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Our Top 10 Tips for First Time Home Buyers

If you’re purchasing a home for the very first time, you will undoubtedly be excited about being able to own a piece of real estate. Below are 10 handy tips to ensure that you are successful in your journey of home ownership.

1. Ensure Your Down Payment is as Large as Possible

Many first time buyers make the mistake of purchasing a home with the smallest possible down payment. However, this will result in your monthly mortgage payments being quite high. Instead, save as much as you possibly can for a down payment before shopping for a home – preferably more than 20% if possible.

2. Don’t Commit Until You’re Ready

Owning a home can be costly because you will not only have your mortgage payment; you will also be responsible for all repair and maintenance costs. Other expenses that you’ll have to budget for include property taxes and homeowners insurance.

3. Control Your Emotions

It’s easy to fall in love with one or two particular aspects of a house, such as high end appliances and fancy furniture – which has likely been hired to stage the property anyway. Always be sure to check other aspects as well, such as the cabinets next to the fancy appliances and walls behind the couches – you may unearth some unpleasant surprises!

4. Don’t Spend the Full Amount you Qualify For

Many people make this mistake and end up with no funds to do emergency repairs or perform home improvement projects. Not spending the full amount you qualify for can also enable you to keep your monthly mortgage payments at more affordable levels.

5. School Districts Affect Home Values

Even if you don’t have children yet or aren’t intending starting a family, purchasing a home in a good and sought-after school district will enable it to retain excellent resale value over time.

6. Don’t Buy the First Home You See

Always shop around and look at a number of properties before making your final decision. You may very well find a more affordable property in a better area.

7. Check Neighbourhood Building Plans

Before buying property, enquire whether any major building projects or businesses will be moving into the area at any point in the near future. For instance, you may not want to be close to a large shopping mall because you don’t enjoy high levels of traffic.

8. Have a Land Survey Performed

This will help determine exactly where boundary lines are, which will be of tremendous help if you decide to renovate or erect a fence in future.

9. DIY Can Save Thousands

If there are DIY tasks that you are fully capable of doing, such a painting, minor landscaping or deck building, doing so could save thousands of dollars. However, completed projects may require professional inspection afterwards.

10. Always Have a Property Inspection Performed

Regardless of how much of a bargain a house seems to be, always have a pre-purchase inspection performed before agreeing to purchase it. Once you have signed paperwork, there is usually no recourse available if something goes wrong.

Keeping the above points in mind will help ensure that you purchase the right property at the right price. If you require assistance with a pre-purchase inspection, contact our team today for further information.

Photo credit: Copyright: ocusfocus / 123RF Stock Photo

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