First Time Home Buyers

There are some pretty big decisions you need to make in your life, like where to go to college or when to propose to your partner, but none quite as big as when to buy your first home. It's a big step towards complete independence, and perhaps the biggest financial burden you'll take on in a lifetime, so before you go scouring for a property, take a minute to consider a few of the tips presented here.

The first thing anyone will tell you before you take on the heavy responsibilities of home ownership is to look before you leap. Knowing what you're getting into and, more importantly, how much you can go in for is very important. A typical mortgage can go on for anywhere between 5 to 25 years, and the terms and conditions of repayment are variable and many. The best thing to do before you even look at a real estate listing is to consult a mortgage broker to see what kind of mortgage is right for you, and to get a general idea of what responsibilities having a mortgage entails.

When you're finally off to the races, it's a good idea to consider what kind of home is right for you. Do you plan to start a family? Is this where you want to retire? What kind of neighborhood is best for you? Take the time to consider your plans for the future because a mortgage is a long term commitment, and one you have to be ready for. If you plan to start a family, it's good to search the listings for a location near schools, hospitals, and parks so that everything they'll need is in close distance. Though it may seem silly to think now about where you're going to be five, ten, even twenty years down the line, it won't seem that way once you're there.

If you don't see yourself raising a family, then you might want to consider buying a condominium instead of a house. A quick search will show you that, while condominiums aren't necessarily always cheaper, they can be better suited to your needs. For first time buyers, particularly singles or young couples, a condo can be a more affordable purchase than most single family homes. You'll also save money on things such as general maintenance, home repair, and landscaping than when buying a home with a real estate agent. There are downfalls and setbacks to condo ownership, however, so it's best to fully understand the pros and cons before jumping to a decision.

Whether you choose a condo or a home, buying for the first time can be a stressful, confusing ordeal, but the reward can be worth the effort if you take the time to understand what steps you need to take. The phrase "I'm home" sounds so much sweeter when that home belongs to you!

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Monday, June 24, 2024