3 Tips For A First Time Home Buyer

So you’re looking to get into the housing market. Let’s talk through the top 3 things we think first time home buyers can’t overlook. Being prepared financially and mentally will work wonders in making this process go smoothly.

1. Can You Truly Afford The Cost?
   

   Many people don’t realize how expensive owning a home actually is. Outside of your mortgage, you’ll need to cover utilities, property taxes, insurance, etc. Not to mention surprise maintenance costs that will no longer be covered by your landlord. Before you jump into buying your first home, it’s a good idea to make sure that you don’t deplete all of your savings on your down payment and closing costs. Keeping a little extra squared away for a rainy day will do you wonders in the long run. To help in understanding what you can afford, put together a monthly budget of all your non-negotiables. Reach out to family and friends if you’re not sure about how much to expect to pay for things like utilities. All of this will help to set you up for financial success and pull off the biggest purchase of your life without a hitch.

2. Get Pre-Approved
   

   While it’s listed as number 2 on our list, make no mistake that it is one of the most important pieces of the home buying puzzle, and closely ties into our affordability chat above. You need to know what you’re budget is before you even step foot into a potential property. This will streamline your process and give your agent a price range to look in.

3. Be Willing To Compromise
   

   We’ve all seen those shows on TV where first time home buyers have a ‘champagne taste on a beer budget’ mentality. Let’s do a reality check. You may not be able to afford a fully renovated house packed with high-end finishes, and that’s totally okay. Everyone needs to start somewhere. This house is a stepping stone to bigger and better things later on down the line and you may need to make some sacrifices. If a designer’s dream home just isn’t in your budget, be sure to pick a house with good bones and projects that are easy to tackle yourself so that you can turn it into your dream home down the line. Remember, a few coats of paint, some new flooring and hardware can do wonders for a home that has a great foundation. Plus, if you can do most of it yourself, you’ll save money in the long run.

 

If you have your sights set on a home in Durham Region give us a call today! We’ll make sure that you get your first home at the best price!