Evertything you need to know about a successful career in real estate
Book Description
Written with humor and insight, 21 Things I Wish My Broker Had Told Me provides hands on advice that will help agents start, or maintain, a sucessful career in real estate. This has real life stories from dozens of sucessful, top producing, real estate professionals will help new agents know what to expect and how to succeed.

Your financial situation, your credit and home affordability ?

Is now the right time financially for you to buy a home?
Would you rate your financial picture as healthy?
Is your credit good?

While you can always find a lender to lend you money, solid lenders are more skeptical if your credit history is not good. Generally, only a couple of blemishes on a credit report will make you a good credit risk and could qualify you for the lowest interest rates · Some say that you should refrain from borrowing as much as you qualify for because it is wiser not to stretch your financial boundaries. The other school of thought says you should stretch to buy as much home as you can afford, because with regular pay raises and increased earning potential, the big payment today will seem like less of a payment tomorrow.
This is a decision only you can make.
Are you in a position where you expect to make more money soon?
Would you rather be conservative and fairly certain that you can make your payment without stretching financially?
Make sure that whatever you do, it's within your comfort zone.

To determine how much home you can afford, the general rule of thumb is that your monthly instalment should not exceed 30% of your gross monthly income. This calculation is referred to as the Affordability factor. Affordability factor (AF) = {monthly loan instalment divided by gross monthly income} x 100.. Depending on your assets, credit history, job potential and other factors, lenders can push the ratio up higher.

List for your housing needs

Before you start house-hunting, decide what you really need in a house. This is just like going to the grocery store with a shopping list - it can save you time and money.

The Basics
1. What part of town (or country) do you want to live in?
2. What price range would you consider?
3. Are schools a factor and, if so, what do you need to take into consideration?
4. Do you want an older home or a newer home (less than 5 years old)?
5. What kind of houses (e.g. One story, 2 story, split foyer, bi-level, tri-level, townhouse, etc) would you be willing to see?
6. What style house (e.g. contemporary traditional, modern, etc.) appeals to you most?
7. How much renovation would you be willing to do?
8. Do you have to be close to public transportation?
9. Do you have any physical needs that must be met, such as wheelchair access?
10. Do you have any animals that will require special facilities?
11. Additional requirements that are essential or “nice-to-have”, e.g pool, carport, garage, special view, fenced, etc.

The Interior
12. How many bedrooms must you have? Would you like to have?
13. How many bathrooms do you want?
14. How big would you like your house to be (square meter)?
15. Additional interior features that are essential or “nice-to-have, e.g. air conditioning, wall-to-wall carpets, open plan, separate dining room, fireplace, guest room, lots of windows, steps, etc.

Buying your first home

Buying your first home can be a thrilling and slightly scary process. But a little research will go a long way towards getting you in the door with a minimum of stress.

To begin, you'll need to take a good look at your finances. Your income and current debt level usually determine what kind of mortgage you can afford.

During the next few weeks we will take a look at the process of buying a home.