How to Calculate a Home Buying Budget

When house–hunting, some factors, like the features of the home, can be adjusted once you've made your purchase, while other factors, like the location, cannot be. Finding the right home is about getting the right balance and at a price you can afford. Advice on how to calculate a home buying budget.

-          Learn about your options - When house–hunting, you look for places that suit your needs and lifestyle. Do the same when deciding on your mortgage. Know the differences between fixed and variable interest rate mortgages and decide what amortization period best suits your situation. Payment flexibility is also important when deciding on a mortgage, to know what you can prepay, as well as options to pay less at a later date if something unexpected comes up.

-          Calculate your mortgage numbers - Run the numbers and settle on a price range you can afford using a convenient online mortgage calculator, which factors in your income and the size of your down payment and compares different mortgage options and payment plans. Understanding what you can afford lets you narrow your search and shop with confidence, knowing that the houses you view fit within your budget.

-          Get pre-approved - The home–buying process can happen very quickly, so be prepared when you find a home you want. Getting pre–approved for a mortgage puts you in a good position to make an offer when you find the right home. There's usually no cost or obligation, and it's a good opportunity to come in and talk to a mortgage expert to clarify any questions.  Please call us at (250) 862-1806 begin_of_the_skype_highlighting            (250) 862-1806      end_of_the_skype_highlighting to set up an appointment or visit our website to contact us http://www.okanaganmortgages.com/contactus.php

How to Calculate a Home Buying Budget

Time to move?

by Contributed - Story: 52216
Jan 23, 2010 / 5:00 am

Does the thought of changing your neighbourhood go through your mind more
often than not? Here are some key indicators on when you really should consider making that move.

1. You Have Outgrown Your Neighbourhood

Your uber-trendy, urban borough seemed just the thing five years ago. But
suddenly, you’re annoyed by the loud music spilling out of bars, clubs, and
your neighbour’s stereo. It is time to face the facts: you are growing up, but your neighbourhood is not.

Instead of wasting time judging your neighbours, consider a quieter or more sophisticated locale.

2. You Constantly Scan the Classified Ads

You’ve never been in a good position to sell your home, but have often
dreamed of moving. A larger home. A smaller home. A country home. A city
home. Lately, you find yourself scanning the classifieds, picking up home
magazines, and even writing down phone numbers and website addresses.

Speak with a professional and determine where you stand. It’s probably time
to make your dream home a priority.

3. You Are Starting a Family

Selling a home and moving is a big job, and starting a family an even bigger
one. You don’t want to be stuck doing both at the same time. If you are
seriously thinking about having a child, it is also time to start thinking
seriously about buying a family friendly home. There’s nothing worse than
packing and moving while pregnant, or worse, with a toddler underfoot.

4. Your Family Has Grown

Are your kids sharing a bedroom? Is your yard too small for a swing set? Do
you often think wistfully of backward barbecues by the pool? Then the time
has to come to consider buying a home that will grow with your family. If
you live in a city, it may be necessary to consider moving to the outskirts,
where property is less costly.

5. You Have Made a Job Change

You’ve changed jobs and the commute is killing you. Although you’re happy
with your home, you’re not happy with the extra hour you must travel to
work each day. The reality is that the stress of a daily commute can subtract
years from your life. If you want to have more time to spend patting yourself
on the back for corporate successes, move closer to the office.

6. Home Renovation is Not Enough

You are constantly working on a home improvement project, but are never
satisfied. Perhaps you are simply a home-Reno junkie. Or perhaps, this
endless fussing and fixing is a sign that your home just isn’t doing it for you anymore.

7. Your Neighbourhood Is Going Downhill

Crime is on the rise, you feel nervous when the children are at school, and
barely feel comfortable walking to the corner store. Do not waste time
waiting for the situation to improve. Sell before your property value goes
down in tandem with the quality of your neighbourhood.

House Hunting: Finding the Right Fit

by Contributed - Story: 49982
Oct 10, 2009 / 12:00 pm

With so many choices and variables, how do you find the perfect fit? Before you start your search, it's a good idea to narrow down the playing field by looking at what would fit you best. Here's where to look:

Look Inside

What do you already own that your new home would need to accommodate?

If your dining suite is one that you cherish, use often and happens to be huge, then add “large dining room” to your Must Have List. Carry this logic through your space and you should come to some conclusions about what is essential in a new home. While you’re at it, take a look at your personal style it can also give you valuable clues as to what you really want. For example, if your style tends more to clean lines and a modern look, then loft-like spaces or open concept homes will probably hold more appeal.

Look Outside

What is out in the world that catches your attention? Is it a brick exterior or cedar shingles that make a house feel like home to you?

Consider the different styles of houses that you like, and see if there are any common elements among them. Another place to look is at the style and size of any new items you plan to acquire. Taking an outside inventory of what appeals to you can help narrow down your search.

Look at Your Requirements

It's helpful to take a head count and look at what features are vital to each member of your family. How many of you are going to live there, and are any more expected shortly? How many of you need home offices or parking spaces or playgrounds or workshops?

This will give you an idea of the size and number of rooms you require, as well as clues to locations or types of housing. Make sure you include pets and consider what's best for them. This may move a fenced yard to the top of your list.

Look at Your Lifestyle

Look at your lifestyle to gain insight to your best locations.

If you’re planning to stay awhile, and are also planning on children (or already have them), then you’ll want to find a neighbourhood that’s kid friendly and has great schools. Another consideration should be your work commute. Make sure it has what you need, whether that’s access to public transportation or parking spots.

All in all, if you take the time to consider what’s really important to you, you should be able to find the house that is the right for you.

Happy Hunting!

House Hunting: Finding the Right Fit