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Costs and Considerations when Buying a Costs and Considerations when Buying a Winnipeg HomeWinnipeg Home

"Home is an invention on which no one has yet improved." "Home is an invention on which no one has yet improved." - Ann Douglas- Ann Douglas

When people are in the early stages When people are in the early stages of their search for a home, they of their search for a home, they

often  purchase without considering often  purchase without considering all of the aspects that makes a home all of the aspects that makes a home

the right one for them.the right one for them.

Buying a home is a complex and Buying a home is a complex and personal progression. personal progression.

The wrong choice can be very costly The wrong choice can be very costly in numerous ways -in numerous ways -

You could waste money,You could waste money,lose time and effort relocating, and lose time and effort relocating, and possibly put your family's health in possibly put your family's health in

jeopardy.jeopardy.

You should consider the following You should consider the following things when looking to purchase things when looking to purchase

your ideal home.your ideal home.

How To Choose a NeighborhoodHow To Choose a Neighborhood

You can always renovate a house You can always renovate a house but when choosing your but when choosing your

neighborhood, neighborhood,

It could take years for your neighborhood It could take years for your neighborhood to change with no guarantee it will to change with no guarantee it will

change for the best!change for the best!

However, if you really love an area of However, if you really love an area of town but it's not in your price range town but it's not in your price range

you might want to contemplate you might want to contemplate buying a less-than-perfect home and buying a less-than-perfect home and

renovating your home.renovating your home.

Renovations can be very expensive Renovations can be very expensive so you will want to make so you will want to make

improvements that will increase the improvements that will increase the value of your home. value of your home.

Your return on renovations would be Your return on renovations would be as follows: as follows:

the kitchen 70%the kitchen 70% bathroom 68% bathroom 68%

interior painting 65% interior painting 65% exterior painting 62%.exterior painting 62%.

Tips on choosing a desirable Tips on choosing a desirable neighborhood:neighborhood:

When you find a neighborhood you When you find a neighborhood you would consider living in, walk would consider living in, walk

around and see what it's like from around and see what it's like from street level.street level.

Do the people seem friendly?Do the people seem friendly?

Are there amenities like stores and Are there amenities like stores and recreation facilities close by?recreation facilities close by?

If you have children, call the local If you have children, call the local school board. school board.

You will want to know if the local schools You will want to know if the local schools provide high level of education provide high level of education

opportunities?opportunities?

Determine the amount you can Determine the amount you can afford to pay for a home:afford to pay for a home:

Consider how much your monthly costs Consider how much your monthly costs are now and how much you have leftover are now and how much you have leftover

every month.every month.

People tend to create budgets which are People tend to create budgets which are not realistic – so what ever you calculate not realistic – so what ever you calculate

you have left over, divide that in two.you have left over, divide that in two.

Consider these basic costs of Consider these basic costs of buying a new home:buying a new home:

Your going to require a down Your going to require a down payment of at least 5% of the cost of payment of at least 5% of the cost of

the home.the home.

Monthly mortgage payments should Monthly mortgage payments should not be more than 1/3 of your annual not be more than 1/3 of your annual

net income.net income.

When making an offer on a home, When making an offer on a home, you may want to have a home you may want to have a home

inspection done. inspection done.

This will cost you approximately $250.  This will cost you approximately $250.  Ask the inspector to specifically check Ask the inspector to specifically check for asbestos, radon, animal infestation, for asbestos, radon, animal infestation, lead, knob and tube wiring, the roof and lead, knob and tube wiring, the roof and

especially inspect the foundation for especially inspect the foundation for major cracks and leaks.major cracks and leaks.

What are your moving costs going to What are your moving costs going to be? be?

This can be couple hundred to several This can be couple hundred to several thousand dollars.thousand dollars.

You are going to need house You are going to need house insurance as well.insurance as well.

Financing Your HomeFinancing Your Home

The sort of home you can afford The sort of home you can afford depends on several things:depends on several things:

How much do you have saved for a How much do you have saved for a down payment?down payment?

How much is your combined annual How much is your combined annual income? income?

You will need your pay stubs, tax You will need your pay stubs, tax assessment, if self employed you assessment, if self employed you

will need two years of assessments will need two years of assessments and returns.and returns.

Your credit rating could make or Your credit rating could make or break your dreams. break your dreams.

Go online to Equfax and Transunion and Go online to Equfax and Transunion and request your credit bureau. You can get a request your credit bureau. You can get a

free report once a year. free report once a year.

Find out where you stand credit wise. Find out where you stand credit wise. You don’t want any surprises.You don’t want any surprises.

The past has a way of catching up to The past has a way of catching up to you as a new homebuyers. you as a new homebuyers.

Make sure your payments on loans Make sure your payments on loans and credit cards are made on time. and credit cards are made on time.

A few late payments can adversely A few late payments can adversely affect your credit score. affect your credit score. 

A bad credit score can effect your ability A bad credit score can effect your ability to get a mortgage or a lower interest rate to get a mortgage or a lower interest rate

on your mortgage.on your mortgage.

Getting pre-Qualifed Is ImportantGetting pre-Qualifed Is Important

Pre-qualification will give you the Pre-qualification will give you the confidence to start looking for a confidence to start looking for a

Winnipeg home to purchase. Winnipeg home to purchase.

The bank or mortgage broker will do The bank or mortgage broker will do the basic checks and calculations to the basic checks and calculations to

see if how much house you can see if how much house you can afford based on the information they afford based on the information they

get from you. get from you.

Make sure you give them all the Make sure you give them all the information and that it is accurate.information and that it is accurate.

When they do the final approval and they When they do the final approval and they find out that you were not accurate about find out that you were not accurate about

your debts, etc you could be refused a your debts, etc you could be refused a mortgage by that lender.mortgage by that lender.

And if you are dealing solely with a And if you are dealing solely with a bank unfortunately you will have to bank unfortunately you will have to start the process all over again with start the process all over again with

another bank.another bank.

This one of the many reasons why This one of the many reasons why using a mortgage broker has it's using a mortgage broker has it's

advantages.advantages.

If you are refused by one lender If you are refused by one lender they have 10 more they can apply to they have 10 more they can apply to and you don't have to start over with and you don't have to start over with

the paper work.the paper work.

By taking care of these points before By taking care of these points before you start to look at houses, you can you start to look at houses, you can

be confident and go about the be confident and go about the process of  finding your ideal process of  finding your ideal

Winnipeg home!Winnipeg home!

And you will find that the Winnipeg And you will find that the Winnipeg Real Estate market is a great place Real Estate market is a great place

to invest in a home.to invest in a home.

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