You do not buy a JadeScape condo like a pair of shoes. This important purchase is based on a complex process, especially if you are buying for the first time or if you do not know or not at all the real estate market.
What to do? Take the time to learn, to make a good balance sheet and above all, do not give in to the first favorites or your impulses to buy. With the five tips we offer below, you’ll put the odds on your side to make a wise investment.
Establish your budget
How much can you pay? This is the first question you must answer before starting your steps. Make a good financial statement, see what it costs you now – rent, utilities, auto, loan and other expenses – to specify the budget you have and the amount you can invest and pay each month.
Once you have done so, make an appointment at your financial institution to obtain a pre-approved mortgage. Staff will be able to tell you more about what you can afford. When processing a pre-approved mortgage application, you will evaluate your financial situation, give you the maximum amount you can borrow and set an interest rate for your loan.
The mortgage rate (i.e. the percentage at which the interest on your loan will rise) varies depending on the bank, the client, but also the key rate set by the Bank (this is the rate interest rate used by banks to borrow). For mortgages, a few percentage points are obviously added to this key rate. You can find out about the mortgage rates of banks in their respective websites.
Choose the right location
Your budget is established? You are ready to begin your research. As the condo you will buy will probably be your place of residence for many years, it is essential to choose where it will be located. Your tastes, your personality and your requirements in terms of amenities and living environment are the main points to consider.
- Do you like the hectic pace of downtown life?
- Do you prefer quiet neighborhoods?
Before you decide, list what you like to do; go to a restaurant, go out to bars, go jogging or walk. If you are unfamiliar with the neighborhoods of the city, discover them by car, on foot, by bicycle or by public transport. Visit the shops, stroll the streets, talk with people who live in the area. The goal is to get the most accurate idea of your future place of life.