Thinking about Buying
What is your goal?
Determine what your wants and needs are. Don’t forget to think about:
Where will you be in 3 or 5 years?
Location
Important activities in your household
Things you can and can’t live without
Make the call!
Always start by finding out what you can afford. Call a trusted mortgage agent to get pre-qualified before shopping. If you’re selling too, make sure you contact your lender to find out what penalties you may incur BEFORE going onto the next step. Penalties can be huge and may impact your bottom line and make moving no longer affordable.
Rent or buy?
Renting
Cons
Monthly payments may increase year after year
The risk that your lease won’t be renewed
You are paying someone else’s mortgage rather than building equity of your own
You can’t paint or remodel without the landlord’s permission
Pros
Less maintenance and repairs
Lower monthly and upfront costs
Shorter-term commitment, making it easier to move to a new home, neighbourhood or city
Protection from decrease in property values
Possibility to free up cash to invest or to save a larger down payment for a home
Buying
Cons
The risk of financial loss if your home has lost value when you sell
Responsibility for all ongoing costs including mortgage principal and interest, property taxes, insurance and maintenance
Monthly payments can increase significantly if interest rates go up at renewal time
Possibility of unexpected and potentially costly repairs
Pros
Freedom to renovate or modify your home as you wish
You are building up equity in a safe, secure investment as you pay down your mortgage
Potential for rental income if you include a secondary suite
Stability and peace of mind that comes from being in control of your investment and owning the place where you live
When is the best time to buy?
Each Season Brings It's Own Pros And Cons
Fall - September to November
Winter- December to January
Spring - February to June
Summer - June to August