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Related Article: Buying a House for the First Time in Erin: Tips
First Time Home Buyer Benefits in Erin: What You Need to Know Before Buying Your First House
Buying your first home is an exciting time. It is also a huge responsibility. There are so many things to consider before making this big decision that you may not even know where to start. To help you out, we’ve put together 12 of the most important pieces of information for first-time homebuyers. Read on and find out what you need to know before buying your first house. There are some first time home buyer benefits in Erin, Ontario that you may be able to take advantage of as well.
Figure out your budget
How much can you afford to spend on a house? Knowing this number ahead of time will help you stay focused when looking at houses and avoid getting carried away.
Get preapproved for a mortgage
This will show sellers that you are serious about buying a house and give you an idea of what kind of homes you can afford.
Consider your needs vs. wants
What amenities are important to you in a home? Do you need lots of bedrooms or is a big yard more important? Make sure the house you buy meets as many of your needs as possible, otherwise it may be hard to live in later on.
Location, location, location
Think about what kind of neighbourhood you want to live in and how close you want to be to work, schools, etc. This is a huge decision that will affect your daily life so take your time and weigh all your options.
Get a home inspection
Even if the house looks perfect from the outside, it’s always a good idea to have it inspected by a professional to make sure there are no major repairs that need to be made.
Have realistic expectations
Buying your first home is not going to be easy – it takes time, money and effort. Don’t go into this process expecting things to happen overnight or thinking that you’re going to get rich quick.
Understand that buying a house is an investment
You can count on your home to help you build wealth over time.
Make sure the mortgage fits in with your long-term plans for yourself and your family. A 30-year fixed-rate may seem like a great deal at first, but after paying it off will you want to stay put or move? Will interest rates go up significantly down the road making refinancing hard? These are things worth considering before signing any papers! If this seems overwhelming don’t worry – there’s always help out there. Realtors, mortgage brokers, accountants and many other professionals have tons of knowledge about everything involved in buying a house so make use of them whenever possible.
Be prepared for surprises
Things aren’t always as they seem when buying a house so be sure to have someone you trust help you keep an eye out for any red flags during the home-buying process.
Don’t forget about homeowners insurance and property taxes. You’ll want these before you move in or else it could cause major problems down the road.
Remember that finding a place to call “home” is just one step on your path towards financial independence; make sure not to get carried away by focusing too much on paying off your mortgage right now at the expense of other important long-term investments.
We hope this article has been helpful and that you feel better prepared for buying your first home in Erin, Ontario. Buying a house is a huge decision, but it can also be an incredibly rewarding experience. Good luck!