When purchasing our very first home, it is not hard to make mistakes. We are all human, and as such we tend to make mistakes.
Making a mistake when buying a home, can end up costing you; you might en dup being stuck with a house you do not want or you find problems with the house after you sign the contract for it.
Consider the following tips before you buy your first home.
1. Research
Search online for properties; however do not fall for any house just yet. Compile a list of properties you want to tour. Go around with your real estate agent to each house and examine the community as well as the house.
2. Create a Budget
You will already know the amount you can spend on a house, however have you considered your monthly expenses? Prepare a monthly budget, factor in costs for taxes, association fees, insurance, maintenance and repairs, and your mortgage. Know how much it will cost to live in the house before you buy it.
3. Have a Back Up
We do not always get what we want, and this is the same for houses. You might find the perfect house, however you lose it to another buyer. Be prepared to have houses that you can go to in the event you lose you lose the one you are bidding for
4. Understand your Contract
You have to understand your contract completely; you do not want to find that it is made only to suit the seller’s needs. Have a lawyer look through it and ensure your interests are protected.
5. Know the Consequences
You have to realize that if you back out of a contract, you can lose your deposit and be liable for brokers’ fees. If you have no valid reason to cancel, legally you will be obligated to go through with the sale. Do not sign anything unless you are 100% sure you want it.
By understanding these points, and adhering to even a few of them, you can ensure your buying process goes a little smoother.
Jeff Markewich
Broker of Record with InfoMarket Group GMAC Real Estate
www.imgrealestate.ca
What to Consider Before You Buy Your First Home
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