So, you’ve decided to buy a home. You’ve met with a Realtor to establish your criteria, budget and timeframe. You’ve met with a Mortgage specialist to secure financing for your potential purchase. Now it’s time to look for a home! You spend incredible amounts of time and energy browsing properties online and in person. Maybe you make offers on a few different properties and finally, you successfully purchase a home. What’s missing in this scenario? What else should you consider when you are purchasing a home? A meeting with your Certified Financial Planner.
One of the steps you should always take when making large changes in your financial situation is to consult with your Financial Advisor. After a complete financial needs analysis, your advisor can help you identify any gaps in your plan and make recommendations for how to address them. One of the most common areas of concern is obtaining proper life insurance coverage to protect you and your family from the burden of the mortgage and other financial obligations should you die unexpectedly. Although life insurance is a difficult topic to brace for many people, as no one wants to think about death and what would happen when they are gone – it is an important topic that should be discussed especially when making such a large purchase as a home.
Some things to consider when you’re purchasing a home and to discuss with a financial advisor:
- Do you depend on one partner’s income to pay monthly living expenses and mortgage?
- Do you have family members that depend on you?
- Do you have children?
- Do you have an emergency fund in place to cover expenses should any extreme life challenges happen?
Be proactive in seeking financial advice as early in the process as possible since these solutions can take some time to implement. A certified financial planner will help you sort through your options and devise a plan that works for you and your loved ones.
To start a conversation with a Certified Financial Planner, I suggest you contact Dino Ferrera. Dino is a Partner and Certified Financial Planner with Vancea Financial Group and Quadrus Investment Services in the tri-city region. Their contact and office information is below:
Vancea Financial Group
70 Cooper Street, Cambridge, Ontario N3C 2N4
Office: (519) 260-4400
Toll Free: 1-866-282-6232
“He who fails to plan….is planning to fail” ~ Winston Churchill
Have questions about real estate or investing in real estate? Give me a shout, and I would be happy to meet with you and help you in your journey.