Upgrading to a larger home is always a challenging task. Many people fall in love with their first home. There are many memories, accomplishments, and defining moments, which makes saying goodbye even more difficult. Northern Style Exposure blogger Kira Paran, 31, and her husband just upgraded to a larger home in Edmonton to make room for their second child, due later this year.
Janine: How did you know you were ready to own a home?
Kira: This isn’t our first house so we were ready long before this purchase experience. I think you get to point where you know the lifestyle you would like for a longer period of time. We were long set on locale because of the lifestyle this neighborhood boasts.
Janine: What were the details of your mortgage?
Kira: We purchased our home for $560,000 and we were able to put $120,000 down, which was just over 20%. We secured a mortgage with an interest rate of 2.25% and went with an open mortgage.
Janine: Do you feel your emotions were involved when you purchased your home?
Kira: Of course, it’s one of the biggest purchases of your life, plus it’s where you build memories and a family. A lot is riding on this decision.
Janine: How do you think purchasing a home is different than building one?
Kira: No home is perfect. So you’ll need to look at potential and budget for the ascetic changes you would like to make. Especially since you aren’t choosing finishes like with a new build.
Janine: Do you think you were in a buyer’s market, and did this affect the price you paid?
Kira: It is a buyer’s market at the moment but the neighborhood we bought in has always retained its value. It is very desirable so the type of market doesn’t affect the prices as much as other places in the province.
Janine: Did you shop around and negotiate a mortgage rate?
Kira: We were already with a company so unfortunately we didn’t have the option to shop around but I highly suggest it for first-time homebuyers.
Janine: Were you able to stay within your budget?
Kira: Pretty darn close.
Janine: Did you use any online tools, calculators or websites?
Kira: We used online mortgage calculators when looking at homes. So we knew going in what the biweekly payment would be. It’s good to find out property taxes and factor that in as well.
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- How My Wife and I Saved a 50% Down Payment
Flickr: Goran Crnkovic