20 Things First-Time Home Buyers Need to Know
- Get pre-approved with a Mortgage Lender or bank. Make sure you are pre-approved NOT just pre-qualified before you make an offer to buy.
- Know what your credit score is. Don’t shop lenders-each time they run your credit, your score goes down.
- Find the right agent who’s willing to help you through the home buying process.
- Don’t go Open Housing to find the right house-An agent will take you to all the best homes for your family at the price you can afford.
- The market changes too much. Don’t start looking for a home 6-8 months in advance of your purchase.
- Don’t wait for a better market and interest rate.
- Understand the importance of location, Understand the “Re-Sale-Ability”.
- Finding your dream home takes time so don’t be impatient.
- Not acting quickly enough to make a decision and someone else buys the house.
- Have a professional Home Inspection by a member of The Ontario Home Inspectores Association.
- Don’t purchase the “Upper End” of homes in the Neighbourhood.
- Skipping an inferior floor plan for an attractive exterior.
- Overlooking how the house will function for your family.
- Realize that Buyer Agency Representation works in your best interest.
- Understand the “Art” of negotiation.
- View Real Estate as a serious investment.
- Make the offer look appealing to a seller.
- Not buying at all.
- Don’t think that this home is your last purchase.
- The right home always comes along-Don’t get discouraged.
These is just a representation of what First-time buyers need to know Other factors to come into play
Don’t spend every dollar you qualify for
The school district will affect home value
Understand that an home inspection should outline the major mechanical and structural issues of a home. These are what you should focus on.
Continue negotiating after the inspection if it shows serious $$$$ problems ahead.
Make sure renovations are up to code and ask for any permits.
Always have extra cash on hand for surprises.