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Choosing the Right Home
Investing is not a matter to be taken lightly, especially when that investment is as important as your first home. Committing to buy a new home could be one of the biggest decisions you will ever make. Choosing wisely is essential. Many of us make purchases on a whim; home buying is not an instance when that method of shopping is apt. Take your time and be certain that the property you are considering will meet all of your needs.
Beyond aesthetics and location, the following pragmatic matters need to be taken into account to ensure you are making the right decision when you select your new home:
Size of Property:
Budget, family size, spatial needs, energy efficiency and personal preferences are just a few of the factors that should be considered when examining the size of a property. Larger families might require more space than an individual or couple with no kids, but ultimately it comes down to lifestyle and affordability. Smaller properties tend to be more cost-effective, but if they cannot house the needs of your family, than they won't be the right choice.
Eligibility for a Mortgage:
Before you mentally move into your dream home, ensure you qualify for a mortgage. This will give you a better idea of the price range you can afford, what your monthly repayments will be and how much of a down payment will be required. Once you determine your mortgage eligibility, you can begin looking for your dream home with clarity and confidence. Let one of our experienced mortgage brokers help you get started with a free and convenient online quote.
Price of the Purchase:
Your budget and repayment schedule will dictate what you can and cannot afford on a home purchase. More expensive properties require higher deposits and larger monthly payments. Keep in mind that even if you can afford the higher down payment upfront, can you afford the higher payments over the long run? Selecting a property that you cannot afford will put you at risk of foreclosure because you did not accurately consider your budget.
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