Buy a home for the first time. Sounds simple, but there is alot to know. That’s where I come in!
A big component of how to buy a home for the first time will be finding a great REALTOR® to work with. Buying a home is an incredibly personal and important decision – and investment. You want to work with a REALTOR® you like and one that you trust.
Since the market has been hot for the past couple of years, you also need one that it proactive. If you are having trouble finding homes that meet your needs, budget etc., the REALTOR® you select may need to get creative to find you an off-market property or an exclusive listing before it hits the market.
Regardless of who you decide to work with, you need to be comfortable with them and confident in them. Make sure you are clear about what your needs and wants are as well as what you can be flexible with.
For example, you may not be able to find what you want in the neighbourhood you desire so you may need to make concessions about things you want in the home. Alternately, maybe your dream home is out there but may be in a location different than you were hoping for. Sometimes, real estate can be a game of give and take so it’s helpful to know in advance, what concessions you can live with and which one’s you can’t.
Once you have found a home you like and can see yourself living in, it’s time to draw up an offer. In today’s market, it’s best to bring your best offer to the table. To strengthen it, you may want to see the home for a second time before offer presentations are being accepted to bring an inspector. This way you can put in an offer without an inspection clause.
Although some buyers may feel comfortable moving ahead with no conditions, it’s important to keep in mind that this can have dire consequences – especially if you find out about a costly repair required after purchase or don’t qualify for financing.
Another thing to put on your radar is the appraisal.
Even if you’ve been pre-approved for a specific amount, that doesn’t necessarily mean that the home will appraise for that same value, especially if it’s been sold for far over the list price in a bidding war. If this happens, there is a possibility you’ll need to find a way to make up the difference between your down-payment and the mortgage amount your lender will approve you for.
Hopefully this isn’t something you’ll ever have to contend with when you’re figuring out how to buy a home for the first time but it’s still an important consideration to be aware of.
After you’ve jumped over all of these hurdles, you’ll be getting very excited leading up to your closing day!
More often than not, you’ll need to see your lawyer a day or two before to sign off on your final documents. Keys tend to be available closer to the end of the day and only on a weekday as most law offices aren’t open on weekends.
It’s a good idea to purchase a new deadbolt so you can replace the existing one before moving in and protect your asset. If you need support, your REALTOR® should be able to direct you to a locksmith in the area to help.
You’ll also need to update your address with any companies you expect bill payments from. I’ve always found it helpful to pay to forward my address with Canada Post to make sure nothing slips through the cracks after a move. You’ll also set up accounts with the utility companies for hydro, water and electricity.
It’s not an absolute requirement but another helpful add on is a heating and cooling plan. When I moved into my first home, I opted for one of these and it came in handy because we needed an AC repair the following summer. When you’re moving into a new home, you don’t always know what you’re walking into so it’s better to be safe than sorry!
After you move in, you can finally put your feet up and relax. You’re home!
If you are trying to navigate how to buy a home for the first time, I’d love to help. I can be reached directly at 647.896.6584, by email at info@serenaholmesrealtor.com or my contact form for all of your home buying (and selling) needs.
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