I’m Ready to Buy a Home, So Where Do I Start?
Posted by Garman Group on
Buying your first home is a scary, yet truly exciting time in your life. You may feel ready to buy the very first house you see on the housing market – but there are a few things you should look at first. Take a breath, and make sure you've gone through these things first.
Are Your Finances In Order?
Have you gone into your financial institution and gotten a really good snapshot of your financial situation? Have you spoken with them or your mortgage broker about how much you're approved for? If not, then you'll want to get on this first (the earlier, the better!). Knowing where you are in your financial situation is vital. If you haven’t yet applied for a mortgage, make sure to read what you'll need to get a mortgage before you start the process.
Getting approved for a mortgage is a great first step, but don’t forget, there are quite a few hidden costs of buying a property which you need to factor in.
This is also your time to look into any potential first-time home buyer grants you can apply for.
Have an Idea of What You're Looking for
Before you even start looking at the housing market or through the MLS listings, figure out how many bedrooms you need and any extras you require such as a garage, home office, family room, large yard, etc. Remember to also be realistic as you'll need to stick with your price range, something you should already know since you already went to your bank or mortgage broker, right?
You should also have a neighbourhood or two in mind to narrow down your search. If you’re considering moving to a neighbourhood you're not already familiar with, read this first.
Try Not to Rush Into It
You may be tempted to snatch up the first home you look at, but make sure you do your due diligence on it. Give yourself time to think it over before you say yes, too. After all, you don’t want to experience buyer’s remorse! Look at a few more houses in the market (at least!) to find out what’s out there before you make your final decision.
It should also be noted that there are always quite a few properties in the housing market so there’s no need to rush. Don’t settle just because you can’t find anything better. There will be something coming up soon.
Don’t Skip the Home Inspection
After your offer has been accepted, make sure you do a home inspection! Even new homes should go through some sort of inspection and guarantee process. Home inspections may not be cheap, but they are necessary for finding out if there are any issues before you buy. You don't want to find out after and be the one responsible for any repairs. If any issues do come up, you can decide to move on, or factor those issues into the negotiations for a better price.
Get a Reputable Real Estate Agent
Hiring a real estate agent is another cost you may be tempted to skip – but don’t! Having a qualified REALTOR® on your side will ensure you don’t waste time looking at homes that don’t fit your needs. They'll also be on hand to help you out during tough and sometimes confusing negotiation processes.
With the Garman Group, you get experienced REALTORS® who know all about Victoria real estate and the housing market. We'll find you and your family the perfect home.