Are you a first-time home buyer looking to purchase a home in Windsor or Essex County? If so, there are some great tips that can help you be ready to buy, ready for the challenges that come with home ownership and to make the entire process easier for you.
Pay Off Your Debt and Have Emergency Funds Saved: When you own your home, you have to be ready for all of the maintenance and upkeep costs that come with it. Before you buy, pay off your debts and have an emergency fund of between three and six months saved up so you’re ready for the new costs that come with owning a property.
Find out What You Can Afford: It’s tempting to start looking for a home right away, but you need to know what you can afford first. A great place to start is with our mortgage calculator, which can start to give you an idea about how much buying a home will cost you. Keep in mind that you will also have to factor in costs like moving expenses on top of this.
Save Your Down Payment: As a first-time buyer, you will need to put up 5% of the purchase price of your home up front. If you can make a larger down payment than the required 5%, that’s even better and will save you money in the long run.
Figure Out and Save For Your Closing Costs: Closings costs can really add up, so make sure you’ve saved enough for the appraisal, home inspection, attorney’s fees and other closing costs before you go to buy.
Learn About Available Programs: There are programs out there for first-time buyers including the FIrst-Time Home Buyer Incentive from the federal government that can help make your monthly mortgage payments more affordable.
Learn more about the First Time Home Buyer Incentive.
What You Need to Know About the First-Time Home Buyer Incentive
Get Your Pre-Approval: Once your finances are in order to cover the down payment and closing costs, it’s time to talk to a mortgage professional about getting pre-approved. This will establish the amount you’ve been approved for so you can make a serious offer on an available property. Make sure to allow enough time for this process - you could miss out on the right home while you wait for your pre-approval if you wait too long.
Work With a Real Estate Professional to Find Your Home: Finally, the part that everybody looks forward to! A real estate professional will work within your budget and your wants and needs to find you the right homes for sale. Once you’ve found the right one, they can then walk you through the entire process of making an offer and closing the sale once you have one that’s been accepted.
Keep Saving: Once you’ve purchased your home and moved in, you still have to be ready for whatever happens with your home. Keep up with your emergency fund so you’re ready for unexpected repairs and other costs that you’re now responsible for.
The Windsor-Essex real estate market continues to be hot, and buying your first home when there’s so much competition and houses are selling so quickly can be intimidating, but River Pathak from Beaumont and Associates is here to help. He can help you find the right house, walk you through all of the details of the buying process and give you a great first real estate experience. Find out more by calling him today at 519-300-4820 or email him at river@royallepage.ca today!
