Why own your own home?
You probably know this, but history has shown that for the vast majority of people, ownership of real estate will be the single greatest creator of wealth in their lifetime. In the Greater Nanaimo Area in 1983 the average single family home sold for $62,361 and in the year 2000, $150,410 and as of October 2017 it is $510,000. This amounts to growth of wealth you would be hard-pressed to find in any other investment. It’s easy to understand that when you rent you are paying off your landlord’s mortgage and not your own. And of course if you own can make home improvements as you choose, and in turn see the benefit from the home appreciation as a result. Home ownership will give you a sense of pride in where you live, and that is one of the top reasons why most desire to own their own home.
Are you ready to buy a home?
It’s important when starting to think about buying a property that you have the financial resources to do so. At a very minimum, you will need 5% down (and in some cases more). Before you even start looking at homes, make sure to speak with a mortgage broker to determine what you can afford. Shopping around for the best rate is highly recommended. Having your finances in order is an important factor when trying to present a strong offer, especially in today’s competitive market, which can occasionally result in multiple offers on a property.
Establish The Type Of Home You’re Looking For
Once you’ve established a budget, it’s time to decide what type of home will best suit you and your lifestyle. It’s important to think about things like access to schools, recreational facilities, what the neighborhood is like, and so on. Why you’re choosing to buy should help answer these questions for you, so think about it carefully. It will be important in establishing a list of needs vs wants.
Meet With a REALTOR®
It’s important to partner with a REALTOR® you feel completely comfortable with. A REALTOR® can help you find your dream home, which meets both your needs and your budget. They will set you up with viewing appointments, and also help bring clarity to the complicated process of buying a home. The purchase of a home is possibly the largest financial investment you will make in your lifetime. It doesn’t matter if this is your first home or your last; the process can be stressful and emotional. You’ll want to go with an experienced, thorough and knowledgeable REALTOR® who you can be sure will represent your best interests, and help you with every step of this process.