Purchasing your own home is a major life decision and an exciting milestone. While this experience is exciting, financially, it can be incredibly stressful. Keep reading for some tips to indicate that you don’t have to worry – you’re in the right position before you buy your first condo!
Being pre-approved for a mortgage is the first sign that shows you’re ready to buy a condo. If you’ve saved enough for a down payment, then you should go ahead and start looking into your new home. Pre-approval will give you a price range of the homes you’re eligible for. Plus, if you consult a professional at the bank, they will be able to look at your finances and discuss any options available to you. Being a first-time buyer is beneficial if you have a RRSP – you can use this money to assist you with making a down payment.
If you’re planning to purchase a condo in the future, prepare by maintaining good credit. Keeping up a good credit score will allow you to get favourable terms on your mortgage because it will show that you’re exceptional with money management.
Full Time Employee
Full-time employment will help you get pre-approval. Having a job ensures that you’re more likely to successfully manage consistent monthly costs. With a steady, well-paying job, often, you will find that you have enough savings or cash flow to cover the costs with home ownership. To figure out how much to budget on a monthly basis, add additional costs including property taxes and condo fees to your mortgage to determine the final number.
It’s important that when you’re buying a home that you really enjoy the neighbourhood or city that you’re choosing to live in. If you haven’t found a neighbourhood that excites you, it may not be time for you to buy yet. Purchasing and selling real estate comes with plenty of transaction costs that add up quickly if you aren’t planning on staying for a long time. Buy a condo in a place where you can see yourself staying for at least 5 years to get the most for your money.
Tired of Being a Renter
Are you tired of being a renter? Then its time you start looking for your own home. If you have enough financial stability to pay for your own place, then it’s time to stop paying someone else’s mortgage. Enjoy the comfort of your own condo and the ability to freely make changes to your space.
Are you ready to buy a condo? If so, then contact Vondos! Our team will guide you through our simple process to get VIP access to the hottest condos in Vaughan.