Millennials might be known to shy away from the prospect of home buying but that doesn’t mean every young adult today has already abandoned the idea of becoming homeowners. A lot of people still work hard to buy their first home. This major milestone is still considered as a great step into adulthood and if you’re one of them, you need to know a few important things before you pore through real estate listings Canada.
Get acquainted with the process.
Buying a house is not a small feat. Aside from the fact that it involves a serious amount of money, it also entails a serious commitment and responsibility. Owning a house will force you to take roots and work on maintaining your property, so the whole business of getting one shouldn’t be taken lightly.
This is why you have to prepare for the occasion with enough research. Get to know as much as you can about the process and make sure that you understand every step. This can help you make better decisions and avoid making unnecessary and costly errors.
Researching the grants and financial assistance programs you can qualify for is also a good way to get you started in house shopping. It can motivate you and even point you in the right direction.
Get a realtor.
Being a first-time homebuyer makes you very vulnerable to making rookie mistakes. By hiring a realtor, you can have someone knowledgeable by your side to help you out.
If you’re worried that they’ll only take advantage of your inexperience, don’t be. With a good and reputable realtor, this shouldn’t be the case. These professionals may put their interests first but they’re also obligated to fulfill their responsibility to their clients. Aside from the fact that there are laws that will ensure this, the fact that their business relies heavily on recommendations tend to prevent them from taking advantage of their clients. You just need to find the best real estate agent to avoid problems.
Sort out your finances early on.
With the major spending that is involved in buying a house, it’s very important that your finances are sorted out before you even start looking at properties. Deciding on a budget and sticking to it will help you avoid overspending and ending up house poor. Getting your loan pre-approved will help you make an offer to a property that you love right away to boost your odds of getting it.
Decide on your non-negotiables.
Ever caught one of those house hunting reality shows that are so popular recently? Most of them became popular because the people in them have a couple of non-negotiables that viewers find ridiculous. While a lot of them are seriously pointless, some are valid non-negotiables for them even if they’re not for you. Keep in mind that they’re paying top dollar for the property they intend to get, so it’s up to them to be as picky as they want to.
The same thing works for you. It would be nice if you can get a property that’s as close to what you actually have in mind. This way, you won’t have to spend on renovations right away if that’s not in your budget.
Don’t get distracted by the furnishing (unless you’re buying a furnished house).
It’s very easy to get charmed by the interior design of the house you’re considering. But unless you’re getting a furnished property, this shouldn’t be a major deciding factor for you. You should pay more attention to the things that matter like room sizes, floor plans, available views, and the state of every nook and cranny.
You should be able to easily tell if the property needs a lot of repairs at the very least. This way, you can account all of the necessary expenses and check if they’re still well within your budget. It can also save you from unwanted surprises later on.
There are tons of other things that you need to be prepared for when purchasing a house for the first time. However, these five are some of the most basic examples so this guide can be a good starting point for your foray into the real estate market. Keep them in mind and you might just boost your odds of finding the perfect home for you.