At the real estate office of Nancy- Jo & Iain Gurr, we are real estate agents who have helped hundreds of people purchase real estate throughout the Georgian Bay area. Thanks to this experience, we have a few tips to offer you if you are interested in buying a new home in the future.
- Set a budget—As your real estate agents, we cannot stress enough how important it is to set a budget for yourself, whether it is your first time buying a home or your fifth. Determine how much you can afford your mortgage payments to be every month, and do not forget to account for extraneous expenses, like homeowners insurance.
- Know how much closing costs will be—When you purchase a home, you will need to pay closing costs and a down payment on the property. As real estate agents, we recommend putting down 20 percent on the home. Additionally, closing costs are usually about 3 percent of the total loan amount.
- Research your utilities—If you are moving into a larger home, or into a home that is older than your current one, find out what your utility bills will be like based on what energy costs are like in the area.
- Manage your debt carefully—After you move into your home, it may need new appliances, a new roof, or another major repair. Be wary of carrying too much debt so you can avoid missing mortgage payments.