Pamela Vasiliu
Sales Representative
pvasiliu@remax.net

RE/MAX Professionals Inc.
Brokerage
Independently owned and operated.

Date: Friday January the 19th, 2018 
416-236-1241

 

   

Homebuying tips for new Buyers

August 29, 2012 - Updated: August 29, 2012

Some Useful Buying Tips To Consider Before You Buy Your First Home: 

Buying your first home can be fun and exciting. However, if your not careful, the process can become stressful and expensive. Here are some useful tips to making your first purchase, a smart one.

 

 

1. Buy for less than you can afford: 

When you first started your home search,  the bank might approve you for more than anticpated.  No matter how stable you might think your life is, things can change. 

 

2. Save for home improvement projects: 

It can be so tempting to head to Home Depot or IKEA and go on a home improvement and decorating shopping spree. But  if you haven’t set aside the money, it’s better to hold off until you can afford to pay for your purchases in cash. Once you’ve made a list of what changes you want to make to your home, and the approximate cost, make sure to save an extra 10 or 15 per cent because you’re bound to spend more than you think you will. 

Before purchasing a home, save for home improvement projects. You might want new floors, paint, decorations, and furniture. However, instead of dipping into savings, plan to set aside extra money for the additional renovations. 

 

3. Buying is for the long-term: 

If you don’t know where you will be in a couple of years, or if your financial situation might change drastically, home ownership might not be right for you. In today’s real estate market, you might need to stay put in your home for at least four or five years – maybe even more – just to break even. So for that reason, it is extremely important to evaluate where you think you will be in the next five years, as well as whether your home will still be functional for your lifestyle within that time frame. 

 

4. Have all your finances in order:

Before you even start looking at homes, you should be working to get your finances in order. This includes taking into consideration your work history (many lenders look at an average of the past two to three years of income), credit history, and cash savings. You might not think those late payments to your credit card company were a big deal, but the cleaner your overall financial history is, the better chance you will have at snagging the best interest rate possible on your mortgage. 


Do your research and be sure to have enough money to cover every expense made my home buying experience a lot less stressful. 

5. Be friendly with the neighbours: 

You might be annoyed with your neighbour’s loud sound system, or the fact that their cats are always on your porch, but it’s in your best interest to be friendly. You never know when you’ll need someone to pick up the  mail when you’re out of town, watch your pet for a few days, or water your garden. 

 

Tagged with: buying a home purchasing downpayments
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