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Are you getting ready to buy your first home? Purchasing your first home is an incredible milestone — one that probably feels both exciting and overwhelming. If it’s your first time, you’ll want to ensure that you’re prepared and have the knowledge to make important, life-altering decisions.
To help you navigate this critical moment in your life, read on to discover tips and advice on solidifying a successful homebuying experience.
Get Your Finances in Order
If you’ve been saving money for a while and you feel ready to make the plunge, don’t forget to triple check your finances with your financial advisor before starting the new home search.
It’s important to check your credit score, try to pay any outstanding debts, and determine how much you can afford for a down payment.
Understanding your finances will help you make realistic decisions and avoid any potential pitfalls during the homebuying process.
Pre-Qualification and Pre-Approval
If you can get pre-qualified and pre-approved for a mortgage, you will be one step ahead of the game. Pre-qualification provides an estimate of how much money you can borrow, and a pre-approval gives a formal commitment from a lender, such as a bank. Such processes enhance your creditability as a buyer and will help define your search to properties only within your price range.
Know What You Want
Identifying your needs and wants as a homeowner is critical to streamlining your home search. Create a list of features such as neighbourhoods you like, size, number of bedrooms and bathrooms, and desired amenities. Consider creating a second list of non-negotiable factors to filter out potential properties and streamline your search.
Only Work with the Best
Buying your first home doesn’t leave room for error. It’s a huge, impactful investment that requires significant time and thoughtful decisions. That’s why you should work with an agent from one of the top real estate companies in your area. An experienced and knowledgeable agent will guide you through the process, offering tips and advice to help you get precisely what you’re looking for.
Do Your Research
While your real estate agent will do a lot of the research for you, it’s never a bad idea to conduct a little property research on your own, too. Evaluate factors such as neighbourhood safety, the condition of prospective homes, proximity to schools, work, transportation, and grocery stores, and a property’s history.
Discuss any red flags with your agent so that you make the right decision that will align with your long-term goals.
Complete a Home Inspection
Once you’ve found a home that you love, before finalizing the purchase you must always conduct comprehensive home inspection. Hire a professional inspector to uncover any underlying issues so that you’re aware of the property’s condition, from top to bottom.
It’s also critical to perform due diligence by reviewing any relevant documents related to the property, such as property titles, disclosures, and homeowner’s association rules.
By using these steps as a guide, you will be moving into the first home of your dreams in no time. Work with your real estate agent to navigate this exciting (yet, overwhelming) process to ensure that you’re well-informed and ready to go.
