Whatsapp - Realtor® Gurjit Dhaliwal

Certainly! Buying a home for the first time can be exciting yet complex. Here are some general tips and advice for first-time homebuyers. The most important thing to determine is your budget. It will assess your finances, such as income, expenses, and debt. To see what you can afford, use an online calculator.

You want to get pre-approved for a mortgage. Consult with mortgage lenders to get pre-approved for a loan. It will show you where your budget falls and show sellers you're a serious buyer. You need to understand your needs and wants. Create a list of your priorities in a home, distinguishing between must-haves and nice-to-haves. Remember the location, size,  number of bedrooms, and proximity to schools or work.

You want to research the neighborhoods. Take a walk, explore different neighborhoods, and consider safety, amenities, schools, and future development plans. Work with a real estate agent. Someone qualified with the knowledge to guide you, provide market insights and negotiate on your behalf.

You want to inspect the properties. You will need to attend open houses and schedule private viewings to understand the properties available in your budget and preferred locations. You will think about its future resale value. As an investment, you will think of the future value your investment will bring long term. Don’t cheap out; pay someone to professionally review the home inspection when you find a home you like. They can uncover potential issues and save you from unexpected expenses if you get your desired home. 

There is a closing cost involved. You must be prepared for added costs as part of the closing costs, such as property taxes, home insurance, and legal fees. Your real estate agent is there to help and guide you. They can help negotiate so you can work on those numbers and what you can afford, negotiating the price, repairs, or other terms of the sale.

Think of the future. Consider your long-term plans. Are you planning to stay in the home for many years, or is it a stepping stone to a larger property?  Keeping an eye out for the local area market value of the houses will keep you updated and work towards the budget that will work for you. Remember, this is a significant financial decision, so take your time and don't rush the process. Each person's situation is unique, so adapt these tips to your circumstances.