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Buying a Home: 10 Tips Before you Start

Buying a home is an exciting experience but if you delve into it impulsively, it can be a disastrous endeavor. Being one of the biggest purchases people will make in their lifetime, it helps to know lessons that others have learned from their home buying experiences. Having this knowledge ahead of time makes the process more enjoyable, less stressful and saves a lot of hassle down the road.

1. Be thorough when looking at properties

When you view multiple homes, writing things down is a good idea so that you don’t forget what you saw in a particular home that you liked or didn’t like. Don’t rely purely on memory. This will keep you from questions later like “how many closets were there in the first home we looked at?”.

2. Visit a lot of homes within your price range

If you want to have a really good idea about what is available in your market, settling for the first place you see is usually not wise. That is, unless you saw 12 others after it and realized it was the best one after all. The point is, you need something to compare a home to.

3. Shop for home insurance quotes ahead of time

Getting a final quote for the best home insurance policy requires a lot of thought and it is an important element to help secure your home loan. Start doing your research in advance to find great discounts and earn big savings. Look for credentials, accreditation and other home buyer’s recommendations when choosing an agency.

Shop for Insurance Quotes Before Buying a Home

4. Be sure that you will be living in the area for several years

Buying a home and planning to live in it for a few years will help you get the most out of your investment. Even if the market has slight fluctuations, if you invest enough time in your home, it’s likely you’ll profit when it comes time to sell. 

5. Check your credit history

You will want to have a clean and error-free credit history before taking the step of buying a home. Be aware of what your credit score is before you decide to purchase a house.

6. Put as much money down as you possibly can

While it’s true that you can still buy a home without having a 20% deposit, you want to ensure your monthly mortgage payments aren’t astronomical, so do your best to save up as much as you can before you invest in a home.

7. Don’t become house poor

Even if you qualify to buy a $800,000 home, that doesn’t mean that it is the kind of home you should shop for. You do not have to choose the most expensive home you are qualified to buy. The objective is to live comfortably and not struggle to make ends meet should you find yourself in an emergency situation.

Don't Become House Poor

8. Learn the lingo

Get informed about the terminology that mortgage specialists and real estate agents use. Being aware of the language will make you more likely to understand the home buying experience and make good decisions. If you’re well-informed, you will feel less stressed and more confident about the process. 

9. Make sure the home is in a good school district

This is important whether you have children or not. When you decide to sell the home, a good school system helps to maintain the value of your home. So, whether you want to stay in your home for long enough to have children of your own or you want to be able to sell your home at top dollar in five years, good school districts are key. 

Kids walking to school

10. Look over every document carefully

A simple error like a typo or omitting a suffix like “Jr.” can cause delays. Make sure you and your lawyer go through the documents with a fine-tooth comb before signing on the dotted line.

You’re ready to shop!

Now that you’ve learned a few lessons for buying a home, without having to live them yourself, you’re that much closer to your purchase! 

If you’re ready to take the next step and find a REALTOR® to help you look, visit Purplebricks.ca today or give us a call at 1-855-348-1820 and we’ll get you started.