Things to consider before buying your first home

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What to know before buying your first house

Things to consider before buying your first home Latest Posts Winnipeg Home Buying News & Tips  Buying a House Condos Home Inspection Mortgage Lending Winnipeg First Time Home Buyers make up a huge sector of the housing market in Winnipeg.  Here is an article from the U.S. News, but the info in it is still valuable for Winnipeg home buyers as well.

As a first time home buyer it is common to make some mistakes during the process due to being misinformed or not asking the right questions. We tell you what mistakes to avoid, to make your first house purchase your best house purchase. In the past year, the prices of homes have risen 6.4 percent, which is a lot more than your savings account earns.

Life Lessons: What to know before buying your first home

As a first time home buyer it is common to make some mistakes during the process due to being misinformed or not asking the right questions. We tell you what mistakes to avoid, to make your first house purchase your best house purchase.

But don’t use up all of your cash buying your home because there are still closing costs, appraisal fees, loan application fees, inspection fees and many other costs to pay.

Two more tips: when buying your first house don’t use the full amount the bank is willing to lend. Take about 20 percent less than the bank will offer if you have enough cash to pay the difference. Also, talk to your potential neighbors and observe the area. More info via Winnipeg’s Real Estate Blog

 

Many experts agree that, with interest rates at an all-time low, and available homes and condos at a high point, NOW may be an opportune time to buy your first (or next) home.

If you are interested in buying, BEFORE you get started, call a real estate agent who is knowledgeable in the field of home-buyer representation.  Look for the ABR® designation when shopping for a REALTOR®.

Or, shortcut the process and call me direct…. Bo Kauffmann of Remax Performance Realty,  ABR®.

If you’re a first time buyer, you should also read about ‘4 Top Tips for First Time Home Buyers’,    and the Audio Podcast post ‘Mortgage Pre-Approval Benefits and Process’.

For a step by step instruction, check out ‘Buying a Home – 6 Important Steps’

4 COMMENTS

  1. SO HELPFUL! Thank you so very much for providing this information in a clear and approachable way. My husband and I have begun considering the purchase of our very first home, and it seemed like such a murky landscape to traverse until now! It’ll still be a bit scary with so many things involved, but I really appreciate how this has been all laid out. 🙂

  2. I just went through this process in California where the buying market is insane right now. It was far more grueling and emotional than I ever expected. I wish I had read this about a year early it might have saved me a few headaches 🙂

  3. Great post. One thing you probably did the second time (although you didn’t mention it) was to get pre-approved for a loan before going house hunting to help spread out the stress and paperwork (among other things).

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