Resolutions for First Time Home Buyers

Have you made it your new year’s resolution to buy your first home in 2014?!  Here are some great tips to get you on your way to accomplish buying your first home.

Firstly, don’t wait around.  There are many things that you should be doing before you actually purchase a home.  First, check your credit score.  It will be a major factor in your mortgage approval and rates.  You can order this on Equifax.ca for around $20 and it is worth it 100%.  Once you have it, don’t just look at the summary. Go through it bit by bit and make sure there aren’t any mistakes or incorrect information – yes this happens.  Also, try to pay off any old debts before you go to the bank.

Secondly, the bigger the down payment the better.  Not only will it help you qualify for a mortgage but it will give you better rates!  This will save you tons of money in the long run.  So, save whatever you can.  Minimize any unneeded expenses. Things like minimizing the cable plan or not getting your nails done will save you more than you think!

Thirdly, find a real estate agent…and a good one.  Remember, BUYERS DON’T PAY THE REALTOR®, sellers do.  Make sure the real estate agent you pick is top notch.  Ask your friends and family members if they have worked with anyone they really liked and ask for testimonials.  They will be your negotiator, and will do their best to negotiate the lowest purchase price on the home you choose.

Next, get pre-approved!  Although not everyone does this, it is always some I recommend before we even start looking on what’s on the market.  Make sure you can spend what you think you can.  There is nothing worse than finding your dream home and then finding out you can’t afford it.

Lastly, do your research!  There is no harm in researching and reading as much as you can on homes, the buying process, and mortgages.  Start researching neighbourhoods and get ideas on what you can get in your price range.  This helps, so when you are ready to purchase something, you will be well informed and can go right ahead.  You will find yourself having a much smoother and much less stressful transaction.

Thinking about buying?  Let me assist you in finding your dream home.

Sincerely,

Astra Mulawka
Sales Representative
Better Homes and Gardens
Signature Service

This article was inspired by http://www.realtor.com/advice/5-resolutions-for-first-time-home-buyers/