5 Things to Consider When Buying Your First Home
One of the most important purchases of your life will be your first home. There are many factors to take into consideration when deciding on which property suits your current AND future needs. Taking the time to review your “wishlist” with your Realtor will help you narrow the search for your dream home.
- Choosing the Right Realtor for You
Working with a licensed Real Estate Professional who you can establish a great working relationship with is very important in the home buying process.
Meet with a few Agents and ask questions; you need to be comfortable with the Agent who will be negotiating for you. This is the time you need experience, credibility, and knowledge on your side!
Your Realtor should have an accurate understanding of exactly what you are looking for, so that time is not wasted showing you properties that aren’t suitable.
- Make a Wishlist
Create a list of priorities you would like your first home to have. What things are important to and your family? Your list may include: close to shopping and schools, close to work and family, close to parks and fields, have a south facing back yard, number of bedrooms and bathrooms; this list will be as individual as you are.
- Know Your Costs
The costs associated with buying a house aren’t in one nice package. You’ll want to make sure you can afford the home of your dreams once all costs associated with the purchase are tallied.
After your initial deposit there could be fees for a home inspection, property appraisal, property survey, title insurance, property insurance, mortgage life insurance, land transfer tax, GST (if applicable), property taxes, legal fees, and strata fees (if applicable).
Talk to your Realtor to find what all of these costs will be before you sign.
- Location – Location – Location!
It’s more important than you think! Preferred locations usually increase in value sooner; but will cost more initially.
What makes a good location? The closer your property is to city amenities, curb appeal of neighbourhood and size of the lot will all play a key part in the cost of a house.
Resale value is something a new home owner should also consider when purchasing a home.
- Choose a Reputable Home Inspector
Don’t waive the building inspection! A skilled Inspector will be able to point out things that could potentially cost you thousands of dollars.
If these damages are found prior to you purchasing the house you can ask to have them repaired prior to your purchase.
Choosing to forego the inspection means, that in many cases, you are held liable for any damages after you purchase the home.
As you can see, purchasing your first home requires a lot of research. Having the right team of professionals on your side means you don’t have worry about missing any steps. If you have any questions about purchasing real estate, call our team, we’d be happy to help!