Tips for First Time Home Buyers

Buying your first home is an extremely exciting time in your life.  When you make the decision to undertake this big step, it is tempting to jump in with both feet and start looking at all of the beautiful homes for sale. However, the best thing you can do is pause for a moment and think about the steps that you need to take to get ready before you are ready to make an offer on a home. Use these tips for first time home buyers to help you prepare.

  1. The first thing that you need to do is to get pre-qualified. This means either applying online and talking with a mortgage broker over the phone or setting up an appointment at your local bank to meet with a mortgage broker. By taking this step first, you can find out what you can realistically afford to pay for a house so that you don’t set your heart on something that is way out of your price range. The mortgage broker will give you an idea of what interest rate you can expect so that you know approximately what your monthly mortgage payment will be for the home purchase price that you are considering. This is also an important time to review the loan options and make sure that you have plenty of funds available to cover your down payment and closing costs.
  2. Once you have reviewed all of the financial details with your mortgage broker, you should get a pre-approval letter from them. This letter gives you a commitment from the lender, confirming that you are pre-approved for a mortgage and letting sellers know that you are a serious buyer.
  3. Next, think about your needs and wants. It’s a good idea to make a list of the home features that you deem essential and those that would be a bonus, but aren’t requirements. For example, your list of essentials might include a certain number of bedrooms, and your list of bonus features might include a finished basement or pool. This allows you to look at each home with a checklist in mind. As a first time home buyer, you should be prepared for the fact that you probably won’t get all of the features that you are looking for in a home, and you may have to compromise.
  4. Hire a realtor. It is wise to have your own realtor to represent you when looking at homes, rather than using the seller’s realtor. Your realtor will look out for your best interests throughout the process. At this point, you should provide your pre-approval letter to you realtor so that she can submit to the seller when you are ready to make an offer.
  5. Start looking at homes! This is the really exciting part. As you view homes, it is important to see the potential in each house. Remember, the seller will take all of their furnishings with them. Focus on the big picture; does the house have the space that you need? Imagine what it will look like with your furniture and belongings inside it. Don’t be deterred from purchasing a home by things that are easy to change; you can take down wallpaper and paint a room in a weekend.

If you are ready to purchase your first home in Barrie, contact Your Choice Realty Corp. We know how competitive the real estate market is right now, and we will help you to find the perfect home. We have an MLS notification system that can give you the first notice of homes that are becoming available so that you can beat other buyers to the sale. Give Your Choice Realty Corp. a call today.