Buying a property isn’t just about getting a mortgage. Mylène Grenier, a Multi-Prêts mortgage broker, emphasizes that solid financial preparation is essential to avoid unpleasant surprises. In an interview with Le Nord-Côtier, she shares practical advice to help better anticipate the real costs of a real estate project.
Knowing what you can truly afford
Even if a mortgage simulation shows that a buyer earning $55,000 could borrow $300,000, it’s important to look beyond the numbers. “We don’t all have the same lifestyle,” Mylène points out. Children, travel, hobbies… these choices directly influence your ability to handle higher monthly payments.
A good test? Simulate your future costs. If your current rent is $1,000 and your future mortgage would be $1,500, try setting aside an extra $500 each month. You’ll quickly see whether it’s realistic.
Planning for all the costs associated with buying a home
At the time of purchase, several costs are added to the mortgage: notary fees, land transfer tax, moving expenses, new furniture… “These are purchases that people don’t think about as necessary when they are considering buying a home.” And once settled in, you also have to think about municipal taxes, electricity, and heating.
The importance of planning your purchase
Good preparation makes all the difference. “Buying a home is a great life project, but it should be kept enjoyable and positive.” By assessing your financial situation in advance, you can build a solid mortgage strategy and avoid unpleasant surprises. Working with a mortgage broker helps you better understand your options, structure your financing, and get a more realistic overview of your project.