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Consider a Property With a Suite to Help on Mortgage Payments
The purchase of your first home is a large undertaking and one that involves a significant financial commitment. Homes with legal suites are a great option for the first-time homebuyer seeking a home to both live in and build equity from, plus gain some revenue from a basement suite renter.
First-time homebuyers can request their real estate agent to do a search for properties that possess a ready-built suite or have the potential in which to build one. A property that already has a separate entry and two separate kitchens, or water hook-ups in an area where appliances could be installed, would be optimal. Kitchens are one of the more expensive rooms of a house to finish oneself.
Alternatively, first-time home buyers may seek out newer homes with unfinished basements at a lesser home cost, and attain a mortgage that allows cash for improvements, a home renovation loan or line of credit secured on the home to finish the basement into a suite. Simply request that your real estate agent seek properties with walk-out basements or homes wherein a separate entrance could be developed easily.
In the future, a suited property could become a sound investment property for the first-time home buyer. Rents generated from the suited property could cover your outstanding mortgage payments and generate a profit, while you use the equity built in this property to secure a down payment toward a second home that better fits your growing family's needs.
A large part of ensuring the first-time home buyer secures the best home and the best mortgage rates available to them involves the enlisting of qualified professionals. Find a real estate agent that knows their community and is eager to find homes that fit both your criteria and your budget. Homes that build both equity and provide the possibility of rent revenue could alleviate much of the new financial commitment you are embarking upon.
Apply for a mortgage pre-approval and make use of the free and easy online mortgage calculator to formulate your budget and know what you truly can afford, always keeping in mind the oldest of real estate adages: location, location, location.