Conversation Starter

Buying a home – it’s a big deal and a huge decision to make with a lot of factors that play into it. If you’re in our current rental market, chances are you’re paying a pretty penny every month so why not take the next step and use that money to pay your own mortgage? Let me expand on that.

Let’s start the conversation… It’s important to understand the pros and cons of both options before making a decision. 

Renting

When it comes to renting, one of the major benefits is the flexibility it provides! You can typically move-out with only one months’ (30 days) notice and don’t have to worry about the costs of maintenance, repairs and in some cases, outdoor maintenance (depending on what type of property you are renting). On the flip-side, you don’t have the permission to make any aesthetic changes to the property as you see fit and if you do, you could lose the damage deposit that all landlords take for such cases. That said, with approval from the landlord they may allow you to renovate, paint and make certain changes, but it’s at your own cost and not an expense you can recover when you leave that rental. In other words, you’re paying to put equity into someone else’s property

Home Buying

There are some great advantages to buying a home. Owning a home gives you full control over your property and you can make changes as you please. All renovations and upgrades will benefit you in the long-term and increase your property value. All good news! Depending on your lifestyle and employment, you may be able to benefit from tax deductions, an example is if your residence is also your home business. 

A disadvantage for some; a home can be a costly investment and as a homeowner you are responsible for all maintenance and repairs. It’s wise to have a ‘house savings’ for any major repairs or upgrades you’d like to do. Another con to home ownership is the inability to move quickly, should your lifestyle require it. 

Finding Your Dream Home – How I Help

During our initial conversation, I’ll detail all of the things you’ll need to do and documents you’ll provide. The first item on the list is your down-payment. Depending on your budget and the price of your home, your down payment will start at minimum 5%. If you’re unable to come up with that, I can help and give you options! All employment documents will be collected to have you pre-quality.  

Next Steps?

Once we know the amount you are eligible to borrow, we’ll set you up with one of our amazing Realtors we work with and then send you on your way to find your dream home!

It’s so important to do your research and consider all the factors before making a major decision. We’re here to help, it’s a full-cycle process and we’ll walk you through each step.

To set up a meeting or if you have any questions, please contact us! 

Patricia McKean