Are you (or perhaps your children) thinking about taking a leap into the world of home ownership? You are not alone. Interest rates are stable and there is a healthy inventory of homes to choose from at competitive prices. It is an incredibly exciting time that can also leave you with a ton of questions. We’ve compiled a list of the TOP FOUR tips to consider when buying your first home:
1. Get your finances in check
This is single-handedly the most important! The first step in shopping for a house is knowing how much you have to spend. Include things like approximate taxes and utility costs to give you a clear picture of what this amount looks like monthly. Your mortgage professional will give you finance options and recommend which one works best for you.
You can also speak with your Tax professional to walk you through what kind of rebates and tax write-offs you may be entitled to. For example, First Time homebuyers are eligible for a Land Transfer Tax rebate up to $4,000! Imagine what you could do with that!
2. Work with a qualified, knowledgeable Realtor Call us bias, but this carries just as much weight as our first tip! Your Realtor is your gateway to home ownership. Find a Realtor who will work with you from start to finish. We can refer you to trusted finance professionals for pre-approvals, carefully guide you through the current market and manage your expectations, and find you the house that works for your family and/or meets your investment goals. We are your one-stop-shop with the experience and knowledge to make this experience fun and memorable.
3. Separate yours needs vs wants In many cases, your first home is a stepping stone to get you into the housing market, build equity, and buy your dream home down the road. This means you may not get everything on your wish list the first time. If you clearly separate your needs vs wants, you may find you get everything you need, just not everything you want … and that’s okay! You can make improvements over time and work on that wants list.
4. Go in with an open mind and have FUN Buying your first home should be celebrated. It is a milestone that represents how hard you’ve worked to save up and prepare. Have fun while house shopping, save mementos along the way (like your home’s listing sheet!), and document with pictures! You will look back and remember how you got your foot in the door. If you are prepared and working with the right professionals, you will look back at nothing but great memories!
*Please note, this blog is not intended to solicit those home buyers or home sellers that are under a current agency agreement.