New Home Buyer Pros/Cons/Solution
Being a new home buyer is fun and at the same time not fun. At this stage you do not know what you do not know, which can build stress and anxiety.
1. Searching for your dream home.
2. Going out with a Realtor and finding your dream home.
3. Signing offers
Not Fun Part
1. Getting a real mortgage approval with all conditions removed.
2. Getting a home inspection and understanding the results.
3. Analyzing the real costs of home ownership. It's more than just a mortgage payment! You have to include taxes, strata, utilities maintenance etc.
4. Figuring out your real down payment requirements at the time of closing. It's more then your down payment! You have to include GST, property transfer tax, legal fees and adjustments from the seller etc.
The Very Not Fun Part
1. Being pressured into a property you ended up not liking.
2. Buying a property that you cannot afford.
3. Putting down 5% down and paying CHMC fees, when 20% could of been possible, avoiding the CHMC fees.
4. Setting up a normal mortgage when you could of set up a re-advanceable mortgage.
5. Not considering properties with income suites.
Your team is your solution. I would say there is a three step process for purchasing your dream home.
1. Find what you love with your heart.
2. Question and Analyze with your brain.
3. Question and Analyze with your teams brains.
I have clients who found what they love, built a financial plan around that property and now live in 600k properties with $0 out of pocked monthly expense.
Sounds crazy, but it is possible.