Buyers

Are You Ready For Home Ownership?

Some people have a notion that home ownership is like renting, but with the power to have pets and paint the walls whatever color you like. But this is where we’ll drop the infamous “with great power comes great responsibility” adage —responsibilities like mortgage, taxes and home maintenance. So get ready to take serious stock of your finances and your expectations…

Questions for Prospective Homeowners

Are you ready to buy?

Owning your own home is about more than 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.

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 “forever home” in a few years.

What is your debt-to-income ratio?

This is something that lenders take very seriously. Your overall debt shouldn’t exceed 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 downtrodden 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.

Deciding To Buy

Stop Paying Someone Else’s Mortgage

One of the biggest reasons you should buy your first home is so that you can stop paying someone else’s mortgage. Start paying your own! That way you can start building your own equity. The sooner you have your mortgage paid off the better off you’ll be.

Start Building Your Empire

Waiting to buy until you’re married? Personally, if you have the ability to qualify for a mortgage I’d do it as soon as possible. You can start by living in the basement and renting out the main floor. That way you can possibly live in the house without paying anything. As your housing needs change you can move upstairs, take the larger space for yourself, and rent out the basement.

If and when you do get married and want to live somewhere with your partner, maybe you buy somewhere else. You may even be able to keep the current house and have a tenant in the basement and upstairs. Now you’ve started building your real estate empire!

Build Your Wealth

Did you know that the majority of millionaires in the world got there by owning real estate? It’s not from starting a business that explodes. It’s by getting one property, then another, and another, and then slowly over time as those properties are paid off the owners are worth a few million. It doesn’t happen overnight, it can take decades. It starts with the first home.

Do you want a good example of this? Arnold Schwarzenegger. He made millions from real estate before he did as a movie star. He started small, owning a duplex, living in one unit and renting the other. Then it went up and up from there. Obviously once he added millions from bodybuilding and movies to his real estate portfolio that it grew even faster but anyone can start with one eventually.

Speak to someone. 

Whether it’s your bank, a mortgage, broker, or someone like me. Get a handle for your situation and start building a plan so that ten, twenty, or thirty years from now you have a few million dollars worth of real estate to your name.

Choosing An Agent

Do your Research

The first thing you’ll want to do when choosing an agent is to look at their past listings, selling history, reviews, and a list of their credentials and education. It’s important to make sure you’re working with an agent who’s knowledgeable and up-to-date on real estate news and market trends!

Speak to References 

Once you’ve completed your research, ask your prospective agent for a list of references. Nothing will give you more peace of mind than speaking to a multitude of happy clients!

Ask Questions

The next step in choosing an agent is to learn about their experience in the neighbourhood, their skills, strategy, and how they negotiate single or multiple offers. These questions will help you select the right candidate while allowing you to feel more comfortable with them.

Professionalism 

Opt for a full time agent experienced in completing deals similar to yours. It’s also essential that they answer your calls promptly and are 100% invested in your home search. Before you begin, make sure to ask how much time they will have for you and if they are available outside of office hours.

Someone You Can Trust

After all of the interviews and reference checks, it’s important to pick someone who you get along with! Whether you’re buying or selling, the process of moving can be stressful, so find someone who really listens and genuinely wants to help you in every step of the journey.

Going Shopping

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.

A Crash Course on Home Buying

Work With An Agent

You want an agent who will have your back, one who is dedicated to finding you the perfect home, and at the right price!

We get it! That’s why our primary goal is to see you prosper. We want you to find the home that will make you a happy and successful homeowner for the long term. When you hire us, you can be sure that we’ll have your best interests at heart by both finding you an awesome home and making sure it’s within your price range.

Keep 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.

Engage the services of a good real estate lawyer. 

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 dodgy, 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 legal fees later on makes this a good expense.

Make the offer. 

You’ll likely have to write a deposit check to the seller’s broker that proves the seriousness of your offer. 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. This can be a maze of “buyer”, “seller”, “chattels”, “deposit”, and “completion” so we typically prepare the paperwork and review it with you before submitting.

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 and no recourse other than to pay for its 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. 

Make sure that everything agreed upon is completed prior to the final signing.

Are You Ready For Home Ownership?

Some people have a notion that home ownership is like renting, but with the power to have pets and paint the walls whatever color you like. But this is where we’ll drop the infamous “with great power comes great responsibility” adage —responsibilities like mortgage, taxes and home maintenance. So get ready to take serious stock of your finances and your expectations…

Questions for Prospective Homeowners

Are you ready to buy?

Owning your own home is about more than 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.

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 “forever home” in a few years.

What is your debt-to-income ratio?

This is something that lenders take very seriously. Your overall debt shouldn’t exceed 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 downtrodden 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.

Deciding To Buy

Stop Paying Someone Else’s Mortgage

One of the biggest reasons you should buy your first home is so that you can stop paying someone else’s mortgage. Start paying your own! That way you can start building your own equity. The sooner you have your mortgage paid off the better off you’ll be.

Start Building Your Empire

Waiting to buy until you’re married? Personally, if you have the ability to qualify for a mortgage I’d do it as soon as possible. You can start by living in the basement and renting out the main floor. That way you can possibly live in the house without paying anything. As your housing needs change you can move upstairs, take the larger space for yourself, and rent out the basement.

If and when you do get married and want to live somewhere with your partner, maybe you buy somewhere else. You may even be able to keep the current house and have a tenant in the basement and upstairs. Now you’ve started building your real estate empire!

Build Your Wealth

Did you know that the majority of millionaires in the world got there by owning real estate? It’s not from starting a business that explodes. It’s by getting one property, then another, and another, and then slowly over time as those properties are paid off the owners are worth a few million. It doesn’t happen overnight, it can take decades. It starts with the first home.

Do you want a good example of this? Arnold Schwarzenegger. He made millions from real estate before he did as a movie star. He started small, owning a duplex, living in one unit and renting the other. Then it went up and up from there. Obviously once he added millions from bodybuilding and movies to his real estate portfolio that it grew even faster but anyone can start with one eventually.

Speak to someone. 

Whether it’s your bank, a mortgage, broker, or someone like me. Get a handle for your situation and start building a plan so that ten, twenty, or thirty years from now you have a few million dollars worth of real estate to your name.

Choosing An Agent

Do your Research

The first thing you’ll want to do when choosing an agent is to look at their past listings, selling history, reviews, and a list of their credentials and education. It’s important to make sure you’re working with an agent who’s knowledgeable and up-to-date on real estate news and market trends!

Speak to References 

Once you’ve completed your research, ask your prospective agent for a list of references. Nothing will give you more peace of mind than speaking to a multitude of happy clients!

Ask Questions

The next step in choosing an agent is to learn about their experience in the neighbourhood, their skills, strategy, and how they negotiate single or multiple offers. These questions will help you select the right candidate while allowing you to feel more comfortable with them.

Professionalism 

Opt for a full time agent experienced in completing deals similar to yours. It’s also essential that they answer your calls promptly and are 100% invested in your home search. Before you begin, make sure to ask how much time they will have for you and if they are available outside of office hours.

Someone You Can Trust

After all of the interviews and reference checks, it’s important to pick someone who you get along with! Whether you’re buying or selling, the process of moving can be stressful, so find someone who really listens and genuinely wants to help you in every step of the journey.

Going Shopping

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.

A Crash Course on Home Buying

Work With An Agent

You want an agent who will have your back, one who is dedicated to finding you the perfect home, and at the right price!

We get it! That’s why our primary goal is to see you prosper. We want you to find the home that will make you a happy and successful homeowner for the long term. When you hire us, you can be sure that we’ll have your best interests at heart by both finding you an awesome home and making sure it’s within your price range.

Keep 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.

Engage the services of a good real estate lawyer. 

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 dodgy, 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 legal fees later on makes this a good expense.

Make the offer. 

You’ll likely have to write a deposit check to the seller’s broker that proves the seriousness of your offer. 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. This can be a maze of “buyer”, “seller”, “chattels”, “deposit”, and “completion” so we typically prepare the paperwork and review it with you before submitting.

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 and no recourse other than to pay for its 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. 

Make sure that everything agreed upon is completed prior to the final signing.