A Checklist for Buying Your First Home
When it’s time to purchase your first home, taking care not to miss any steps can help smoothen the process and save your money and time. Finding the ultimate checklist can help you remember all necessary steps and expedite the process of buying your first home. Let’s take a look at some questions you should consider. Contact us to lean more.
Is Homeownership Right for You?
This may seem obvious, especially if you have your savings ready and are already perusing listings in Alberta. However, it’s critical to break down the question into several parts that affect buying your first home.
- Are you financially stable? Take a critical look at your income, expenses, and debts and consider what additional expenses could mean for your financial situation.
- Are you financially disciplined enough to handle a large purchase? Buying your first home could mean adjusting your lifestyle to ensure that you meet all monthly payments and avoid accumulating more debt for several years.
- Are you ready to spend on home maintenance and repairs? The state of a home depreciates over time. You’ll need to spend on the maintenance of your compound, contribute to homeowner’s association fees if necessary, and also update broken and worn-out appliances.
- Are you ready for the permanence of homeownership? Buying your first home takes time and repaying your mortgage could take up to 30 years. It’s critical to consider if you’re ready for that level of commitment.
Do You Have the Right Support?
Buying your first home isn’t a solo project. It would help if you had the assistance of several experts.
- A mortgage broker to help you find an ideal lender to get you pre-approved and guide you through the home buying process.
- A real estate agent to help you find the best deal and negotiate the home’s price (especially if repairs are required) when buying your first home.
- A real estate lawyer to help you close the transaction.
Do You Qualify for the First Time Home Buyers Credit?
Buying your first home is a costly venture. Closing costs, home inspection fees, legal fees, and insurance payments can quickly add up. You can seek relief from some payments through the first-time home buyer’s tax credit (HBTC). This a tax rebate from the government that is non-refundable and must be claimed within the first year of purchase. You can receive up to $750 to make your life easier.
What Type of Home Do You Want?
Before you start shopping for a home, there are some things to consider.
- How long would you like to live in that house? Five, ten, fifteen, or even thirty years?
- What is the neighbourhood like? Where is the house located? Is it close to your workplace?
- What is the size of the home? Is it a condo, a bungalow, or a duplex?
Tips for Managing Your Mortgage
Before you sign a contract for a mortgage, consider the following:
- A structured financial plan and monthly budget will help you buy a house within your means
- Consider the impact of increased interest rates on your mortgage payments
- Can you negotiate the price of the home and the terms of your mortgage?
Buying Your First Home with Dominion Lending Centres?
With a Dominion mortgage broker, you can scrutinize all the details of your mortgage application, get pre-approved, and also initiate the home buying process. We have walked several first-time homeowners through the process and would gladly help you too. Contact us today for assistance with your first home in Edmonton.
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