First Time Home Buyer Top Tips
Below you are going to read the First Time Home Buyer Top Tips, that will help you through the sometimes confusing start to purchasing your first home! Dont worry, I am here every step of the way.
1. Know how much you can afford
Banks and other lenders will determine how much they can give you on a loan for a property. Unfortunately, they don't always have your best interest in mind. I always recommend doing the numbers yourself and factoring in your other lifestyle expenses. Just because a bank approves you for a $1,000,000 mortgage doesn't mean you can afford it!
2. What’s on your wish list?
Before you start shopping around and looking for your home, I recommend sitting down and writing a list of features that you NEEDS and WANTS. Things that you are willing to compromise on if need be and things that you cannot live without. This will help you narrow down what you are truly looking for.
3. Don’t forget about closing costs
Closing costs can range from the total cost of your home. You might be expected to pay for some or all of the following:
• Home inspection fee
• Legal fees
• Property transfer tax
• Appraisal fee
• Land transfer tax
• Title insurance
• Interest adjustment
• Property and fire insurance
If you are unsure about any of these, feel free to give me a call and we can chat to clarify!
4. Get pre-approved for your mortgage
This step is one of the most important because once you have figured out what you can afford, your wants and needs and budgeted for closing, you will be able to have an advantage over other people looking at the same property as you. The sellers will know you are confident and a serious buyer. Also, it will give you an ease of mind moving forward.
5. Once you find your home, stop looking
The last and final tip. This tip doesn't need to stay within real estate. Once you have done your research and found your home and completed the purchase. STOP LOOKING! Instead of seeing what else you could of had, focus yourself on making what is currently yours, yours!
Ready to start looking for your first place!?
Click the button and let's start talking →