The first question is bound to be, "How much home can I afford?" That depends on a number of factors:
Your selected location. Are you set on a specific area? Downtown? The suburbs? A rural setting?
Your preferred type of home. Detached? Semi? Duplex? High-rise? Link? Townhouse? New or Resale? There are a variety of home styles you will want to explore.
Your income. After all, it's not just the mortgage you have to take into account. There are property taxes, utilities, and in some cases condo or strata fees. As a general rule of thumb, your monthly home-carrying cost should not exceed 30-35% of your income.
Market conditions. Is it a buyer's, sellers or balanced market?
There are also additional costs to keep in mind. It's a good idea to work out exactly what you want and what you can afford before you begin the search. Be specific! After all, you don't want to suddenly come to the realization that your dream house has come with a nightmare of bills and expenses. Stick to looking at houses in your price range. The more you've thought it out, the better your sales representative can meet your needs.
A part of deciding just what you can afford can be accomplished by meeting with your bank or a mortgage broker and negotiating a pre-approved mortgage. There are many types of mortgages and many different terms. Research all of your options. This ensures that there are no surprises once you're ready to make an offer.
Once you've figured out your monthly expenses and what you can afford, you can start your search. It could happen that the first home you see is the one you want; or you might look at home after home with none of them catching your interest. Rest assured, the home you're looking for is out there, and when you find it, you're ready to make an offer. If your offer is accepted, the next steps are closing and moving into your new home.
Purchasing a home is easy once you put your plans into action.
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The help and support our family received from Diane Salman during the course of preparing and listing our family home for sale was absolutely amazing!! From start to finish, Diane provided excellence client care. She helped us find and arrange for the home renovations that were needed prior to listing the house. Through her help we hired a great contractor who went out …
-John Dawson, Client
In December 2014, our son, Kenny bought his very own first home in the very hot property market, Mississauga. We couldn't have asked for a better realtor than Diane Salman, whom we stumbled upon while searching online for listed properties in the said area. Diane is truly a hands-on, down-to-earth and very patient realtor. Being a mother herself, she has helped our young …
-Joyce H, Client
“Our son and his wife availed themselves of Diane’ s services and they were pleased with how helpful she was to them in the purchase of their first home. They were very anxious, and she helped them, by answering their questions, and by reassuring them that she would help them to buy a home for a fair price, that was affordable to them. They were so pleased with …
-Patricia and Sam T, Client
Diane, our family was introduced to you through our mortgage broker that raved about your professionalism and success rate. Since our introduction, you were able to sell our house within 3 days of it posting, you negotiated a $15k drop in the asking price of our current home and now you are supporting our family again with the selling of my parents home. Diane, the …
-The Gibbs Family, Client
I have worked with Diane on many home inspections in the past. My own ethics are to always put the client first and ensure they are protected and I only work with agents that have the same ethics. Diane Salman is one of the best. She takes the time to know her client and she wants them to know everything about the home that they are purchasing. Diane gets involved in the …
-Michael Mischke, CMI - 4Sight Inspections Inc., Colleague