Aug. 17, 2022
Questions for Prospective Homeowners to Ask Themselves
Are you financially ready to buy?
Many first time home buyers fear the unknown …“What if I can’t make a mortgage payment?”
If you can consistently make your rent payments on time now there shouldn’t be any reason you won’t be able to make your mortgage payments in the future. It is important to feel confident in your financial security. Make sure you have all of your ducks in row before you start shooting. Make sure all your priorities fit. Make sure you have that down payment needed and that you don’t need that for any significant debt.
What are your priorities in life?
For some it may not make sense to purchase a home. Logically work out how long you plan to live in this new home and set a timeline as to what you would like to do in the home and when you would like to move. Home ownership is a blessing not a curse. Do you like to travel? Do you plan on a promotion soon? Do you want to spend time maintaining a home? If you don’t want to be tied down to certain responsibilities or a certain neighborhood or city perhaps home ownership isn’t for you.
How much can you afford?
We work with multiple mortgage professionals on a daily basis. We can recommend many professional individuals from all different cultures and languages to help you. The important thing is that you find the right mortgage that will work the best with your lifestyle. If you like to spend most of your time outside and spending lots of money make sure you tell the mortgage professional you are speaking with so that they can help you figure out a budget and mortgage which will best suite your needs. Did you know you can use up $25,000 of your RRSP as a down payment towards the purchase of your new home? Ask us for more details…
What do you want in a home?
This is something that is often a very large hurdle for purchasers just starting to look. If you have watched any property show on HGTV you will know that what you want and what you can afford are often two very different things. It’s always a good idea to get some professional advice from an experienced Realtor and see what it is you can afford. If you require 2 bedrooms and 2 bathrooms with yard for Max your Rottweiler you may need to get creative and explore alternate neighborhoods offering more affordable properties. Your wish list, priority list and lifestyle requirements are all items we discuss as your Realtor®. While it can seem stressful or confusing to set realistic expectations and priorities at the beginning this will ultimately help you save time and a lot of emotional energy.
We can keep your objectives in mind when visiting a home. One thing we will go over at first introduction is what you are looking for in a home …
- Do you have pets?
- Do you want to be close to family?
- Is safety and low areas a concern?
- Do you own a vehicle and need parking?
- Do you take public transportation?
- Is local amenities needed to be a certain distance?
- Do your children have to attend school?
In our experience, a buyer’s priorities can easily be forgotten when they view a home that seems absolutely perfect in every way except the basic principles and priorities. We will help keep the excitement but point towards the right direction. It’s important to not lose sight of why you are buying a home in the first place and not start writing offers on the first house you see with a swimming pool or built in waterslide.
Ryan Taylor Loves to Work With First Time Buyers!
As a First Time Buyer everything about the home buying process will likely be a new experience for you and you’ll probably have lots of questions. Other real estate agents may put you to the side because of your small budget or make you may feel like a burden with all your questions. But at WestCoastEstates.ca, we make you our number one priority regardless of how many questions you ask or how big or small your budget may be. Our WestCoast real estate agents are experienced, educated and know how to make the process as smooth and stress-free as possible. We want you to feel proud to have us as your Realtors and to experience what we call the home ownership pride.
Our Connections Become Your Connections
In addition to our Realtor expertise you’ll need help from other professionals that we help you get connect with.
Mortgage Brokers – We can recommend a Mortgage Broker for you to work with to get you pre-approved for a loan and to shop around for the very best rates.
Lawyers – We can recommend many real estate lawyers in your area who are of outstanding reputation and will treat you the way we will. In the legal profession it’s known that some lawyers may overcharge and take advantage of you, knowing that you are new and don’t know any different. We only recommend lawyers who will treat you with the same high standards and integrity that we do. Plus, the legalities of transferring land ownership can be dodgy and a lawyer can be your best defence against future legal troubles. Lawyers in general can be expensive but because we have a number of lawyers we work with on a regular basis and can get you a great deal from us referring so many clients to them.
Inspectors – We also have a list of reputable and licensed Inspectors in your area. Home inspectors will have the tools and knowledge to find signs of harmful materials like asbestos, lead paint and mold. They’ll also check for evidence of pests, faulty wiring and leaks. Inspectors are one of the most important parts of purchasing a home. This can save you from a world of legal trouble in the future when you find out there is mold under the crawl space or a large crack that runs through the foundation. Licensed Inspectors are knowledgeable, informative and can keep you form purchasing something that you shouldn’t.
Become a First Time Home Buyer Today
If it’s time to move out of mom and dad’s home or you’ve decided this is the year you want to stop paying rent to a landlord please contact us today! We can discuss the above information as it pertains to your specific situation and come up with a plan for home ownership that has your best interests at heart.