It’s about the numbers

Buying a home can sometimes be a very emotional decision. This is where you will be spending a great deal of your time so you want to get as many things right as possible. However it is also a good idea to take a step back and examine the numbers, because long after the initial honeymoon phase wares off you will need to be able to pay your mortgage and take care of the upkeep.

This is more important today as most listings are going with multiple offers and for well over asking prices. So buying that 399K listing for 525K will only make sense if you plan on staying there for a long time. This will give you ample time to pay down the morning in the event there is a market correction suddenly leaving you owning more than your property is worth. These corrections will not matter so much if the plan is to make it your forever home.

So look at everything from your mortgage payment, see if there is any deferred maintenance that needs to be tackled in the next few years and how much that will cost you. As well look at creating a home repair emergency fund as things do happen from tree’s falling on your roof or springing a leak in the basement. Are you planning on starting a family and the costs associated with that and will this be the perfect place to raise your kids and or pets. Lastly that vehicle that you are driving is it getting up there in Km’s and what will it cost you to replace it. The last thing anyone wants to be is house poor so look at all the numbers.

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell you that I am licensed in Nova Scotia Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

p.s.s.s You can download my new mortgage app here