Top 10 Tips When Buying a Home
Whether you’re buying your first home or not, purchasing a new home can be a daunting process. Packing up, moving, and relocating can all be stressful. We’ve created a list of the top things you should remember when buying a home! These tips will help make things a little easier as you transition through the process of buying a new home.
Tip #1: Check out the neighbourhood. You will likely be living in your new home for many years. It’s a good idea to check out the neighbourhood. Go a few times, each time on a different day to get a sense of who your neighbours could be and what they are like.
Tip #2: Get a home inspection done. You may have to pay a little extra upfront but home inspectors are trained to look for things you might miss. A home inspector will be able to give you unbiased feedback on the state of the home you are looking to purchase.
Tip #3: Choose a real estate agent you trust. You want to work with a real estate agent and a real estate company with a good reputation. If you don’t know anyone, ask your friends or family members for recommendations.
Tip #4: Ask about taxes. You will want to know how much your property taxes will be before moving. You want to make sure you can afford those payments on top of your new mortgage payments.
Tip #5: Find a mortgage agent you trust. Having a reliable mortgage agent is very valuable. Getting pre-approved for a mortgage will make the entire process a lot easier. Sit down with a mortgage agent and figure out what you can afford.
Tip #6: Keep an open mind. As you’re viewing a new home, remember that everything can be updated. You can paint the walls, remove the wallpaper, or update the kitchen for a relatively minimal cost. It is more important to find a home with the proper size and layout.
Tip #7: Ask questions. If you’re not getting a home inspector, ask lots of questions such as: How old is the roof? How new is the flooring? What type of hot water heater is used? What do typically monthly utility costs look like? This will ensure you have no unexpected surprises.
Tip #8: Take your time. Home buying can feel rushed or like you’re pressed to make an offer on anything you’re interested in. Relax and take your time shopping around. Buying a home is a major decision so don’t rush into anything! Take a trusted family member or friend with you when you view the home and ask for their opinion.
Tip #9: Make a list of what needs maintenance. Big gardens and yards are beautiful but consider if you have the time to maintain them. Make sure you’re not purchasing a home that you don’t have the time to keep up.
Tip #10: Buy a property you can afford now. Look at your finances and make sure you can afford the home now, not in a couple years when you’re expecting to earn more. Unexpected circumstances can increase expenses in your life so make sure you can afford the home at what you’re presently earning, not what you’re hoping to earn.
That concludes our top tips for new home buyers! Thanks for following along. At Silver Maple Mortgages, we are here to help you in this process. Please contact us if you have any questions. We would love to help you along the way and make this process as easy as possible for you!