Buying Your First Home
Buying your first home is one of life’s most exciting experiences and one of the biggest financial decisions you will likely ever make.
Therefore, it is worth it to take time to decide if you want to live in a single detached home with a yard, a town home or an apartment unit with all the amenities? What would you like to live in? How many bedrooms do you need? Here are some tips to help you become your own landlord.
Work with an Professional Realtor
A good realtor will make the home-buying process easier. A realtor can help you achieve your Real Estate goal, avoid common pitfalls and make sure you get the best value for your money. Your realtor can give you information about the community where you plan to buy your first home including, schools, parks, community centers, shopping and great coffee places. Realtors are very informative and they will be able to make the complex understandable, for example, market trends, assessments, different types of taxes, zoning, bylaws, future city planning, transportation and more.
Determine your Budget
Before you start looking at homes, find out how much you can borrow. Being pre-qualified and pre-approved for a mortgage loan determines the price range that you should be looking at. It also allows you to move quickly when you find the right home. Your realtor and/or mortgage broker will assist you in determining the exact amount you can borrow, based on your income, expenses and current level of debt.
Create a “Wants and Needs” List
Your wish list should include both “must – haves” and “nice to have but can do without” items in terms of features, style, size and location. Take time and make a list of everything you absolutely need in a home. Then list everything that you would like to have, but could live without. This list will help you and your Realtor pinpoint your ideal home. You can always change this list as you start looking at homes and get a better feel for the market. Try to anticipate what your life is going to be like in the next few years. For example, are you planning to have children? Are you planning to change jobs? Would it be possible for you to work from home? Does the home you are planning to buy have enough space, or will it be too big in a few years?
Keep Notes on the Houses You View
Make notes on the positives and negatives of each home you view. It is important to write down what you thought of each home and give them a rating that will help you determine which home is best for you. Also look for features that may affect each home’s resale value in the future. A professional Realtor will be able to point out features that you should be paying attention to.
Purchasing your first home is a very exciting time. As your realtors, we will help make this a fun, enjoyable and memorable journey.