Thinking of buying a home in Bracebridge? It could be one of the best decisions you ever make. Bracebridge is only two hours away from the GTA, and the closer you get to it, the more you forget about the city.
It’s one of the most beautiful towns in Muskoka, which is saying a lot. Being surrounded by nature, a family-first community, and a healthier overall lifestyle can vastly improve your quality of life.
Here’s what you need to know before you buy a house in Bracebridge.
Why Bracebridge? It’s Always About Location
Everyone knows that a property’s location plays a significant role in its value as an investment. What’s not commonly known is that many of the best investment properties in Ontario are located far away from Toronto’s city limits.
Simply choosing the GTA’s current most-popular suburb as a location to buy property because the demand is high is not a well-thought-out strategy.
Properties in well-populated areas are expensive and will not give you the same ROI as investing in a property located in an area with a higher growth rate. By comparing the budget of the hotels in Bracebridge, you will get ideas about the increasing rates of residential areas.
These properties appreciate at a higher rate while also yielding a higher net rental income thanks to lower property taxes, insurance rates, maintenance, and other operating costs.
1. Know Your Budget
In Canada, the minimum downpayment is 5% for a home up to $500,000; however, some mortgage lenders may require more. When the purchase price is over $500,000, the minimum down payment is 5% on the first $500,000 and 10% for the remainder of the purchase price.
Since you will need a specific strategy to save up for your down payment before you’re ready to buy, you need to know how much you can afford to spend on a home beforehand. And calculate your current household budget while estimating a budget for your home within your means.
You want to stay in Bracebridge Ontario. You have to prepare your mind for investing a large amount of money just to stay and live. But like every other real estate place, you have to do the budget estimation first. Then do the rest of the searching work.
Keep in mind that if you’re buying your first home, you will have multiple new cost options as a new homeowner, such as the general maintenance cost along with the repairs, property taxes, and home insurance.
There are also multiple and several closing costs which you must know before buying a home that you must factor into your budget.
2. Get Pre-Approved For A Mortgage
Not only do you need to know how much you can afford to pay for a home, but you also need to know how much money is available to you. Also, getting pre-approved for a mortgage gives you the stability of locking in an interest rate for up to 120 days and helps you now that you know how much your mortgage payment will be.
A mortgage pre-approval, however, doesn’t mean that you aren’t still able to continue shopping around for a better rate.
Having a perfect financing option along with the deposit in the place is crucial in a hot market like Bracebridge, as you need to move quickly on the home you want.
3. You Are Living In A Heavenly Location
Bracebridge is a heavenly place. Yes, if you are searching for a place that has perfect scenic beauty. Then you must select this location. National Geographic Channel is adding this place to the top 20 list. And the community strategy is also very high.
23,000 residents, along with a large number of seasonal residents, are living in this place. So this place always comes under the top 20 best places to live. Are you thinking of moving here? Then do not compromise the locations.
You will get plenty of new opportunities to shift your home. But while selecting the place, do not compromise the downtown areas. It is also going to be a perfect place for setting up your second home.
Wrapping It Up:
Bracebridge is a nice place to live. But if you are thinking of making your living style more attractive and perfect, then this is the place where you can start with. The art and the culture of Bracebridge are very authentic, and this also makes it a perfect traveling place.
So this place is also a very nice place for living for the holiday destinations. So what types of tips are you following? Do not forget to share your opinion through the comment sections.