. Suburban: The suburbs are typically made up of newer neighbourhoods,…

Mortgage Terms and Fees Mortgage Terms and Fees Mortgage Term Over the course of your amortization period, you may have many different mortgages. The term is simply the length of time that interest rates, payment schedules and obligations to the lender exist. When the term comes to a close, you will have the option to renew your mortgage at your current or new lending institution. You can also put a lump sum toward the principal without restriction, or pay off your entire mortgage without penalty. If you wish to change the structure of your agreement during the term you may have to pay a substantial fee to the lender. Choosing Security or Flexibility Mortgages are available with closed, open and convertible options, with fixed or variable rates. The options you choose will reflect your beliefs about the market — is it going up or down? — and your short-term goals and desire for long-term security. Amortization This is the amount of time over which the entire debt will be repaid. Most mortgages are amortized…