1. Assess your needs
Think about your family and whether you have plans to marry or have children in the near future. Factor in your job and if it’s stable, whether you plan to stay long term or if you are itching to try something new. The timing has to be right.
2. Do the math
Many people focus on the down payment when they think about buying a home. Yes, the down payment is usually a large chunk of money. But there are other upfront costs you need to think about—taxes, property insurance and closing costs for example.
3. Be ready
You’ll want to have all your documents ready to make the process go smoothly. This will include attaining a mortgage pre-approval which requires various documents.
4. Check out the inventory
A house is likely the largest purchase you’ll ever make, so treat it like other large purchase. That means you want to shop around as you would for a car, TV or couch. It may be time consuming but it’s important to look at comparable homes in the area. You want to look at a variety of options to not only find the right one for you but to get a feel for the pricing in the area.
5. It’s OK to walk away
If you aren’t comfortable with the purchase, you may have to leave a near-perfect house for someone else to buy. It has to feel right. If it’s meant to be, it will happen.
Working with a quality realtor will make the entire process enjoyable, rewarding and as stress free as possible. Check out www.chrisryan.ca for informative videos today!