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Tips for First Time Home Buyers (Part 1)2018-03-10T02:38:22-07:00

If you are in the market looking for your first home, these tips will help you avoid common mistakes. Buying a home is the biggest and most important decision in the life of many, the consequences of which last a life time. People buying their first home are usually about to invest their lifesavings into a property; without thorough knowledge of the real estate market, making an investment can be dangerous. Following are a few tips to help you make the best use of your investment.

Get an Agent

This may appear as betterrate.ca promoting some agents, but trust us that is not the case. As discussed in the introduction, you are about to make what is possibly the biggest decision of your life. You are about to invest your lifesavings, wouldn’t you be comfortable if a professional was there to guide you along the way?

An agent can help you in your hunt for the ideal home. The final decision will be yours, but let’s face it, an agent has a greater knowledge and understanding of the real estate market and can help point you in the right direction.

Select your agent based on their experience and referrals. If a friend or family member has recently bought a home, it might be a good idea to call them and ask if they recommend their agent to you.

Narrow Down Home Features

You must narrow down home features such as:

  • Number of bedrooms, bathrooms, and garages: You must carefully write down your requirements based on the current number of family members you have and whether that number will increase in the future.
  • Front and backyard, swimming pools, fireplace, a special room for your hobbies: Some people may not require any of this and some may require a few features. Write down the features based on your requirements.
  • Utility connections, gas vs. electricity: The property you are looking into can have electricity instead of gas, or can have both gas and electricity connections. Do the math in terms of utility bills and determine the better choice for you. In most cases, having both connections instead of just electricity is a good idea.
  • Telephone, cable, and internet connections: Your favorite vendor for these services may not provide service in the area your prospect home is located in. For some people this is a non-issue but for some people this might be a problem. Just to cover all basis, checkout the service providers in that area.
  • New property or old: Old properties may require repairs which will cost you besides the price of the property. Old properties may also have mold infestation, termites, or similar problems. Lookout for any existing problems and ask the current owners about any past problems they might have faced.
  • Special features for special needs family members: If you require a ramp or any similar features for a special needs family member, you should consider the possibilities and the costs. The field of architecture has come a long way in the past couple of decades and just about any property can be enhanced, but the costs may vary.

Note: Part 2 of this article will consist of tips on narrowing down home location and determining whether variable or fixed mortgage is suitable for you.