Have you been dreaming about owning your own home? If so, you are not alone. Buying a home is the dream of many individuals and families. But how do you know that you are ready, and what steps do you need to take before becoming an owner can be realized?
Let’s explore a few questions that can help to answer whether or not you’re ready for a new lifestyle as a homeowner.
Can I Realistically Afford To Buy A Home?
This is the first question that should be asked when considering whether you are ready to own your home. Homeownership can be an exciting experience, but it also can put stress on your budget and your overall financial situation. The cost of homeownership is much more than what’s initially paid at closing. There are other factors to take into account, the biggest one being the monthly mortgage payment you will need to manage for many years.
The good news? Owning a home is more affordable than you might think. If you’re already a stable renter then you’re most of the way there!
Take a look at the mortgage payment calculator from AQRE Lending (https://www.aqrelending.ca/index.php/mortgage-calculators) and price out some homes in your local area to calculate whether the purchase would be within your budget and if you could make the payments on time.
Do I Have My Down Payment Saved Up?
If you are confident that monthly payments are no problem, then the next step is saving up enough to cover your down payment. The average upfront cost of a new home is between $15,000 and $40,000 in the United States (and between $30,000 and $100,000 in Canada). The rest of the purchase cost is paid by your mortgage lender like AQRE Lending (www.aqrelending.ca), who you pay back over time.
For many of us, saving up for that kind of financial transaction can seem overwhelming. However, with the help of a down-payment assistance program or by making funds available from additional sources, buying a home may not be as difficult as it appears. The first step is to set a timeline for when you would like to own your own home. Once that milestone has been established, you can begin to save money and prepare for that moment.
Do I Know What Type Of Home I Need?
Now that you know whether or not you can own a home and have saved up a down payment, the next step is to determine what kind of home would work best for your needs. If you are a single young professional, you may want to purchase a condo that offers the flexibility of upgrading later if needed. Or you might opt for rural living with plenty of yard space where your pets can run around freely.
Consider your living situation and how you feel about your current living space. Understanding what type of home is best for you can help your search be more efficient and satisfying.
Am I Ready To Set Down Some Roots?
The last question is the most important one. At the end of the day, the decision to start looking for a house or apartment is all about whether or not home ownership is something that you truly want. Decide whether or not you’re ready to emotionally and physically invest in your local community. Is your career stable enough that you won’t be moving for at least a few years? Do you want to live close to your family? ? If you don’t already, do you envision having children in the future? All of these are considerations that will help you choose the right neighborhood to set down your roots.
Do You Have Any Other Questions About Owning Your First Home?
Let us know at info@aqrehome.com, or call us at 1 844 424-AQRE (2773). When you are ready, our professional real estate team will be here to help you find the home of your dreams.
To learn more about real estate in your local area and to view homes that are perfect for first-time buyers, visit www.AQREHome.com or contact us today!