Can I Afford to Buy a Home

By
Real Estate Agent with Right at Home Realty Inc., Brokerage

 

Many people would like to start building equity in their own home, but are held back by concerns about cost.  Your first step should be to approach your bank or mortgage broker.  They will give you a realistic idea of what your can afford. 

A mortgage broker is a good way to start.  They can get you the best rates and terms and you only have to get the one credit check.  If you approach different banks and each does a credit check, then you can affect your beacon score and that can affect your mortgage rate.Millcroft Golf Club

If you are renting, check with your bank or mortgage broker and then approach a Realtor to find out what is available in the range that you can afford.  If may cost you less per month to own a home than to rent.

Ignore media reports on home prices.  They take an average, but homes for example in Hamilton can be a couple of hundred thousand dollars less than a home in Toronto.


A Median price means that half the homes sold for more and half sold for less, so if the Median is $400,000, it means half the homes sold for under $400,000.

The average price is the total of all the homes sold and a total of what they sold for divided by the number of homes.  This will give you a very different price than the median. 
 

 

I have experience in the Burlington, Hamilton, Oakville area and can provide a knowledgeable market analysis and show you what is available within your budget.

To view properties for sale on the Multiple Listing service, point your Internet web browser to http://www.burlingtonhomes4sale.com.  For further information, contact Gail Fabiani at Right at Home Realty Inc. 905-637-1700. You may well find that you can afford to own your dream home after all.

 

Posted by

Gail Fabiani, Sales Representative

 

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Right at Home Realty, Inc., Brokerage, 920 Brant Street, Unit #5 Burlington, ON

905-637-1700

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www.burlingtonhomes4sale.com

Comments (4)

Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

I like this blog post.  Yes now is a great time to buy.

Jan 22, 2014 12:09 AM
Janice Ankrett
Janice Ankrett Home Staging - Burlington, ON
Staging Professional

It seems that first time buyers are getting older LOL. They stay home longer, move out and rent and then think about a home of their own and growing equity. 

The light just went on for a friend of my son and he bought his first home.

Jan 22, 2014 12:16 AM
Gail Fabiani
Right at Home Realty Inc., Brokerage - Burlington, ON

It is expensive to get into the market in Burlington.  Much easier if you have something to sell and have good equity.

Jan 22, 2014 12:53 AM
Gail Fabiani
Right at Home Realty Inc., Brokerage - Burlington, ON

Tim, prices keep going up here.  Getting a little harder for first time buyers.

Jan 22, 2014 12:55 AM