STAY INFORMED

With Jill's Blog

Blog

What Type of New Home Are You Qualified to Buy?

When you think about looking for a new home, one of the first questions that
probably comes to mind is: "What type of property can I afford?" That's an
important question because your price range is a major determining factor in
the types and sizes of homes you should be viewing.
 
You don't want to waste time looking at properties that are beyond your
price range. At the same time, you don't want to purchase a less-than-ideal
home, only to realize later on that you could have afforded more.
 
So how do you determine what type of new home you are qualified to
purchase?
 
The first step is to find out what your current property would likely sell for in
today's market. We make that calculation for clients all the time. It involves
reviewing what homes similar to yours have sold for recently, as well as
other data — such as special features your home may have that are likely to
boost the selling price.
 
Once you know the current market value of your home, subtract any
outstanding mortgages and estimated selling expenses, and you’ll end up
with an amount that can be applied to the purchase of your next home. (You
may also have other funds you want to use.)
 
The next step is to talk to a lender or mortgage broker to see how much of a
new mortgage you qualify for. (Call us if you need a recommendation.) It's
important to get a Pre-Qualification or Pre-Approval. That makes the offer
you make on a new home more credible.
 
If you want to find out the types and sizes of homes you can get into, give
The Jill Ritchie Team a call. We would be happy to show you the possibilities!

Add Your Comments

(not published)

 

©Copyright 2011 Website Design By Hobbs/Herder

Jill Ritchie’s real estate website is your ultimate resource for Halifax real estate, including Dartmouth real estate, Bedford real estate, Sackville real estate and Halifax Regional Municipality area real estate. Jill Ritchie helps people with all of their Halifax real estate needs, including Dartmouth homes for sale, Bedford homes for sale, Sackville homes for sale and Halifax Regional Municipality area homes for sale. Jill Ritchie helps people who are: relocating to Halifax, Dartmouth, Bedford, Sackville and Halifax Regional Municipality area. She can help you if you are: buying a home in Halifax, buying a home in Dartmouth, buying a home in Bedford, buying a home in Sackville or buying a home in Halifax Regional Municipality area. Jill Ritchie can help you if you are: selling a home in Halifax, selling a home in Dartmouth, selling a home in Bedford, selling a home in Sackville or selling a home in Halifax Regional Municipality area. Jill Ritchie can also help you if you are buying or selling Halifax condos, buying or selling Dartmouth condos, buying or selling Bedford condos, buying or selling Sackville condos or buying or selling Halifax Regional Municipality area condos.