For First-Time Buyers
If you are looking to take the leap, you've picked a great time to buy your first home. Despite steady appreciation of home prices, relatively low interest rates have kept the costs of home ownership low and the potentials returns in time, high. Remember, chances are if you're renting your home, you might well be paying someone else's mortgage off, so why not make it your own! Get the information and assistance you want and the advice you need with a proven professional like Joe Campbell. You can enjoy peace of mind working with Joe and his team at RE/MAX, the industry leader in experience and service.
Here are some tips to help you with the process of becoming your own landlord.
Prequalify for a loan
Being pre-qualified for a loan determines how much house you can afford. It also allows you to move more swiftly when you find the right property, especially when you aren't the only interested buyer.
Shop for mortgage rates and terms
The difference of even a half a percentage point can make a huge difference in how much you pay over the life of a loan. For example, the difference in the monthly payment on a $100,000 mortgage at 8 percent vs. 7.5 percent is about $35 per month. Over 30 years, that's $12,600! A mortgage broker can help you seek out the best options for financing, review the terms and benefits of each mortgage product and help you shop for the best rate. Don't have one yet? I can help with that too.
Using a qualified, professional full time Real Estate Agent
As a professional Realtor® with years of experience, I can tell you the advantages and disadvantages of each potential property purchase, using a buyer agent and the various other aspects of real estate investment. It is the single most important purchase of most people's lives, it only makes sense to get professional assistance.
Features that help or hurt resale value
In some areas, a swimming pool actually detracts from a home's value and makes the home harder to sell, in others it is an added feature that makes a property more appealing. In neighborhoods with two-car, attached garages, a single-car or detached garage may impact the home sale and future value. As your Realtor® I can point out features that hurt, as well as those which help, resale value.
Rate the houses you see
After touring each property, write down what you liked and didn't like. Develop a rating system which will help you narrow the field down to the homes that best meet your needs. Your list of likes and dislikes will help you zero in on the prime selection of new listings as they hit the market.
Purchase incentives and buyer programs
There are many incentives to help out the first-time buyer. There are CMHC approved loans that allow you to finance your purchase with a minimal amount down, the HBP (Home Buyers Plan) that allows a first-time buyer to withdraw from their RRSP funds and the Property Transfer Tax Exemption which reduces the payable amount of PTT for the first-time buyer. Get the details on these and other offerings that assist with home purchase/ownership by contacting my office or completing an online request. We can can discuss your options and how they might benefit you.
The Value of a Home Inspection
A home inspection will reduce the risk of having to deal with unexpected defects in a house. Check out what it should cover here.
Get Sold on a Buyer's Agent
A Buyer's Agent can be a valuable asset when searching for a new home and, in most cases, these services cost the buyer nothing. Read more