03 Nov 5 Helpful Hints for First-Time Buyers
There can be no denying that making the decision to buy your first home is a big one, and it’s a decision not usually taken without careful consideration. However, there are many factors to consider, and sometimes it can feel like a bit of an information overload; arriving at a place where you can make an informed decision, seems like an unachievable goal.
From budgetary constraints to tax credits and local markets, here are 5 helpful hints to make the buying process for newbies, a little less foreboding:
Take every factor into consideration
It might not always be practical to purchase a property in a certain area, just because you’ve got your heart set on it. Be sure to conduct research into whether your desired location covers all your budget and lifestyle needs.
Work closely with a mortgage broker
A qualified mortgage broker can help you make your decision to buy a property much easier, as they have all the latest market information, and can guide you through a whole list of mortgage options that you may never have known were open to you. Knowing exactly what you can afford, can help you make a practical decision about your new home.
Don’t ignore government programs
In Canada, there are numerous government programs that can simplify your first-time home buying experience, such as The Homebuyers Plan and The RRSP Homebuyers Plan, to name but a few.
Take your time to make your decision
Buying a new home is definitely not something you should rush into, and while it can feel sometimes that you need to snap up a property before you lose out, new properties come on the market all the time, and you should give yourself ample time to make a well-informed decision.
Look at the bigger picture when it comes to your finances
Buying your first home is a huge financial decision, on top of all the costs associated with buying a home, you must then commit to making regular mortgage payments and cover utility bills and taxes. Talk in detail to your mortgage broker about a realistic budget, and be sure not to make a decision that will leave you sitting comfortably in your very first home, but floundering financially.
Thankfully, while buying your first home is a huge step to take and a big financial commitment, there is plenty of help and support out there, and talking with a local mortgage broker is a fantastic place to start. Talk to your chosen broker about your budgetary constraints and let them help you make a sound and informed decision, in which nothing is left to chance, and you’re fully aware of exactly how much money you will need to set aside.