A Guide For First Time Home Buyers

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Are you just beginning your home search and you don’t quite know where to start? Check out these 4 steps to help you jumpstart your search for the perfect home:

Research

Immerse yourself in the real estate market to find what you like. Think about what neighbourhood you would like to reside in and what are your must have’s are. Looking at market trends is also a great idea to get an idea of what you’re up against. Do your homework on listing prices in your desired neighbourhoods and how quickly homes are selling. This will inform you how quickly you will need to move in the sale process. Learn about different options like, foreclosures, short sales or fixer uppers. Decide whether you will have an open mind to viewing these types of properties.

 

Pre-Approval

There are many online tools like mortgage calculators that outline the price of home you can afford. Before you can actually get a mortgage from a financial institution you will have to get pre-approved. Once you find a mortgage banker you will have to provide your financial information. This includes your past and present income, credit and bank statements. Your lender will then go through your finances to pre-qualify you for a mortgage.

 

What Can You Afford?

After you are pre-approved you will want to think about all of the other costs that are associated with buying a home. There are many not so obvious costs such as, closing fees, home inspections, legal fees, and appraisals. Not to mention your annual property taxes and the cost of any renovations or updates you’ll want to take care of. Although you may get pre-approved for a certain amount you’ll want to take these added costs into consideration when calculating your buying budget.

 

Find A Realtor

You’re relationship with your realtor is an important one. You are making the biggest financial decisions of your life and you’ll want to find an agent who has your best interests at heart. Interview multiple realtors and don’t be afraid to come prepared with questions, after all they are going to be working for you. Your realtor will offer you important insights on the market and best of all, if you’re the buyer you don’t have to pay them a penny. When it comes time to put in an offer on a home they will have the expertise to get you the best possible price.

 

 

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