Guide to Buying a Home with a Small Budget
by Mashum Mollah Real Estate Published on: 16 May 2017 Last Updated on: 21 October 2024
Looking at Longueuil Real Estate Listings and purchasing a new home is probably one of the greatest investments that you can have in your lifetime. After all, having your own home means having a space that is truly yours – no more rent and no more dealing with landlords and lease agreements. Owning a home is a significant moment and a rite of passage that a lot of people dream of.
Before you get too excited, it is important to take note of the important matters, starting with your budget. I’m guessing you already have a specific budget in mind. The challenge is how to make sure that you strike the right balance when buying your first home. That is, to make sure that you buy a property that is as close to your dream home as possible, but still within the budget that you have set.
Important Features
Make a list of the features that you want your first home to have. For instance, how many rooms do you need? If you are starting a family, it is better to get a house with more rooms than what you need at the moment.
However, if you do not need a lot of rooms, you might want to consider investing in a condo with a balcony and cool amenities such as a swimming pool and other sports facilities. You can also consider a townhouse, instead of a single-family home.
If you have a pet dog, then you would need a home with a yard and a fence to keep your dog within your private property. Learn more about the different types of fences to choose from for your property. Additionally, if you have several pets, then a condo or a townhouse may not be the right type of property for you.
Define Your Budget
This is the most important consideration when buying a home. Determine how much money you have for the down payment. It is also necessary to know the amount of debt that you currently carry, if there is any. Lastly, set the amount of mortgage payment that you are comfortable having to pay on a monthly basis.
If you are buying with your spouse, discuss the numbers and make sure that you both agree. If you are buying alone, you can also ask for financial advice. Once you have set the numbers, discuss your options with mortgage specialists. It is better to discuss with more than one so that you can be presented with a variety of options.
Old or New?
Most people would prefer buying a new house because buying a newly constructed home is more ideal than buying a house that someone else has already lived in. However, if you are willing to consider, you can save up to 20% of the amount if you choose to buy an older house.
Of course, the quality should not be compromised. There are a lot of older homes, which are still in great condition. You just need to work with great agents and mortgage specialists to find an existing home that you can match with the house that you are dreaming of.
There are many other things that you can consider when buying your first home. For instance, there are locations that have a higher price range, but less desirable neighborhoods.
Remember, this is just your first and if you want to stay within the budget, you need to set your must-haves but you must also be willing to compromise. Compromising does not mean you have to buy something that you can afford but do not really want. It is all about finding the perfect house and striking the right balance between personal taste, budget, and practicality.
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