5 Tips for a First Time Buyer
Buying your first home is an emotional experience – it can be joyous, stressful and frustrating, amongst other things. Our goal is to limit, if not eliminate, the negative emotions and make the experience something you WANT to remember. Here are a few, sometimes overlooked, tips for first time home buyers.
- YOU are the buyer! Buying a home is a big decision and we often turn to people we trust to give us advice and input. During this process, however, you will get the opinions from a lot of different people. It may drive you crazy, cause confusion, and complicate the process. Limiting the number of “advisors” to 1-2 trusted people can be beneficial. At the end of the day you are the one buying the house, stay focused
- Location, location, location. Did we mention location? They say it’s the golden rule. Buying a home in a location where you like to spend your time is key. Think about things you like to do, your favourite restaurants, your gym, your commute, or where your friends and family are. Don’t settle for the “deal” that puts you in a location that’s not ideal for those things as ultimately you won’t be happy.
- “I haven’t found the home that has everything I want!” The dream home that has all of what you want may be out there, however, passing on a home that has the majority of what you want may be a mistake. Make a list of your 10 must have attributes. If you can check off 7 of those items you are in a good place. This will give you some space to personalize your new home!
- Sort your funding. Don’t just research online and wait until you find the property you want to buy. Get your bank statements looking as good as possible – limit your discretionary spending. Keep saving. Get approved in principle for a mortgage with a lender. This will give you a clear picture of what you can afford. Be realistic and stay under this approved limit when looking for a home.
- Relax, have fun, and enjoy this experience. You have worked hard to be able to afford your first home! If you are well prepared, have good advisers in place, know your budget (and stick to it) buying your first home should be fun. We hope you enjoy your start on the property ladder
If you are a first time buyer andhave any more questions please contact us. We are here to help.