How To Buy Your First Home On A Budget
Every first-time home buyer will tell you that their path to homeownership was filled with unforeseen challenges and additional unexpected expenses. However, this isn’t necessarily the route you need to embark on. Preparing in advance with real estate market research, professional help, and a few other measures can help you spot the different costs that inflate the price of your home. Moreover, preparation will not only show you what to expect from your first home but also find one that fits well within your budget.
Want to get your first home for as little as $150,000? Keep reading to learn a few tips and tricks from Niagara’s professional real estate agent, Christine Gazzola on how to buy your first home on a budget.
Invest in the housing market as soon as possible.
For every year you don’t buy, the price of real estate goes up, therefore, the longer you put off your first purchase, the higher the cost of your first home will be. One piece of advice that I give everyone is not to wait to buy real estate, instead purchase real estate and then wait.
Whether it is a house or a condo you want to purchase, it is important to invest in real estate as soon as possible. When you do this, you are forced to save, and a few years down the line when you are ready to upgrade to a new home, you will be glad that you jumped into the market. By just being involved in the market, you place yourself in the driver’s seat of your finances.
However, it is also essential to not get carried away with the excitement of buying your first home. You need to set goals with realistic terms, those that are achievable and manageable both financially and in terms of work or lifestyle.
Maintain a high credit score.
Your credit score will determine whether or not you can obtain a mortgage and buy a home. Therefore, to ensure you have a good credit score and qualify for a mortgage, pay your credit card bill on time or early every month and avoid carrying balances on your credit card. If you haven’t had great credit in the past, there are ways to rebuild it. For starters, hire a professional mortgage broker to help you put a plan in place.
Start saving.
Every large purchase you make requires some sacrifice. This means fewer lunches or dinners out, or fewer drives through Tim Hortons’ take out.
It is essential to take an honest look at your month-to-month spending and cut a few things back. Once you start saving, you will instantly notice your money growing. Keep in mind that your home purchase requires a minimum five percent down payment as well as closing costs for lawyers.
Do not have unrealistic expectations of your first home.
Once you’ve saved some money and been pre-approved by a mortgage broker or bank, it’s time to start shopping. Try and keep in mind that your first home may not be perfect, it may not check all the boxes, but you need to start somewhere. Think of your first home as your first step in getting into the market. By the time you are ready for your second home, you will have a little equity which you can use to pay your second mortgage and future bills.
If you are ready to buy your first home, call Christine Gazzola at 905 323-7056 or email christinegazzola@sympatico.ca. As a trusted real estate agent, I would be happy to help you plan the purchase of your new home and guide you towards a more secure future.
I have been providing real estate services across the Niagara Region and the surrounding areas for over eleven years. I also have an additional eighteen years of sales, negotiating and customer service in the corporate world.
Homeowners can count on me as I have excellent knowledge of the local market and real estate trends, and can, therefore, recognize the right time for you to buy. Moreover, I work towards your goals and always put your best interests first. I can also put you in touch with my colleagues who will guide you towards your financial dreams.
For more details about my real estate services across Fonthill/Pelham, St. Catharines, Welland, Niagara Falls, Niagara On The Lake, Lincoln, and Grimsby, reach out to Christine Gazzola or get in touch with me by clicking here.
