Valuable Advice for First Time Home Buyers
This article provides Valuable Advice for First Time Home Buyers. Buying your first home can be both exciting and challenging. There are lots of Do’s and Don’t that you must follow. The Key is to purchase a home in a good neighbourhood at a reasonable price that ensures a decent resale value. Here are a few steps to follow:
Get Pre-Qualified, Meet with a mortgage broker/ lender and Find Out if you are pre-qualified for a loan. You should also find out how much you will be able to afford to pay for a home. In other words determine your maximum purchasing power. Sellers will be much more responsive to serious buyers who are pre-qualified. I have access to a number of trusted mortgage brokers.
Know What you Want
Prepare a list of what you need and want in a home. This takes some careful thinking and planning. Once you know exactly what you are looking for in a home, then start your search, Hiring a real estate agent like me will be helpful as I know the Toronto neighbourhoods and am able to begin searching for the home that matches your criteria, both in terms of Price and features.
Get Professional Representation
Hiring a real estate professional will ensure that each step in the home buying process is as stress-free as possible. Your representative will be able to provide you with essential market information and recommendations on ideal properties that fit your criteria. Most real estate agents like myself offer their service free of charge for Buyers.
Take the emotion out of the process. Often enough, first time home buyers get emotional when purchasing their first home. It is important to keep an objective state of mind and think with your head, rather than your heart. Does the home (S) you are viewing really meet your requirements? With so many homes on the market, there is no need to make a hurried decision that you will regret in the future.
Acquiring the services of a professional home inspector can save you thousands of dollars in the long-run. A home inspector will evaluate the home and reveal any repairs or damages that need to be fixed. Being aware of any structural damage to the home before closing will prevent you from being liable for any repairs in the future.
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