Buying
a home is exciting. But don’t let the excitement prevent you from
seeing the entire picture, which is basically outgoing money.
Purchasing a property is most likely going to be the biggest purchase
you will make so it’s important that you do it right to avoid
losing a lot of money.
Consulting
a Financial
Advisor in Vancouver
can help you understand your current financial standing and determine
whether you are in a good position to own a house. Keep in mind that
the upfront costs of buying a house isn’t the only expense you will
make. You will also have to shoulder the closing costs, some of which
can be shouldered by the seller depending on your agreement. But make
sure you prepare up to 7% of the purchase price of a home for the
closing costs.
Home
ownership is also expensive. Don’t think you only have the mortgage
to allot money for. You also need to have an emergency fund for
maintenance of your home and for property taxes.
Some
people tap into their retirement fund, so they can meet the down
payment. But if you withdraw from your retirement fund, you could
potentially delay saving up for retirement.
A
financial advisor in Vancouver can also help you see your over-all
financial situation, which can prevent you from buying a house that
is too expensive for you. With a sound financial advice from
professionals like Chalten Fee-Only Advisors LTD, you can purchase a
house that is within your capability to buy and you can make a plan
to make the costs of home ownership less stressful.
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