You’ve decided that it’s finally time to venture out and buy your very first home; I’m sure your mind is racing, and you have a thousand different thoughts taking you in a thousand different directions! While buying your very first home is very exciting, it can be very stressful too.
Now is the time to focus, and to put a plan into action. Here are 5 things that you will need to know, before you start looking for you first home;
Find The Right Agent For You
Finding the right Agent for you is so important in terms of making your home search a smooth and stress free process. Buying a home is one of the most significant purchases that you will ever make, and it only makes sense to do your research and find the right Professional for the job. Ask friends and family members who they recommend and have used in the past, research online reviews, and ask around. Meet with several Agents before making any commitments. The right Buyers Agent will have your best interests in mind at all times, and will prove invaluable throughout the process.
Have a Realistic Timeline in Mind
Know when you want to be moving into your new home. Be realistic in knowing that it will take time to find what you are looking for, and leave yourself ample time to find the right home, negotiate a successful offer, and complete home inspections etc. After all of that is complete, possession dates are typically in the 30 to 60 day range. Nothing is more stressful than needing to find something when you are in a time crunch.
Know What You are Looking For
Now is the time to really think about your ‘Must to Have’ list and your ‘Nice to Have’ list. Think about the lifestyle that you want to live, and what type of home will be best suited to that need. For instance, if you are someone who loves to travel a ton, dislikes yard maintenance, and wants to live right in the hustle and bustle of a downtown core, then a condo might be the right choice for you. If you have children, you might be more interested in a detached home with a fenced yard.
Determine Which Areas hold the Most Appeal
It’s helpful to know where you would most like your new home to be located. In Thunder Bay, for many, it’s a Port Arthur/ Fort William choice. For others, it might be a particular neighbourhood- ie: Mariday Park. The more narrow your criteria, the longer your search may take.
Know What You Can Afford
Hugely critical, one of the most important things that you will need to know before you begin your search, is what exactly you can afford. Meet with your lender to have a pre approval done, and also work with your own budget to see what fits and what does not. Just because your lender gives you a pre approval for 250K, doesn’t mean you need to spend 250K. Think about your lifestyle, and how the cost of your new home fits into that lifestyle.
Now that you are feeling more organized, it’s time to put your plan into action! Enjoy the process of looking at various homes within your price range and criteria, attend Open Houses, and really take the time to zero in on the most well suited home for you. Stay organized, and when the right home comes along, you will be ready to move forward.
If you would like some help developing your home search plan, and would like to chat about the specifics of buying a home in Thunder Bay, feel free to contact me today!