Tips for First Time Home Buyers
Buying a home for the first time can be both stressful and exhilarating. It is easy to feel out of your depth as it is a completely new experience with many steps and options. But don’t worry! Here is my list of tips for first-time homebuyers!
1. Identify Your Needs and Do Your Homework
Before you start looking at homes, identify your needs. Consider how many bedrooms you need, the number of bathrooms, and whether or not you need additional features such as a garage. It’s also a good idea to know which neighborhoods or areas you’d like to live in. I would also recommend creating a flexible “wants” list that can include possible features you would like to have. Identifying these top priority needs will also help your Realtor know what you want in a home. After all, you don’t want to waste your time looking at properties that won’t meet your requirements. Check out my previous blog post on what to consider before buying a home to help you identify what kind of property you are looking for. Additionally, do some research on what kind of programs may be able to help you with the purchase of your home - such as tax credits. For example, the Home Buyers’ Plan (HBP) in Canada allows first-time homebuyers to withdraw funds from their Registered Retirement Savings Plans (RRSP) to buy or build their first home.
2. Never Skip the Home Inspection
Once you have found the right property and written an offer that is accepted, you then have your condition period. One of these conditions is usually to do a home inspection before you purchase the house - especially with older homes. A home inspection is a thorough assessment of the property’s structure and mechanical systems, which can result in the identification of potential problems or things that need to be repaired that aren’t necessarily evident to the untrained eye. Having an inspection can impact the cost of the property - either you may need to pay more after purchasing the property to fix these issues, or you can ask for the seller to fix some issues the inspector identified prior to you taking possession. However, a home inspection is not your chance to completely renegotiate the price. The initial negotiations which got you a price reduction allow for most small and regular home maintenance repairs like caulking, grading, etc. Bigger items or safety concerns are discussed on a case-by-case basis to figure out what resolution can be made, or if it is just too big of a deal breaker for a solution to be found.
3. Find a Real Estate Agent You Can Trust
Hiring a good real estate agent that you can trust to have your best interests and housing needs at the forefront of all of their decisions is important. It can be the difference between finding your dream home or giving up your search completely. Make sure you take a look at your real estate agent’s online presence including their reviews and testimonials to gauge their knowledge. Also doing a Realtor interview (phone or in-person) can help you decide whether or not you feel that they would be the right fit to help your homeownership journey. Buying your first home? Work with a real estate agent you can trust! Jeneen Marchant is a Realtor in the Edmonton area who can help you buy your first home or dream home! I am a Realtor in Edmonton who can help find your first home. Be it your forever home or just a starter home, as one of Edmonton’s top REALTORS, I have the experience and the knowledge to help you find the perfect home for you! Contact Jeneen by phone: (780) 904-4240 or by email: jeneens@remax.net.
Hi, I'm Jeneen Marchant!
I’m here to help you find you during your next Real Estate transaction. Home ownership is a beautiful thing and I love seeing my buyers happily opening the door to their new home on possession day. I also get great satisfaction from helping my sellers get the best price possible for their home when it is time to move on to another property.