This is an exciting time in your life! Current mortgage rates are low and real estate market is stable. This is a perfect time for first time home buyers to step into the market. A $200,000+ purchase isn’t easy and making this fists purchase comes with a risk. So below are some tips for all first time home buyers to follow.
Plan to visit a mortgage specialist
Before going out to look at potential homes visit a mortgage specialist to see how much mortgage you pre-qualify for and what type of mortgage payments you are comfortable with. Knowing your price range makes looking for your new home a lot easier.
Find a real estate agent you trust
A good real estate agent will help steer you in the right direction through the purchase process. An experienced and educated agent can help you choose the home of your dreams while helping you avoid costly mistakes.
Do your research
It helps to do a little home work before stepping into the ring. Research some neighborhoods that you would like to live in and see what homes in that area are selling for. This will help in setting up your expectations. A good resource to visit is www.realtor.ca
Create a checklist
Speak with your family about what it is you want and need in a home. Bring this checklist with you on your house hunting trips and take notes. These notes will help you remember the pros and cons of each home.
Get an inspection
Once “the one” is found, make sure you get a qualified inspector to inspect your potential new home. This will give you a good idea of what kind of condition the home is in and if any structural, electrical, or other work needs to be completed. This is especially important as often the most expensive fixes are the ones we can’t obviously see.
Protect your investment
Don’t forget to protect your investment. Make sure you purchase home insurance to protect your most valuable asset. Furthermore, protect the financial future of you and your family with life insurance.
Buying a home is a time full of excitement. And while the process may seem daunting and stressful, this is your opportunity to get into the homeowners market, so ensure you are well prepared. Enjoy shopping for that new place you will soon call home.