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5 Tips for First Time Home Buyers

Buying a home for the first time can be a very overwhelming experience! We often don’t know where to start, what to look for, or things to consider. 

To make things easier, we’ve compiled 5 tips to get you started on your journey!

Get Pre Approval

In order to get started on your first time home buyer journey, you have to understand what you can afford! This critical piece of information makes the whole experience easier and less stressful. Finding a mortgage broker that understands what you want; but can also give you a clear understanding of what your purchasing power is, is important. Don’t forget to take into account “closing costs” and “strata fees”! You want to make sure when you see a home, you can put in an offer right away because you know you’re qualified.

Do your Research On Agents

Make sure you’re working with someone reputable. See if they have a good track record, and if they’re knowledgeable in the market you’re planning on buying in. Some agents even work specifically with first time home buyers, so make sure to do the research on the agent! They’ll be able to find you great options and seek out first time home buyer incentives that you can benefit from.

Be Assertive

A good real estate agent will take the time to answer your questions – especially for a first time home buyer – but a great real estate agent will already provide you the information needed, by anticipating your questions!

Don’t be afraid or too embarrassed to ask questions, if you’re unfamiliar with certain lingo or terminology. It can be a confusing, overwhelming process, and that’s why they’re there to make it easier for you. 

Keep Track of your Houses

Writing down lists for anything is a really good way to have all your thoughts on paper. It gives you the opportunity to visually see what you really want, and what you can sacrifice. When you have the list of what you desire; separate it into two columns “Must-Haves” and “Can-Pass”. This will help give a clearer understanding of what your first time home buyer incentives and options will look like.

When you’re visiting homes, bring a notebook to keep notes on what the features are for each property. 

Being Open to Options

It’s quite rare to check all the boxes in all the categories, but you can definitely find something you fall in love with. It’s possible that you’ll miss out on specific homes you’re drawn to. Remember that the right home is still out there, and often times, it’s better than your initial choice. So don’t get discouraged!

 

Tuxedo Park boasts many reasons for you to make this your first home purchase. To find out more about what we have to offer, register below! And stay tuned for our next blog post!