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Preparing to Buy?
Buying a home is one of the biggest financial and lifestyle decisions
you will make. It makes sense to do plenty of research about the buying
process and the property market before you plunge in.
Tips for preparing to buy:
- Be realistic about how much you can afford. Ideally mortgage payments should not be more than 36% of your monthly expenses. Talk your options over with a financial advisor before committing to a loan.
- Shop around for a mortgage. There are many different loan types and credit providers and you could save yourself thousands of dollars by doing your homework.
- Research neighbourhoods. Which neighbourhood you choose is just as important as which home you choose. Contact the local council and find out about transport option, schools and educational opportunities, recreation, development plans for the area. This is a crucial step that is often overlooked.
- Inspections. Pre-purchase property and pest inspections are advisable so that you know as much as you can about the condition of the house or property before you buy it. They are helpful so that you can have a realistic understanding of problems and how they will affect the property over time. You may even be able to use the information to negotiate a lower price!
- Don't sign anything before you have sought out independent legal advice.
