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Finding your first home!

Posted by A2018B on June 6, 2017
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You have decided that now is the time to take the plunge into home ownership. Great! However, make sure you’ve taken the proper steps before just blindly making that purchase.  I have come up with three key components that, if researched properly, will get you the right house! 

1) Prioritize Your Needs 

Your living requirements are significantly different from ‘that couple’ on a reality show buying their dream home. Therefore, you need to seriously consider what features are most important to you and your family. Make a list to determine what you must have versus what you think you need.  Odds are good that you won’t be able to have everything you think you need, that’s why it’s important to have everything prioritized. 

Here some main areas to examine: 

Your Lifestyle 

Are you someone who doesn’t like or has no time for yard work? Try a condo.  The larger the yard that is on your property, the longer the time you’ll devote to maintaining it.  Maybe your budget can’t afford condo fees, then try finding a property with a smaller yard.  

Size of Home 

Depending on where you are in life will help determine how big of a home you will need.  Are you recently married? Even though a two bedroom might be ample for now, think about five years from now.  You might have additions to your family, and will the house accommodate everyone at that point? You may need that open-concept look with a pool in the backyard if you are the entertaining type.  You may need an office area if you do some work from home. It’s better to think of these things now before you’re already in your new home and forced to renovate to accommodate.  

Location 

Location of your home plays a big part how you go about your day.  Having your house close to schools, shopping, highways and other amenities can make life quite a bit easier.  However, those luxuries bring traffic, construction and more densely populated neighbourhoods.  Determining how important these amenities are to you. 

Parking 

Where you park your vehicle often gets overlooked when deciding what home you are buying.   Garages extend the life span of your vehicles as they are less exposed to inclement weather.   Determine how big of a driveway you will need, also determine if parking is allowed on the street or not. 

 

2) Budgeting 

Knowing what you can afford is as important as knowing what you need. Assess such things as your family’s income, debts any contributions to your investments and savings. How much you have left over will give you a far greater idea on how much you can afford to carry the costs of having a home (mortgage payments, taxes, utilities, etc.)  Once you have figured out a budget, try living on it immediately to see if it is feasible.  If you come to the conclusion that it’s too expensive, try considering a home which is priced lower. 

3) Get Experienced Assistance 

As much you might think doing it all yourself will save you money, think again.  Having a Realtor helps you in many different areas of home buying.  Realtors have a firm understanding on the current housing market.  They are more experienced in negotiating with sellers and other Realtors.  They have many important contacts ( mortgage specialists, home inspectors, lawyers etc. ) all of whom they put their trust in. 

 

In conclusion, if you prioritize your needs, determine a budget and get experienced assistance, you should be fully prepared when you are looking your first home.