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Costs and Considerations when Buying a Winnipeg Home

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

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

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

the right one for them.

Buying a home is a complex and personal progression.

The wrong choice can be very costly in numerous ways - you could waste

money, lose time and effort relocating, and possibly  put your

family's health in jeopardy.

You should consider the following things when considering purchasing

your ideal.

Choosing a Neighborhood

You can always renovate a house but when choosing your

neighborhood, it could take years to change with no guarantee it will

change for the best!

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

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

renovating your home.

Renovations can be very expensive so you will want to make

improvements that will increase the value of your home.

Your return on renovations would be as follows: the kitchen 70%,

bathroom 68%, interior painting 65%, exterior painting 62%.

Tips on choosing a desirable neighborhood:

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

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

Do the people seem friendly?

Are there amenities like stores and recreation facilities close by?

If you have children, call the local school board. You will want to know

if the local schools provide high level of education opportunities?

Determine the amount you can afford to pay for a home: Consider how much your monthly costs are

now and how much you have leftover every month.

People tend to create budgets are not realistic – so what ever you left over, take

half of that.

Consider these basic costs of buying a new home:

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

the home.

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

net income.

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

inspection done. This will cost you approximately $250.  Ask the

inspector to check for asbestos, radon, animal infestation and lead.

What are your moving costs going to be? This can be couple hundred to

several thousand dollars.

You are going to need house insurance as well.

Financing Your Home

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

How much do you have saved for a down payment

How much is your combined annual income?

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

will need two years of assessments and returns.

Your credit rating could make or break your dreams. Go online to

equfax and transcredit and request your credit bureau. Find out where

you stand credit wise.

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

Make sure your payments are made on time.

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

credit score can effect your ability to get a mortgage or the interest rate you have to pay on your mortgage.

Getting pre-Qualifed

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

Winnipeg home to purchase.

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

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

get from you.

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

because when they do the final approval if they find out that you

were not accurate about your debts for instance you could be refused a

mortgage by that lender.

And if you are dealing solely with a bank you will have to start the

process all over again.

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

advantages.

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

the paper work.

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

be confident and go about the process of  finding your ideal

Winnipeg home!

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

to invest in a home.