1. Get finances in order. Talking with a bank and securing a mortgage rate is an important first step so you can know what price range to look in. It is essential not just to have the mortgage lined up but a budget too. Be realistic about your monthly payments and create a budget to factor in additional expenses like insurance, upgrades and a rainy day fund in case something big breaks or needs to be fixed.
2. Have a needs and wants list. There are so many homes out there for sale, finding the right one for you is a daunting tasks, even with the help of a real estate agent or broker. Providing them with a list of things you need to have and things you would like to have will help them narrow down the search. Be very honest with your list and keep budget in mind. For most people, their first house isn’t their dream house, so keep it realistic to what you can afford.
Ed Sarfo is always excited to meet a couple or family purchasing their first home. Although it can be scary because of the increased responsibility, it can provide you greater financial freedom and a solid investment that may increase in value.