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By: Rory Armstrong

Working Backwards To Find The Perfect Home

Tags: house hunting, mortgage, low interest rates, condo shopping, condo, house, budget, finance

These days with the high demand for homes and lack of "Good" inventory on the market, buyers are often finding themselves looking at property at the top of their budget.  Having access to lower interest rates also fans the flame, making buyers believe that they are "richer than they think".  Without proper planning, this thought of being invincible could ultimately put you on a very slippery downward path to being house rich but cash poor.

House Hunting Backwards

When meeting a client for the first time, one of the things I Iike to do is work on the numbers.  I guess coming from a mortgage brokering background you could call it a habit.  Completing a budget is one of the first things that we work on, and it's also the last thing we refer to when house hunting.  Committing pen to paper works for

1. Setting a firm foundation of what your monthly obligations will be

2. Ensures that we are searching for a home that fits your budget

3. Keeping your emotions in check

4. Ensuring everyone is on the same page

5. Reducing disappointment

A written budget is the perfect visual reminder of what you can and cannot afford.  Much better than having numbers floating around in your head.  I've lost track of how many times I've had to remind my clients that they have to budget for food every month, or how about gas for your vehicle to get to and from work? It's happened so many times that it's not even surprising anymore.  I can tell you one thing though, working this way may have saved numerous marriages!

If you're interested in working backwards towards your home purchase, I'm always available to crunch numbers!


Please feel free to leave a comment or give me a call at 416-829-5711.  You can also reach me on twitter at @roryarmstrong.