Stop Renting In Okotoks And Become A New Home Owner
Are you one of the lucky ones who managed to find a home in Okotoks to rent! I bet your walls are painted white and your carpets are beige. You have to put up with unwanted smells and residues the previous tenants left behind. You’re appliances work (most of the time) but they are cheap and cost a small fortune to run. You are being forced to pay high rental fees because demand is so high for rental properties in Okotoks.
Luckily it doesn’t have to be this way, there are many home buying available options available to first time homebuyers in Okotoks. The following steps will help you become the proud owner of a new home and the mortgage will probably be the same as your rent.
Step One:- Find a local Okotoks Realtor®. You need a Realtor® who is experienced at working with first time buyers and knows the local area. The Realtor you choose should be dedicated to your first time buyers needs. Ideally you should use a Realtor who has been awarded the Accredited Buyers Representative designation and if you are buying a Condo make sure the Realtor is a Certified Condominium Specialist. Your Realtors local neighbourhood knowledge is absolutely essential in finding you the right home. Always ask to see a Realtors references.
Step Two:- Find a mortgage lender who understands first time buyers. You should use a lender who has experience helping first time homebuyers and is familiar with all the products available to people buying their first home. If you don’t know a good lender, ask your Realtor who they recommend. A good Realtor should be able to give you a number of different recommendations from Banks to mortgage brokers.
Step Three:- Meet with two or three different lenders. Your lender should be able to advise you on the following mortgage options:-
- Government schemes to help first time home buyers there are government schemes available to assist you buying your first home.
- Other down payment assistance programs
- Options to assist you with saving for your down payment
- An idea of the mortgage you will qualify for and the monthly repayment costs
- Ways to repair your credit history if necessary
Step Four:- Develop a home buying plan. Your mortgage lender will give you a mortgage pre- approval. This could well be sooner than you think and often happens the same day. The pre-approval will be valid for a certain period of time and now the fun begins.
Step Five:- Meet with your Realtor®. Your Realtor will help you develop a home buying plan and you can now start searching for your new Okotoks home. Initially your Realtor will show you all the available homes that meet your criteria and learn what you like and do not like. This is the time to discuss important factors like school catchment areas, proximity to shops and even re-sale potential. Searches will then be created so that you automatically receive all the new homes that become available.
Here are some other know facts for first time home buyers:- Owning a home is a financial investment that gives future financial security and satisfaction that you’ve become a homeowner!
The down payment required for your first property doesn’t have to be as much as you think:- A number of programs exist to help first time buyers get on the property ladder. These programs require that this is your first home, and you meet basic qualification guidelines.
Your lender may help you with your down payment and closing costs:- You may have assets worth equal to the amount needed for a down payment. If this is the case, some financial institutions may be willing to lend you the extra cash needed for your down payment. This is then secured against your assets.
You may be able to borrow without going into debt:- There are some options available for you to borrow money for the down payment. You can also borrow against savings in an RRSP, and if repaid in a certain time period, avoid any interest payments.
Why not consider becoming a landlord yourself:- Becoming a landlord and subsidizing your mortgage payments with supplemental rental income is a great way to own a new home. Many new home owners have a spare room or basement that can be rented out to assist with mortgage payments.
About Okotoks Realtor Samantha Clement:- I really enjoy working with first time buyers and I understand the Okotoks Real Estate market. If you would like to chat about becoming a new home owner lets meet for coffee and we can discuss your options. You can contact me here.