Purchasing a house is a big step…
Here are 7 factors for choosing the right price:
1. How long you’ll live there
– The transaction costs of buying and selling a home are substantial including, real estate fees, legal fees, moving fees, etc.
– If you don’t plan on living in your home for 3-5 years, you may not gain enough equity to make selling worthwhile.
2. How much house you need
– Buyer a cheaper smaller house can end up costing you extra if you have to move right away due to a growing family.
– On the other hand, buying more house you need incurs extra maintenance, energy and tax costs.
3. Your credit rating
– The higher your credit score, the lower your mortgage rate will be. Spend a least a year improving your credit score.
4. Closing costs
– While you’re saving for your down payment, save for your closing costs too. They are typically 3-5% of the purchase price.
5. Your Realtor
– Using a Realtor can help focus your search, find more listings, save time, and there’s no cost to the buyer.
6. What you can afford
– As your local mortgage advisor, we can analyze your situation a year or so in advance, and tell you how much house and monthly payments you can afford.
– To test how comfortable those payments will be, start banking that amounts every month.
– Before you start shopping, we can help you get pre-approved for a mortgage. This tells you exactly how much you can spend and lets you respond more quickly because you don’t have to make conditional offers.
For more information on the home purchasing process, call us today!
For Vancouver Mortgage Broker related inquiries ~ 604 628 5040.
For Vancouver Luxury Realtor related inquiries ~ 604 566 8968.
Vancouver Mortgage Broker
Vancouver Luxury Realtor