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4 Tips for First-Time Homebuyers

Updated Friday, October 5, 2012
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There is nothing more exciting than buying your first home.  Whether you are newly married and shopping for a home to start a family or you have waited years for the time to be right, your first home will always hold a special place in your heart. 

As exciting as it is, a home is a major investment both financial and otherwise so I’ve come up with a few tips to make the process as smooth as possible so you can be confident you’ve made the best purchase possible.

1. Be Objective!

While hunting for the perfect home, remember to stick to the facts. Write down everything you love and everything that makes you uncomfortable about the property; take photos if permitted and remember to keep a record of statistics and information on every home you view online.  Talk to your agent and to the homeowner about everything that concerns you and when the time comes to make the decision, you’ll find you have a formidable source of information to help you make the best decision. 

2. Know what you can afford

You may qualify for the loan, but will the payments make your life a nightmare?  Be aware of your budget and stick to a payment amount that is realistic for your family.  Don’t forget to factor in home and auto repairs, savings and any other expenses you need to account for.  You can have the most beautiful home in the world but living under the constant stress of unmanageable financial pressure can make your life a mess.

3. Get Pre-Approved Financing

To help offset the risk that the property you love will sell faster than you can arrange financing, consider arranging pre-approved financing.  Pre-approval is great in that it shows sellers that you’re serious, and gives you an edge over your competition.  It can also help you define goals that are well within your reach as far as purchase price and other expenses.

4. Find a Professional Agent

Unless you’re a professional agent, this is probably not a transaction that you should be handling on your own.  Once everything else is in place, let your realtor handle the rest.  There is no comparison for the things an experienced agent can help you through, from finding a great property to making an offer to knowing when to move on and when you’re dealing with an investment of this magnitude, professional is definitely the way to go. 

 


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Realty Executives Alison Ltd.  Brokerage

Realty Executives Alison Ltd.

Brokerage

727 Landsdowne St. W, Suite 100

Peterborough, ON K9J 1Z2

Office: 705-749-9229

Fax: 705-750-0345