Buying your first home is a very big decision. Before you approach the market and start looking, there are things you need to consider. Here are some things to ask yourself before you start looking so you can be sure you're ready to make such a large investment.
What can you afford?
Before you start looking, make sure you really know your price range, and what you'll need to pay during the home buying process. Take into account your down payment you'll need to make, what you'll need to save for moving expenses, and any closing costs. As a first time home buyer you'll also need to take into account the costs of any furnishings you don't have that you need to bring into the home.
It's also important to keep in mind the ongoing cost of your mortgage. Don't use all the money you've saved on your down payment and expenses, and leave yourself strapped for cash. Make sure that your mortgage payments are manageable and will fit into your lifestyle.
What is your plan?
How long do you plan on staying in your Niagara home? If this is your starter home, and you're intending on trading up later, have a timeline. The rule of thumb is once you buy a home in Niagara, plan to stay for 5 years after purchasing before selling your home and buying another. Consider buying something smaller and more affordable to grow your equity for your first home.
Where do you want to live?
Be certain of the neighbourhood's you're interested in, and do some research on those areas. Find out what's been happening in these areas. Is there a school nearby, or are there plans to build one? Have their been new developments close to the house? Make sure the neighbourhood you choose fits in with your long term plans.
Work with Team Davids
As a first time home buyer you can trust that Team Davids will be working for your best interests. Our team of experts will help you ever step of the way through the home buying process.
If you have questions about buying a home in Niagara, check out our free Home Buyer's Guide. This guide will help explain to you how the home buying process works, and what to look for in a home. It's your resource full of what first time home buyers need to know.