When your thinking about purchasing real estate - a home or condo - in Baie d'Urfe, Dollard des Ormeaux, Pierrefonds, Roxboro, Dorval, Lachine, Pointe Claire, Kirkland, Beaconsfield, Senneville, Ile Bizard, Ste-Genevieve, or St-Anne-de-Belleville, and beyond, please keep these very important questions in mind:
1. Will you be living in your new home long?
If you have to move soon, you may have to pay money to sell your West Island home again. Unfortunately, in a short period of time, the value of your West Island home may not have appreciated enough to cover the costs that you paid to buy it.
2. How long will your new home meet your needs?
When buying real estate in Dollard des Ormeaux, Pierrefonds, Roxboro, Dorval, Lachine, Pointe Claire, Kirkland, Beaconsfield, Baie d’Urfe, Senneville, Ile Bizard, Ste-Genevieve, or St-Anne-de-Belleville and beyond, you should think about what features you’ll need to satisfy your lifestyle now and even five years from now which will help you save in the long run.
3. Is now the right time to buy a home financially?
There will always be a lender out there that will lend you money. You need to you rate your own financial picture as healthy.
4. What about a lender?
You should find a lender that can customize your loan to your particular situation. Often lenders use a "28/36" rule which means that your monthly housing costs can't exceed 28% of your income, and your total debt cannot exceed 36% of your total monthly income. I’d be happy to recommend a few lenders for you, as they are offering our clients great rates now.
5. Where will the money for the transaction come from?
Typically West Island homebuyers will need money for a down payment and closing costs. However, there are many different types of loan options on the market today and having a lot of money saved for a down payment may not be necessary but you will need to prove that you are a good financial risk.
6. What will the on-going costs be?
Maintenance, improvements, taxes (click here for current MUC Assessment & Taxes) West Island and insurance are all costs that add to a monthly house payment. If you buy a condo or townhouse in Dollard des Ormeaux, Pierrefonds, Roxboro, Dorval, Lachine, Pointe Claire, Kirkland, Beaconsfield, Baie d’Urfe, Senneville, Ile Bizard, Ste-Genevieve, or St-Anne-de-Belleville and beyond, a monthly homeowner's association fee may be required. If these additional costs are an issue for you, you can make choices reduce or avoid these fees but you will need to be sure to make me aware as well as your lender aware so we can help you limit these costs.
If your still not real sure if you should buy real estate in the West Island after answering these questions, you may want to consult with a lender, an accountant or a financial planner to help you determine how a new home purchase fits into your overall financial goals.
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