What First Time Home Buyers Need to Know!
  1. Establish A Budget. The first step to buying a home involves money, of course. Spend time looking at your current and future finances and budget. There are many hidden costs – gotta expand or link to another blog article to owning a home so you need to be prepared and have a good budget set out.
  2. Mortgage Pre-Approval doesn’t mean you are approved. Needs to be expanded and linked to other blogGet a mortgage pre-approval. The mortgage pre-approval will help set your maximum purchase price, lock in a mortgage rate and help you decide how much you actually want to spend.
  3. Create a Wish List. Expand more – add more fluff How many bedrooms do you need? Do you want a garage? Do you want a separate dining area? What neighbourhood do you want to live in? Narrow down your must-haves to help your REALTOR® search for appropriate properties for you in your price range.
  4. Commit to a REALTOR®. Your REALTOR® will be your most important asset in your home search. Your REALTOR® will narrow down potential properties that match your criteria and walk you through every step of the home buying process from viewing properties all the way to closing. What’s a Buyers Representation and do you need to sign it? – Expand this with info from RECO
  5. View Properties. Your REALTOR® will set up showings for properties that met your requirements. You may have to see quite a few homes before the right one comes along. Viewing properties can be fun and sometimes frustrating. Comparison worksheets – expand
  6. Make an Offer. Always get a home inspection – expand this – talk about buyer vulnerabilities such as lack of cooling off period unless there are conditions – respecting deadlines is important too. Once you have decided on the perfect home, your REALTOR® will help you through the process of making an offer and negotiations. If your offer is accepted, there may be conditions that you need to complete before the deal is firm (i.e. home inspection, financing, insurance etc). Don’t worry – your REALTOR® is here for you every step of the way.
  7. The Purchase. Mention respecting deadlines and what to expect on closing day. Budget for closing costs to be mentioned too. Once your deal is firm and before closing, you will need to contact a Lawyer, organize services (i.e. utilities etc) and organize to move. There is plenty of paperwork and costs involved but your Lawyer and REALTOR® will spend the time to educate and help you understand every aspect.
We hope these tips help you in your home buying process. If you have any questions or comments, The Saugeen Team is here to help. Call or email anytime!