House hunting? Here are 6 useful tips to help you through
Buying a home, especially for the very first time, is incredibly exciting but more than just a little daunting. It’s a huge decision and a major investment to make, which can make every choice and tiny step you take feel overwhelming and stress you out.
However, this process doesn’t have to feel like a weight on your shoulders! By following a few simple tips, you can get through it smoothly and without half of the chaos and stress you’re anticipating. Don’t let your worries overshadow the joy of this major life step.
Get professional help
First of all, don’t try to do it all on your own. As a first-time homebuyer, you’re going to be uncertain and probably have a million questions to ask at every step of the journey. Save yourself the trouble by deciding to work with people who know exactly what they’re doing. Working with a property professional is the simplest way to get through the process.
You could also enlist the assistance of a Calgary mortgage lawyer, who will be able to make the financial aspect of this journey smooth and simple for you too.
Save up for a deposit
We’ve all heard of that ominous 20% down payment. While 20% isn’t a necessity, it is a good idea to save up as much as you can, for as long as you can, to put down as a deposit on your home.
The bigger your down payment, the smaller your loan will be and the less interest you’ll be paying over the long term. It might take you a few years to save up as much as you feel like you need, buy homebuying is a long-term game – play it wisely.
Understand all the costs
Before you take on this adventure, it’s important that you know and understand the true cost of homeownership, and realise that they go far beyond your monthly mortgage repayment.
Before you can even think about looking for a home, you need to get clear on your budget. Account for up-front costs like appraisal fees and inspection costs, as well as ongoing expenses like property tax, home insurance and annual maintenance of your asset.
Know what you want
When you have your financial ducks in a row, you’ll be ready to start actually looking for a house. Finally, the exciting part! However, it’s not the smartest idea to dive headfirst into property listings without the foggiest clue of what you actually need and want.
Instead, first spend some time talking to other members of your household – your partner and potentially, children – about what they have in mind. You’ll need to decide on space or size, features you want, as well as a style you all agree on.
Pick a location first
The easiest way to go about home buying is to search for what’s available by area, but this means you first need to decide which area you want to live in (don’t let all this decision-making spin your head around).
There are a few things to keep in mind when picking a location to buy a home, including distance from work and schools, safety, and whether or not you genuinely like living somewhere. Spend some time discussing where you want to settle down. You might even want to drive around a few neighbourhoods or do some research online about different cities.
Shop around
Finally, when you know what you want, where you want it and how much you have to spend, you can really start shopping around. Keep in mind that your dream home is unlikely to fall into your lap after one round of online searches.
Try to be patient with the process, go to loads of viewings and open houses, ask your real estate agent for advice, and wait until the perfect place shows up at the perfect price point. When you see it, you’ll just know!
Final thoughts
As you can tell, there’s a lot of planning, thinking and working that goes into the home buying process. It’s not something that should be done impulsively, but rather spend your time wisely and make the most of the journey.
With the assistance of property and legal professionals, you’ll be able to find peace in the fact that you’re doing everything right, and that the right decision is simply out there waiting for you. So, save up, plan carefully, ask as many questions as you need, and before you know it you’ll be buying furniture for your dream home.
