Buying home is the most expensive purchase you will probably make.
Buying a home can be challenging for a first-timer. After all, there are so many steps, tasks, and requirements. You may be anxious about making an expensive mistake.
But first-time homebuyers actually enjoy some special advantages. Created to encourage new entrants into the real estate market.
This checklist will provide a basic rundown of what you need to consider before you buy your home.
Use this checklist for buying your first home:
1. Make a plan: Ask yourself these questions. How long do you plan on staying in this home? Is this your first home or your forever home? How many bedrooms do you need, how many do you want? Which neighbourhoods are you interested in? If you have kids, is it close to a school? Close to city transit?
2. Check your credit: The better your credit is, the more likely you are to get a better interest rate on your loan. You can check your credit score at https://www.creditkarma.ca. If your score’s not what you hoped, there are some ways to raise your credit.
3. Decide how much house you can afford. My mortgage calculator can help you sort out how much you can spend on a mortgage payment every month. After all your debts and other costs.
4. Save for a down payment. Having a good down payment can help you avoid paying private mortgage insurance.
5. Choose a type of mortgage. Different types of mortgages fit better with different plans and housing markets. Read about the different mortgage types and choose the one that’s best for you.
6. Find a lender: Remember, you don’t have to go with the first lender you talk to. Shop around and find out who is able to give you the best rates on your loan.
7. Get preapproved. Once you know which lender you’d like to go with, it’s time to get preapproved. Your preapproval letter will let the seller know you’re serious. Serious about buying their home and financially able to do it.
8. Choose a neighbourhood (or two or three). As your real estate agent, I can tell you which neighbourhoods are better for your needs. This will help her narrow down the homes I can show you based on your needs and wants.
9. Make an offer: Once you find the right home, it’s time to put in an offer. As your real estate agent, I will help you decide a good starting price for negotiations.
11. Negotiate. It’s not very often a seller accepts the very first offer you make if it’s under asking price. I can work with you to negotiate the price. Along with any other add-ons you’re interested in.
12. Get a home inspection. Never ever skip the home inspection. It’s your chance to have a professional take a look at all the inner workings of your house. Then ask the seller to fix anything that’s wrong.
13. Get homeowners’ insurance. Before you close on your house, you’ll need to prove you have homeowners’ insurance. This is another instance where it pays to shop around. Get quotes from a few different providers to make sure you’re getting the best deal.
14. Close on the house. You’re almost there! Closing on the house is when you’ll sign all the legal documents. As well as paying your earnest money and other closing costs.
15. Hire movers. Moving can be almost as stressful as actually buying the house. Relax and let the pros do what they do.