It’s an exciting time in your life – you’ve decided to purchase your first home!
If you have started the process of researching the housing market, then all of the involved details like lenders, rates, and resale value might be giving you a headache. Here are five points to carefully consider before calling Mississauga Movers to box up your things:
1. Look at Mortgage Rates
What’s the difference between 4.5 and 2.8 percent interest? Quite a lot, actually. This rate affects how much you’ll be paying for the house over time: the lower the rate, the lower your monthly payment will be.
2. Decide on a Price Range
You’ve got to keep your budget in mind, so you don’t want to take on a payment you can’t afford. There are several free “mortgage calculators” online where you can generate an estimate of your mortgage budget based on the overall cost of your house, your down payment, and lenders’ current interest rates. Once you’ve put in the information, it will calculate your monthly payment.
3. Investigate the School District
Ok, so you might not have kids yet. Are you planning on staying in your new house for a few years? If you are expecting that you’ll have a family somewhere down the line, you’ll want to plan ahead – a few miles might mean the difference between an award-winning school district and a not-so-great option. Don’t have (or plan on having) kids? This still affects you. If you plan on reselling your house someday – even if it’s far off in the future – new buyers might favor homes in good school districts for their own children.
4. View a Lot of Homes
This should go without saying, but it’s especially important for first-time buyers: look at several homes before you choose one. Even if you think you’ve found your dream home straight out of the gate (and you might have) make sure to see a few more before finalizing your choice.
5. Research Moving Companies
Once you’ve done your due diligence and solidified your budget, picked a great house, and closed the sale, it’s time to move! Hopefully, you’ve researched moving companies before it’s time to pack boxes, but if not, there are several companies that can help you move quickly.
Don’t let the details scare you away from buying a new house. Take away the stress by planning ahead – after you receive the keys to your new home, you will be thankful you did!