As Experienced Keswick and Georgina real estate agents, We can Help You on the Path to Home Ownership!
Owning a home is a beautful thing! Your first time purchase, however, can be a nerve wracking as well as exciting experience. In order for the purchase to be a happy and satisfying experience, it is vital to have peace of mind knowing that all necessary inspections were done right, enabling negotiations on the purchase "price" to be conducted objectively. As important, you need to make sure that all the paperwork has been correctly filled out and signed. Having an experienced Georgina and Keswick Real Estate Agent on your side will take a lot of anxiety out of the process! We will help you each step of the way, just like we have with thousands of clients.
As a homeowner you are now finally in charge of what you can do with your home. You can have as many pets as you like and paint the walls whatever color you want. You also have a mortgage, taxes and home maintenance to look after as part of your new home ownership lifestyle. It is important to budget for your home maintenance costs as these do add up over time. The landlord that you were able to turn to make repairs when you were a renter, is now you, the homeowner. So budget accordingly and enjoy your wonderful home!
SOME QUESTIONS TO REFLECT ON FOR PROSPECTIVE HOMEOWNERS
Are you ready to buy?
Owning your own home is about more than just being able to decorate any way you like; it's about being prepared to maintain your home over the years, realizing that part of your income and time will go towards repairs and maintenance. It's about being willing to take the risks of home ownership with a realistic expectation of the rewards. Be sure to set aside some monies for savings just in case you encounter a rainy day!
How much can you afford?
It can be discouraging to find that your salary won't stretch as far as the home you want to own. However, sacrificing a huge part of your income just to pay the mortgage can very quickly make home ownership a burden rather than a point of pride. It's better to buy a modest home now and look at purchasing your "dream home" in a few years.
What is your debt-to-income ratio?
This is something that lenders take 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. In rural or less affluent areas, for example, it can buy a very comfortable residence and ample acreage. In highly sought-after urban areas, however, it may not even buy a 400 square foot bachelor suite.
What do you want?
Do you like the idea of cleaning your own gutters? Do you shudder at the thought of lawn care? Would you rather just pay a fee every month and have everything done for you? Would obeying rules about when you can have your garbage cans out bother you, or do you want to live in a neighborhood where everything is "just so"? The answers to these questions can help you narrow down the search for the right type of property for you.
TEAM PEROFF CAN HELP YOU
You need a good agent, an experienced Georgina and Keswick Real Estate agent who will work hard for you. Our real estate team is dedicated to helping you find the right home, at the best price. We want you to find the home that will make you happy and successful in real estate ownership.
When you hire us to help you buy your first home, we want to know what you want and how much you can afford. Then we'll find a way to merge these two priorities and find a residence that you'll enjoy owning.
Keep your objectives in mind when visiting a home. Sometimes the idea of owning a home can overwhelm your practical sense, so keep your feelings in check. Keep a list handy of the features that you need and want in a home, and judge each home by the list instead of by details that could distract you from your goal. When you're alone with your agent, you can go over the pros and cons of each home. We can help you stay on track while still keeping our eyes out for a great property.
Engaging the services of a good real estate lawyer is a good insurance policy. We can recommend several lawyers in the area who might be a good fit for you. Interview them to ensure that you get someone you can work with. The legalities of transferring land ownership can be complex and a lawyer can be your best defense against future legal troubles. A good lawyer can charge several hundred to over a thousand dollars for their services, but the thousands of dollars saved in potential legal fees later on makes this a good expense.
Make the offer. The extensive paperwork can make even the most experienced home buyer dizzy! All the "buyer", "seller", "chattels", "deposit", and "completion" forms can be quite the maze to go through. We'll be happy to prepare the paperwork and go through it with you before submitting it. Remember, the seller may reject or counter your offer, so even at this late date, avoid setting your heart on the home you hope to own. You'll probably have to write a deposit check to the seller's broker that proves the seriousness of your offer.
Get all necessary inspections done. A home inspector will check for signs of harmful materials like asbestos, lead paint and mold. They'll also check for evidence of pests, faulty wiring and leaks. This is a crucial part of the home purchase. Not getting an inspection done means that you could be stuck in a home with a bad case of black mold, for example, and no recourse other than to pay for its costly removal. Inspections will cost a few hundred dollars, but again, this is more than worth it in the end. There are several inspectors in the area that we'd be happy to recommend.
Do a final walkthrough before closing the deal. We'd be happy to do this with you to make sure that everything agreed upon is completed prior to the final signing.
From the first interview that determines your requirements to the moment that you receive the keys, we can help you with the complicated process of buying a home. Don't hesitate to contact us to find out more about how we can make the home buying process easier!
Contact us for more information about first time home purchasing.