When you’re sure you are ready to take the plunge into home ownership, the first thing you’ll need to do is learn everything you can about the process. There is a lot to know, so here are a few questions to ask to help assist you:
1. Have you saved for a down payment?
The typical down payment amount on a home is anywhere between 10-20%.
2. Will you be happy in the same house for many years?
The last thing you want is to sell a house and walk away with less than you put in as a down payment. Consider these secondary questions:
• Are you planning on having children?
• Are your children growing up?
• Do you have aging parents that may need to stay with you?
• Do you like the neighbourhood/area?
• Is there other families similar to yours?
3. What will it cost to live there?
Even if you have no problem affording your mortgage payment each month, don’t forget about other ongoing expenses, including property taxes, utilities and insurance. Depending on where you live, these can add a large chunk of change to your payments.
4. Do you have what you need to furnish and care for a home?
Once you own a home, you will be the one responsible for upkeep. Don’t forget to leave room in the budget for expenses like a lawnmower, tools, snow removal equipment, etc.
Do you have furnishings for the home? Curtains/blinds, wall decor and furniture are just a few expenses that may pop up.
5. Do you have an emergency fund?
If you are purchasing a home, you need an emergency fund. How will you pay for repairs when something goes wrong? It always seems that a problem either happens at the worst time or multiple problems all occur at the same time. A basic repair might set you back $100, but what if you need a new water heater or furnace?
The Machado Group is a partnership between two award-winning Realtors who share a passion by helping our clients achieve their dreams in property ownership through top-notch service and determination. Our goal is simple – help our clients reach theirs! Our experience has led us to become master negotiators who ensure you receive the best value for your forever home.
Please fill out the form below so we can begin the process of purchasing your new home together!