Buying your first home is one of the most joyous moments in your life. It is a long-term investment that many of us make. It is a crucial decision financially and emotionally. Hence it is important to have the right insights and proper planning before buying your first home.
The real estate market in Canada is bustling with the millennial generation taking their first step into homeownership. So are you one among them planning to buy your first home? Listed below are a few handpicked tips to make your first home buying experience hassle-free.
1. Know what you can afford
The first step to buying a home is to know how much you can spend on it. With additional costs of mortgage payment and homeownership responsibilities, you should be able to meet the expenses as per your lifestyle in the future. Hence it is indeed important to calculate your affordability.
You may not be able to figure out the exact amount that may come up with homeownership. However, you can do a little calculation and get a general idea of the affordable price range. Also, you can do a quick search on various mortgage options and your eligibility for first home buyer incentives.
2. Be ready with the down payment
Well, you have multiple mortgage options and first-time homebuyer incentives that will help you financially to own your dream home. But in any case, you will have to pay the minimum down payment. It is often a hurdle for first-home home buyers to save money for the down payment.
You can start saving for your down payment with a targeted goal to make things easier. If you can pay a higher down payment, you can save more in the long run.
3. Keep emergency fund aside
Before you rush towards becoming a homeowner for the first time, you should save funds to meet any emergencies that may pop up anytime. This will help you stay less stressed while being a proud homeowner. You should foresee that your monthly expense may shoot up with homeownership as you have to pay for multiple things such as utility bills, lawn maintenance, repairs and replacements, and more.
4. Remember the closing expenses
Apart from the down payment, you should be ready about the closing costs that would come up while buying a home. Generally, the closing cost will be around 1.5% to 2% of the cost of the property. It includes various expenses such as home inspection fees, property and fire insurance, land transfer fees, appraisal fees, legal fees, homeowner insurance, and more.
5. Get pre-approval of your mortgage
Once you have your down payment ready, you can think about choosing the right mortgage lender. As a Canadian first time home buyer, you may be tempted to search for a home and then look for the necessary financial arrangements. Before you start searching for the dream home, it is important to get pre-approval of your mortgage. There are various unexpected reasons for your mortgage to get detained and it is better not to take a chance. Remember that the real estate market is competitive. Hence make a wise move by getting your mortgage prequalified and pre-approved before finding the home. The lender will verify your financial information before giving the pre-approval.
6. Create a list
Before you start your hunt for the new home, you should be clear about your choice and dislikes. You should know the amenities that you need in proximity to the home. To make it easier, write down the factors that are important to you when buying your first home. When you visit properties, this list will help you to decide on a property quickly. You can also keep a note of the properties you have visited and how close it is to your choices.
7. Shortlist the localities
It is better not to waste time and resources on house hunting on localities which you do not want to live. To make the home hunting process easier, list out the localities where you want to live and get in touch with the local realtors in the specific places. You should consider multiple factors such as accessibility to the basic amenities, community, affordability, geographical specifications, daily commutation time to your workspace, and more while you shortlist the locality.
8. Be attentive during the house viewings
As a Canadian first time home buyer, you will be tempted to make an offer once you see the specifications of a property. You should not jump into decisions anyways. Do not blindly trust the realtor agent or the seller. Make sure you do multiple rounds of home viewings and be attentive during the process. Apart from asking questions and taking notes, you should check for yourself the amenities and fixtures in the property. Know about the neighbours and community rules before you go ahead with the deal.
9. Figure out the funding options
There are numerous mortgage options available along with first-time homebuyer incentives for home buyers. While you pick the mortgage, you need to consider couple of factors. The repayment of the mortgage will take away a share of your monthly income. You can choose a feasible payment option as well - on a monthly, weekly, or bi-weekly basis. Some mortgages allow you to pay a lump sum amount as well. By paying off the mortgage soon, you can save money that you pay for interest costs.
10. Make a wise decision
When you buy a house, you should use your brains more than your heart. It would be probably the first biggest purchase you might be making in your life. Make sure you take a logical and realistic decision. By blindly following your heart, you may end up spending more money in the long run.
To sum up, finding your first home is stressful as well as an exciting experience in life. However, by making wise moves with prior planning, you can turn it quick and hassle-free. The above-mentioned are a few essential tips to keep in mind while you buy your first home.
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GTAREALSTAR from Royal Canadian Realty Brokerage is a real estate Brokerage company based in Ontario, Canada. The well-established company has many years of outstanding experience in the Real estate Industry. The company focuses on being tshe "straight talking property people" offering a completely jargon free service. GTAREALSTAR use the latest software solutions to improve their service to their customers on a daily basis. GTAREALSTAR offers online access to website twenty-four hours a day, they even offer electronic signing. The company offers sales and rentals combined with first class service and support. Call Naveen Vadlamudi @ 416-837-9696.
Never too late to find your dream home. For available properties, visit http://www.gtarealstar.com. Call Naveen Vadlamudi @ 416-837-9696 Now.
Author : Naveen Vadlamudi
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