A Guide For First Home Buyers
Buying your first home is an exciting but often overwhelming experience. Here are some tips to help guide first-time home buyers:
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Determine What You Can Afford:
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Start by reviewing your finances. Look at your monthly income, expenses, and potential future costs.
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Remember that, aside from the deposit, there are additional costs like closing fees, home inspection fees, and potential repair or maintenance costs.
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Check Your Credit Score:
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Your credit score will significantly influence your mortgage rate. The higher your score, the better the rates you'll be offered.
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If your score is low, you might consider waiting and working on improving it before buying.
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Get Pre-Approved for a Mortgage:
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Work With An Agent:
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Don't Skip The Home Inspection:
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Prioritise Your Needs vs. Wants:
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Think Long-term:
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Explore Different Mortgage Options:
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Research The Neighbourhood:
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Visit at different times of the day, check out amenities, schools (even if you don’t have kids, as they can affect resale value), and crime rates.
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Stay Calm During The Process:
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Set Aside Funds for Post-Purchase Expenses:
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Understand All the Costs:
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Apart from your monthly mortgage, remember other costs like property taxes, homeowner's insurance, homeowner's association (HOA) fees, and maintenance.
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Don't Feel Pressured:
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Educate Yourself:
Buying a home is a significant step, and while it can be daunting, being well-informed and prepared can make the process smoother and more enjoyable.