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5 Things Not to Do as a First-Time Buyer

5 Things Not to Do as a First-Time Buyer

Everyone buying a home has been a first-time buyer at some point. Buying a home is a large investment and a huge responsibility. It can be terrifying and confusing the first time, so our Richmond Hill real estate agents outlined the top five things they recommend all first-time buyers to no do.

 

Don’t wait to get prequalified

It can be extremely tempting to just go casually browsing for a house before getting prequalified, but life has a way of giving us things when we’re not ready. Do you really want to fall in love with a home only to miss out because you were prequalified for a mortgage yet? Before you start the home buying process make sure you know how much you qualify for and what your max budget is.

 

Don’t forget about credit scores

Checking credit isn’t something most people do every day, but your credit score becomes important when making a big financial decision like buying a home. Our real estate agents recommend buyers to check their credit the moment they consider buying a home. This will give you time to fix it if needed, plus you’ll have a better idea of the rate you’ll get.

 

Don’t forget about closing costs

Closing costs are one item that real estate agents find sneak up on clients. Clients often focus on the down payment, but closing costs matter too. Closing costs can vary and feature a variety of fees. Make sure to ask your Richmond Hill real estate agent what the closing costs are so you’re not surprised when the time comes.

 

Don’t ignore all monthly expenses

Don’t forget that other monthly expenses are there even after you tack on a mortgage. Many people think they can afford a mortgage but forget to factor in other costs. Don’t forget about hidden real estate costs such as condo fees, law maintenance, or HOA fees too.

 

Don’t do it alone

Buying a home sounds simple in theory, but it’s way more complicated and frustrating than people realize. If you’re a first-time buyer there is a lot you don’t know. Don’t make the mistake of trying to do it all. Hire professional help to make sure you’re on the right track. You can contact one of our amazing real estate agents and they’ll be happy to assist you in buying your first home!

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Derek Li Group

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