Everyone dreams of someday buying their dream home, but if you’re buying a home for the first time, the process can feel overwhelming. Not only does such a big financial decision carry significant stress with it all on its own, but there are also a number of other factors that you need to take into account. At Centum Mortgage Store, Ltd., our goal is to help everyone find the mortgage option that works best for them so they can finally move into the home they’ve always wanted. In this article, we’ll be going over three things every first-time home buyer needs to know before getting started.
- A Down Payment is Always a Wise Investment- The first thing that every first-time home buyer should know is that it’s always wise to make a solid down payment on a home, even if you qualify for a loan that doesn’t require one. This is because investing in your home’s down payment minimizes your financial risks and lets you start off with some equity. We can help you decide on the right amount to put down on your new home for the best long-term financial health.
- Decide Whether to Prioritize Location or Size- Another thing you should decide as a first-time home buyer is whether you want to prioritize the location of your new home or the size. Would you rather buy a smaller property in a neighbourhood that you love, close to your favourite restaurants, shops, and entertainment venues, or would you rather have a roomier house, even if it means having to drive farther? Making this decision before you begin house hunting will help you focus your search and find the right home faster.
- A Lower Price Won’t Always Save Money in the Long Run- The third thing that we want first-time home buyers to know is that a home with a lower price point isn’t always the best choice. Many of our clients have chosen homes with lower price tags, only to spend even more on improvements and updates over time. In many cases, a higher initial price indicates that these types of renovations were already completed before the home went to market, meaning you won’t have to worry about them yourself.