Tips for First-Time Home Buyers

Any you paying rent every month, knowing you will never see it again?

Why not build that money into an investment instead?

Mortgage rates are low and there is a ton of reasonably priced homes on the market.

What do you Need and Want?
Factors to consider are family size, location, income and lifestyle. A Realtor can provide advice in these matters.

With MLS access they can seek out suitable properties for you. Older homes often include improvements whereas new homes have extensive warranties and are in excellent condition.

Have a home inspected to insure soundness of structure.

Location? Determine where your preferred location is. It could be close to amenities or you could opt for a more rural lifestyle.

Townhomes and condos are great if you have a set budget or you don't mind sharing common space.

What Can You Afford?
Don't set an upper limit, set a maximum price you are willing to pay and try to come in under it so you can account for lose of wages, increased expenses or other financial responsibilities.

A rule of thumb is 40% of your Total Debt Service Ratio. You should only use 40% of income onto all expenses, mortgage, car, visa etc...

Mortgage and property tax should not be more than 30% of your gross income.

Buying your first home may seem like an unreachable dream, however with careful consideration of your needs and wants and the help of a Realtor, home ownership is attainable and will be a joyful experience for you and your family.