First-Time Home Buyers
The prospect of owning a home is exciting, and there are many things to consider as a first-time home buyer. In order for your first-time buying experience to be a satisfying and happy one, it’s important to make sure that you’re completely prepared for all the responsibilities of home ownership.
When most people think about owning their home, they often dream of the privileges that come with home ownership, such as the ability to have pets, change the paint colors, and make alterations. While these exciting advantages can be one aspect of home ownership, there is also another side that includes the responsibility of having a mortgage, paying property taxes, and keeping up with home maintenance. When you’re beginning to consider home ownership, it’s critical that you take stock of your finances, and lay out the foundation for your expectations.
Search now for homes, or if you'd like to speak with an agent contact the Gannon Real Estate Team online, or call 604-562-8887.
Questions for First-Time Home Buyers
Are You Ready to Purchase a Home?
Owning a house is about more than simply having the power to decorate however you like; it’s a commitment that requires your preparation for using your income for home maintenance and repairs. It’s about having the willingness to take all the risks that come with home ownership, and having a realistic expectation of the rewards.
How Much Can You Afford?
It can be discouraging for many first-time home buyers to discover that your income just won’t cover the home you would like to own. However, sacrificing the majority of your salary just to cover your mortgage can rapidly make owning a home a stressful burden, instead of something that you’re proud of. In the long run, it’s beneficial to purchase an affordable home now, and in the future you can take a look at owning your “dream home”.
What's Your Debt-to-Income Ratio
Your debt-to-income ratio is something that lenders scrutinize seriously. Overall, your debt should be less than 40% of your total income, and your housing debt shouldn’t be more than 32%. The type of home that your income will be able to buy varies, depending on where you’d like to live. In highly popular urban neighborhoods, 32% of your income might only buy a small studio condo, while in more rural areas or less sought-after neighborhoods you might be able to buy a spacious residence on a large lot.
What Are You Looking For?
Does the idea of home maintenance, gardening, and yard care sound good to you? Or do you simply shudder at the thought of doing your own home repairs? Would you prefer to pay a monthly fee and have all your maintenance done be a professional? Would you be bothered by having to obey community rules, or would you like to live in a neighborhood with set standards? By answering questions like these, you can begin to narrow down exactly what type of property you’re looking for.
How The Gannon Real Estate Team Can Help
When buying your first home, you need a good real estate agent who will hard to help you find the right home for you. The Gannon Real Estate Team is committed to helping you find a home that suits your lifestyle and budget. We want to make sure that you find the ideal home and are successful and happy in your first real estate transaction.
When you use our team to help you purchase your first home, we’ll begin by finding out what you want in a house, and how much you can afford. From there, we’ll work to blend these two priorities, and find a home that you’ll be excited to own.
Know Your Goals
When viewing homes, make sure to keep your goals and objectives in mind. Sometimes the home searching process can overwhelm your practical sense, so keep your emotions in check, and stay on track. It can be helpful to bring a list of all the features that you are looking for in your new home, and judge each house by that criteria. After viewing several homes, you can go over your list with your agent, and come up with the pros and cons of each property. We’ll help you stay on track toward your goals, while still looking out for a great home.
Get a Real Estate Lawyer
Before you buy a home, get a real estate lawyer so you’ll be fully protected against any possible legal troubles in the future. We can recommend a few different lawyers who could be a good fit for you. Interview a couple, and make sure that you choose someone who you feel comfortable with and can work with. While a good real estate lawyer may charge a few hundred to over one thousand dollars for their services, the amount of money you could save in legal fees later on makes it all worth it.
Making The Offer
When you’re ready to make an offer, the process can seem overwhelming, filled with real estate and legal jargon. Our team is happy to do the paperwork and go over it all with you before submitting it to the seller. Remember that there’s always a possibility that the seller won’t accept, or will counter your offer. Additionally, remember that you’ll most likely have to put down a deposit as a show of good faith.
Get The Home Inspected
Have the home inspected. A home inspection is a crucial part of the real estate transaction, as an inspector will check for signs of pests, harmful materials, poor wiring, and leaks. Without a home inspection, you could end up purchasing a home that needs extensive repairs that you might not be able to afford. If you need a recommendation for a good home inspector, we’ll be happy to point you in the right direction.
Do A Final Walk Through
Before closing the deal on your new home, make sure to do a final walk through. Our agents are happy to do this with you, and will ensure that all the agreed upon criteria is complete before the final signing.
From the very first meeting with you to determine your home search preferences to the final moment when you get the keys to your new home, the Gannon Real Estate Team can help you through the process of buying a home. Please feel free to contact us to learn more about how we can make your first real estate transaction proceed smoothly!
Are you ready to start your house hunt for your first home? Contact us online or call 604-562-8887 for more information on first-time home purchasing, and get started on your home search today!