First Time Buyers: Congratulations on thinking of owning a home that is a Biggest Lifetime Asset and fulfillment of your dreams.
As you all know, GTA market is very busy and most of the houses and condos are selling in multiple offers and over asking value. However, this should not deter you from owning a property and missing out on an opportunity to enjoy the quick equity build up in your home. Here are some of the Tips that you can follow to buy a home:
- Mortgage Pre-Approval: ??Before you start searching for a property; get a Pre-Approval from your bank or a Private Broker.
- Choose a Realtor who can help you show properties and be an honest guide to get you a property.
- View properties that are at least $25,000 below your approval amount.
- Many 1st Time Buyers want to own a Dream Home because they think they will live in the house forever. While trying to wait for a Dream Home; they lose out on opportunities of owing a property since their affordability may not match with prices increases that are jumping quickly.
- Most of the time, people change homes 3-4 times during their life cycle.
- Make a Realistic goal and see if you want a DREAM HOME or buy a LIVABLE home that is better than what you are renting out such as offering more rooms or washrooms etc. Live comfortably for 2-3 years and build equity to use towards your dream home
- BE A SMART BUYER: Do not wait too long to buy a home: Prices are rising more than the amount of money you can save to buy a home. Buy and start building your equity right away.