Buying a new home can be stressful and overwhelming, especially if it’s your first time. In this blog I breakdown the exact to-do list of what you need to plan and prepare for before AND as you start looking for your new home. If you’re a first-time buyer, keep reading.
TO-DO LIST:
1. SAVE
- Down payment
- Closing costs
- Insurance and taxes
2. IMPROVE CREDIT SCORE
- Stay current on bills
- No major purchases
- Don’t cancel any credit cards
- Higher credit score = lower interest rate
3. CALCULATE WHAT YOU CAN AFFORD
- Use this helpful calculator: www.bankrate.com/calculators/mortgages/new-house-calculator.aspx
4. GET MORTGAGE PREAPPROVAL
- Shop for the best deal
- Choose primary and backup lenders
- Mortgage advice: www.hud.gov/buying/booklet.pdf
5. DECIDE WHAT YOU WANT IN A HOME
- Here’s a helpful checklist to help you get clear: www.hud.gov/buying/wishlist.pdf
6. CHOOSE A REALTOR
- Make sure you connect and feel comfortable with them. To know how to make the right choice for you, I recommend reading my other blog: 7 Ways to Know You’ve Hired the Right Real Estate Representative
7. VISIT HOMES
- Take photos and make notes of all your likes and dislikes
- Bring your home shopping checklist
8. NARROW CHOICES
- Visit the neighbourhoods during the day and at night to gauge traffic, noise, etc.
- Test your commute
- Consider resale value
9. MAKE AN OFFER
Common contingency opt-outs:
- if the home appraises for less than the mortgage
- if the inspection reveals flaws owners won’t fix
- if you lost your job before the deal closes
10. SCHEDULE HOME INSPECTION
- Your realtor can recommend an inspector if you don’t know one
11. FINAL WALK-THROUGH
- Test light switches, sockets, etc
- Check that windows and doors work
- Test all faucets, drains, and toilets
12. CLOSE AND MOVE IN!
- The best part is getting the keys handed to you!
I hope this to-do list breakdown helped you to better understand the process of buying your first home. Need any help with number six? Send me an email, ejungas@royallepage.ca or Phone 1-905-229-9500
Elsie Jungas,
Realtor
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