Buying a home is undoubtedly exciting. But it can also be a stressful time - especially for first time home buyers. What should you do ahead of time? How does the process work? And how can you guarantee that your first time buying a home goes smoothly? The endless list of unknowns can be intimidating - not to mention, a tad scary.
If you are reading this article, you’ve come to the right place. We will provide you the info to get you started. After all, there is more to buying a home than house hunting!
Get Your Mortgage Pre-Approved
This should go straight to the top of your list. Don’t start viewing homes until you have a financial plan in place - and a budget. Find out what your down payment should be. What is your price range for homes? What is your maximum amount?
And first and foremost, shop around for a decent mortgage rate. Assess your best options and find out if you are eligible. Most people can’t afford a home without a mortgage - and chances are, you can’t either. You’ll need it if you want to become a first-time homeowner.
If you are worried about your credit, work on bumping up your score and reliability if you know you want to buy in the next few years. It may take time to get your finances in order.
Don’t Just Financially Plan Out Your Mortgage, Be Aware of Extra Fees
Buying a house can cost you - and it won’t just be for the actual cost of the house. Real estate agents, closing fees, inspection fees, and eventually, monthly utility bills add up. Make sure you are aware of all these hidden variables. On another note, also look into tax rebates or tax payments that come into play. These should also be top of mind.
Consider Getting a Real Estate Agent
Also known as a buyer’s agent, a real estate agent can help you make good decisions - based on the market and your budget. They know where houses are being sold and can help you with researching places and areas. They also can set up viewings for you. Choose someone who is experienced and has been in the biz for more than a few years.
Don’t Flop Out On The Home Inspection
The last thing you want to do is move into your new place only to find mold or asbestos. Talk about extra expenses! Get that home inspection. Although most home inspections cost 300-500 dollars, it’s worth it. They make sure everything is up to code and can give you a peace of mind - you’ll know you aren’t moving into a fixer-upper with added costs.
And Lastly, Decide On Your Priorities Before Looking!
What matters to you the most? Do you want to start a family in this home? Do you want to be close to your gym? Do you need a 2 bedroom and bath kind of place? Write down your priorities ahead of time. Make them clear to your agent and then, scout out the houses that have them.
And remember, have fun! You’re opening a new chapter as a first-time homeowner. Enjoy the moment!
Kurtis Forster is a real estate agent for Nu-Vista Premiere Realty Inc. in London, Ontario, Canada.
