Every first time home buyer should OR shouldn't do
6)Don't buy based on the decor of a home. Decor can be changed. Paint, wallpaper, flooring can all be changed for a resonable cost. Conversely, a structural flaw in the foundation could cost thousands to repair.
7)Talk to friends and family. Ask them what they learned when they bought their first home. You will be amazed at the knowledge you can get for free.
1) Get pre-approved by your bank or financial institution.
Don't just get a dollar value of what you can afford. Go through the whole process and make sure your credit and income work. There is nothing worse than finding the home you want, falling in love and finding out after that your credit doesn't allow you to buy.
2) Look at a number of properties.
This is a common mistake rookies make. They walk into the first open house or showing and decide that this is the home for them. After that they turn their blinder
on to all the options. Take your time its an important decision.
3)Research your neighbourhood.
Remember you are going to be living here. Investigate schools, services, access to emergency services and more. A qualified Sales Representative can assist with this. When in doubt knock on the door of a neighbour. They are usually a good judge of what is happening.
4)Have a professional home inspection done. When making the single largest purchase of your life, think of it as a small insurance policy. You want to know if there are things that you should pay attention to when you finally move in.
5)Buy based on your needs not your wants. Most of us would like to have the largest, nicest home on the street, but that (most of the time) isn't practical or affordable. Remember it is your FIRST home, not your last. Very few people stay in their first home for a lifetime.
8 iMagazine / Spring, 2014