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There are many reasons for wanting to buy a new home. Perhaps you\u2019re interested in the financial security and tax benefits that come along with homeownership, or maybe you want to build equity. It could be that you\u2019d like to a secure home for your family near relatives and friends, your workplace or your children\u2019s school.<\/p>\n
Before you buy a new home<\/a>, there are three questions you should ask yourself:<\/p>\n 1. Do I have enough money for a down payment?<\/p>\n These days, minimum down payment requirements can range anywhere from 3.5 percent to 10 or even 20 percent on certain kinds of loans. For a more specific number, it\u2019s a good idea to talk to local real estate professionals and mortgage brokers; they should be able to give you fairly accurate estimates based on recent home purchases in your area.<\/p>\n The Canadian Mortgage and Housing Corporation (CMHC) can also provide insurance that enables you to purchase a new home with a minimum down payment of 5%. Ask a lending professional or home builder about your options.<\/p>\n 2. How are my finances?<\/p>\n Before buying a home, it\u2019s incredibly important to realistically evaluate your current financial position. If you\u2019re not sure where you stand, make an appointment with a financial advisor who can assess your current financial situation and determine what your best options are. Based on your income, savings, expenses and a variety of other factors, you and your bank can work together to establish what you can afford to spend on a new home.<\/p>\n 3. Why do I want to buy new?<\/p>\n Buying a new home offers plenty of advantages over buying a resale home. For starters, a new home is like a blank canvas; you have the final say on what the finished product will look like. A new home is also better equipped than resale homes for modern technology. Another benefit of purchasing new is that you might have to wait for your home to be built, which gives you more time to pay your down payment. New homes in Ontario are also protected by Tarion\u2014a program that protects new homeowners by ensuring that builders abide by provincial legislation.<\/p>\n Want more home buying advice? Ask the experts at OPUS Homes. OPUS Homes is a home builder with new homes in Brampton at ValleyLands and Upper Mount Pleasant<\/a>. Our new developments in Brampton include modern townhomes, semi-detached and single detached homes. For more information please visit ValleyLands<\/a> and Upper Mount Pleasant<\/a>.<\/p>\n<\/div>\nLeave a comment<\/h3>\n