Buying a home for the first time can be one of the most stressful experiences for anyone, whether you are single, a couple or family.
Buying a home for the first time can be one of the most stressful experiences for anyone, whether you are single, a couple or family. It is likely the largest contract you have ever signed up to this point, with resulting financial obligations that can last for many years. It is also about finding the right place to create lasting memories. Being properly prepared for this process can save you from making a costly mistake.
For buyers, here are the top five things to consider when buying your first home:
1. What can you afford?
2. Narrow your Priorities
What is most important to you when buying your first home? Is it the size of the home or the neighbourhood? A condominium that is closer to your work may be preferable to a larger home with a longer commute. How close are you to schools, entertainment, daycare facilities? Do you want to be next to a park or next to a power station? You can do much of this research on the internet in advance. Walk the neighbourhoods you are interested in and talk to the people in the area. Go to City Hall to see if there are any planned developments coming to this area. It could mean more traffic.
3. Conduct a detailed home inspection
4. Ask the seller hard questions
Ask the sellers or their agent if they have had basement flooding problems, or mould or roof leaks, even if the leaks have been repaired, or any other adverse neighbourhood conditions. Ask whether they have made any insurance claims since they owned the home. Watch how they answer. Most sellers will now refuse to sign property disclosure statements, but they are required to respond truthfully to these questions if you ask them directly. If the seller refuses to answer or acts suspiciously, then you need to discuss this with your home inspector and your real estate agent and either adjust your purchase offer or walk away.
5. Buy after-sale warranty protection
By following these tips, you should be better protected the next time you buy a home.
www.teambluesky.ca
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