Let me be the first to say congratulations.
The road to home ownership can be exciting and nerve-wracking all at the same time. Mostly because buying a home could be the biggest purchase most of us will ever make in our lives.
Now I’m assuming you have already saved or are saving your down payment, which is great. But there are a few other things to consider before buying your first home.
If you haven’t done so already, make sure you meet with a mortgage broker or mortgage specialist at your bank to find out what you can afford and get a pre-approved for a mortgage. (Contact me if you need to be referred)
Getting pre-approved is essential because once you know what you can afford, you can then zero in on the property type and the neighbourhood in your prices range.
Save for closing costs
In addition to understanding what you can afford, I also recommend you save for closing costs. This is often overlooked by first-time homebuyers and the costs can be shocking if you’re not prepared.
Moving costs vary widely based on how much stuff you have, how far you’ll be moving, and whether you’ll hire a professional mover or rent a truck and move yourself.