Oakville Real Estate News

Important Tips For First-Time Home Buyers

Blog by Joette Fielding | August 12th, 2015

First Time Home Buyers.jpgBuying a first home is an exciting milestone in your life. There are many factors to consider which is why planning and preparing for your purchase is so essential. Here are some things to consider. 

1. Think about what you can afford. 

It is important to know what price range is comfortable for you based upon the monthly payment amount. Don't forget to add in property taxes, insurance and homeowner fees if you are buying a condominium. You can start to research on your own with mortgage calculator websites. Keep in mind additional costs after your purchase for maintenance and future improvements. 

2. Talk to a mortgage lender. 

Friends, family or your Realtor can give you advice on who to contact. The mortgage professional will let you know what you can afford by reviewing your income and credit history. Once they review your financials, the lender will issue a preapproval which gives you the maximum sales prices you can afford. You will need this preapproval to make an offer on a property so it is a great idea to have it in hand before you start looking for a home.

3. Location, Location 

Do your homework on where you want to live. Check out different communities to see what homes are selling for in your desired areas. Every town is different on what you can buy in your price range. Also think about your desired commute time to work. If children are in your future, research the school districts in towns that are of interest to you. 

4. Make a wish list

Ask yourself what you cannot live without, would like to have and things you definitely do not want in your first home. It is helpful to figure out your needs before you start looking as it saves time when selecting properties you want to preview. Keep an open mind as you may not find everything you want in your first home so prioritize what is important to you. 

5. Research local Realtors 

It is very important to work with a licensed Realtor. A professional buyer's agent who understands your needs and knows the area is critical to the success of your purchase. The right agent will be an asset to you and will most definitely make the process go smoother. 

Content courtesy of http://www.realtytimes.com


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