Tips For New Home Buyers

Tips For New Home Buyers

Shopping for your first home should be an exciting and pleasant experience! But the truth is, the entire process can be pretty frustrated… especially since you’ve never done it before. Allow us to simplify the process with the following tips:

Tips for New Homebuyers

1. Get pre-approved.
Don’t go into the home buying process blind! Get preapproved for a mortgage so you know exactly what you can afford.

2. If you can’t afford it, don’t buy it.
Simple. If you don’t have the money for it, don’t buy it! To avoid temptation, ensure your realtor is aware of your actual budget.

3. If you’re questioning your job security – don’t buy.
Financial stability is key to affording a new home. Don’t buy until you are in a good position to do so.

4. When it comes to choosing a neighborhood… Do you research!
Neighborhoods come in many different forms. Figure out what it is that you desire in a community, and put in the effort to research which local neighborhoods best fit your criteria.

5. Budget for ALL on-going monthly & annual costs that come with home ownership.
This includes utilities, maintenance fees, property taxes, strata fees, etc.

6. Do you really need the extra bedroom?
Sure, an extra bedroom is a nice option for those occasional out-of-town guests, but does it really make sense to purchase a home with an extra bedroom if that room will sit empty for half the year? Instead, search for homes with flexible spaces like dens or finished basements that can be utilized for something other than guest room.

7. Square footage.
How much room do you really need? Understanding your need for space is a great way to remain within your budget. Simply stated – less is more!

8. Be clear about what is and isn’t included in the purchase price.
This is especially true for condominiums; they may showcase all the available options in the show home, but only display the starting price. Know exactly what is included in the price.

9. Inspect before purchase.
If you’re purchasing a condominium, make sure you have a home orientation to do a final inspection before you close the deal. If you’re purchasing an older home, hire a professional home inspector to check out the home before closing the deal.

10. Don’t settle.
Chances are, if something doesn’t feel right, it isn’t right. Don’t settle when purchasing your first home; always shop around.

Buying your first home should be fun and memorable. Follow our tips and simplify home buying so that you get the most out of your experience.