This is a decision which many people face, and the decision is not as easy to make as it may sound.
As a homeowner, you can reasonably expect the equity in your home to increase over time as your mortgage is paid down. That, combined with regular appreciation in property values, can be a rapid and rewarding way to increase your net worth. In contrast, the person renting over the same amount of time is left with no property investment but may have enjoyed lower living expenses and the opportunity to invest in other opportunities.
When comparing owning to renting, you have to add up all of the figures, including the cost of your home, the size of your down payment, utilities, immediate repairs, interest rates and insurance, and compare them with how much you are currently spending on rent.
Of course, you also have to place a value on the enjoyment and satisfaction that you will derive from owning your own home.
Steps to Owning a Home:
Making the Decision to Buy
For most people, buying a home is the biggest decision one will every make. Buying a home is certainly a very exciting time, but it is important that you know all the facts and make sure buying makes financial sense to fit into your lifestyle.
Get Professional Guidance:
Whether you are looking to buy or sell, it is important that you get help and advice from a trusted real estate professional. Your real estate agent should act as a consultant and guide you through the entire buying process. That includes answering questions about the neighbourhood, market conditions, school zones.
Begin the Search:
To begin the search, you should have a general idea about the type of home you want. Jessica will use all of her resources to find homes that fit your criteria. Jessica will also be able to advise you about the market criteria and any "good deals" that are available. After touring some homes, Jessica will be able to have a better sense of what specifically you are looking for and and you will be one step closer to finding your dream home!
Finding Your Dream Home:
After you find your dream home, Jessica will begin the process to get you moved in as quickly and easily as possible, tailored to your availability and needs. If the offer is accepted, closing is typically held within 30-60 days from offer date.
Negotiating the Deal:
It is very likely that the Seller will submit a counter-offer. This should not discourage you, Jessica will help you access the counter offer and help decide whether to accept the counter offer, submit another counter offer, or reject the counter offer and move on. Emotions can often get in the way of making good decisions. Jessica is well-prepared to make this step easy and stress-free.
During the closing period, you will be working closely with your mortgage lender/mortgage broker to obtain the financing you require. Jessica will also be involved in this step by gathering the necessary property information that the lender requires to help you get that much closer to putting you in your dream home!
Closing the Deal:
You will have the opportunity to go threw the property prior to closing to ensure that everything is there as per the chattels/exclusions, ensure that everything is in working order with Jessica.
You will discuss financing details with your mortgage broker/ advisor and follow-up with your legal representative with respect to closing fees, estimated cost with respect to land transfer, insurance etc.
The most exciting step in the home buying process- is the day you get to move-on... A little bit of planning here will help ease the pressure of moving. Jessica's work is not finished here. Jessica will provide you with a check-list of reminders to help make your moving experience a delight.
CENTURY 21 B.J. Roth Realty Ltd., Brokerage*