If you are considering purchasing a house, you may be undecided about the type of home you want. Some first-time buyers dive right in and opt for their dream home, but a number of folks are more cautious. As a result, the guarded home buyer may live in one or more starter homes before settling into a keeper. As a Mississauga real estate agent for more than 25 years, I can offer some suggestions on how to know which option is right for you and your family.
Before you decide which type of house you want, it’s a good idea to factor in every aspect of the associated finances. A starter house is best if you have limited resources for a down payment, taxes, utilities or maintenance expenses. However, if you expect to increase your earning potential in the near future, you may be better off purchasing one house rather than trading up on several starter homes. Buying one house means paying only one set of closing fees as well.
Also, if housing prices and mortgage rates are low, it may be more savvy to look for a larger house from the start.
Starter homes often need renovations, so factor in these costs. Some improvements can add to the resale value of a home, but if you move too soon, the renovations can be detrimental to your finances. A larger home affords you the opportunity to remodel little by little. If you plan on expanding your family, this may be the most viable option. However, a larger home may mean a more expensive mortgage, which can hinder spending.
When making the decision to buy a temporary or permanent home, it’s important to consider your needs, the needs of your family, your financial status, and the available mortgage options. Purchasing a home is a major commitment, and I can help you determine how far you should stretch your budget. With 25 years of experience in real estate, Sam has the expertise to assist you with finding and purchasing the house of your dreams. Visitwww.mcdadi.com for more information or call me at 905-502-1500.