2 minute read.
One of the most rewarding aspects of adulthood is owning your first home. At times the process can be overwhelming and often very confusing if you aren’t prepared. Exploring the housing market is difficult to endure alone, especially if it's your first time. Here are five helpful lessons to learn along the way.
Even if you are not serious about buying a home just yet - start saving a little every month. You won’t regret it! The great deal about being a first-time buyer is that your down payment is significantly less than those who have already owned before. Take advantage of this privilege by putting down the most funds that you can for a lower monthly mortgage payment.
Take Your Time
There are several factors to consider when buying a home. Location is one of them. Different areas and neighbourhoods can be another. If you feel ready now to move out on your own, reevaluate before you make any serious decisions. Life tends to throw some unexpected curveballs, so be sure you are ready to tackle them before you start house hunting.
Go Mortgage Shopping
The best way to get a mortgage rate to fit your needs is to shop around. Ask several banks or private firms for a quote. As per the last tip, take your time when looking for the right mortgage, this is one area you don’t want to rush into.
When looking at top contenders with your realtor, make sure to ask specific questions during open houses or showings. It helps to take notes and compare the houses you saw. Be aware of how you feel when home inspections are being held, you never know which house may just excite you the most. Ensure to have the home inspector walk you through everything so that you aren’t caught off guard with any unexpected costs.
Not every home is perfect, especially ones that aren’t newly built and have already been lived in. This is a great place to start when negotiating the price. If a broken pipe or a light fixture isn’t working, there is a chance to negotiate the repair or reduce the replacement costs. Consider a home warranty agreement. This ensures that if there are repairs needed after buying the house, some costs may be covered. If you have any questions or concerns please reach out to me, I'd be happy to help.
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