It’s an exciting time when you finally buy your first house, and it can be pretty scary too. There are so many things that you need to think about, including what should be done before the closing date of your house purchase. To help guide you through this process, here are five things that you should do before buying a house.
1) Get your finances in order
The first thing you need to do when buying a house is get your finances in order. You'll want to have enough money for the down payment and closing costs, which are typically 15-20%. There are also taxes and insurance that need to be considered when budgeting. In addition, there will be monthly expenses like utilities, homeowner's association dues, and maintenance. These can add up quickly so make sure you know what they will be.
To help with these costs, consider asking for help from friends or family or taking out a home equity loan or mortgage to pay some of them upfront. Just make sure it doesn't take away from your savings if anything happens because then you could end up paying more than expected.
Lastly, it is important to find out if the area has any special zoning laws or regulations because this can impact future sales prices. For example, some places require homes near waterways to be elevated above the floodplain so they won't get damaged during floods and extreme weather events.
2) Get pre-approved for a mortgage
Buying a home is exciting, but it can also be stressful. One way to cut back on the stress of the process is by getting pre-approved for your mortgage. Getting pre-approved ensures that when you find the perfect home and make an offer, there won't be any surprises on the financial side. Plus, with rates as low as they are today, it just makes sense to get started now! We're here to help first-time buyers through the whole process, so don't hesitate to reach out at any time. Find a Realtor®: The next step in the process is to find a real estate agent who will help you find your dream home. At this point, we recommend finding someone with experience in the neighbourhoods where you’re interested in looking. They’ll know what listings aren’t on the market yet and can show them to you first. Once again, we're here for you every step of the way!
3) Shop around for the right mortgage
Before you buy your first home, it's important to research the mortgage process and find the best deal for your needs. The key is to shop around and compare different loans.
Below are five steps that can help make the shopping process easier for first-time buyers.
- Shop around for the right mortgage
- Estimate your budget
- Calculate how much money you need to qualify for a loan
- Determine what type of loan is best suited for you: fixed-rate or variable-rate?
- Know what fees are associated with each mortgage program
4) Find a real estate agent
Getting a home inspection is one of the most important steps in the first-time homebuyer process. A professional inspector will go through your property and look for any potential problems, both with major issues like foundation cracks or asbestos in the walls and minor ones like loose weather stripping around windows. The inspector will document everything they find and give you suggestions on how to fix them. This documentation can be useful later if there's ever an issue with the property because it'll show that the problem was there from day one, rather than suddenly popping up years down the road. It may sound expensive, but having peace of mind that your new home is going to be safe for years to come is worth every penny!
5) Get a home inspection
A home inspection will help assess the condition of the home and can help identify maintenance or remodelling needs. It is also an opportunity to get inside tips from your inspector about caring for your new property. Inspections are typically done by licensed professionals who will be able to give you a detailed report on what they found, which may include anything from pest infestation to plumbing problems. They will also let you know if there are any major issues that need to be addressed right away. The average cost for a full inspection is $250-$350 but some offer more extensive services like radon testing at an additional cost.