Are you a first-time home buyer in Saskatoon or Warman and eager to get into the market? Here are some basic steps to take to help you decide whether you're ready to take the plunge. Purchasing a home is a major decision and most people start by falling in love with a specific property before knowing if it is even a feasible purchase for them.
Losing the home you had your heart set on can be very discouraging. Before talking to a Realtor, here are a few steps to ensure you are not disappointed when you find the right home for you.
1. Check the selling prices of comparable homes in your area. You can also do a quick search of actual MLS listings in your area on a number of Web sites.
2. See what you can afford. Talk to your bank or a mortgage broker who will look at your financial situation and help you to know what kind of housing will be within your price range.
3. Find out what your total cost of owning a house will be. Many buyers look only at the mortgage cost, but forget things like, including taxes and homeowners insurance which are additional costs. Even a basic budget can help you to know what your monthly expenses will be.
4. Get estimates. A good idea once you know what kind of mortgage you can afford, is to get quotes for things like property tax and home insurance. To estimate property tax, you can check out home listings in the area you are interested in along with homes that are within your price range. Property Tax information is listed with the property info. To get an idea of what you'll pay in insurance, make a call to a local insurance agent for an estimate, based upon these same homes you’ve identified as possibilities.
5. Find out how much you'll likely pay in closing costs, like Land Titles searches, lawyers (which are required), Mortgage closing fees, etc. Discuss these fees with your lender before committing to purchase.
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Once you have these details and feel comfortable with what your monthly costs will be contact Marla Janzen from Century 21 Fusion, in Saskatoon and Warman, at www.marlajanzen.ca to find exactly the right property for you.