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. After all, it’s a huge decision and you would want to ensure that you are making the right one.
In the end, it not only comes down to the conditions in the realty market, but also your own personal situation. So, before you purchase your own real estate property, step back for a minute and take the following 5 things into consideration:
Your Credit Score
This is very important as it will determine the interest rate you will get on your mortgage, provided that you get approved. Ideally, 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. If your credit score is not where you want it to be, you should try proven ways to increase your credit score.
Personal Goals with the Property
When it comes to 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.
The Stability of Your Income
Another important consideration is income stability. When you are making a lot of money, you may feel the need to buy yourself a piece of real-estate. However, you need to ask yourself: is your income stable enough? Will it increase in the upcoming months or remain the same? If you are uncertain about the situation of your future income, then getting a mortgage isn’t really a good idea. You should wait a few a months until you have a better idea of your future earnings.
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.
The Realty 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.
That’s about it. Keep the aforementioned factors in mind before buying real estate in Whitehorse, Yukon, and rest assured that you will make the best possible decision for yourself!
Now that you know these important things about Whitehorse real estate, you can use these online tools even more effectively to your advantage. For more information about Whitehorse or if you’re planning to move, contact Terence Tait today.