Tired of paying your landlord’s mortgage? Not really sure where to start when it comes to buying a house? Purchasing your first home is an exciting and significant milestone. Here are three tips to think about before you start your search.
1 – Establish a Budget
Determine your financial situation by assessing your income, savings and expenses. Understand how much you can afford for a down payment, mortgage, property taxes, insurance and other home ownership costs. Creating a budget will guide your search and prevent you from overspending.
2 – Get Pre-approved For a Mortgage
This process involves a lender evaluating your financial information and determining the mortgage amount that you qualify for. Being pre-approved not only helps you understand your budget better but also makes you a more attractive buyer to sellers.
3 – Know What You Need
Last but certainly not least is research and prioritize your needs. Make a list of your needs and wants in a home. Consider factors like location, neighbourhood, home size, number of bedrooms and baths, amenities, and proximity to schools and transportation. Prioritizing your needs will help you focus your search and make better-informed decisions.
Preparing to buy a home in Ottawa? Explore these other blogs for more advice.
- 3 Secrets to Negotiating Better
- 5 Questions to Ask When Interviewing a Realtor
- Ultimate First Time Buyer’s Guide
More Advice For First-Time Buyers
Interview Realtors Before You Hire Them
You want to make sure that you don’t settle for the first one you meet just because it’s easy. You meet a Realtor at an open house and think they are great but don’t ask them any serious questions about the process or how they handle clients. There is a reason why the majority of home purchasers and sellers don’t go back to a Realtor they have used before. They go with the first person they meet without interviewing them. Interview a few! Ask questions about their experience, their familiarity with the areas you’re interested in, and their strategy for finding your dream home. Remember, a good realtor is not just a tour guide with keys; they’re your advisor, negotiator, and honestly, sometimes your therapist. Find someone you click with, who understands your needs and budget, and you’ll be in our new home in no time.
Learn About Your Local Neighbourhoods
Take time to learn more about the neighbourhoods in your area of interest. Before you fall in love with that charming bungalow or townhouse, get to know all of the different neighbourhoods. Each area has its own vibe, amenities, and pros/cons. Spend some time exploring the neighbourhoods during different times of the day. Check out the local coffee shops, parks, and grocery stores. Talk to residents and get a feel for the community. Are you a night owl looking for lively nightlife? Then Centretown is for you! Prefer the tranquillity of a quiet, suburban street? Then you might want to look at Barrhaven, Kanata or Orléans. Knowing what you want in a neighbourhood will help you narrow down your options and avoid buyer’s remorse.
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Be Financially Smart
We wish we had a megaphone for this one! Do not make any large purchases after your pre-approval and before your home closing. You’ve got your pre-approval letter in hand and you’re ready to make an offer. Now is definitely not the time to splurge on a new car or max out your credit cards. Large purchases can affect your credit score and your debt-to-income ratio, potentially jeopardizing your mortgage approval and your ability to close on your home. Even after you’ve made an offer and it’s been accepted, avoid making any big financial changes until after you’ve closed on your new home. Make sure to keep your spending in check until you’ve got those house keys in hand.
Buy With Pilon Group
Our team works regularly with first-time home buyers and knows how to walk you through the process step by step to ensure that it is as stress-free as possible. We also provide all of our buyers with handy information such as additional fees required other than the downpayment when purchasing a home.
Looking to buy your first home? Get in touch with our team today! Send us an email at Info@PilonGroup.com or call 613.909.8100.
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