So you’re thinking of buying a home-Exciting! You’ve done the math and can afford the mortgage payments within your budget (if you haven’t, and need help with that- we can help) Our Lore Group Agents can’t wait to help you get started on your journey to home ownership! But before you do, let’s chat a bit about money, debt, and affordability. Because it’s important to know that mortgage payments are not the only payment you’ll need to consider to sort out a feasible budget and what price of home to buy. Full disclosure: We’re Real Estate Agents, not financial experts….but that doesn’t mean we haven’t learned some helpful financial tips along the way, that we’d love to share with you (You should of course, seek the guidance and expertise of your financial advisor as well, before making any big financial decisions):

Tip #1  LEAVE YOURSELF WIGGLE ROOM: Consider not maxing out your limit. Certainly, we want you to find a home that you love, and will suit your needs for years to come (and we can’t wait to help you get started!) But while you can lock in your current monthly mortgage payments for a period of time (typically 2-5 years), you should be prepared in the future if interest rates were to increase. Similarly, property taxes rates, and utility costs can all fluctuate with inflation, so leaving yourself plenty of breathing room will come in handy should those situations ever arise. And if not, that just leaves you more vacation moneyJ

Tip #2 PLAN TO SAVE: Open a dedicated savings account for future home maintenance and repairs. Home ownership comes with many joys and responsibilities. Whether your home is new or old, unexpected repairs can and will come up that you’ll need to deal with right away; your hot water tank gave out and needs replaced (unless cold showers are your thing). Your dishwasher stopped working (who wants to wash dishes by hand). You’ve got a leak under your sink and need to call the plumber (duct tape doesn’t work. Seriously, it’s been tried). These types of things will happen at some point and saving for them can avoid a lot of financial stress and burden in the future. Consider setting aside at least 1-2% of your homes’ value, per year, in your home maintenance savings account.

Tip #3 PAY THE BANK LESS: Want to be mortgage free faster? Consider increasing your monthly mortgage payments. This doesn’t necessarily need to be a lot. You’d be surprised at how much you will save in the long run and how much faster you will pay off your mortgage, simply by adding a couple hundred dollars or more to your monthly payment. For example, on a $500,000 home purchase with 5% down, increasing your mortgage payments from $2282 to $2482 (that’s based on a 5yr. fixed rate of 3.14%) you’d have your mortgage paid off 3 years faster. Or if this is a starter home and you plan on upsizing into another home in the near future, you’ll have more equity available at the end of your term for your next home purchase.

Buying a home isn’t just about looking at beautiful houses (but it definitely is the FUN part). With the Lore Group, we’ll help you with the FUN part, and of course are happy to share our tips and real estate advice we’ve learned, not just from our careers, but from our own personal experiences in real estate along the way. Reach out to us today at 780-370-3325 for all your real estate questions and for your own personal buyer consultation with one of Lore Group Agents.

There are some great reasons to live in and move to Fort McMurray, and as long time residents, the team at The Lore Group wanted to share our favourite things about living here in beautiful northern Alberta!

1. Admiring the vibrant fall foliage that fills the parks and trails.

2. Indulging in a cafe latte and scrumptious fresh sunshine bread in the afternoon shade of the trees on the deck of Mitchell’s Cafe.

3. Watching the bright colours of the northern lights dance across the midnight sky.

4. Discovering heaps of literary treasures in the Fort McMurray Public Library at MacDonald Island.

5. Getting spooked at Chateau Boo, the scary haunted house hosted annually by the Fort McMurray Boys & Girls Club.

6. Falling in love with a new canine friend at the Fort McMurray SPCA at 155 MacAlpine Cres.

7. Finding new goodies from the vendors at the Fort McMurray Tourism Fall Trade Show at MacDonald Island.

8. Choosing one too many pieces of decadent, rich, handmade chocolate from the showcases at Chocolates & Candelight in Timberlea.

9. Teeing off for the last few nostalgic swings of golf int he fall crisp morning air at the Fort McMurray Golf Club in Timberlea.

10. Dropping a fishing line into the Clearwater River at lunch break.

11. Taking in the marvellously entertaining theatre productions at Keyano College.

12. Getting covered in mud quading on the trails in Prairie Creek.

13. Watching dozens of children run through the spray water at the park for the final splash of the season at J. Howard Pew Park in Waterways.

14. Cheering on the Oil Barons as they kick some butt and take some names at the Casman Centre.

15. Yanking lake trout from the back of my tailgate at Texaco Park.

16. Brisk morning mountain bike rides on Birchwood Trails.

17. Finding a one-of-a-kind work of art from a local talent at the MacDonald Island Public Gallery.

18. Admiring the beautiful sunset as we unwind and relax on the sandy beaches of Gregoire Lake.

19. Finding fabulous fall fashions at the Peter Pond Mall.

20. Devouring a juicy and oh-so-delicious burger at Earls Restaurant Lounge.

21. Delectable sushi by chef John Momo at the sushi bar at Spring Moon.

22. Heritage Park’s gift shop. Not only is there a taste of history, but also a wonderful assortment of great gift items.

What’s your favourite thing about Fort McMurray? Join us on The Lore Group Facebook page or comment here at the blog and share your favourite things with us. You’ll be entered to receive a great gift courtesy of one of our local businesses!