The time has finally come! You are ready to own your very first home. Whether you have owned many homes before or this is your first time, it is always an exciting experience. However, the home buying process can also be a bit daunting, especially for first-time homebuyers, as many steps come into play. In order to stop stress and doubts from taking over the joy of buying your new home, a clear guide might come in handy. We got your back! Here’s a small first-time home buying 101 to get you started in the purchase of your property.
Check your financial status
This is a step you need to work on before jumping into the home buying process. As much as a property is screaming your name, if you don’t have the finances needed, you won’t be able to buy anything. Buying a home is a big investment so you want to make sure to check if your income and expenses match or if you can even afford a home loan. It’s also the perfect opportunity to take care of any existing debts where possible, especially if you want to get a mortgage approved.
Choose your type of property
You may have done your research or come upon real estate listings with properties that caught your eye, but are they really what you need? In terms of residential property, there is something for everybody from duplexes to condos or family homes, among others. The goal here is to find the property that will match your goals while staying within your budget.
Spot the features you can’t do without
It’s certain that you can’t look for the property that will check all the boxes or you will keep looking indefinitely. However, since you are investing big in the hope of getting a property you will love living in, you have the right to make sure that it has all the important features you need. Thinking of all the details such as the kitchen layout, the number of rooms or the neighbourhood will help you determine which property will best suit your lifestyle.
Are you really ready?
Sometimes, getting your finances right is not enough to make sure that you are ready to buy a property. So many things come into play, especially your expectations and goals. Are you planning to start a family? Is there a possibility that your work needs you to relocate later on? Are you on the same page financially with your partner? These questions are crucial as they will help you not only determine if you are ready but can also help you in your property search.