TOP 5 TIPS FOR FIRST TIME HOME BUYERS
1. Consider if it’s a Good Investment
While making sure a property suits your needs are important in your purchasing decision. It's also important to consider the potential investment value of the property you're looking to purchase. Some things to consider when looking at a property include the neighborhood, school district, location, usable space, immigration trends, curb appeal, and the condition of the home. Purchasing a home isn’t just about housing, it’s also an investment, and like all investments, we want to make sure that it will continue to appreciate.
2. Pre-Approval & Explore your Mortgage Options
It’s important to get pre-approved for a mortgage before shopping for homes. Having a pre-approval establishes a realistic price range towards what properties you can realistically afford. It is also important to explore mortgage options from different lenders to find the best rate. Some mortgage lenders won’t give you the best rate until you show them competing rates from other lenders.
3. Make a Short List of your Non-Negotiables
It’s good to have some flexibility in the specific features you're looking for in a property, you should still create a shortlist of the features that you MUST have. For most individuals, purchasing a home will be the biggest purchase in their life. Therefore you deserve to find a home that meets all your needs. Creating a shortlist of non-negotiables will also help you narrow down your search and discard any home that isn’t a good fit for you.
4. Consider Total Costs & Future Proof your Buying Decision
When purchasing a property the down payment and mortgage payments aren't the only expenses involved. You also have to consider closing costs such as property transfer tax, home inspections, property appraisals, and legal fees to name a few. It’s a good idea to think about the total costs of purchasing a home along with any potential plans you have in the future that may impact your finances.
5. Think Long Term and be Patient
If you’re looking to purchase a property as your primary residence, don’t worry about the short-term trends. Instead, focus on making sure you purchase a home that aligns with your finances, and that has desirable features that will appreciate over time.
Written by Daniel Zhao REALTOR®
I strive to provide the most relevant information possible to help my clients succeed and achieve all of their real estate goals.
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