If your thinking about purchasing your very first home your most likely a little nervous. After all you've probably heard that buying a home is the single most important financial decision you will ever make and for most people this is true. After spending a lot of time with first time home buyers I see Three major areas of concern.
The number one concern is can I afford it? There are a lot of factors to to consider here. What is your income? Do you have any debt? Do you have a down payment in place? What price range of home are you considering? Sitting down and talking to a mortgage professional will help you answer that question. He or she can let you know what your options are. The best case senario would be you get a pre-approval for a mortgage. And the worst case senario would be coming away with a game plan you can start working on that will put you in the right financial position in the future.
A second concern would be is it the right time? In other words how's the market? Well here's the good news. The housing market in the greater Charlottetown area has always been very stable with prices modestly increasing from year to year even in the midst of the latest economic slow down. This means that you can be quite confident that the investment you make in your first home will be a safe one. The other factor of course is interest rates. If your looking at purchasing a home in the next six months you should be able to take advantage of the low interest rates presently available. After that the rates may start to creep up.
The third area of concern is finding the right house. If your in the first time home buyer market then your more than likely not going to be looking at new homes but homes that are perhaps 10 - 30 years old. Understandably you want to make sure that you are not buying someone else's problems. There are two things to consider here that should ease your concern. First, for the most part home sellers are up front about the condition of their properties. In fact they are legally bound to disclose any known deficiencies to a potential purchaser. However the old adage of buyer beware is still very important which brings us to the second thing. Enlisting the services of a qualified home inspector. You can and you should take this step not only to protect yourself but also to educate yourself on the home.
Hopefully this will help calm down the jitters and put your mind at ease. The bottom line is putting the right professionals on your side can turn this nerve racking process into a fun and exciting experience.