10 Things to Purchasing
There are those special moments that seem to supersede everything else. And then there is the frame you put around those moments. That is what a home represents. It houses the many memories we design for ourselves. It provides a stage on which we celebrate holidays and host the family we choose. It’s a place to escape to when life becomes tough and it is a red carpet to welcome the world to a door that is ours to show. A house is not just where you live, a house is where life happens. And that is why purchasing a home is so much more than a financial decision. It’s a decision on the story you wish to tell about you for today and tomorrow. And so here are 10 things you might not yet be thinking about when choosing that first or next home. 10 Create a team worthy of you. You deserve nothing less than to surround yourself with a team who will truly listen to what’s important to you. Seek out a Financial Advisor and Realtor who share in your excitement while having the expertise to show you options that you may not have previously considered. Invite along the informal advisors in your life (family, friends) but choose wisely sharing what is important to you in a home. Ask your team to be honest, transparent, and, most importantly, ask you the kind of questions that help you think differently. 8 Paint Your Financial Present. To frame the future, we first need to paint the present. The right financial advisor can help you with this. Reflect on your financial picture. How much have you saved for a down payment? How often are you paid? Do you receive variable pay like tips, overtime, bonuses? 9 Define the Dream. If your team were to ask, would you be able to articulate the dream? What is your timeframe for purchase? Is this your ‘for now’ home or your forever home? Do you want your home to be a gathering place? When defining the dream, think not only for now but for later as well. We tend to think only about our needs for right now. On average, Canadians move every six years. Go beyond today and permit yourself to dream three to five years down the road – pets, a growing family. What brings you joy today and what would you need to meet your needs for tomorrow?
Frame Your Financial Future. The purchase of a home goes well beyond the purchase price. We need to think about the dream and what we would need to invest in the property inside and out to bring us closer to the dream. It can be daunting to answer the question “How much you would like to spend on a home?” Consider working backwards. Consider what your budget allows in a monthly expense. What amount would you be comfortable paying each month including bills? What is your goal to have this mortgage paid off? What would be your plan if there was income disruption?
7
Powered by FlippingBook