31 Oct Mississauga Condo Guide: My 2 cents for first time homebuyers…
Buying your first home is a very intimidating and stressful process. My advice to anyone thinking about jumping into the market for the first time.
Prepare your mind. All first time buyers ask, what is the right time to buy home? My answer is always that when you are ready for it. It’s funny, real estate is such a controversial topic. The market is going to crash, hurry you’ve got to get in, it’s crazy. Despite the negative commentary, Canadian economy and real estate is stable and will remain strong for foreseeable future.
Get pre approval from the lender. It is very important that you know exactly what you’re comfortable borrowing.
Get educated. Buying your first home is time consuming process and can be overwhelming for first time buyer. Real Estate professionals can help you with this and best part is that it is free.
Buyers don’t have to pay an agent a fee, the seller does. Since you’ve already found my website you don’t need to look any further.
Know all the hidden and exposed extra costs involved in closing a home or condo. It’s usually in between 1.5% to 4% of your property value and usually outside your down payment and mortgage. Closing New homes or condos costs more because of added development levies. Make sure you know exactly.
Do not rush into anything but do not drag your feet either, do not make decision before looking at 5-10 properties and have seen two or three different neighbourhoods.
Do not waste time pondering when the right property comes your way at right price. Make a move. Not taking the decision on time usually costs a buyer more than making an educated decision.
Make an offer – just do it! There is no thumb rule on what to offer, but base your offer considering past sale comparable for similar properties within the same neighbourhood, market sentiment(buyer/seller market), listing’s days in market status: longer the DOM, more aggresively you can negotiate and also listen to your Real Estate agent’s advice. This advice is the most important input you will ever get. If you have selected your agent wisely they will know exactly what to do.
Cold feet? It’s expected. If you’ve followed the above steps you’ll be ok. It’s really an over whelming process but once done you will take pride in that.
Do not back out at the last moment and lost their nerve at the end. It will cost you dearly.
Even after you move in, don’t get discouraged if you aren’t feeling all “warm and fuzzy”. It will come in time, I promise! but in long run you will have so much pride in being a homeowner.
Buying a new condo or home could be an intimidating task, I will help you out. Be sure to join my list below for real estate updates, top condo projects and valued tips for real estate investment in Mississauga brand new Condos or Toronto Brand new Condos. Feel free to contact me at 416 414 8888 or email firstname.lastname@example.org for your real estate needs, for buying and selling.