Buying a home is something that has ramifications beyond the initial down payment. Where you live impacts your daily life as well as that of your family (school districts, neighbors, etc.). The nature of the property you look into matters as well. For example, if you end up buying a home that’s cheaper, but requires a lot of repairs and care, you may need to be ready for a larger home repair budget than planned. Here are some critical pieces of advice for first-time home buyers.
Ensure your financial health:
It’s always tempting to get ahead of yourself or try to hop onto a great deal that you see ahead of time, but the impact of buying a home on your finances is a long-term one. For starters, you should make sure that your credit is in a decent state before you start looking into funding for a home. In many cases, even increasing your credit slightly can lead to you saving a lot more in terms of interest rates. You also need to take a frank look at your financial status. Do you have at least 6 months of emergency savings in the event you lose your income and still need to make mortgage payments? Do you have inconsistent income?
Consider the neighborhood:
As great as a house may look for you, you can’t consider it in a vacuum. The area that you live in matters as well. For example, what is the proximity like with regard to places like grocery stores or other locations you visit very often? If you need to do a longer commute, the lower cost of a house may be offset by how much more you spend on gas or car upkeep over various years. There may also be concerns about crime in the area, or about the quality of the nearby schools.
Avoid fixating on a “dream house”:
The truth is, every property is going to have some sort of flaw. A cheaper home may need more repairs on your part. A home in a quieter area may mean making a longer commute. Finding a house that’s perfect in every way is very unlikely. What’s important for home buyers is deciding which of their preferences are must-haves, and which are easier to live without. Then, with that information, your real estate agent can help you find the ‘most perfect’ house available. If you are interested in checking out any of our beautiful listings around Victoria BC, please visit our Featured Listings page.
Think about the future:
A home may be a good fit now, but there are other factors you should be thinking about down the line. For example, is it likely that your home will increase in value based on the neighborhood? If you plan on starting a family as a young couple, will the area be suitable for children? These are all important considerations. Will you need to upgrade to a larger house in the not-so-distant future, or is it likely you’ll have to relocate due to a job or other reason? All of these possibilities have different implications that can affect your final decision.
Taking these points into account can be difficult for first-time home-buyers, which is why you want experienced professionals in your corner. By enlisting the top realtor in Victoria, BC, you not only get the benefit of their advice, but they can also guide you to the best house for your needs and goals. To start working with these skilled professionals, reach out to our team today. Take advantage of having the best realtor in Victoria BC, at your disposal!