First time homebuyers encounter a number of challenges, some you anticipate and some you do not. The more obstacles that pile up, the more tempting it can be to simply settle for the first Owen Sound home for sale in your price range, or throw in the towel completely and continue renting.
Although making one of the largest, and arguably most important, decisions of your life can be daunting; you should not give up so easily as there many benefits to home ownership.
Here are a few tips to help you on your way and ease some of the stress buying your first home can bring.
- What are you looking for — There are several types of Owen Sound homes for sale ranging from Condominiums and Town Houses, to traditional Single Family homes or large acreage Farms. Knowing exactly what you are looking for will help narrow down the list and save you time.
- Apply for a preapproved mortgage — A preapproved mortgage is usually valid for 90 days and will give you a more accurate idea of how much you are able to borrow from a bank. This will save you time when you are satisfying clauses on an offer as you already have financial approval.
- Determine your budget — Sometimes you may be preapproved for a $300,000 mortgage but that does not mean can afford a $300,000 home. Keep in mind your property taxes, utility bills, and other expenses to hash out an accurate limit of what you can and cannot afford.
- View what you can afford — You may want to check out that home that's just a little over your budget, for comparison sake, but don't! If you tour through homes you cannot afford and end up falling in love with one it can be even harder to pass on. This can lead to not being satisfied with home within your budget or going over budget.
- Prepare for closing costs — Many first time buyers are not aware of all the costs associated with the purchase of a home. There are taxes, legal fees, realtor fees, inspections, insurance, and more depending on your specific situation. A trusted Owen Sound REALTOR® can help you be fully prepared.
First time buyers guide to Homes For Sale in Owen Sound
This is a great time to join the Owen Sound Real Estate Market looking to purchase your first home. A decision like this needs to be well thought out. If you keep these tips in mind, and trust a REALTOR® to guide you in the right direction, you can turn a potentially stressful decision into an exciting dream.
