When is the right time to buy a house?
With the COVID-19 pandemic still going on and the housing market changing so drastically, it’s hard to know when that perfect time to invest in a house really is. The House Team’s goal is to keep you informed and prepared to make the wisest investment decision when it comes to buying a new home.
Are you a first-time home buyer in the Quinte area? Below are five strategies that could make the difference between the best decision or the worst decision of your financial life.
Get pre-approved (correctly) before moving forwardThe importance of gaining a pre-approval is huge, but it is increasingly important to ensure that the process is done correctly.
Not sure what is involved in the pre-approval process? You will need to provide the following documentation:
- - Proof of Income
- - Proof of Assets
- - Good Credit Score
- - Employment Verification
- - Other Important Documentation (i.e.. SSN, driver’s license, credit report)
- Contact The House Team today for your pre-approval (link)
Crunch some numbers and know what you’re up againstDetermine what you can afford. Understanding your own finances, as well as your financial struggles, is incredibly important in order to ensure that you are making a sound financial decision. This will most likely be the largest investment you have made yet, but it is important that you are not stretched too thin.
Not sure what you can afford? Let us help you to create a realistic housing budget that falls within your financial capacity. Buying a house is going to majorly downsize your bank account, however it can be done wisely and comfortably if all angles are examined beforehand.
Do some forecasting and future proof your investment decisionYour current financial state is the immediate thought of new home buyers, however, before purchasing a home it is crucial that you do some future proofing. This has to do with your family plan, your goals, your location, renovation plans, unexpected expenses etc.
Obtain and understand local market dataOnce you know where you stand financially, it’s time to begin the process of understanding the local housing market data. How is the Quinte housing market performing currently? What are the current interest rates for housing? Are those forecasted to change soon?
The House Team in Belleville understands the changing housing market landscape and is always up to date on any new information for our clients. Contact us to learn more about the housing market in your area!
Get the financial advice you need to make an informed decisionFirst-time homebuyers normally use their parents advice and experience when beginning the process of financing a new home. Although this advice and their experience is extremely beneficial, it is also important to reach out to financial experts who understand the current housing market, your financial state and the potential risks that might not otherwise be known. Get the information and knowledge you need to make the wisest purchasing decision possible. Looking for a mortgage broker to help you navigate this process? We can help!
So, when is the right time to buy a house?
Could it be right now? Call our team at 866 559 5016 or fill in the form below to get in contact with us! We look forward to helping you achieve your dream of homeownership!
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