- Know what you can afford before you start looking for a home
Determining your house affordability as a First-time homebuyer is the first step before you start looking for your own home. It’s very easy to get swept up in details of what you want in your home. Many options may not be in your budget. Ideally, having a mortgage that is less than 30% of your income, will help ensure you stay out of debt. You need mortgage default insurance if you have less than 20% down payment. Speaking with your bank and a mortgage broker, is the initial move to finding out what you can afford for your first home. You can contact us for pricing options Get Information – Westbow Construction
- Understand additional costs
First-time homebuyers in British Columbia should be informed that there may be additional costs that you may not be aware of. In addition to the final price of the home, there are also additional costs such as land transfer tax, title insurance and lawyer fees which typically make up 2-5% of the purchase price. This is NOT including down payment. In addition to a down payment, initial costs may include an inspection cost and legal closing costs. Ongoing costs may include house insurance and HOA fees. These costs can add up quickly so make sure you put that money aside when planning to purchase a new property so there are no suprises!
- Know what you are looking for in your first home
As you start looking for your first home as a first-time homebuyers, it is important to create a list of items that are important for you to have. If you are purchasing your home with a partner, make sure you compare your lists. Breaking your lists into ‘need to have’, ‘nice to have’, ‘not important’ items, because this will make your home search easier. Some items that may be on your list include:
- Proximity to schools
- Yard size
- Number of bedrooms
- Rentable separate suites
- Housing style
- Kitchen layout
- Use a real estate agent
Even if you’re purchasing a new build home, using a real estate agent can still provide benefits because your real estate agent has a wealth of experience and can help you avoid excess costs, especially as a first-time homebuyer. Especially in the local home market, and they can put this knowledge to work for you and as a new home buyer to ensure nothing is missed. In addition, an agent may know to ask questions that you may not be aware of. Including what cable TV and internet providers.
- Use First-time home buyer incentives
Did you know that Westbow is offering incentives for first-time homebuyers at Cedarbrook? Our sales team can offer up to $7,800 in incentives for first time home buyers. Contact our sales team to learn more.