My wife's sister and her husband are finally in a position to buy a house. My brother in law has just finished college and has been working in his field now for about six months. They lived a very spartan lifestyle in order to keep above water, and now they have enough money saved up to be able to afford a down payment, modest though it may be. I am particularly happy about this, because they have been living in my basement for the past six months, and while I love them with all my heart, we are all feeling a bit crowded. With any luck, they should have a new place within the next month or so, and I will be more than happy to help them pack and move.
Having never purchased a home before, they asked our advice as to how to get started and what to look for. The first thing I told them was that the amount of money that they had saved, the amount of income they had coming in, and their credit score would largely dictate how much of a house they would be able to afford. That seemed to discourage them, and so I reminded them that their first purchase probably would not be a palace, but a stepping stone that it taken care of properly would help them get a better home in the future, and would be a crucial experience in developing the culture of their family. As part of that, it was important for them to find a solid real estate agent to work with who would take into consideration their needs and not just go for the sale. Finding the right person is always the first step.
We market and sell residential, corporate and commercial real estate in Cold Lake and Bonnyville. Visit us online (http://www.northernlightsrealestate.com/)
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