Tips for First Time Home Buyers
With the help of your real estate representative, and some research, buying a home for the first time will be less daunting and complicated.
tips and guidelines for first time home buyers
• Knowing that you’re ready: Before you even look at homes make sure that you have the ability to buy a home. Check your finances, your credit score and budget accordingly. Ask your real estate professional to check your financial situation to determine if you’re ready.
• Know how much you’re going to spend before you look: When you’re ready to buy a home, it’s time to budget. Determine how much you’re willing to spend to purchase a new home, as well as for down-payments – something that usually gets left until the last minute.
• Finding the right real estate representative: As a first-time buyer, you should never go solo when buying a home. A real estate professional can give you advice on what home is best for you, as well help you search for the most fitting home for your needs.
• Knowing what you need: Once you acquire the assistance of a real estate representative, start looking for a home that suits your needs. If you’re thinking for the future, take that into account when deciding which home is best for you.
• Getting a home appraised and inspected: To receive a quality mortgage, homeowners will need to hire an appraiser. An appraiser values your home based on the surrounding market and the condition of the home. An inspector is someone who comes in to check out the physical condition of your home. Hiring an inspector will let you know if you have to spend extra money on renovations or construction before you close the deal.
• Understanding your options for mortgages: Do a bunch of research before you choose a mortgage. Go to various lenders and understand their rates and policies. You could also ask your real estate agent for some help or hire a mortgage broker.
• Getting a Lawyer/Notary: Before you make a deal, have a real estate lawyer or a notary read over the financial documents. This is to ensure that you’re not getting into a deal that looks shaky or fraudulent.
• Don’t forget about those closing costs: After purchasing a home, you may be faced with “extra charges”. Understand the various fees that you’ll have to pay before the close of the sale so you could save accordingly. These fees can include legal costs, land transfer taxes, disbursements and many others.
Buying a home should be an exciting time. With the help of a real estate professional on your side, you’ll get a favourable deal. So if you decide that buying is the right decision for you, just do your research and you’ll be good to go.
PC Realty brokerage Inc. is here to assist whether you are a first time buyer or moving to a new location.