Buying your first home is such an exciting time in your life, but it can also be an overwhelming period. However, it doesn’t have to be. With the help of the right real estate agent and knowledge about the home buying process, it is sure to be an enjoyable process for all.
Here are some tips, guidelines and advice for those who are thinking about buying their first home.
1. Deciding to Buy a Home - When you decide to buy your first home, there are three main things you should consider before making your final decision. You need to decide on your needs, as well as your wants in a home. You need to make a list of things you cannot live without and then a list of some nice-to-haves. Then you should find out about the types of home ownership if you don’t already know about it, such as the difference between a freehold and a condo. Then you need to understand the market conditions (supply and demand / buyers market vs. sellers market).
2. Choosing a Real Estate Agent - Buying a home is a personal and emotional choice for many home buyers, whether it is your first or fifth time. The relationship you have with your agent is an important one. It is vital that you choose a real estate agent that is right for you, someone who will find you exactly what you are looking for. Here is a perfect example from Georgetown of what kind of agent you need.
3. Understanding Financing - Before you even go look at a potential home, you want to ensure that you are looking in the price range you can afford. There are three factors to consider at this point: monthly mortgage payment, down payment, and the length of time it will take to pay off your loan. It is also a good idea to get pre-approved at this point as it will give you a better understanding of what it is you can truly afford.
4. Finding the RIGHT Home - Once all of that has been done, the fun part begins... finding your dream home. When you first begin your house hunt, there are some things to consider. Is there a specific neighbourhood that you want to live in? Does it cover all of your needs? But, most importantly, you need to look at homes with an open mind and open eyes. Although a home might have all the bells and whistles, you want to ensure that you are looking out for things such as squeaky floors, missing shingles, leaky doors or windows.
When buying a home, you need to make sure that you stay realistic on what you can afford, trying to work your needs first into the budget, and perhaps, there will be something left to fit a few of your extra wants as well.
Looking for a home in Georgetown, Caledon or Brampton? You are at the right address. Contact us for any questions you may have in your search for your first home.