Buying a new home can be an exciting new chapter, but it can also throw some stress and fear into the mix as well. Since it’s likely the biggest investment you will make in your lifetime, you want to ensure that you know everything required to make good choices. But you can take comfort in knowing that you are certainly not alone when it comes to feeling nervous about buying a home. Here we present the five biggest concerns for new home buyers and how you can overcome them.
Am I Buying the Right House?
With so many options when it comes to housing types and neighbourhoods, many buyers get caught up in fear that they may be missing out on better opportunities. If you don’t have a real estate broker who has access to all the market listings, your fears may be well placed. But if you are well represented by an expert, and have found your perfect home – something you love in your price range and desired neighbourhood – odds are you are just getting cold feet.
Can I Afford This?
Concerns about affordability are a rational fear when it comes to home ownership. And if you’re not properly informed about the other costs associated with purchasing a home you could put yourself in debt. The best way to combat affordability concerns is to get a pre-approved mortgage and talk to your mortgage broker about creating a budget around the down payment, closing costs, and other on-going costs that are associated with home ownership.
Is Now the Right Time to Buy?
Real estate market fluctuations, housing bubbles, and external market sources can all heavily impact the current and future real estate market and often with little notice. So it’s common for you to feel some concerns over whether now is the right time to buy. Talk to your mortgage advisor and take into account interest rates, and consult with your real estate agent about the market and you’ll have all the information you need.
Does This Home Meet My Future Needs?
Many people fear that the home they will buy now may not be able to serve their needs a few years down the line. And the concern that you may have to sell at a lower price than what you purchased in order to buy a larger home is a justified fear. That’s why it’s important to consider your future goals and plans, especially around family size, before purchasing your first home.
Will I Be Able to Qualify for a Mortgage?
With all the new rules in Canada surrounding mortgage qualifications, many people worry that they will not be able to qualify for a home in today’s housing market. But there are other options available other than just the traditional lenders. A mortgage advisor can help you find the right financing options for your financial situation.
Talk to us and we’ll walk you through the whole process so you can feel confident that you’re making the right choice when it’s time to purchase your first home.