With the harsh winter weather turning into a more comfortable, fresh spring air, the Canadian real estate market’s gearing up for another busy season. People are now out and about with opportunities.
If you’re on the hunt for a new home and want to get in on the action, we’ve put together 5 first-time home buyers tips to help you out on your home buying journey.
5 Spring Home Buying Tips
Searching for a home can be exciting, but it can get hectic very easily. Here are 5 home buying tips for the spring.
1. Start saving up early
Once you’ve identified your needs and have put together a plan of action, it’s time to focus on saving up, if you haven’t already. With what’s happening in the market currently, you can expect home prices to remain high.
Home buying comes with a lot of associated costs such as the down payment, mortgage payments, and closing costs. Being disciplined in saving and sticking to a budget will be vital in ensuring your success.
You’ll also want to keep your credit in good standing. A good credit report usually opens up more options to choose from, including possibilities of lower interest rates. Being a responsible, timely borrower will show lenders that you’re responsible with your finances and be more likely to approve your application.
2. Know your needs
Entering the market with a clear picture of what you and your family’s needs are for your future home will be key in picking out a suitable property.
Part of knowing what your needs include having an idea of location, size and features, and amenities. Are you planning on moving within a town or to a different town, city, or province? Research the possible areas you’re considering for relocation so you don’t get hit with any unpleasant surprises.
Your family’s size, needs, and budget will help to determine your buying criteria. Features such as a large garden or a converted loft will depend on what your family’s values and lifestyles look like at the time of purchase.
3. Home inspection’s key
Once you’re firmed up on a potential home, it’s recommended to conduct a home inspection. It can be hard because of current market conditions but can be worth it in the long run.
Having a home inspection done prior to finalizing a deal can protect you from potential surprises down the road that you wouldn’t have noticed without diving deeper. A professional home inspection can detect problem areas early on allowing you to nip potential disasters in the bud before they get out of hand, while also saving you on repairs and maintenance in the long run.
4. Find a local realtor
One recommendation that should never be taken lightly is finding a local realtor that you can trust to help you with your search and that’s well equipped with the tools, network, and market knowledge to handle your questions, concerns, and negotiations.
5. Don’t give up
Lastly, we know that finding a home to call your own can be a very stressful experience. Rejections are a common thing, especially when the competition is fierce. This is usually the case in a seller’s market.
For instance, sellers may have a lot of offers on their homes that are better than yours, especially if you’re a first-time homebuyer. In cases like these, don’t give up. Keep your head up and continue to the next option.
Your resilience will be tested and you’ll find that persistence is key. With perseverance and working with the right professionals, you’ll soon find yourself in your new home.
While spring brings about the positivity associated with budding life, the stress and pressure weighing on you as you deal with the hurdles and rejections that home buying brings can quickly overshadow any optimism if you’re not prepared.
Our hope is that by reading this article, you’ll be able to find something of value that’ll help ease the whole process so that you can enjoy a smooth home buying experience with a spring in your step.
We’re Here to Help!
Jellyfish Real Estate’s a team of real estate professionals. Our goal’s to simplify your life, so you can spend less time worrying about real estate and more time enjoying life.
If you’d like to learn more about real estate or if you have any questions or concerns about selling your property, buying your next home, opting to rent or rent-to-own, visit our website or contact us today.