First Time Home Buyer
First-Time Home Buyer?
Are you a first-time home-buyer? You might have a lot of questions on your mind. But you have come to the right place — we have answers here! Buying a new home comes with its own set of responsibilities — mortgage, taxes, home maintenance — to name a few. But there is great satisfaction in having a place you can call your own! So without further ado, here are some FAQs for first-time home-buyers.
How do I know if I am ready to buy a home?
Buying a home requires you to be prepared to invest time and money in maintaining it over the years. So it’s important to factor in the recurring costs that will come up in the future and not just the current cost of buying the house. If you feel prepared for this, then you are ready to buy a new home.
How do I figure out how much I can afford?
The most important factor in deciding this is your income. If you end up having to dole out a major chunk of your income every month just to pay your mortgage, you might end up regretting your decision. So it’s always better to go for a more reasonably priced dwelling as compared to your income.
What should be my debt-to-income ratio?
To put it simply, your total debt should not be over 40% of your income. And your housing debt should not be more than 32% of your income. What you can buy with this debt will, of course, vary from place to place.
What are some of the finer details to pay attention to?
Once you buy your home, you might get saddled with responsibilities like mowing your lawn, cleaning out the gutters, putting out the garbage at a specific time, and so on. You might be okay with these responsibilities or you might prefer to avoid them. Either way, you can speak to your real estate agent in Calgary and get clarity on these items before finalizing your purchase.
Alberta Homes Team specializes in helping first-time home-buyers make the best decision — we give you a wide range of options in the neighbourhood of your choice and provide you with all the information you need to make an informed decision.
Contact us now for more details if you are a first-time home-buyer!