Useful Tips for First-Time Home-buyers

Buying your very first home is certainly an exciting time in your life. The problem with doing something for the first time is that you often don’t know exactly what you’re doing which can be stressful. Luckily there are millions of people who’ve purchased homes before so plenty of tips are available to help you out.

Do your research. You wouldn’t make another major purchase like an automobile without learning more about it before you buy. A home is likely your most expensive purchase, so doing your research is crucial. This includes taking advantage of the resources available to you like buyer’s agents and mortgage professionals.

Get pre-qualified. Dealing with the finances before you start looking for a home can make the process easier. You won’t have to play any guessing games as you’ll know exactly how much you can afford. Before you meet with a lender you’ll want to check your credit report and make sure it’s accurate. If you do this early enough in the process you may even be able to take steps to raise your credit score so you qualify for a lower interest rate.

More Tips for First-Time Homebuyers

  • Consider the type of home style and neighbourhood you want before you start looking
  • Act fast, in today’s market homes sell quickly and you might miss out
  • Make a wish list but be willing to compromise a bit
  • Even if you don’t like the outside of a house, take a look at the interior
  • Visit a home you are interested in twice because emotions often rule your first visit
  • Contemplate a larger down payment but remember that many times it’s not required

Phoenix Homes has been building the finest townhomes, condos, flats, and bungalows in Ottawa since 1988. Give us a call today at 613-723-9227 for more information.