Buying a home is challenging, especially if you want to buy your first home. It is not as easy as it used to be, and home prices continue to rise while wages stay relatively the same. On top of merely affording a home, there is much to consider. There are many steps and requirements that you need to fulfill. However, everything is not as bleak as it seems. There is hope. There are many different ways to go, but here is a little advice on getting started.
Find a real estate agent
It can sound like a real surprise, but real estate agents can be extremely useful. They can help narrow your search and guide you to find the right property for you and your family. Real estate agents that can help you find properties within your price range and guide you on any questions you need to ask are few and far between. You should research real estate agents in your local area to find reliable ones like St Albert real estate agents. They will be able to guide you.
Investigate your financial health
Before you begin looking for your dream home, you need to seriously examine your finances. Not only do you have to purchase your property, but there will be extra expenses on top of this as well. The bills and taxes that come with it, and the cost of solicitors and surveys. You need an emergency savings account that can help you deal with the upfront costs of buying a home and demonstrate to a lender that you can pay them back.
Find the type of home that suits you
There are many options out there when looking at a property. Whether it is a family home, a duplex, a townhouse, or an apartment, you can look at them all, and they will all have pros and cons. It is down to you to decide what you need and which type of home will suit you. If it is your first home, then this house may only be your stop-gap between renting and buying your dream home so you can compromise a little on all your necessities.
How much will the bank lend you?
Before looking at your potential home, you need to know how much the bank will lend you. You will need to speak to the bank or a mortgage advisor to know this. Even if you have been paying high rent, your bank will likely base it on your wages. Thus, you may not be able to borrow as much as you would like.
Buying your first home
This is both an exciting and intimidating time. To go smoothly, you should read SoFi’s home buyers guide to research how much you can afford and the type of property you would like. Then you can let a real estate agent help you find your first home.
