Five Tips For First-Time Home Buyers

While it is a huge decision to invest in real estate and buy a new house, there are small but vital decisions to consider on your path to homeownership. If you’re a first-time home buyer, this is an exciting time, but it can also be intimidating with the fierce competition and unexpected expenses.

To make the home buying process less stressful and ensure you get the most out of your purchase, Angela Milosevic has listed these five tips for first-time home buyers.

Tip #1: Follow a checklist.
It is crucial to put together a checklist to guarantee home buying success. This will help you review your financial situation and determine whether you are qualified to make the purchase.

Tip #2: Start your home search with a mortgage pre-approval.
When you get pre-approved for a mortgage before looking for a house, you will have a clearer idea of your house-hunting price range. It will also give you a competitive edge in the market over those who are not pre-approved.

Tip #3: Consider deposit/closing cost requirements.
Deposit or closing costs are additional expenses to keep in mind before making a purchase. These include various miscellaneous charges such as title insurance, attorney fees, home appraisal, etc.

Tip #4: Hire a real estate agent.
A real estate agent has extensive community knowledge as well as the experience to help you buy properties in less time and often at a competitive price. When searching for an experienced real estate agent, you can check for reviews online or ask your friends and family for recommendations.

Tip #5: Act quickly.
Once you’ve found your ideal home, make sure to be readily available so that you can act quickly and smartly. You want to make a reasonable offer that is favorable to you but at the same time, does not allow you to overpay.

While it may be tempting to go with the first house that falls within your price range, it will not keep you satisfied in the long run. If you follow these tips, you will not only find your dream home but also know whether you can afford it.

To keep your finances in check and get a mortgage pre-approval, reach out to Angela Milosevic. I am a mortgage broker in Cambridge, Ontario with over twelve years of experience in mortgages. I will ensure you meet the lender’s guidelines and give you the confidence needed to complete the home buying transaction.

If you have any questions about how I can help you, I would be happy to answer them. Click here to get in touch with me.