Buying a Home
The benefit of planning before you start looking for your home is that you’re able to navigate the current tax rules effectively and educate yourself on the different types of mortgages available without the euphoria of finding that home clouding your judgment :) It’s typically that amazing feeling that leads to short term decisions that can cost a lot of money down the road. There’s no doubt about it, buying a home is the biggest financial decision of your life and it’s a high stress high stakes rush! It’s worth investing some time to see what strategies will work for you. We’ve also put together some incredible savings should you pick our team to find your house and arrange your mortgage in Nanaimo.
Some of the missed opportunities I see when meeting with people AFTER they’ve purchased their first home or rental property surround the first time home buyer’s plan, taxes, and the type of mortgages they get. In many instances I could have increased people’s down payments up to 40% by rearranging where that down payment was withdrawn from. Even if it was gifted from parents. It wouldn’t have involved any additional risk, just paperwork. It’s a real bummer to learn that I could have put an extra few grand in someone’s pocket had I just been able to have a conversation with them beforehand.
Similarly I’ve also been in scenarios where I could have helped people avoid $10,000+ in mortgage prepayment penalties had I met them earlier.
It’s really important to know how much you qualify for BEFORE you start house hunting. It will save you a lot of time, stress, and heartache. There’s nothing worse than finding the house of your dreams only to learn that you can’t make it happen… unless you learn it could have been yours with a little preemptive planning. That’s worse.
If you’re about to start looking for a home, invest the time in discussing your lifestyle plans with a professional to see if you’re missing out on any opportunities…like increasing that down payment substantially with government money :)