If you are thinking of making your first home purchase in the next six to 12 months, there are 10 crucial steps you must take in preparation.
1. Check your credit. Download your report from www.equifax.ca to get a clear idea of where your score currently stands.
2. Start saving money. You will likely need between $10,000 to $30,000 for your deposit, as well as additional funds for expenses like legal fees, closing costs, and more.
3. Work more hours or get an additional job. This will help you save.
4. Consult a lender. Getting approved for financing is a crucial step in preparing for your home search.
5. Investigate down payment assistance programs.
6. Decide how much you spend. You do not have to purchase a home for the highest amount you are approved. Take a close look at your budget and make a decision accordingly.
7. Attend a seminar or take classes. Becoming educated as a homebuyer is critical.
8. Start looking at different neighborhoods. This will give you a clear idea of what location will best suit your lifestyle.
9. Visit open houses. Everyone loves to attend these events and look at homes. Also, doing so can help lead you to a better understanding of what home features you gravitate towards.
10. Interview real estate agents. Have a conversation with at least two or three different agents before hiring one so that you can feel certain you have made the right choice.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.