Congratulations, you have decided to purchase your first home! Here are a few of the things you need to know to successfully navigate the brand-new world of real estate.
First, you need to carefully assess your finances. Do you have enough saved for a down payment? Government regulations regarding down payments have recently changed. This is a good time to apply for a pre-approved mortgage. This will help you determine how much you can afford to pay for your first home. As well, you need to be prepared for the additional costs of purchasing a property: lawyers’ fees, title search fees, appraisal and inspection fees as well as insurance.
After you have determined what you can afford, you need to think about what kind of property you want. Are you interested in a condo, or a house with a yard? Are you interested in an urban setting or are you looking for a suburban home? Find a good real estate professional to work with. She will find properties in your preferred areas and your price range for you to view, as well as representing your interests in the event that you want to make an offer on a property. She will be able to bring a wealth of experience to you, concerning the local market, neighbourhoods, property values, and legal issues in your quest to buy your first home.
When viewing properties, the first time homebuyer should be prepared to do their research. Go back and visit the neighbourhood at different times of day. Check and see what the zoning laws are in your area. Talk with the police and people in the neighbourhood to see if there are any concerns. If you are planning to have children, check out the neighbourhood schools and transit options. Fully investigate related costs … [Read More]