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Buying a home is probably one of the biggest decisions of your life. You must take several steps to be financially ready for the decision. You must also find a property that helps you build equity for your family’s future.
In addition, the property itself must tick the right boxes. The location should also be ideal for you, your partner, and your children.
The home buying process can certainly feel overwhelming with so many factors at play. However, you can make the journey smoother by staying proactive, prepared, and compartmentalizing your tasks ahead.
Here are some tips that may help:
#1 Prepare Financially
The first and most important step is to prepare financially for the most significant investment of your life. Start by checking the prices of properties that you’re targeting. Please also:
- Save up your down payment. A higher down payment may help you earn more favourable mortgage rates.
- Gather all documents necessary to satisfy your lender, including income statements, employment letters, and more.
- Check your credit report right now. If your credit score is excellent, maintain it by avoiding more credit cards, loans, or missing payment dates. Work on improving your credit score if it’s subpar. Your credit report will help you secure a loan for your home.
- Prequalify for a mortgage once you are ready to buy a home. Prequalification will give you a fair idea of your range and streamline the house-hunting process.
#2 Consider All Costs
A common mistake many first-time homebuyers make is to ignore all the costs involved. Let’s look at some of the expenses you’ll have to pay:
- Down payment
- First mortgage payment
- Agent fees
- Attorney fees
- Appraisal fees
- Taxes
- Repair and maintenance
- Moving costs
- Seasonal upkeep
- Insurance
#3 Connect with the Right Agent
Another mistake by inexperienced homebuyers is to partner with the first real estate agent they speak to. Please interview a few agents before selecting one. Please also check their reviews and expertise before reaching a decision.
When looking at specific neighbourhoods, you should partner with a friendly and locally renowned agent who can provide key insights and advocate on your behalf. For example, the best Lytton Park realtors like Adam Weiner + Associates are highly knowledgeable about the area, including local amenities, rates, and market trends.
#4 Consider the Home
The ideal family home should be suitable for your family for the next decade. If you have two young children, you can probably make do with a smaller family home, as young siblings can share a room. However, older children will need their own rooms.
Many young families upgrade after ten years at the same property. That’s why it’s critical to purchase a home that not only retains but builds value.
#5 Consider the Location
In countries like Canada, schools are assigned by neighbourhoods. The ideal home should be in a neighbourhood with the best school options for your family. A family-oriented neighbourhood should also be well-maintained, close to several amenities, and safe for children.
These are five tips to consider when shopping for a new home for your family. Look for something that’s comfortably in your budget and meets your family’s needs.