FIRST TIME HOME BUYERS - Tips on Buying a Home

Buying your first home can be very stressful and intimidating. Since starting my career in real estate I have worked with many first time home buyers. If you are thinking about making the plunge here are my 10 Tips on buying a home.

  1. Make the big decision – You have decided you are going to buy your a home.
  2. Get pre-approved for a mortgage. It is extremely important that you know exactly how much you can qualify to buy and what amount you are comfortable borrowing.
  3. Get educated, either spend the time it takes to become an expert or hire an expert. Realtors© can offer you a crash course in a few hours and the best part is that it is free. Buyers don’t have to pay an agent, the seller does.
  4. Hire an experienced Realtor©, someone who is qualified and an educated sales expert. Since you have already found my website you don’t need to look any further.
  5. Know all the hidden extra costs when making your purchase; you’ll need to be aware of certain closing costs.

          List of possible costs:

First time home buyer, first time home buying tips

 


                  a. Land Transfer Tax
                  b. Legal fees & disbursements
                  c. Survey fee
                  d. Home Inspection
                  e. High ratio mortgage insurance fee
                  f. Prepaid tax reimbursement
                  g. Mortgage broker or application fee
                  h. Prepaid condo fee reimbursement

 

            Things to remember
                 Your first mortgage payment is due one month after your transaction closes.
                 Condo fees are always due on the first of every month.
                 Property taxes are due in instalments usually 4 per year or can be paid for you by your bank on a monthly basis.

 

  1. Do not rush into anything you are not comfortable with but at the same time do not drag your feet. Rushing into buying before you have seen five to ten properties or have been guided by a knowledgeable and honest real estate agent is careless. Be decisive and make an educated decision. My experience has shown that indecision usually costs a buyer more than making an educated decision.
  2. What to offer? There is no rule book on what to offer. Do not listen to advice that tells you there is a standard discount from the list price. I have seen properties sell for a deep discounts and high premiums. There are many factors involved too many to offer   a simply rule. The best advice I can give is to look at the past sale comparables before making an offer and listen to your Realtors© advice. This advice is the most important input you will receive when it comes to making an offer.
  3. Cold feet. Everyone gets cold feet it’s expected and it’s normal. If you have followed the previous tips you will be ok.
  4. Let’s make an offer!
  5. Remember #1 – You made the big decision. You are going to buy your first home.