Find your St. John's Home

Life happens. We don't all have a crystal ball to predict what could change in the next 5 years. But if you already have plans to bring children in to the world, move abroad, get a dog, or downsize, make sure you carefully consider the home you are looking to purchase. The housing market is always changing, and just because you purchased your home quickly today, doesn't mean it will sell quickly next year. This isn't to say you should get a home significantly larger or smaller "just in case"; it's about being reasonable in your planning.

If you will require financing through a mortgage to purchase a home, getting a mortgage pre-approval from a trusted mortgage broker or specialist is an imperative first step. Having good credit and steady employment may not allow you to purchase the home that you want. It's also important to know your budget, so you can set realistic expectations going in to your home search. 

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When searching for your St. John's home, there are some items on your list that you will absolutely need (bedrooms for everyone, ample bathrooms, a yard for a pet) and other things that are nice to have but you can live without. It's a great exercise to write out your Wish List, and then prioritize each item based on importance. This will help you narrow in on a home that will be most functional for you.

As we've seen over the past few years, mortgage interest rates can change quickly. It's always a great exercise to crunch the numbers on interest rates being 1, 2, and even 3% higher on current market rates. The interest rates may never get there, but it will help you avoid surprises on renewal. A trusted Mortgage Broker can work with you to determine your affordability in such scenarios.

Most homes will need some minor fixes and changes to make it your own. Whether it's a fresh coat of paint, replacing the flooring, or adding new light fixtures, it's wise to have a small renovation budget set aside. You may not need to use it all, in which case it can become an emergency fund for a rainy day. This is also an important decision for your home search; if you are handy or prepared to do some work to a home, you may be able to get a better deal on a house.