Buying your first home takes more than a bit of luck
March 17, 2017
Becoming a first time home owner is the result of making one of the largest financial transactions in your life and embarking on the exciting, though sometimes stressful and intimidating process of finding the right home for you. As a first-time home buyer, instead of simply hoping to stumble upon your very own pot of gold, it is best to prepare yourself as much as possible for this new chapter in your life.
There are several things you can easily do before you actually start your search for a new home. First, check your credit report and give yourself the chance to correct bad credit behaviors. You may feel more secure when approaching a bank to obtain mortgage pre-approval knowing your credit score in advance.
Searching for a home also involves asking yourself a lot of questions. Where do you want to live? How long is the commute to your job? How many bedrooms and bathrooms do you need? How much are the property taxes? If you are looking in a rural area, what are your water consumption needs? Create a list with as many details as possible, it will help you to stay organized and focused.
In addition to making your ‘must have’ list, put a budget together for your new home. Once you know how much you can afford, you can determine how much you want to spend. Remember, additional expenses like heat, electricity, repairs, furnishings, property taxes and maintenance quickly add up.
The Nova Scotia Real Estate Commission encourages first time buyers to use the services of a real estate licensee when searching for that perfect first home. Real estate licensees have specialized education in the complex world of real estate. Licensees are obligated to work in the best interest their client, and if they do not, there is a complaint and investigation process for consumers to turn to. Though, with all the brokerages in Nova Scotia (over 170!) which one is right for you?
In brief, buying your first home takes more than a bit of luck. Take the time to protect your interests by becoming a knowledgeable buyer. Identify your needs and prepare your finances for this large purchase and research your options before deciding on a brokerage to work with.
Ultimately, the more prepared you are, the more likely you’ll have a pleasant home buying experience.