Buying your first home is a big deal.
It takes a lot of effort emotionally, physically, and financially. You’re committing to it because you fell in love with it and see yourself living there for years to come.
It can be very exciting buying your first home, but also very scary. There’s a lot that you might be wondering about and a lot of questions that’ll need to be answered.
It’s important to keep in mind that this won’t be a quick process. You should put a lot of thought and time into buying your first home.
There are countless people out there that wonder how they can make the buying process easier on themselves.
We’ve come up with 8 tips to keep in mind if you’re a first time home buyer.
Tip #1: Be fully committed
There are no shortcuts to buying your first home and you should be prepared to put a lot of time into it. You’ll need a lot of time complying a list of attractive properties, finding the right realtor, and researching the market in-depth.
Having a partner to also have on the same page as you means more time needs to be put aside to hammer out all of your priorities.
Tip #2: Get pre-approved
Getting pre-approved for a mortgage gets the wheels turning on your home search and gives you confidence that it’s actually happening. In addition, once you’re pre-approved, you’ll know exactly what price you can get and can narrow your search to save some time.
Tip #3: Consider which neighbourhoods you’ll move to
Are you comfortable moving out of town? Across town? To a different country? These are all questions that can come up and need to be answered. The idea of moving to the suburbs might be attractive to some and can help you get more bang for your dollar in many markets.
Tip #4: Use a realtor
You want to get someone who has real market experience versus yourself just searching it up on the internet. They know the ins and outs of the market and guide you through this huge financial and personal decision. A good real estate agent will know how to handle negotiations, home inspectors, attorneys, and any other involved parties.
Tip #5: Prepare a second option
Be prepared to not get the original home you were interested in. Unforeseen circumstances with the seller of the property or the home itself may make the transaction that much more difficult. Costs for repairs may pile up much higher than you anticipated and change your mind. It’s important to keep an open mind and have at least a second option in the back of your mind.
Tip #6: Be patient
Buying your first home is a completely new experience and you should know it’s not going to be a quick process. Listen to your realtor and together, plan out your strategy and set out clear expectations.
Tip #7: Create a budget
It’s important to know right from the beginning how much you can spend and where you need to hold firm at. This will allow you to stick to a game plan and narrow down your options to only what’s feasible for you.