First-Time Home Buyer Tips

First-Time Home Buyer Tips

Buying your first home is very exciting and preparation is important because it will allow you to enjoy the experience. If you are planning on buying your first home, the following tips will ensure the process is smooth and stress-free:

Pay Off Any Debts And Work On Your Savings

Buying a home is a very big investment and owning the home comes with a number of costs. You will be responsible for the maintenance costs and these can add up fast, so you need to be certain that you are ready for this step. You will have to save enough for a down payment, closing costs and your new monthly expenses. In order to start off on the right foot, you need to make sure you are debt free and that you have savings so that you can proceed with the purchase.

Apply For A Mortgage To See What Kind Of House You Can Afford

Looking for homes is fun but unless you have been approved for a mortgage, you are wasting your time. This is a very important step because it will help you determine the amount you are able to spend on a home and you can base your search on this information and look at houses that are within your budget.

Do Your Research About The Neighbourhood

Do not make the mistake of looking only at houses because the neighbourhood is just as important. Focusing on the house alone can cause you to regret your decision, so take a look at what the neighbourhood has to offer to determine whether or not it is suitable for your family and lifestyle. If you have kids, you will need to check for schools in the area and if you take public transit to work, you will have to make sure that there is access to stations near your home.

Take Your Time And Visit A Number Of Open Houses

Buying a home takes time and is not something that can be rushed. You need to take your time to ensure you purchase the right home and the process can take months. Once you know what you’re looking for, you can attend open houses for properties that match your search to get a better idea of the home and to see whether or not you can envision yourself living there.

Make An Offer

Once you find the home, you love and know that it is within your budget, make a competitive offer. Your real estate agent will help you determine a fair number and their expertise will ensure your offer is both competitive and within your price range.

If you are a first-time homebuyer, Collin Bruce can help. It is important to work with a mortgage specialist and that’s where our services count! Whether you need to refinance your mortgage, want a second mortgage or are interested in a no down payment mortgage, we can help, so if you are in the Edmonton area, give us a call today!