Posted on Saturday 21 November 2015
Making that amazing leap from a renter, to a home buyer can be a wildly fantastic time for any family. Especially Canadian families.
Although there are so many things that need to be handled (Like paperwork, fees, etc), the process can feel a bit overwhelming at times.
That said, there is nothing like finally having full control on how you decorate your home, what your backyard looks like, and how many pets you can have, etc.
The list literally goes on.
When you purchase a home, it is usually for a lifetime. So taking your time and making sure you get what you want is truly essential. From getting to know the neighbourhood, to understanding and preparing for closing costs, there really is quite a bit that's involved when acquiring full family home. Especially if you are a first time home buyer.
Hopefully you don't have any debt at this point but if you do, it's best to clear it up first before getting a home.
Shopping for your first home is an exciting experience--at least it should be; however, again, for many first time homebuyers across Canada this can be extremely intimidating. If you don't know the facts concerning purchasing a home then you'll most certainly be in the dark.
There are so many areas of research first time homebuyers need to look into; specifically before they dive headfirst into some murky mortgage agreement they might not fully understand. There is such a thing as: First Time Homebuyer Shock --which happens when you're hit with the unexpected.
A family should be ready to negotiate for what they want if their first time buying experience is going to meet expectations. In fact, negotiating and collaborating are critical to ensuring a pleasurable home shopping and buying experience for Canadians all across the region.
Let's get started with the following smart purchase tips to ensure Canadian families start off aimed in the right direction for the best outcome possible.
The first tip we want to share with Canadians across British Columbia concerning home buying is this:
Tip 1: Pay off your debt first!
The fact is, you're going to be in debt purchasing a home so you don't want a large amount of bills eating away at your income at this time. Paying the practical things off first means having more money available to focus where it counts the most. You'll definitely alleviate stress and anxiety, which always arises from crushing debt.
Tip 2: Make certain you're getting the proper property insurance
You want to be covered for everything from theft and property damage, to liability claims, and natural disasters like flooding, hail, fire and even high winds or tornados.
Also, make certain that the insurance you choose offers coverage for your personal belongings within your home as well. Anything could happen! From leaky pipes to a water heater going bad in the basement--the right coverage ensures you that you're investment is in good hands and you won't end up like a bad joke! You might even want to consider an umbrella policy for added security and protection.
Tip 3: Keep all of your receipts for home improvement costs to receive a reimbursement or other substantial savings
It's important to store receipts for home improvement items. The receipt will protect you in case a purchase turns out wrong, or is flawed in some way.
These receipts also increase the value of your home because they are your proof for your investments. Say you have your roof rebuilt and then decide you'll want to sell your home. What was once a $250,000 home can turn into a $300,000 home. This will dramatically increase your own ROI just by adding energy efficiency and curb appeal.
Tip 4: Watch your spending on home improvements and interior decorating:
They can mount up to sizeable debt fast Costs can add up fast, there is no doubt about it. Plan a budget for any home improvements and/or decorating and understand the difference between the two of these.
Installing a sidewalk is going to be a better initial investment than planting an Apple tree. While both are great for value, you have to decide what is going to give you a better ROI initially, then go from there.
Tip 5: Make certain you have a trustworthy inspector on your first time home before proceeding
Once it comes down to a home inspection and walkthrough, make certain you have a home inspector you feel comfortable with and who you have no doubt--is honest.
From ensuring there are no fire hazards in the home, to checking stability of the foundation of the dwelling; you need to be prepared for what might happen. Most walkthroughs end on a positive note, but just understanding how it all works is important! You don't want to find out you've ended up with a bad investment when it's too late!