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.