Are you ready to buy your first home? It can be a confusing experience and may feel overwhelming – especially if this is your first time buying. It helps to segment this process into steps so you don’t become too frustrated. Here are a couple of tips to help simplify the process!
Build Your Savings.
Currently in Canada you need a down payment of at least 5% or more to purchase a home. However, if the down payment is larger than that it could help lower your mortgage payments. A recommended down payment is said to be 20% of the cost of the home, so you must keep this in mind when saving. Don’t forget that you may also spend on overall maintenance and closing costs on the home. This includes repairs, home inspections fees, home insurance and other miscellaneous costs.
Get Down To The Nitty Gritty.
So you want a pool, a nice open kitchen, 2 full bathrooms, a fireplace and a bar? You first must ask yourself – are these features on my need list? Or do they belong on my want list? Create a list of features that are must haves and separate them from the things you are able to part with. This will help you when you are seeing multiple different homes and it might keep you from seeing an excessive amount because you are searching for the perfect one.
Determine The Home You Can Afford.
Are you aware of how much purchasing power you have? Having a preapproval is essential for first time home buyers so that they can really grasp how much they can afford. Creating a budget is essential when buying your first home – you want something that will not become a financial burden to your daily living. Want to know more about what costs you might have? Here is a detailed article explaining everything you need to know.
Know Your Options.
Not all homeowner’s financial profile is the same and there are multiple different loan options for you to choose from. Whether it be a 30 year fixed mortgage or a shorter-term, adjustable-rate mortgage, there is not one universal guide to every potential home owner. So it is essential that you research all of the options available to you or ask a professional about what the best route is to take.
Find Someone You Can Trust.
Above all receiving the help of a trusted real estate agent should be your number one asset during this transition! If you have any questions – Michelle can help you, after all this is one of the biggest transactions you’ll make. It really helps to have someone that will lead you in the best direction and give you great advice.
Once you find your home and have gained possession of it, stop looking. This is essential because you can really go off the deep end looking for something better than what you have. Instead, focus that energy on making your current space your own! Enjoy it and settle in.