10 tips for buying a home

In the United States, the decline in prices has shown incredible bargains. These bargains make even more attractive the idea of ​​owning his own home.

Some important data indicate that house prices have fallen 46% in three years. During the same period, rental prices are increased by 60%.

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While the situation is different in Canada and Quebec, the current real estate market is pushing many people to ask again whether it is better to buy or rent a home.

For those considering replacing their lease with a mortgage, here are 10 tips for immersing in the homeowners market:

1. Establish your schedule
Do you intend to stay in the same place for five years or more? Do you plan to relocate again soon? If you are considering a move within five years, you may want to opt for the lease instead of the purchase;

2. Understand your financing options
To get a mortgage , you generally need to make a down payment and have a good credit record. If your down payment is sufficient, you can avoid having to subscribe to a mortgage insurance;

3. Determine your needs and desires
Choose your home based on what is really important to you, without letting you suffocate by the details;

4. Evaluate your financial capacity
Establish how much you can really afford to pay . A priori, this should not be more than two and a half times your salary. Keep in mind that you will also be responsible for several other expenses, including maintenance and municipal taxes;

5. Examine the financial aspects of the lease compared to the purchase
There are always more tenants than owners and this trend should continue;

6. Compare the benefits of renting and purchasing on a personal level
In addition to financial issues, one must also consider the lifestyle that allows you each of the options. Do you want to be responsible for maintenance and repairs? Leasing offers a degree of flexibility that ownership does not permit, particularly when it comes to changing jobs;

7. Look at the home recoveries
Many properties, seized by their creditors, are available and surprisingly affordable;

8. Use a broker
A broker engaged by a buyer has only the interests of the buyer to defend. Moreover, he is often paid by the seller, which amounts to obtaining his services free of charge;

9. Make an offer lower than the asking price
In the current market, where buyers have the upper hand, do not hesitate to negotiate from a very low price, which ensures you get the best deals;

10. Get a Pre-Approved Mortgage
With a pre-approved loan in hand; you can shop by demonstrating to the seller that you are a serious buyer.

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