What to consider before Buying Real Estate in Whitehorse
Are you planning on buying real estate in Whitehorse, Yukon? Whether you are looking for your dream home or an ideal property for your business, there are a few important factors you need to consider before investing in real estate.
1. Your Credit Score
This is very important as it will determine the interest rate you will get on your mortgage. You should apply for a mortgage only when your credit score is good in order to obtain the best possible rates. If you score is below that, even by just a few points, you will have to pay thousands of dollars more in interest. So before you take this next step, find out what your credit score is and spend some time getting your score up.
2. Your Life Situation
Everyone has different life situations. But the fact of the matter is that they can change in a few months from now, or even overnight! Who knows, you may need to move to Europe for a few months to expand your business? Or you may finally get married to your life-long partner? Therefore, when buying real estate, make sure that it fits your situation in the best way possible.
3. What Neighbourhood Suits You
Whitehorse has many different neighbourhoods to choose from, so you’ll want to get all of the information on each one before looking into the home you want to buy. You can see information on all Whitehorse neighbourhoods on this page https://www.terencetait.ca/neighbourhood-guide/. I have detailed information on all neighbourhoods that will help point you in the right direction.
4. Personal Goals with the Property
When it comes to Whitehorse real estate, everyone has their own goals with the property. Some want to live in the booming part of Whitehorse, others look for a commercial property in a central location. Whatever your goals might be, make sure you think about them when looking at different property options. Moreover, always look for properties within your budget, because your financial life can become a lot more stressful if your overextend yourself.
5. The Whitehorse Real Estate Market
Once you have found a property you want to purchase, you should track the real estate prices of the area it’s located in. If your finances are in order and prices have gone down, then you are in a great position to buying that property. On the flip side, if the prices are continuing to rise, you should be a little patient and wait until its more within your reach.
For more information about Whitehorse or if you’re planning to move, contact the most experienced Whitehorse real estate agent today.