1. Consider Your Debt:
Considering and dealing with any debt is a crucial step to think about for every first-time home buyer. Buying a home involves many costs – the closing costs, down payment, as well as future mortgage payments. Dealing with your debt will help you figure out how you will be able to cover these costs, and it will give you a better idea of which home you will be able to afford.
2. Ask Yourself These Questions:
There are a series of questions you should ask yourself before purchasing your first home:
What area do I want to live in?
The area you would like to purchase your first home should be one you believe is in the right location for your commute, schools, the right community, etc. Considering that this will be your first permanent home purchase, you should think about the future – for example, how close the school is if you have kids or plan to have kids, or if you will be able to commute comfortably to your place of work. Many make the mistake of believing they would commute a long distance every day but regret their decision later. Looking in the right areas that you know fit your criteria will help you make the best decision. Some of the best and famous Canadian cities among first time home buyers are: City of Toronto, Mississauga, Oakville, Guelph, London, Hamilton, Welland, Fort-Erie, Niagara Falls.
How many bedrooms would I like the house to have?
It is important to think about how many family members you plan to live with within the house. If you think there is a possibility of having kids or expanding your family in the future, you should think about how many bedrooms you will need. This way, you will not need to move after such decisions are made in the future.
Is this a financially sound decision?
Think about the trajectory of your career. Do you believe that you will be able to afford this house if there are no changes in your salary? It is important to think about worst-case scenarios to know that whatever happens – you and your family will be fine and live comfortably.
3. Plan the Expenses:
After dealing with your debt, you will need to plan for the current and future expenses of buying a home. You will need to prepare to obtain the right amount of money for your down-payment so that you can pay when you purchase your house. In addition to the down-payment, there are legal fees, closing costs, and the cost of an inspector to come in to examine the house.
4.Hire a Realtor
Hire the help you need so that your home-buying experience is as seamless as possible. A realtor will cater to your needs – they will help you find the best home that fits your needs, hire other professionals to help, such as inspectors, real estate lawyers, mortgage agents, and they will negotiate on your behalf. Overall, a realtor will answer any questions to ensure that you have a smooth transaction when buying your first home.