Posted 5.20.13 @ 11:10
No matter how upscale your neighbourhood is, no matter how much you may have paid for or are willing to pay for your Oakville luxury real estate, you probably have a kook in your neighbourhood. Yes, that person. The one that could tank your condo or home loan. Did you know that you’re not the only thing that’s affecting how much you get for your next mortgage? It’s true! Appraisers looking at properties aren’t just looking at the inside of the condo when they’re determining the value. Let’s go over what the neighbours could mean for you.
It’s Not Just Kooky Neighbours
Strange neighbours can skew the numbers for sure, but when it comes to condos and communities it’s more about just who the neighbours are. Are most of the properties emptied out? If so, that’s never a good sign. How many people in this condo building actually own their unit, versus how many of the occupants are just renting? If you don’t know the answer, the appraiser is going to work it out, and it’s probably going to bring down how much they’re willing to lend you for a property.
It’s Not Just About Your Credit Score
But it does play a part. Credit history, your credit score, how much debt you have versus how much income you have are all things that your lender is going to look at before they lend you any money. Since you’re looking at Oakville luxury real estate, you’re probably in a good place financially – but if not, you could have a long road ahead of you! Checking out your credit report ahead of time and handling any erroneous information could help you put a stop to problems before they start.
It’s Not Just About the Condo or House
It’s about everything around it. How much does the condo have on hand for emergencies? If they’re running low, the lender is going to bump down how much they’re willing to lend you to buy this property – or even worse they could the kibosh on it indefinitely. Even if you’re a perfect borrower, if you’re trying to invest in a bad building you’re not going to be able to get the financing you need to make it all work out.
It’s All About Location and Proximity
You want the building or community to be in a prime location – maybe not so prime that you’re paying $80m for your next home, but not so low that all those luxury upgrades you install are all for naught when it comes time to sell it down the road. You need to know that it’s near other successful communities that aren’t going to bring down the property values and your equity stake.
Working with us you’ll have all the information you need to buy the right Oakville luxury homes for sale, no matter what you’re looking for. Because after all, you want a home, not just a house. Call today and see what the Goodale Miller team can do for you.