Making the transition from Renting to Owning doesn’t need to be scary. There are so many questions, variables, and opinions!
How do you know when you are ready to make that leap?
When you book a call with us we will walk you through the steps that lead you to being prepared, informed and supported in your endeavour to owning your first property.
PREPARED
1. Gather your Information
Employment documents, Notice of Assessment and a list of Assets (car, boat, e-bike =) is a great place to start.
INFORMED
2. Consult a Mortgage Specialist
There are so many products available to you, when you consult a knowledgeable mortgage specialist they can discuss affordability, savings/debts and find out what products are available from the different lenders that will best suit your needs (there are more options than you think) – and it’s free!
There are also some great online tools to help you get started:
Check out Eileen Craig’s My Mortgage Toolbox App.
This App provides you with useful tools to help you plan your mortgage. It can help determine mortgage payments, affordability, income required to qualify, closing costs and much more.
A one stop shop for you to understand your options.
Some of the features of the app include:
• Affordability Calculator
• Minimum Down Payment Calculator
• Total Monthly Ownership Calculator
• Closing Cost Calculator
• A Stress Test Tool to calculate affordability
This app is a first-of-its-kind for the industry, making it easy to find get the best mortgage products for YOU. Available for android and apple devices, download here: https://www.dlcapp.ca/app/eileen-craig?lang=en
3. The Fun Part – Make a wishlist!
“Where do I start??”
Here are some questions to help get the ball rolling:
What are some of the reasons for making the move?
-more room, proximity to schools, return on investment ?
What community, neighborhood, or street do you love? Why, what are the qualities they possess?
What’s most important to you?
-A short commute to work
-Close to transit, shopping, hospital, parks
-A large Backyard
-Near a reputable school
-Privacy
4. What type of home :
Condo, Townhome, Detached ….
5. What style and condition:
open concept
formal living/dining
fairly new
age doesn’t matter but must be in good shape
fixer upper would work
prefer an income property
Bedrooms, bathrooms, garage or carport…..
SUPPORTED
6. Talk to us, your Local Real Estate Agent, about your wishlist.
What are your non-negotiables, what can you achieve within your budget without having to sacrifice your desires?
The list is extensive but the more detailed you can be about what it is you want, what it is you need and where your budget lands, the better your chances of preparing for and finding the place that is right for you.