If you\u2019re looking for a home you know\nfirsthand how many elements factor into the decision to buy. Before you start\nyour search, consider how you\u2019d answer some of these big questions.<\/p>\n\n\n\n\n\n\n\n
According to the Canada Mortgage and Housing\nCorporation, your monthly housing costs should not exceed 32% of your gross\nhousehold monthly income. Add up your total monthly income and multiply by 25%\nto determine your maximum mortgage payment each month. Doing so will leave room\nfor the many additional costs that come with home ownership, including property\ntaxes and homeowners\u2019 insurance. Staying below the 32% threshold means you\nshould still be able to save for things like retirement and your childrens\u2019\npost-secondary education. Your down payment plays a big role here: the more you\nput down the less you will need to finance. (If you are putting down less than\n20% of the purchase price you\u2019ll also need to factor in private mortgage insurance.)\nHome affordability calculators are readily available online, so take advantage\nof these tools to understand your finances better!<\/p>\n\n\n\n
First, it\u2019s important to understand the\ndifference between pre-qualified and pre-approved. Pre-qualified is the step before<\/em> pre-approval. Pre-qualification\nis more general, based on information that you provide a bank or mortgage\nbroker, including your annual income, credit and debt. It is a suggestion of\nthe amount of mortgage you can afford. Pre-approval, however, is a guarantee in\nwriting that a lender will grant you a loan up to a specific amount. Though not\na 100% guarantee you will be approved, it moves you one step closer toward your\npurchase. The advantage of a pre-approval is it gives you a better idea of what\nyou can afford and makes you look like a serious buyer to lenders! It also\nhelps you take advantage of the best interest rates, so it\u2019s a smart move for\nprospective home buyers.<\/p>\n\n\n\n It\u2019s a good idea to set aside approximately 4%\nof the purchase price of your home to cover the estimated closing costs. What\ndo they include? Legal fees, land transfer taxes, title insurance, property\nevaluation fees, home insurance, home inspection fees, GST\/HST and property\ntaxes. Other costs will be covered in this 4%, such as new appliances, utility\nhook-ups, moving fees and decorating. It\u2019s a good idea to factor this in so you\ncan ensure your new home reflects your personal style and taste!<\/p>\n\n\n\n Amenities considered essential will differ for\nevery individual. Most of us, however, would gladly welcome local public\ntransit, quality public schools, a grocery store, bank, pharmacy and medical\noffices in close proximity. Parks, trails and green space, along with sports\nand recreation facilities sweeten the deal. Ask yourself what matters most to\nyou and your family and factor in those amenities when house hunting!<\/p>\n\n\n\n Be honest about what will make you happy. Is the home in an urban location but you\u2019re really a suburbanite at heart? What do you know of the area\u2019s demographics? Some prefer homogeneity while others are happiest among a mix of ages and income levels. Commuting time is a key factor, or maybe you work from home? If you prefer to get around on foot most of the time a high walkability score will be important. Also consider your stage of life. Singles may want a neighbourhood rich with restaurants, nightlife and cultural institutions. Families often prioritize daycare options and schools. Seniors will benefit from a robust local transit system, community centres and nearby shopping. Whatever the case, neighbourhood needs are highly individualized based on where you and your family are in life!<\/p>\n\n\n\n No one wants to overspend on a major purchase,\nlet alone one as substantial as a home. To accurately assess value it helps to\nconsider three major factors. First, find out the builder\u2019s reputation. Look\nfor one who has been in business a while and research their rating given by\nTarion, an agency that protects buyers of new homes. For example, Falconcrest\nHomes has been in business for over 40 years and has a rating of Excellent, the\nhighest awarded. Next, notice the level of craftsmanship and attention to detail.\nDoes the builder offer high quality standard finishes? Are affordable options\nfor upgrades available? Falconcrest Homes\u2019 in-house Interior Designer Anna\nJilon has more than 15 years of experience in residential and commercial\ndesign. Last, is the home environmentally friendly? Many home buyers are\nincreasingly aware of environmental issues and sustainability, so look for a\nbuilder who is forward-thinking and builds green whenever possible.<\/p>\n\n\n\n As a prospective home buyer, you may feel\nmystified by the process of looking for a home. However, as you can see from\nour points above, there really is only a few key points you need to consider to\nfind the perfect home for you! Start by\nconsidering the advice above and you will be off to a great, informed start.\nHappy house hunting and don\u2019t forget to follow along on the Falconcrest\nblog<\/a> for more home buying tips.<\/p>\n","protected":false},"excerpt":{"rendered":" If you\u2019re looking for a home you know firsthand how many elements factor into the decision to buy. 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WHAT\nARE CLOSING COSTS AND HOW MUCH WILL I NEED?<\/strong><\/h3>\n\n\n\n
4. WHAT\nLOCAL AMENITIES ARE MUST-HAVES FOR ME?<\/strong><\/h3>\n\n\n\n
5. WILL\nTHIS NEIGHBOURHOOD SUIT MY LIFESTYLE?<\/strong><\/h3>\n\n\n\n
6. DOES\nTHIS HOME OFFER GOOD VALUE? <\/strong><\/h3>\n\n\n\n