4 Tips for Buying Your First Home

Buying your first house is a huge milestone, but it can also feel quite overwhelming if it's the first time you've ever done something so big. Between navigating the finances, understanding the market, and making sure that you find the right property, it's very easy to feel unsure about where you should be beginning.

There is so much more to buying your first home than you think, and there's also so much more to it than just getting a loan. So let's take a look at 4 essential tips to keep in mind as you start your home buying journey.

1. Understand what you can really afford. Before you start going onto listings, it's critical to get a realistic picture of your budget. This goes just beyond looking at your income because you need to consider your debt, savings, lifestyles, and potential future expenses. A mortgage broker can help you to calculate how much home you can afford, factoring in not just your monthly mortgage payments but also property taxes, insurance and maintenance costs. Getting pre approved for a mortgage is a good way to understand your price range and show sellers that you are a serious buyer. Pre approval also helps you to act quickly when you find the right property in a competitive market.

2. Must haves and nice to haves. These are what you should be prioritising. It's easy to get swept away by stylish finishes or a beautiful photo, but it's important to stay grounded in what you actually need. Start by listing your must haves like number of bedrooms, commute time or school district and then add your nice to haves like a Home Office or a large backyard. Having this list is going to help you to evaluate properties more objectively and avoid buyers remorse. Remember, very few homes will check every box, so knowing where you're willing to compromise is important.

3. Work with the professionals. Buying a house involves so much more than just picking a property. You need people around you, including a real estate agent, a home inspector, and a mortgage broker who can guide you through each step of the process. A good real estate agent will help you to understand the market, negotiate effectively, and avoid common pitfalls. A trusted mortgage broker will help you to find the best loan product for your needs and often with better rates or terms than going directly to the bank. Make sure that everyone you work with has experience, good reviews, and takes time to explain things clearly. You should be feeling empowered, not confused through the process.

4. Think for the long term. Buying a home is a long term investment, so consider how your needs might evolve over the next 5-10 years. Are you planning to grow your family? Are you thinking about having room to work from home? These are important things to consider because if you want to change the way that your home looks after you've bought it, you'll need to factor this into your budget.

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