Four Real Estate Tips for First-Time Home Buyers
Wednesday Aug 30th, 2017Share
Buying your first home is loaded with a range of feelings – excitement, overwhelm, enjoyment, fear, anticipation and maybe even some uncertainty. After all, for most people, purchasing a home is the largest investment they will ever make.
To help ease first-time buyers into this next big chapter, here are four tips to consider before diving into homeownership:
Before you start looking for your dream home, take a moment to assess your long-term goals to see how home ownership fits into your plans. Depending on where you see yourself in 5, 10, 15 or 20 years from now will affect your home buying decision. And, everyone’s goals may be different too. For some buyers, they may just want to convert their rent payments into mortgage payments to generate equity or their goals may be deeper, like becoming a landlord of an income property. Either way, this is vital information to know, as your goals will determine your path.
Now that you have an understanding of your home ownership goals, it’s time to assess your wants and needs, but as realistically as possible. Things to consider could be location, the number of bedrooms, property type, yard space, square footage, lifestyle and so on. In the event that you have to make some compromises during your house hunting experience, this list will help keep your priorities in check.
Along with being realistic about your wants and needs is knowing how much you can afford for your first home. Do some math beforehand to crunch the numbers to get a better sense of what your monthly payments will look like. Don’t forget to factor in closing costs, legal fees, movers and other expenses associated with buying a home. To make sure that you are not biting off more than you can chew, it is always recommended to be pre-approved by a mortgage lender before you put an offer on a new home. This important step can save you a lot of heartaches and financial upset down the road.
Be Well Represented
Now that you have a good picture of your financial situation and home ownership goals, it is important that you seek advice from a trusted real estate professional. Your realtor will act as your representative, consultant and guide throughout the entire buying process. This includes answering questions about your desired neighboorhood, understanding market conditions, being well-versed with local schools and so much more. To learn more about the benefits of working with a buyer’s agent, please click here.
Your Mississauga Real Estate Sales Representative
If you are thinking of buying a home within the Greater Toronto Area (GTA), especially Mississauga, I’d love to hear from you! I help my first-time home buyers through every step of the real estate process – from deciding whether or not to buy a house to submitting a winning offer on their next dream home!
To learn more, please feel free to connect with me by clicking here.