With Mark Rice (P.R.E.C), our experienced team of designers, builders, agents, and mortgage brokers loves helping first-time buyers find their dream properties. If you’re thinking about purchasing your first home, here are a few tried-and-tested professional tips to consider.
Make a Checklist
Purchasing a home can be an emotional experience, so it’s understandable that many first-time buyers get wrapped up in the excitement of homeownership. To ensure you select the right home, for the right reasons, it wise to create a checklist of must-haves, would-be-nice-to-haves, and deal breakers before viewing any available properties. Once you’ve created your checklist, print out several copies and take one with you on each viewing, ticking off the boxes as you go.
Doing so will provide you with piece of mind you’re making the right choice.
Feel Free To Investigate
If a property is on the market, sellers generally take great care to highlight the most visually appealing aspects of the home. While it’s important for buyers to appreciate a listing’s aesthetic potential, it’s also important to verify that the space is well suited to your needs. For example, to ensure that your furniture will fit comfortably, bring a tape measure and record the dimensions of each room. Also, check if the location of electrical and cable outlets work with your intended set-up. Don’t be shy about poking around under the sinks, in closets, and in the basement. Finally, to get a feel for how much natural light a home truly has, plan on visiting more than once at different times of the day.
Plan For The Unexpected
Often, the last thing on a new homebuyer’s mind is having to sell the property they’ve just acquired. The future, however, is unpredictable: Perhaps you’ll decide to have more children, begin caring for an elderly relative, or be offered an amazing job in another part of the country. To position yourself with maximum flexibility, carefully consider a property’s appeal to other potential buyers. For instance, if your home is situated on a busy street, buyers with pets or children may look elsewhere. Also, thoroughly scout out the neighbourhood (for those of you in British Columbia, we have several local lifestyle guides, including Victoria and Duncan). Families will especially appreciate easy access to parks and playgrounds while young singles may find an abundance of restaurants and nightlife a major selling point.
Review Your Credit Information
Your credit score and history are among the most important factors in being approved for a home loan and qualifying for the most favourable interest rates. That’s why it’s a good idea to access your credit reports and carefully review them for any errors at least six months prior to applying for a mortgage. If your credit is less than perfect, talk to a bank representative or financial planner about devising a plan to give your credit rating a boost.
For more expert buying advice, or to start searching for your ideal home, contact Mark Rice today.