Buying a home – a few helpful tips for beginners

May 01, 2018

Buying a house sounds like a difficult and daunting task, but with the right knowledge (and Sunova on your side) the process can be a breeze, and also a lot of fun!

1. Probably the most important thing to know about home buying is that you’ll need to get pre-approved for a mortgage. (Unless you’re Bill Gates and, in that case, you can probably stop reading now.) If you’re new to the game, a conventional mortgage may just be what you’re looking for. You’ll have to make at least a 20% down payment but that means lower overall mortgage payments, which you’ll be thankful for later on!

2. Speaking of down payments, you’ll want to save as much as you can. You may have to make some lifestyle changes, but it’ll all be worth it in the end.

3. If you have time and energy on you side, a fixer upper is definitely an option. You’ll save some money in the beginning, but home renovation costs can add up. Knowing and sticking to your budget, and maybe recruiting your handy friends can help you with the process.

4. We cannot stress this one enough: do some neighbourhood research! Do you want to be in a hip neighbourhood with trendy restaurants and bars? Or do you need an area with good schools and lots of parks? Either way, you’ll want to make sure your preferred neighbourhood works for you (and your budget).

5. Sometimes little costs and fees can sneak up on you when buying a home, but being prepared is half the battle. According to the Canadian Mortgage and Housing Corporation, closing costs typically range from 1.5% to 4% of the purchase price. This is a factor you’ll want to keep in mind.

6. It’s important to consider safety when purchasing a home, and that’s where a home inspection comes in. Consider things like the safety of older homes and realize that not all newer homes are perfect either. When home inspection time comes around, ask a lot of questions to make sure you are completely in the know.

If you’re in the market for a mortgage, come visit one of our specialists today. They are here to walk you through your options to find the right financial solution for you. And, if you visit us from now until May 31, you’ll be entered to win $1000 (no strings attached!).