Everyone would agree to the fact that looking for a new home is an overwhelming experience, especially if it is your first time. The entire process right from searching the appropriate house to getting the house keys finally in your hands is a lengthy task.
Luckily, with low mortgage rates, better jobs and an increase in purchasing power of the people in Canada, new players are getting into the market. A large chunk of these new entries comprises millennials and first-time customers.
So, if you are also planning to buy your first house any time soon, consider the below-mentioned tips as laid by the experts to make the journey to your dream homeownership less bumpy:
- Set your budget
The first and foremost step is to calculate the maximum burden of money you can bear every month. You may want to buy a certain type of house at a specific location, but evaluating whether you can even afford it is the biggest decision making factor.
You need to take into account your monthly instalment rates, maintenance and utility expenses, paperwork charges, and similar expenses to calculate the overall cost of ownership. Once you are done, you can go ahead and explore the market.
- List down your non-negotiables
When checking out the best housing options in the market, it is essential that you match each of those with your current lifestyle and future needs. Draw out a list of things that you ought to have in your new home. It may be anything from location, to square footage, to additional amenities.
Though no house can be completely perfect, you should ensure that your future house enhances your well-being in every aspect. Having this list handy will surely help you gain a better understanding of your needs and get you what you want.
- Know your mortgage options
First-time homebuyers are usually excited about moving in their new homes, but hurrying up the decision is never a wise step. You need to research about the different mortgage programs available for you and evaluate which one is suitable for your situation.
For getting successful in that, you need to check your credit report and score and pre-qualify for a mortgage. You also need to find a reliable lender who listens to your needs and advise the best home loan options for you.
- Hire an experienced real estate agent
Hiring a well-qualified and knowledgeable real estate agent can make your home buying experience smooth and hassle-free. He/she will have the necessary information about the area and understand what you are searching for exactly.
A good real estate agent will also have a wide network for loan officers and real estate lawyers to help you get a house mortgage pre-approval at the earliest. Hence, try and get an agent referral from family, friends or colleagues staying in your area of interest and ask for their overall experience.