Buying your first home is an exciting time in your life. It’s easy to get caught up in all the features you want in a house versus the ones that you need in a home. This is an important purchase, and you want to do it right. By following this list of Do’s and Don’t’s for first time buyers, you’ll be on your way to having the process run smoothly.
Do’s and Don’ts for First Time Home Buyers
• Do start keeping track of your spending before you start looking for a new home. You’ll want to develop an accurate budget so that you’ll know what your household expenditures are now and so that you can make a reasonable projection of what they will be after you buy a home.
• Don’t take on more debt or open new credit card accounts if you are planning to buy a house in the near future. Lenders may not look favourably on this type of activity on your credit and it can make it more difficult for you to get the best possible mortgage rate when you apply for a pre-approved mortgage.
• Do make a list of the features that are most important to you in a home. Separate out your “must haves” from your “nice to haves” on the list.
• Don’t try to find the right home for your needs without working with a realtor. Daniel and Bonnie Wan have been working in the real estate industry for several decades and bring a wealth of experience to working with each of their clients.
• Do consider your future plans when choosing a home. Are you planning to start a family, adopt pets, or have a family member move in with you within the next few years? Make sure the home you choose will accommodate these changes.
• Don’t buy a home without a home inspection. It’s worth the money to find out whether the home you are interested in needs major repair work before the deal is finalized. If you get this type of news, you have the option of walking away or negotiating a reduction in the sale price that takes into account the cost of repairs.
Do contact Daniel and Bonnie Wan when you are ready to start looking for your first home. They are your experienced realtors serving Richmond Hill, Markham, Stouffville, Scarborough and Bayview Hill.