4 Tips For First-Time Home Buyers
Scott Robinson
With just under 3 decades as a Real Estate Broker, Scott offers you expertise in virtually all venues of real estate...
With just under 3 decades as a Real Estate Broker, Scott offers you expertise in virtually all venues of real estate...
You've scrimped and saved and you're finally ready to take that first step into homeownership. But where do you start? If you're in the market for a newly built home or condo, here are four helpful tips:
1. Choose the type of home that meets your lifestyle needs.
Do you like the convenience of downtown living or do you want to live in a quieter setting? Do you have kids and want them to attend a certain school? Are you hoping to have outdoor space for gardening, barbequing, or entertaining? These are all things to consider during the home buying process.
Deciding between a freehold or a condominium is also a big decision. Each has its own advantages and disadvantages as well as different construction timelines and warranty coverage.
2. Determine what you can afford.
Once you have chosen the location and type of new home that fits your needs, meet with a financial advisor in order to determine a mortgage amount that you can comfortably afford. This will help you understand what price range you may be looking in. You should also consider getting a pre-approved mortgage so you can shop with added confidence.
3. Research the builder.
You want to make sure that your home is built by someone you can trust. New home builders should be registered and the homes they build should be enrolled in the new home warranty program. Look up any builder you're considering in the online Ontario Builder Directory. You'll be able to see how many homes they have built in the last 10 years and the status of those buildings.
You should also do some other research, including talking to homeowners in the neighbourhood you're interested in and finding out if they were satisfied with their builder and home.
4. Choose the right Realtor for you.
Be sure to be comfortable with your Realtor. You want to be sure that you can trust them and that they are knowledgeable about the type of home you are purchasing and the neighbourhood you are purchasing in. A licensed Realtor can help with a smooth transaction.
A new home is one of the biggest investments you'll make in your life, so it's important to be prepared.