DO YOUR HOMEWORK


BY NIKKI JAMIESON insight magazine


B


uying a home is consid- ered to be a major mile- stone in life.


Not only is it a good invest- ment, but living in a place of you that you — and not a landlord — owns can give you a sense of pride and accom- plishment. Not to mention,no one can complain if you paint the walls day-glow green; it is


your place after all. But the process of buying a home can be a tricky process.Not


only is it a very expensive purchase, it’s also


a process that requires time and patience. “The first thing you should do is talk to a bank or mort- gage professional about getting a pre-approval for a mort- gage,”said Chelsea Mereska, a sales associate with RE/MAX – Lethbridge.“A big mistake first time home buyers make is looking in the wrong price range for them.” “Your mortgage advisor will help you determine your budget and let you know what you can afford,” said Taya


Keujer, a realtor with the Real Estate Centre."Keep in mind, there are additional costs associated with home ownership rather than just your monthly mortgage payments.These expenses can include insurances, taxes, utility bills, upgrades and repairs, et-cetera. It is important to keep these things in mind when determining what your month- ly budget will be and when deciding how much money to allocate to expenses related to home ownership.” Homes are expensive.While the majority of homes in southern Alberta look downright cheap compared to the real estate scenes of Vancouver and Lethbridge, chances are the first home you get won’t be a multi-million dollar mansion,and you should think about what you want,what you could probably do without and what you can afford. “When deciding on a budget you will have to weigh the


price you want to spend vs the type of home you would like to buy.The size,number of bedrooms and bathrooms, location and condition of the home will all play factors in determining your budget,”said Mereska. When budgeting for a home, the listing price isn’t the


only cost to consider.Home inspections, taxes, lawyers, moving and potential renovations are all extra costs to consider when budgeting. “These extra costs that come up when purchasing a house are referred to as closing costs,”said Keujer.


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