Purchasing one’s first permanent home is incredibly exciting. There are also many factors to consider to manage this significant life change best. As every individual’s financial situation is unique and personal priorities vary, buying a property for the first time and moving house looks slightly different for every person. However, some tips serve a purpose across the board for beginning homeowners.

Budgeting

Sitting down and definitively settling on a realistic budget is one of the first essential steps to buying a home. Firstly, one must go over the whole picture of their income, savings, and any possible existing debts. Then, a thorough review and examination of monthly expenditures are to get a clear picture of what price range is within reach. This includes considering what one spends on groceries, car insurance, and utility bills. One can then decipher what is affordable in a down payment, taxes, insurance, loan interest rates, home maintenance, and an emergency fund for unexpected repairs. New homeowners also need to keep in mind that bank approval for a given loan amount does not necessarily mean it is within one’s budgeted means. It is said 1% to 3% of an average home’s market value must be spent every year in order to maintain it, which can increase with the age and size of the home. 

Knowing True Desires and Needs

Potential home buyers typically have an idea of what they want their home to look like and where would be a good location. The details, though, take longer to consider than often expected. One must give deep thought and spend ample time visiting prospective homes to make an informed decision. Visiting neighbourhoods and specific homes for sale at different times of day is one key piece of advice for those shopping around, as this allows for a clearer picture of what full-time living in that location is like. This includes getting a feel for neighbours themselves and the overall community. One also must consider proximity to essential services, like medical offices, grocery stores, restaurants, and public parks, for example. Also, by using one’s existing knowledge of what they do and don’t like, they can make better-informed decisions about what they can compromise on and what features of a home are essential for them to be comfortable.

Get in contact with Christine Smith of Homes at Blue Mountain today to help you get started purchasing your first home in the South Georgian Bay.