When it’s time to make the jump from renting to buying a home, there’s a lot to think about. From building a dream home in the country to taking on a massive remodel project, here are some tips to keep the first-time home buyer on track to make their first big purchase a success.
Know your budget. Many people will start their home-search process by becoming pre-approved for a mortgage. However, don’t forget to figure in potential remodel costs when visiting open houses. Don’t get caught unprepared after you’ve closed on a house when it’s time to start planning that kitchen remodel or a guest bedroom addition – budget it early in the process so you can make informed decisions.
Consider the potential. Early in your search for the right property, you should have determined what type of home will best suit your needs, and what features are important to you in the right home. Evaluate the potential in the houses you tour. While a house might not meet all your must-haves now, adding a room or renovating the kitchen or bathroom could open up more possibilities and keep you within your budget.
Get a home inspection. Once you’ve found the perfect home and put in an offer, you’ll likely have contingencies on the big purchase, one of which should be a home inspection. This should be completed by a trained and qualified professional, who will be able to find any problems, defects, or flaws with the house. Consider any serious findings at length before continuing with the purchase, especially ones that will require major repairs or remodels.
Perform regular maintenance and plan ahead for big projects. The work isn’t over once you’ve been handed the keys! Create a schedule of regular maintenance so that you can keep your new home in the best shape possible. Then, once you’ve settled in, don’t be afraid to start tackling the projects that you always imagined would add value to your home. You’ve achieved the major milestone of buying your first home, so now it’s time to make it yours.
On another note we also recommend any home-buyers in Canadian cities to explore some of the documentation on the Governments CMHC website..
This website has mortgage calculators, information to look for and really get financing information for first time buyers. It also covers the insurance policies and CMHC fees that may be associated with your purchase. Also take your time and select a great home inspection company, they are going to play a large roll in whether you purchase the house being inspected! Take your time and make sure that this home is the correct one for your needs.