Preparing to buy your first home can feel pretty overwhelming. The key to finding a happy home as a property virgin is working with an expert that can guide you through the process from start to finish. I’ve gathered a list of important steps, tips, and questions to consider to get you started.
- Have your financing in order before you get started. If the market is hot houses can sell quickly and you want to have all your ducks in a row to avoid disappointment
- Work out what your monthly expenses are and create a budget
- Are you looking for a turnkey home or something you want to renovate and make your own?
- How much work do you want to do?
- Have a wish list of features you’d like, want, and need, but don’t expect to get everything on the list.
- Make your purchase an investment by buying in an up-and-coming area
- Consider what neighbourhood you want to live in and what style of home you’re looking for
- If you’re looking for a townhome, middle units are less expensive than the end units
- Expect to pay condo fees in addition to your mortgage, condo maintenance fees are not negotiable and will likely increase over time
- Plan a second visit to do a walk through with fresh eyes
- Have a home inspection done before purchasing to check for any issues with the property
- Don’t impulse buy or overspend
- Are there any repairs that need to be done? You can request that they are completed before closing or offer a reduced price
- Is the home styled in a way that is timeless or is it a trendy style that could look outdated in 5 years?