If you want to enter the real estate market this Spring, there are some things you should consider - especially if you are a first-time home buyer!
One of the best things you can do prior to starting your home search, is to get pre-approved for a mortgage! A mortgage pre-approval is NOT an approval, and does not commit you to a single lender, but it can give you a leg up on your home ownership journey. Pre-approval helps to determine your price range and budget, as well as guaranteeing the interest rate for 90-120 days while you search for that perfect home. Having a pre-approval also lets the seller know that securing financing should not be an issue. This is extremely beneficial in competitive markets where lots of offers may be coming in!
When it comes to house hunting, it is important to understand and manage your expectations right from the start. All potential buyers should have put together a budget, which will assist in understanding what is affordable - and you must stick with it. You also need to be realistic about what you require in a home, versus what you want in a home.
If you have been thinking about purchasing a home, odds are you already have a down payment ready or have at least started saving. Once you have determined your budget, you will be more equipped to calculate the down payment amount. Keep in mind, a down payment can come from funds gifted by an immediate family member and first-time homebuyers can also utilize their RRSPs up to $35,000!
A realtor is your best tool when it comes to the housing market. They often have access to listings that are not available publicly yet, in addition to understanding the processes around purchasing a home.
Once you find a home you think you are ready to buy, make sure not to skimp on the inspection! A proper inspection is important for buyer security as they can uncover potential issues that may cost you money down the line.
Whether you are looking to buy or sell, it is important to work with a trusted real estate and mortgage professional to ensure the best outcome for you and your family! If you’re not sure where to start a mortgage professional, such as myself, has contacts in the industry and can recommend a few options for real estate agents to you - and vice versa!