First Time Home Buyers - 10 Easy Money-Saving Tips You Must Know

Buying your first house or condo is a big deal.  It's a major financial investment, and will be a significant lifestyle change (for the better)

First time buyers are well advised to follow these 11 tips.

Your real estate agent is involved in every step of the way, and a treasure trove of information.  Select an agent who specializes in helping home buyers. 
Someone who holds an A.B.R. accrediation.

This does NOT mean 'go and get pre-approved'.  Rather, investigate your lending options, which will include banks, credit unions and mortgage brokers. 

Ask your real estate agent for advice.

Home ownership is more than just paying mortgage bills.  Electricity, taxes, home insurance, utilities, maintenance etc.  It all adds up.

Here is a sample budget.

It's easy to get carried away.  But this is your first home.  Stay within your pre-determined budget and avoid being 'house-poor'.

Mortgage Lenders will, quite often, allow you to borrow more money than you're comfortable with.

The other end of the spectrum is to buy a home that's too small.  Something you'll outgrow in a year or two.

Reselling a home after a short period of time will likely cost you money.  That is because, as a buyer, you paid extra taxes and fees when buying the home.  Now, as a seller, you'll be paying other fees, commissions, legal fees, etc.

You've heard the top 3 things in real estate are:  location, location and location.

Investigate the neighbourhood to make sure resale will be easier down the road.

At the very least, get a second look.  Don't make an impulsive decision at an Open House.  Take a good look with your own agent and another pair of eyes.

Also, all home inspectors are NOT created equal.  Ask your agent for a couple of referrals.

Easy to say.  Hard to do. Look beyond the home staging and the granite counters.

Ask your agent for honest input.

Your real estate agent, mortgage broker, home inspector and insurance agents.  They've done this a few times

Listen to, rely and act on their counsel.

Don't take out a car loan. Or buy furniture on lay-away. Or take out a line of credit.
Some mortgage lenders will re-check your credit just before you take possession. 

A negative change in your credit may stop you from getting the house of your dreams.