Getting Started: Five Great Tips for First-Time Home Buyers
Take a look at these 5 strategies for ensuring your first experience buying a home is a success:
- Know your limits. Determine the costs of owning a home before you contemplate buying one. Determine what you can afford by making a budget and considering any strategies that might be used to offset future expenses (i.e. renting out parts of the home).
- A small bungalow can be the first step towards your dream home. If you can’t afford your dream home, buy a smaller less expensive home now. This way you’ll be able to take advantage of today’s low interest rates and build the equity you need to buy your dream home later.
- Ask a professional. A mortgage broker can help you navigate the enormous amount of offers available today and ensure you get the mortgage best suited to your needs. A good mortgage is more than just a low rate; we can help figure out what works best for you!
- Be aware of closing costs. Have some extra funds set aside (approx. 1.5 – 4% of your home’s selling price) to cover any additional costs associated with purchasing your home.
- Pay it off quick. The faster you pay down your mortgage the more you’ll save on interest. Whenever you can, throw lump sums at it. Also, consider making your mortgage payments twice a month rather than just once.
Together we can break you into the homebuyer’s market and set you on the path to buying your dream home! Don’t hesitate, get in touch with us today!