| Buying your first home and what you need
to know
With record low interest rates and great housing affordability,
it's a great time to buy a home.
Buying your first home is one of life's most exciting experiences
and one of the biggest decisions you'll make. Do you want
a townhome, apartment or a detached home with a yard? What
area would you like to live in? With the help of a realtor
you'll find the home that's right for you.
Here are some tips to help you become your own landlord.
Tip #1: Work with an experienced realtor
A good realtor will make the home-buying process easier,
helping you avoid common pitfalls and making sure you get
the best value for your money. He or she can give you information
about the community where you plan to buy including schools,
shopping, community centres, parks and great coffee places.
They'll make the complex understandable; that includes market
trends, assessments, taxes, zoning, transportation and more.
Tip #2: Determine your budget
Before you start looking at homes, it's a good idea to find
out how much you can borrow. Being pre-qualified for a loan
determines the housing price you can afford. It also allows
you to move quickly when you find the right home. Your realtor
and/or mortgage broker will assist you in determining the
exact amount you can borrow, based on your income, expenses
and current level of debt.
Tip #3: Make
a "wants and needs" list
Your wish list should
include both "must-haves" and "nice-to-have
but can do without," in terms of features, style, size, and
location. Sit down and make a list of everything you absolutely
need in a home. Then list everything that you would like,
but could live without. This list will help your realtor
pinpoint your ideal home. You can always change this list
as you start looking at homes and get a better feel for the
market. Try to anticipate what your life is going to be like
in the next few years. For example, are you planning to have
children? Are you planning to change jobs? Would it be possible
for you to work from home? Does the home you're planning
to buy have enough space, or will it be too big in a few
years?
Tip #4: Keep notes on the houses you view
Make notes on the positives and negatives of each home you
view. It's important to write down what you thought of each
home and give them a rating that will help you determine
which home is best for you. Also look for features that may
affect each home's resale value in the future. Your realtor
can point out features that you should be paying attention
to.
Buying your first home is a very exciting time. Your realtor
will help make this a fun and enjoyable journey. Happy house
hunting! |
