Advice for first-time homebuyers buying their first home can be exciting and overwhelming at the same time. This is one of the largest investments you will most likely make, so planning ahead is important. Here is some advice for people buying their first home:
Start with the end and work your way backwards: too often the excitement of buying your first home can cloud your rational judgment. Before you even begin your search, make a wish list of your needs in a home and create a budget. Only you know your comfort level when it comes to finances. Buying your first home will not be an easy experience if you over-extend yourself and become what is known as ‘house poor’.
Select a realtor: real estate agents are a dime a dozen, but they are not all created equal. The best way to chose representation is to ask family, friends and co-workers for referrals. You need to go a step further. Be sure to interview several agents before you pick one that will accompany you on your real estate journey.
Consult a mortgage professional: it is always wise to obtain a pre-qualification letter from a mortgage lender before you begin your search for a home. Many of us have an expensive budget but need to be more realistic when it comes to what you can afford. Setting your expectations from the beginning will help you ward off difficult decisions. Keep in mind your budget. Oftentimes your pre-qualification letter will be for an amount more than what you had originally felt comfortable spending.
Anticipate compromise: no matter what your budget, no home will be perfect. Prioritize your needs versus wants so you will be able to make swift judgment calls. Location is the most important since it cannot be changed. Consider the structure, as additions may not be permissible by the city or town or not within your budget. Then consider cosmetic items. If the home of your choice has a great location and structure but is lacking your wish list items of granite countertops, keep in mind that can be changed over time.
Have fun!: if you are comfortable with your budget, chose a knowledgeable realtor, and have prepared to make some compromises, buying your first home will be one of the most exciting experience of your life!
CENTURY 21 Miller Real Estate Ltd.
Brokerage Independently Owned and Operated
#4 Office in Canada
By Production CENTURY 21 Canada 2013
467 Speers Road,
Oakville, ON L6K 3S4