First-Time Home Buyers

Buying A home For First time?

Are you looking to buy a home for the first time? Use the following tips to avoid making mistakes:

Pre-Qualification

Before you purchase a home, it is important to know your mortgage worthiness. Visit your mortgage broker to figure out how much you can afford.

Pre-Approval

After knowing your mortgage worthiness, get approved by the lender. Sellers prefer preapproved buyers. This way, they know you are serious. At the pre-approval stage, you apply for a mortgage and receive a commitment letter from the lender. The costs of pre-approval are nominal and many lenders will let you pay after closing the loan.

Needs and Wants

What are the factors that will make you purchase a particular home? What items do you and your family want or prefer? Make separate lists of “must-have” and “wishes.” The “must-have” list includes factors such as the number of bedrooms, water and main grid connection, and the number of storeys. The “wishes” list entails things (such as den and pool) you would like the house to have but have little influence in purchasing decision.

Get help from a Professional

Avoid disappointment by getting help from a Realtor with extensive experience in real estate.

Stay Organized and Focused

When hunting for a home remember to have a detailed map, paper and pen, camera and a list of properties recommended to you by your Realtor.

Visualize the House

Is the house spacious? Are the rooms well lit? To avoid disappointments, it is cardinal to visualize the house when empty and with décor before purchasing it.

Be Objective

Does the home meet your “must-have” needs and wants? Make decisions based on the list you prepared. Don’t be persuaded to settle for a house that doesn’t meet your needs and wants.

Pre-Approval

Don’t be too mean to spend an extra coin. In the long run, it may save you! You must do the following before buying the home: