Buying your first home can be exciting, but it's easy to focus so heavily on the purchase price that you overlook other costs and decisions.
Here are ten things to consider.
1. Get Mortgage Pre-Approval
Before looking seriously at houses, understand approximately what you can afford.
2. Don't Automatically Spend Your Maximum
Just because a lender approves a certain amount doesn't mean you're comfortable with the monthly payment.
Leave room for normal life expenses.
3. Include Closing Costs
Your budget should consider expenses such as:
Legal fees
Land transfer tax
Mortgage-related costs
Moving expenses
Utility connections
4. Compare Neighbourhoods
Don't assume one Durham community is your only option.
Compare what your budget purchases in several areas.
5. Look Beyond Cosmetic Features
Paint and flooring can be changed.
Location and lot size generally cannot.
6. Understand the Age of Major Systems
Consider:
Roof
Furnace
Air conditioning
Windows
Electrical
Plumbing
7. Think About Resale
Even if you're planning to stay for many years, circumstances change.
Think about whether future buyers are likely to appreciate the same property features you do.
8. Understand Your Representation Agreement
Ontario buyers should understand the terms of any representation agreement they sign, including its duration and remuneration arrangements.
9. Don't Skip Due Diligence
Depending on the property and offer structure, this may include financing, inspection, condominium document review or other conditions.
10. Have a Strategy Before Making an Offer
Price isn't the only term in an offer.
Closing date, deposit, conditions and inclusions can all affect negotiations.
Buying your first home is much easier when you understand the process before finding the property you want.
Michael Gallant Team
Century 21 Wenda Allen Realty
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