With spring in full swing and interest rates having dropped yet again (see the article on page 3), you may be feeling that now is the right time to buy your first home.
Buying your first home is an exciting time, but it can sometimes be a complex process. It’s normal to feel nervous about taking this step — after all, it’s the biggest purchase you may make in your lifetime — but a professional REALTOR® can help ease your worries and make the journey as smooth as possible.
Make sure you’re ready
Speaking to a REALTOR® as well your financial institution before you start looking for a home can help you determine if you’re really ready to make this move. Ask yourself these questions:
• Are you ready? Be sure. Few joys can match the pride of owning a home, but the responsibility can also come with sacrifices — from the financial commitment to the required care and maintenance. You’ll want to be sure both fit within your current or preferred lifestyle.
• Is your bank account ready? Check it twice. Buying a home is likely the most significant and largest purchase of your life. Do it right with the help of a REALTOR® and avoid regretting taking on more than you should. It’s ideal to have saved up some money and manage any debt. In a couple of easy steps, you can determine how much you can afford.
• Is right now a good time to buy? Markets go up, markets go down and even the most informed experts can’t accurately predict when a market will peak or bottom out. If you’re buying a home as a long-term investment (and for long-term enjoyment), you should be protected from short-term changes in the market. Instead, focus on picking a home that meets your and your family’s needs.
Once you’ve decided you’re ready to buy a home of your own, a REALTOR® can help take care of the rest.
Where do you want to live?
Whether you’re new or native to a neighbourhood, a REALTOR® can help you navigate homes in the areas that best suit your needs and lifestyle. Take a minute to reflect on these popular housing options to help decide what fits you best.
• Urban Sure the prices are generally higher, but you can walk to a restaurant, maybe even to work. You’ll also have the widest range of housing options.
• Suburban Newer schools, modern shopping centres, bigger yards, and bigger homes are just a few of the reasons many people flock to the suburbs.
• Rural Rural living isn’t for everyone, but if you feel that owning a few (or many) acres of seclusion is your idea of heaven, be sure to expand your search beyond the city lights.
• Smaller cities and towns Smaller cities and towns in Canada are dotted with thousands of wonderful self-contained communities and, compared to the big city, you can save a bundle.
What type of home do you want?
Whether you’re building a home from the ground up or giving new life to a home previously loved by others, a REALTOR® can help narrow down the specific type of home that will meet your needs.
• Single-family detached As the name implies, the home is freestanding and not attached to any homes next to it.
• Semi-detached Two distinct houses (with separate owners and lots) that are built side-by-side and share a common wall.
• Duplex A building on a single lot but that is zoned for two families (each with independent access).
• Townhouse Also known as terrace or row housing, they’re identified as homes featuring a common style and joined in a row. They usually share common walls on both sides.
• Condo With a condo, you own 100% of your unit and a share of the common areas. Common areas include the necessary plumbing, electrical systems, hallways and elevators. They may also include amenities like a private gym or pool. On top of the mortgage and property taxes, condo owners also pay a monthly fee to operate and maintain the common areas.
Needs vs. wants
Are you getting out of a two bedroom apartment because you need more space for the family? Then your new home should probably have at least three bedrooms and probably a second bathroom.
REALTORS® call these must-have features “needs.” Features you’d like to have — like a fireplace or attached garage — are called “wants.” Your strategy should be to find a home within your price range that fulfills all or most of your “needs” and as many of your “wants” as possible.
A REALTOR® will also help you by suggesting options you may not have considered. If you were always set on owning a bungalow in a particular neighbourhood, it might turn out that what you really need is a two-storey in a completely different neighbourhood. Or maybe you always wanted a house with a yard, but it turns out that a condo with all the yard-work taken care of for you suites your busy lifestyle much better. A REALTOR® can help you make the right choice.
Selling your current home
If you’re a first-time buyer, getting out of your lease and leaving an apartment is easy. But what if you’re not a first-time buyer and already own a home? If you’re not planning to own two homes at the same time, you’ll need to sell the one you have now. So, do you buy or sell first? Many people are able to time their sale and purchase to happen on the same “closing date,” making their purchase offer “conditional” on the sale of their current home or by extending the “closing period” to give more time to find the perfect home. A REALTOR® can help you decide the best time to enter the market, analyze local market trends to set an agreeable and appropriate price, and help promote your home to potential buyers.
• Seller’s market When lots of people are looking for homes but there aren’t many for sale.
• Buyer’s market When there are many homes for sale but not enough people buying them.
• Seasonality This refers to the fact that winter sales tend to be slower in most markets while spring sales typically speed up.
Using a professional REALTOR® will help you breeze through the homebuying process and ensure that you find your perfect forever-home. Get started by visiting www.winnipegregionalrealestatenews.com to find a REALTOR® to work with today!
— Realtor.ca