Vita Li Vigni, Sales Representative, Right at Home Realty Inc., Brokerage Office: 416.662.2945 | Info@VaughanDailyListings.com
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Purchasing your first home can be one of the most exciting, yet overwhelming experiences in your life. If you haven’t owned a home before, you don’t know about the myriad of surprises lurking around every corner. Most people think it's just about visiting one, two, maybe even twenty houses and picking the one they like best. They quickly learn there's more to the process than that.
I love first-time home buyers! Mostly because of their positive energy and excitement. I have tried to provide as much helpful information as I can.
There are no stupid questions, so if there is anything you want to ask, please don't hesitate to contact me!
First thing on the list before you look at a single property or even call a Realtor is to contact a mortgage professional. After all, you can’t shop till there’s money in your wallet. Your mortgage representative will let you know your purchase limit and what options you have for rates and repayment.
Here, you have two options: you can deal with your bank if you are comfortable with them, or call a mortgage broker, who offers products from your bank and more than 40 other lenders – they will shop you out for the best deal.
However, your bank will often match the best offer given to you, or give you a good deal because you are a valued client. Try both avenues and use the one that’s best for you. But don’t jump at the first option.
Then, you need to start looking. A good Realtor will meet with you to talk about what you want and to start showing you listings so that you know what to expect in your price range. They will also provide you with every possible option via email.
Ask about roof, furnace, etc.
CMA of neighbourhood sales
You don’t want to move in only to second-guess your purchase weeks later …”Did I pay too much?”
Beyond your realtor, tap other resources. Make sure you get a good home inspector once you have decided to offer, one who is happy to answer every “stupid” question and be available to answer them again later.
Create a spread sheet. Often renters who become home owners are shocked at the costs beyond the mortgage payment. Taxes, utilities, water and sewage, insurance, a maintenance and repair budget … these are things they didn’t have to previously worry about.
Also, the chances are high that your first house is just a stop along life’s road. Treat it that way, and look for ways you can improve it’s value while you live in it, so that in a few years, it can fund your step up.
Pay close attention to location and potential resale value. Because when you do become a seller for the first time, you want to know you made the right move.
Incentives: Govt programs
You will also need a lawyer when you close. The same goes for replacement insurance – get more than one quote and varying options for coverage, which is mandatory for any mortgage.
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