So the saying goes “there’s a first time for everything” – well this holds true for buying a home. There’s always a first home you’ll buy; location, style of home or any other criteria in the one you actually purchase doesn’t change the fact that it’s your first home.
Like other major life purchases, there’s a process when you’re spending more money than you would on a $2.00 chocolate bar from the local Mac’s. Buying a home is a huge financial investment, one not to be be taken lightly. Not sure where to get started? We’ve created a buyer process video you can watch, or take a look at these few points (it’s an easy read).
The first and arguably the most important step – partner with a professional realtor. You’re going to need someone who has a record of working with first time home buyers; someone who can teach you about the market and educate you on home ownership and potential costs. And negotiating skills… find a realtor who’s going to fight for you and has your best interests top of mind.
It’s not “all about the benjamin’s”, but they are important. I can’t tell you how important it is to secure your finances. Seriously… you have to secure your finances. Talk to a mortgage specialist before we start shopping because we need to know your buying power, or simply put, what you can afford. There’s no magic pre-approval anymore; you’re either approved or you’re not and here’s one more thing… you don’t have to spend every dollar the bank will loan you. Maybe you’ve been approved for $500k but the house you’ve fallen in love with is $400k. Just spend the $400k.
Let’s shop till we drop. Not really drop but you know what I mean. Shopping can be a daunting task made easier when you’ve partnered with a reputable realtor and your financing is in order. But to help, we’ll set up your buyer profile so we can narrow the scope of our search. Your profile will be based on your criteria i.e. location, style of home, budget etc., and you’ll be notified when a home meeting your criteria hits the market. Doing this work will focus our efforts in finding what you want for the price you’re willing to pay.
Closing costs really do exist. I can’t stress enough how important it is to factor in closing costs when working on your home buying budget. Have you considered the cost of items such as utility set up, land transfer fees, property taxes, and legal fees? This is just naming a few, but I think you understand what I’m saying here. If not, take a look at the closing costs video on my YouTube channel for more information.
