This would depend on your income, the area and type of home you want to buy and the market conditions at the time of your purchase.
When it comes to budgeting and calculating what you can afford, remember to think about utilities, property taxes, condos fees and any other major debts you have outstanding that you may be currently paying down on. As well, your monthly cost to carry your home should not exceed more than 35% of your income. Try to keep your search limited to what you can afford so you’re not looking outside of your budget which can tempt you into a home that you cannot afford. Buying outside of your budget could result in your losing your home.
When it comes to selecting an area keep in mind that the more local amenities, public transportation and attractions there is, the higher the property value will be. This means more expensive homes with higher taxes.
As far as market conditions are concerned it would depend on whether it’s buyers, sellers or a balanced market at the time.
If you have read my other posts on getting started than you know I can guide you in the right direction as far as saving and preparing yourself financially for this venture. A little help from the right professionals like a financial advisor or a mortgage specialist can make the difference in you getting into your home.
I have much more detailed information for you on getting started with buying your new home, what exactly a financial advisor can do for you and at what cost right here! With the right real estate agent on your side you can’t go wrong! If you’re ready to ask some questions or to get started now send me a message or give me a call right away!
Your Ajax Whitby Real Estate Sales Representative
Molena Gould
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About Molena
