Real Estate Buyers Guide
Why buy a home? History shows owing a home is a good investment. Over the last few years in Canada homes have appreciated considerable, adding substantially to the net worth of home owners. And, like any good investment, your principal residence is exempt from capital gains taxes. A win/win opportunity!
Arm yourself with information before you sign on the dotted line. Before you start looking, ask yourself the following questions:
- Can you really afford it? Do you have 5% of the purchase price for your down payment? (More is even better.) Are you ready to commit financially to buying a home or are there other priorities at this time, like starting a new business, that will use up your available cash?
- Is your job and home life stable? Buying a home and moving can be expensive and it's smart to have the time to build some equity before you have to relocate.
How do you know what price range you should be considering for your new home? Your Re/Max real estate agent can help you figure this out, or you can check out the Re/Max mortgage & affordability calculator to help you determine the maximum monthly payments you can afford which in turn determines how much of a mortgage you can carry.
Check out the Re/Max mortgage & affordability calculator.