Buying your first home can be a daunting experience.
For many, the real estate world is complex and confusing, and it’s tough to know where to start when you’re ready to search for your first home.
Here are the 5 Tips for first-time homebuyers.
1. Pre-approval, pre-approval, pre-approval
Pre-approval is the most important thing for first-time homebuyers to think about so they understand what they can afford. Having this knowledge will make the entire homebuying experience easier and less stressful.
Make sure you have a mortgage broker who will work for you and has reviewed all of your documents so that you know how much purchasing power you have.
It is also important to incorporate closing costs into the equation, and don’t forget about strata fees, if applicable.
2. Make a list and check it (more than) twice
It’s a good idea to write down a list of the things that are important to you when it comes to your first house. Separate the list into two columns: “must-haves” and “would-be-nice.” The list will come in handy when viewing homes, especially if a particular property shows well, but doesn’t have the things that matter most to you.
When viewing homes, keep notes so you can remember what features each property had.
3. Keep an open mind
It’s rare for a first home to be a 10/10 in all categories; however, it’s quite possible to find a home you fall in love with, which is also one that checks most of the things off your wish list.
In fast-paced markets where multiple offers are the norm, it’s possible that you may miss out on the first home you’re drawn to. It’s important to remember that the right home for you is still out there, and in some cases, you’ll be relieved you missed out on an earlier home if you eventually find something better.
4. Ask questions
A good real estate agent will always take the time to answer all your questions; a great real estate agent will anticipate the questions you’re going to ask and provide you with the information before you even request it.
Many first-time buyers are hesitant to ask questions because they don’t want to be embarrassed if they’re not familiar with certain terminology. Professional real estate agents understand the confusing nature of the business, and are happy to help navigate you through the process.
5. Go with those who know
For many, buying a first home is uncharted territory; therefore, it’s incredibly important that you are represented by a professional agent with a good track record.
It’s also important that your real estate agent is very knowledgeable in the market you’re planning on buying in. Some agents even specialize in working with first-time homebuyers; therefore, be sure to research an agent who is the right fit for you, and who has the time to guide you through the process from start to finish.