Since little, we all dream of finding a place to call home. In our ideal life plan, we would get an education, hold down a steady job, travel the world, and play with life before settling down with a beloved partner and making a home for ourselves. Home ownership is placed near the end of our young adulthood and is a key part of a good long-term financial strategy. With the right partner by your side to support you and a good financial standing, home ownership is not out of reach, regardless of your age. To see if you are ready to make a life-changing decision, we recommend you to ask yourself five questions before you dive into the realm of Kitsilano homes for sale:
Question 1: Why do you want to purchase your own property?
Figuring out the reason for you wanting your own home is critical before you explore the options. Do you want to be a landlord, or do you want to live in it? Knowing the purpose of your home will help you plan ahead and manage your expectations/criteria. Furthermore, it will help determine what kind of financial plan you will need to suit your short- and long-term goals.
Question 2: How much can you afford?
Before you lay out your wants and needs, it is essential to figure out how much you can reasonably afford. Your income, expenses, assets, savings, and debts will need to be evaluated. Meeting with a financial advisor will provide you with insights you can never acquire by going over your own inventory by yourself.
Question 3: Have you factored in other costs?
Buying a house is more than just a down payment and a large mortgage. Additional and future costs such as property taxes, insurance, realtor fees, maintenance, can all add up, digging deeper into your pockets. Taking into consideration these ongoing costs and taking the steps to counter them is a top priority.
Question 4: What kinds of loans can you get?
Your financial history will play a huge role in qualifying you for the home loans particular to your needs and wants. Lenders will look at your background information such as employment forms, tax returns, and credit ratings. Making sure that you have these important self-checks ready will expedite your loan processes and garner you higher loans.
Question 5: What is your five-year plan?
While you might be financially ready to purchase a property, it may not necessarily also be the best choice given your current aspirations and ambitions. What if your work will require relocation in the future? Is there any chance that you will re-enter school? If you suspect that you will have to change your current situation within five years, then perhaps you are not ready to settle down just yet.
Asking these questions and finding out the answer will help gauge whether or not you are truly ready to own a home. When you feel that you are ready to own a home here in Kitsilano, we would be happy to help you. Simply refer to our listings.