Thinking of buying a home? : First step - determine your budget.

Buying a home mortgage budget

Buying a new home can be a very exciting prospect, however, there are also a lot of practical realities that go along with buying and owning a home. The first thing you should do before looking at any homes is determine your budget.

This means sitting down with a mortgage professional before you start your search in order to determine what you can afford. It can be a heartbreaking experience looking at homes outside of your budget, not to mention it wastes your, and your realtor's time and resources that could be better spent looking for the right house for you.

This budget number will inform many aspects of your decision making process when you are looking for a home. You may have to take a closer look at the things on your "list" for what makes a house right for you, and you may need to trim it down. You may also look at homes in different areas than you expected.

You should also be taking into account the general cost of ownership of a home in this equation. Your mortgage payment is not the only expense you will be responsible for when you purchase a home. You will need to factor in things like property taxes, heating expenses, insurance, water and septic costs,  and general home maintenance. You may also want to remember that a lot of "big ticket" items in your home have a lifespan of about 15 years, such as major appliances or roofing. You will want to have an idea of  how old these things are when buying.

Finding the right broker for you can make this process a lot easier. For some tips to find the right professional to help you check out our blog on How to Find the Right Broker for You.  

Come talk to us:

If you have general questions about buying, selling or refinancing your home you can contact us at 902-826-3070 or send us an email to info@highlanderlaw.ca.

By: Briana O'Grady, J.D. - Associate Lawyer

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