Buying your first home can be overwhelming. There are a lot of factors involved and picking your way through the process can feel a lot like choosing colour palettes in the dark. If you don’t have the luxury of using other’s experiences to guide you, take a look at these five first time home buying tips that will get you on your way to becoming a confident first time home buyer.
1. Know how much money you have to spend
Stick to your budget and make sure you have an idea of how much it will cost to be a homeowner. Little things like property taxes, extra insurance costs and emergency repair funds all add up. Setting aside a renovation fund for the future is a good idea.
2. Have your dream house in mind
Knowing what you’re looking for in a home not only gets you what you want, it also gets you what you don’t want. Ask yourself, “What home best suits my needs (and my family’s) at this time?” Your answers will help when hunting for that perfect house. Maybe you only need two bedrooms instead of three. Maybe you need an extra bathroom or a more spacious kitchen. Make sure you have lots of ideas!
3. Understand the financial side
Steps like getting approved for a loan ahead of time, finding out how much of a mortgage you qualify for, and knowing how much a lender will actually give you, are all vital pieces of information before starting to look for a home. Researching down payment options will help you decide how much you want to put down. A higher down payment may seem steep at the time but putting more money down up front will save you interest charges over the life of your mortgage.
4. Choose a home built by an Alberta New Home Warranty Program builder
Starting February 1, 2014, Alberta’s New Home Buyer Protection Act came into effect. This meant that all builders in Alberta were required to have warranty coverage on all new homes they built. Van Arbor Homes is a member of The Alberta New Home Warranty Program, one of the best warranty providers in the industry. With the new act we provide coverage on all our homes as follows: 1 year Workmanship & Material; 2 years Delivery & Distribution System (plumbing and heating systems); 5 years on the building envelope (roof, siding, windows) and 10 years Structural coverage. New home owners of a Van Arbor Home can be confident their investment is being looked after.
5. Draw from expert advice
Brokers, real estate agents, even lenders are your friend when it comes to buying your first home. They know the ins and outs of the business and are a great source of free information. Experience is the best well to draw from!
Contact us to find out more about buying your first home or building your very own custom home.