Looking Ahead to Homeownership: 3 Factors to Keep in Mind
Saturday Aug 17th, 2019
If one of your short- or long-term goals is to leap into homeownership, you’ll want to be well-informed. A home is likely one of the biggest purchases and investments that you’ll ever make, so it’s best to be armed with the knowledge you need to make a sound decision.
Even if homeownership is a decade away, the insights you begin to collect now will be invaluable come time of purchase. Here are three specific factors that you can be more aware of now:
Your budget will ultimately drive the type of home you buy, but you want to be sure that the property you purchase is a good investment and that you don’t grossly overpay. Keeping tabs on numbers, such as average selling prices, days on market and other factors, like mortgage rates, will help you better understand the ebbs and flows in real estate and how it may impact your future purchase. An experienced real estate sales professional is also a great resource to have, as he/she can provide additional context and share how it relates to your local housing market.
Purchasing a home in a good neighbourhood will reap countless benefits – but, finding the ideal location does take legwork. The best way to assess a neighbourhood is by immersing yourself into it by getting to know other residents, becoming familiar with amenities and feeling out the vibe of the community. Other factors, like commute times, crime rates, local property taxes, public transport, schools and rankings, all matter. Researching potential neighbourhoods now and narrowing down your focus will make you that much more confident come house-hunting and offer time.
Seeking advice from friends and family is always beneficial, but it should never replace the knowledge of an expert. When planning for homeownership, you’ll want to connect with the professionals you need along your journey and – at minimum – they should include a mortgage broker and realtor. A mortgage broker will work on your behalf to find lenders with competitive interest rates that best fit your needs, while a realtor will handle all aspects of your home purchase. Your realtor can also help you better understand data and paperwork, hone-in on properties that meet your criteria and budget, and put in a winning offer when you are ready. Connecting with these professionals now will make for a more positive home buying experience.
Homeownership can be overwhelming, but it’s an investment you’ll likely never regret. Preparing for this journey early on will help you feel more confident and better prepared. If you are looking for a realtor who will keep your best interests at the forefront, please contact me, Deborah Clerk, Sales Representative at Keller Williams Realty, Brokerage, to learn more about my first-time buyer real estate services.