If you’ve considered getting your own piece of the proverbial Hamilton real estate pie, consider LJM Tower. This coveted condo is launching late this year. Undoubtedly, it will prove to be one of the most coveted neighbourhoods in the entire GTA. Get in on the ground floor if you want to experience condo living at a fair price. Before you do, understand that Hamilton real estate can be a long and stressful process. However, when you know what’s on the horizon it’s much easier find your dream home.
Get pre-approved as soon as possible
Getting pre-approved to buy Hamilton real estate is the best thing you can do to give yourself a hand in the fight. It proves that you are serious about buying real estate and that you can actually buy if you choose to do so. It’s a great negotiating tool to have and the best weapon one has to get the fairest price possible on a home.
The amount you are pre-qualified for depends on a couple of factors. This includes the cold hard cash you have for a down payment. It also depends on your credit score and how much money you earn annually. If you cannot pre-qualify for the residence you prefer, the best thing to do is to improve your credit score and save more money for a down payment. It isn’t an overnight fix, but it will make a huge difference when it comes to your buying power.
Save up for a down payment
Although we just touched on this, it’s important to delve deeper. Down payments are essential to the Hamilton real estate buying process. First-time home buyers often discount how much of an impact a good down payment will make on the overall buying process. It makes a huge difference. No matter how much your home costs, save up at least five percent of the home.
If you can throw down over 20%, your mortgage won’t be deemed a high-ratio mortgage which will save you money in the long-run. It eliminates the need to pay for high-ratio mortgage insurance, lowers your interest rates, and of course lowers your monthly mortgage payment. Twenty percent is a lot to ask, but if you can swing it – spend it!
How much will it cost to live per month?
Buying new Hamilton real estate is one thing: knowing how much it will cost to live in the home month-to-month is an entirely different matter. If you don’t have a budget, now is the time to learn how to balance one. Sit down and calculate how much money your household earns monthly. Calculate how much your bills will be, what to expect on the mortgage every month, and so on.
The fees associated with buying
When buying Hamilton real estate you are also going to have to pay for a variety of fees. These include things like legal fees, property transfer fees, and the like. Speak with a mortgage adviser or a similar authority to assist you in ensuring that you are ready to pay for all of these fees so you won’t be caught by surprise late in the process.
Does the neighbourhood feel like, ‘home?’
Having the ability to buy Hamilton real estate is a great feeling. But you know what’s better than that? Knowing that the home you purchased is in a neighbourhood that truly does feel like home. If you are considering making a move to Hamilton, it is essential that you first walk around the neighbourhood and ensure that it’s a place you want to live. We believe this is one of the most exciting and lucrative neighbourhoods in the GTA but we also understand it isn’t for everyone.
So get out! Walk around the sidewalks and streets of Hamilton. Walk into some of its finest eateries and shops to get a feel for what a day in Hamilton feels like. We may be biased, but we believe that one afternoon stroll is all it will take to convince you that Hamilton is the place you want to call home. Reach out to LJM Tower today and learn about what we can do to help you to move into one of our new units and acquire the home of your dreams!