Buying a home is the largest investment most people will make in their lifetime. The exercise is neither fast nor easy, but a little bit of knowledge will take most of the mystery out of the process. Before embarking on your journey, take a moment to review the following tips. They will assist in making the process more efficient and take some of the stress out of home buying:
- Know how much you can afford. Why waste time looking at homes that are not in your price range?
- Determine your down payment. This will allow you to calculate how much you need to borrow and establish a price point.
- Get pre-approved for a mortgage.
- Know where you want to live. Determine areas that best suit your needs.
- Decide what type of home you want to buy. There are a number of housing types available to today’s real estate consumers. Single-family detached homes are most popular but there are also semi-detached homes, condominium apartments and town homes. Each has different characteristics that are more or less suited to individual lifestyles.
- Determine what you need in a home. How many bedrooms or bathrooms do you need? Is there enough parking for your vehicles?
- The internet is a great starting point. It can help you to target properties that meet your criteria and eliminate those that are unsuitable.
- After we have found a home, hire a home inspector. Home inspections will identify any potential problems and help to save you time and money.
- Investigate alternatives available to you. Government incentives have been introduced to stimulate activity in housing markets across the country. Two of the programs that are currently available — access to RRSPs for first-time homebuyers and the CMHC’s five per cent down payment plan — help make homeownership more attainable.
To discuss your real estate needs, select the “Ask the Agent” button above and let’s get started today.
