Managing Your Expectations as a First Time Buyer
Sunday, October 12th, 2014
Buying your first home is an exciting process. You’ve probably worked hard and made lots of smart decisions to get you closer to your goal of becoming a homeowner. More so than any other purchase, it’s important to educate yourself in several areas and set realistic expectations.
Understand the current market conditions. The real estate market is always changing. Sometimes it favours buyers, sometimes it favours sellers. It can be affected by a variety of factors including interest rates, available inventory, consumer confidence, and even the weather. You need to work with a local real estate professional who understands the market in your area. This will equip you to make the right decisions and negotiate wisely when purchasing your first home.
Sit down with a mortgage professional. It’s easy to get caught up in the purchase price of a home, but the monthly payments are what will really have an impact on your budget. A mortgage professional will take the time to help you figure out exactly how much you will need to put aside for your down payment, what kind of interest rate you can expect, and how much your new home will cost you on a monthly basis.
Research how far your money will go and consider the various housing options within your budget. Although you may have a particular type of house or neighbourhood in mind, you might be pleasantly surprised if you step outside your comfort zone. Take the time to see properties in person, think about your long term goals, and weigh out the pros and cons of whatever is available in your price range.
Don’t bite off more than you can chew. If you are looking at homes that need some TLC, bring someone along who can help you understand the scope of the project. Renovations can be a profitable investment in the right areas, but you need to do some homework ahead of time to make sure it’s worth your time and effort. With a little research and the help of the right professionals, buying your first home will be an exciting and rewarding experience.
Are you looking to Sell or Buy a home in Calgary and need someone who won’t rest until you’ve found your dream home or until your home is sold? I’ll work hard to earn your trust and to deliver exactly what you need. Contact me at 403-589-0004 or at TheHowardTeam.net.
About Bryon Howard
Bryon Howard and his team of Calgary real estate professionals sell an average of two homes a week. He is a member of the MLS Million Point Club, which ranks him roughly in the top 1% of productive realtors in Calgary. His aim is not just to please clients but to help them buy/sell a home in Calgary at the best price, in the shortest time, and with the least hassle. He is a member of the RE/MAX House of Real Estate that leads in the Canadian market. Learn more about Bryon at TheHowardTeam.net.
