Quick Tips for Buying Your First Home

Buying your first home is a huge step in anyone’s life. It’s the exciting moment when you achieve independence, and a crucial first step on the property ladder. You’ll soon have a major asset, as well as a personal space in which you can raise a family, achieve your dreams and anything else you desire. Following these steps can help ensure that your first home buying experience is nothing but positive.

1. Know what you want

Finding your dream home is far easier if you already have a set of criteria in mind. Otherwise, you’ll find yourself aimlessly looking at properties for an extended period of time before making a decision. Find the neighbourhood that you can envision yourself comfortably living in, and work out what kind of floor space and features are must-haves for you and/or your family. This will make it far simpler for your agent to find the right property, saving you time and stress.

2. Find a great property agent

While it’s not an absolute necessity to buy your first home through an agent, they can certainly make the whole process easier for you. They’ll be aware of all of the best new listings available to look at, and offer advice on pricing and negotiations.

3. Do your mortgage research

Worries around approval for a mortgage may dominate your thinking at this stage, but don’t forget to do the research to ensure you’re getting the best possible deal on your loan. You may wish to visit various banks and lenders and consult with a broker before signing your name on the dotted line.

4. Negotiate on price

Try not to act hastily once you’ve found a house that you love. The price tag listed may not be suitable, so be sure to weigh the cost against other comparable sales in the area, and consult your agent to make sure that you’re getting the best deal possible. The outcome will, of course, depend on the market, but negotiations may drive the price down considerably.

5. Conduct a thorough inspection

While the house you’ve selected may look picture-perfect, it’s important to carry out a complete home inspection before you lock yourself into a purchase. Check the foundation and any aspects of the house that may require repairs.

6. Manage your expectations

A first home isn’t always the home of your dreams, but it could be the first step that leads you there. Know what you can afford, and keep your expectations within reality. Getting your foot on the property ladder is the most important thing, and should set you up for a successful future.