Everyone wants to buy a home, but are you ready for it? Do you know what all goes into buying a home? With Canadians buying homes for the first time in record numbers, it’s important to understand what home ownership really means before signing on the dotted line.
What You Won’t Need
Many blogs will tell you what you need, but no one tells you what you won’t need! Take a quick look at this list to see if any of these apply to you:
You Won’t Need a Big Down Payment: A large down payment isn’t always as important as you might think. You may want to consider doing it to avoid having to pay out each month for private mortgage insurance; this normally may be waved after you’ve gained a certain amount of equity (30-35%) in the home.
You Don’t Have to be A Home Buying Expert: Many people think you need to know the ins and outs of home buying before you even start looking for a home, but that’s what we’re here for! You should of course do research on your own, but you’ll also want to leave some of the heavy lifting up to us.
Look Before You Leap
There are many great luxury Oakville homes for sale, but you will need to take a closer look before you buy. With one of our talented Oakville real estate agents you’ll be able to look at comparable homes in the same neighbourhood to see what they offer and what they’re going for. Just because a home is the most expensive on the block doesn’t necessarily make it the best.
Do You Want to Maintain It?
Some homes are great in an abstract dream sort of way. They’d make great magazine covers but you may just not want to live in it! What keeps a high value luxury home is maintenance, and you have to decide whether or not the maintenance is something you’re interested in. Those vast rolling greens have to be sewn and tended, stables need horses and lots of food and all this takes time and maintenance. Consider whether or not you really want to deal with all that.
What are the Taxes Like?
Don’t be afraid to ask how much you’ll be expected to pay quarterly or yearly on taxes for this property. It’s not uncommon for a seller to get the home appraised for a little less so buyers think they fall in a lower tax bracket. Make sure you have a realistic estimate of the value of the property and if the good deal is as good as it seems.
Buying a home is a fantastic investment, but you have to make sure you’re ready. Don’t get emotionally invested before you’re sure that the house will fit the bill for everything you need. We’ll make your Oakville luxury home buying experience a fun and easy one!