First Time Home-Buyers
First, congratulations! Buying your first home is a very exciting time. While it is a fun process, please choose your real estate purposefully and not by the first open house you attend or the first listing agent who shows you a home.
1) Choose your agent: Is this a person you want to spend time with? Trust me, you're going to be spending a lot of time with your first agent. In my experience, first time home buyers see more homes than someone who has purchased a home before. While you'll have an idea of what you want, it can change once you get into a few homes. You want to be sure, and that requires looking at homes! Ask the agent about their own process for helping first time home buyers and simply have a discussion and get a sense of who they are and how they work.
2) What's next? In order to know that you are looking in the right price range, please visit a lender first. If you are serious and ready about purchasing in the next 2-6 months, ask for a mortgage approval. A pre-approval often does not include verifying your income or possibly checking your credit rating and is more about holding an interest rate. An old unpaid debt or a new vehicle payment can make all the difference of whether or not your are approved and for how much. This will also aid in your ability to confidently negotiate once you do find a home.
3) What will it cost? You can expect to pay for a bank appraisal $425, a home inspection $500, legal fees $1300 and title insurance, which depends on the value of the property. To find out if you qualify for a Property Transfer Tax Exemption as a First-Time Home Buyer, click HERE. These costs are estimates only to give you an idea of what to expect. There may also be an insured mortgage fee, depending on how much you have as a down payment. If you'd like to talk a local lender who is highly knowledgeable and professional please contact me and I can put you in touch with one.
I have a lot of fun when I'm out with my clients showing homes - there's laughs and often very humorous things that can happen like getting lost or hearing a talking bird when no one was suppose to be home! Know however, that when it comes down to writing a contract that protects you as a purchaser, negotiating on your behalf based on current market value and then paying attention to the details of satisfying your subjects, I take that part very seriously so that you can have confidence and enjoy this one thing you will never experience for the first time again.
I look forward to an opportunity to talk with you,
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CENTURY 21 Executives Realty Ltd.