Buying a home is one of the biggest emotional and financial decisions you’ll ever make, so prepare yourself to make a knowledgeable decision.
Although buying a home almost always seems like a great idea, it is important to understand what homeownership involves. Of course, being a homeowner is something to be proud of but it also means having to invest money, time and energy and take on added responsibilities. So, before you decide to buy a home, make sure you’re ready.
Here are some things to consider:
- Financial Security. If housing prices rise, your home can provide you with some financial security due to capital appreciation.
- Stability. Having a place of your own.
- Financial Stress. Coming up with the down payment, meeting regular mortgage payments and other ongoing costs will tie up a lot of your cash, and can put considerable stress on your finances.
- Maintenance. Keeping your home in good shape requires time and money.
- Responsibility. You alone are responsible for payments, repairs and maintenance.
- Flexibility. You can decorate or renovate your home to meet your own family’s personal tastes and needs.
What is your down payment?
Your down payment is the portion of the home price that is not financed by the mortgage loan. The buyer must pay the down payment from his/her own funds or other eligible sources before securing a mortgage.
What is your mortgage payment?
Your mortgage payment is a regularly scheduled payment that is often blended to include both principal and interest.
What are property taxes?
Property taxes are charged by the municipality where the home is located based on the value of the home.
Now that you have an idea of what to expect, with a little careful consideration it should be easier for you to determine if homeownership is right for you.
Still have questions?
If you still have questions, our home ownership experts are available to offer advice and help answer your questions at your convenience. You can contact us by phone at 416-679-9799 or toll free at 1-866-993-0099 end_of_the_skype_highlighting or by email at firstname.lastname@example.org