August 22, 2022

Home Buying Preparation 101

Buying a home is likely the biggest transaction you will make in your life and it’s important to be prepared before you begin the process. Here’s a checklist of some things you need to do before you buy a new home.

Budget — knowing how much you can afford will help you determine factors such as your monthly mortgage payment, the size of your down payment, the type of mortgage you qualify for, interest rates and more. To guarantee that you’re financially ready to move or buy a home, you’ll need good credit, cash to close, and a verifiable income.

Additional costs — aside from knowing the price of a house you can afford, don’t forget to factor in closing costs! Closing costs can include lawyer fees, any renovations or upgrades you wish to make, property tax, homeowners insurance, and miscellaneous one-time costs. These vary depending on where you live but expect to add addition costs of the home onto the final price.

Get pre-approved for a mortgage — shop around for a mortgage lender to see how much you qualify for, rates and to confirm how much you can afford. Once you’ve selected your lender, its important to secure a pre-approval so you can prove you can purchase a home. Keep in mind this doesn’t guarantee that you’ll actually get approved for the loan when you go to buy a home, it only presents you as a serious, qualified buyer before the purchase.

Create a wishlist — once you get your finances sorted out, its time for the fun part! Sit down and make a list of what exactly it is that you’re looking for. It’s helpful to divide your list into three categories: nonnegotiable features (old or new build, number of bedrooms, neighbourhood), nice to have’s (fenced yard, home office, finished basement), and dream features (swimming pool, theatre room, workshop). This will help you and your Realtor refine the search criteria and start looking for a home that is right for you.

Purchasing a home is exciting, but there are several factors you must consider before you begin your homebuying journey. When you’re ready to purchase the home of your dreams, contact one of our Sales Representatives to see which Huron Creek Developments community fits your wishlist.


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