Buying your first home is a big achievement and is a usually an accumulation of a years of hard work. It’s a symbol of stability and a comforting idea of a place to call your own. As with any other investment, buying a new home involves a lot of planning, research, scheduling and a time commitment so that you get the best value for your money. We have put together a handy guide to help give you a head start.
Tips for first time home Buyers.
1. Understand your finances: Before you begin to look for a home, you would need to understand your financial situation better so that you know exactly how much you can spend. This would then influence the size of the home you can buy and the neighborhood you should be looking at. There are several calculators available online that you can use to figure out how much mortgage you can pay towards your new home.
2. Get preapproval on your mortgage: There are a lot of people in Ontario who will be looking at homes in this busy season. To show that you are a serious buyer, you can get a preapproval letter on your mortgage so that you are prequalified for a certain amount. This will help you book your home sooner, over other buyers in the market.