Just as with anything you do for the first time, like moving, or buying your first home can be both exciting and nerve-wracking. Make sure you’re doing everything right by following these quick tips:
Decide on the kind of house you’re looking for
If you’re still unsure about the kind of property that’s best for you, come up with two lists. In the first one, write down must-have features and amenities you want in your home. In the second list, write down features and amenities you want but can live without. Take into consideration your finances, future goals, and the type of home that suits your needs.
Be patient and be flexible
Finding the home that’s right for you may take longer than anticipated. Keep in mind that the keys to finding the perfect home are patience and flexibility. Remember the lists you created earlier? Note that these should not be set in stone. Allow for changes so you don’t end up frustrated. But don’t make an offer on a home if you have reservations.
Research the neighbourhoods
Always consider the neighbourhood you’re buying into. Does it fit your lifestyle? Are there good schools nearby? How far do you have to drive or commute to your workplace? Are there nearby restaurants, parks, and other places important to you?
Remember that you can change some of your home’s features but not where it’s located.
You should also look into future developments in the area that will likely affect the value of the property.
Never skip a home inspection
Home inspections cover areas of the home that are not visible to you like electrical wiring, plumbing, the roof, insulation, the foundation, and so on. An inspector can reveal issues with the house that the seller may have failed to disclose or didn’t know about.
Shop for a mortgage
To get the best deal possible on your mortgage, look at available options. Compare interest rates, fees and requirements. Seek out recommendations from family and friends. Make sure you weigh the advantages and disadvantages of each deal.
Remember closing costs
It’s crucial to factor in closing costs and other hidden fees. Expenses to look out for are government taxes such as property transfer tax, property tax, and municipal utilities. You should also include other expenses like home inspection fees, legal closing fees, land title registration fees, utility bills, strata fees, and moving fees when calculating your overall budget.
Ask questions
Many first-time home buyers are not familiar with the buying process or about homes in general. If you feel confused by certain terminologies or concepts you’re unfamiliar with, don’t hesitate to ask questions. Make inquiries when looking at houses.
If you can, chat up the people in the neighbourhood. Ask them what it’s like to live there. For questions on real estate terminologies, your best bet for answering them is featured below.
Get an experienced real estate agent
Hiring a real estate agent to help you out is always an advantage. When you have someone who is ready to answer all your questions, give you insights on the local market, and guide you when you’re ready to make an offer, the whole buying experience becomes easier and relatively stress free. It’s important to find a real estate agent who’s an expert in your preferred location with the experience and client rapport to boot.
Don Munro of Don Munro Real Estate has been in the business for over 35 years and gives his clients the best home buying experience possible. Thinking of buying a home in the Lower Mainland, Vancouver, Chilliwack, Abbotsford, or Langley areas? Just give him a call at 6048177338 or send an email to botsoldmunro(at)gmail(dotted)com.