Buying Your First House: Getting Started
Buying a home is likely the largest transaction you will make in your entire life. At the thought of the steep ticket price, many first time homebuyers feel stressed, overwhelmed and anxious about the entire home buying process. Being the proud owner of your first home shouldn’t drag you through the wringer and back before those shiny new keys have reached your hands. The home buying process can be a rewarding, exciting and enjoyable process for the informed buyer. The following tips will help your home buying experience feel like a walk in the park.
Talk to a Mortgage Specialist
A visit to your local mortgage specialist is a great way to start the home buying process. Knowing what you can afford helps narrow your search, and allows you to explore different neighbourhoods and styles of homes within your price point. A pre-approved mortgage can ease the stress of the home buying process as buyers can rest easy knowing that financing options have begun to take place.
Remember, the Mortgage Doesn’t Cover It All
Many first time home buyers are unaware of the additional costs that accompany the purchase of a home. Your Realtor will be able to advise you of approximate legal fees in the area, additional land or title transfer taxes and any other additional costs that you may encounter. When considering your mortgage and down payment costs, remember that these are not the only expenses to buying a house.
Choosing the Right Realtor
The guidance of a truly genuine and professional realtor can be priceless throughout the home buying process. Many first time homebuyers may be hesitant to contact an agent other than the listing agent in fear of incurred costs. However, the Seller generally pays the commission for the buyers’ agent, allowing buyers the freedom to choose the realtor who is right for them. Choosing a realtor is an important part of the home buying process as buyers should ensure that their realtor is genuinely concerned for their well-being in the transaction and will represent and negotiate for their best interests. Buyers assume that they must contact the listing agent of a home to view the home, however, all realtors can show any property on the MLS system regardless of who has the property listed. If you have been working with, or have been in contact with a trusted realtor, your preferred realtor would be happy to set up an appointment to view the home with you. Choosing the right realtor can provide a much more enjoyable home buying process as you are working with someone who is truly there for you.
Choosing the Right Home
For first time home buyers, it may be hard to determine which aspects of a home are essential to you and which are ones you are willing to compromise. Having never owned a home before, there are many considerations you may not have thought about. Be sure to speak with your Realtor about your lifestyle, work requirements and future goals as they can provide knowledge about the area and aspects of certain neighbourhoods that may lead you to the perfect first home.