Lease to Own So youâ€™ve decided to become a homeowner. Congratulations!
Buying a home is one of the biggest and most important purchases most people will ever make in their lifetime. It is no wonder it can be a long and confusing process until you move in.
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Meeting with a financial representative to determine a mortgage that you can comfortably afford is a crucial first step. This will ensure you will have a better idea of the types of homes in your price range. Consider getting a pre-approved mortgage to help you shop for a home with added confidence. Generally, you should have five per cent or more of the purchase price of a home for the down payment. You should consider other priorities in your life to determine if this is the right time to be buying a home. Are you recently married, in school or planning on starting a family or a business that will require a good portion of your savings? If you are at a stable place in your life, buying a home will not be too much of a strain in your finances.
Location is everything when searching for a new home. 1.
Do you prefer living close to the city or in a suburban town? Will the place be close to schools, hospitals, transportation and shopping centres? Evaluating the lifestyle of your family will help you come up with a must-have list for the location of your new home.
You should also decide if you are planning on buying a new home from a builder or prefer a resale in an established community. If you would like to buy a new home, you can read up on new developments in the home section of major newspapers and real estate publications. It is also recommended you research any home building companies you are considering to find out about their policies and their services.