(NC)—More than ever before, first-time homebuyers are considering housing affordability. “We want consumers to be comfortable with the
financial responsibilities of owning a home, so it's important to
determine what you can afford in order to maintain a reasonable
lifestyle once you've made the leap,” says Phil Soper, president of
Royal LePage Canada. To assess if you are ready for homeownership, Soper
offers this guideline:
1. Determine your net worth.
Take your assets (earnings, investments, savings, vehicles and other
items you own) and subtract your liabilities (car loans, lines of
credit, overdrafts and credit cards). A positive number is a good sign
that you may be ready to purchase your first home.
2. Hire a real estate agent. Top
agents have extensive experience and demonstrate dedication and
commitment to helping their clients. Ask your family and friends for a
referral, or explore real estate websites (such as www.royallepage.ca)
to read profiles on agents, including their areas of expertise and
languages spoken. A real estate agent will have knowledge of accurate,
real-time market data to leverage your negotiating position, as well as
access to properties often even before they are listed.
3. Make a list of your basic needs.
Is it important to you to be close to transit and amenities? Do you
intend to grow your family or do you have a need for extra space?
Determine the factors essential to you in a home and which ones you may
be able to live without. This will help you narrow your search and
choose a home that is within your financial means. www.newscanada.com
