Important Guidelines First Time Home Buyers Should Follow

It’s back-to-school time around Hamilton schools and here at Multi-Area Developments too.

And if you’re thinking about buying a new home at Summit Park, there are a few guidelines you need to learn first.

Guideline #1: Start saving ASAP

The moment you decide to purchase a new home is the moment you should begin to save (earlier, if possible).

Obviously, you want to take out the smallest mortgage possible. That’s the biggest possible help for a first-time home buyer.

What you have available for a down payment is your biggest asset.

Ideally, you want to have 20% of your new home’s value ready to go.

Guideline 2: Take your time

The hot Hamilton housing market means that houses are being snapped up quickly.

And while you may think you need to purchase a new home quickly, you probably don’t need to rush things.

Now, there are some reasons why you’ll want a new house sooner rather than later.

Your moving for the first-time home buyer checklist may include things like:

  • Growing family
  • Moving for a new job
  • Looking for more attractive community features
  • Simply want a bigger home

So take your time. After all, a new home is the biggest purchase you’ll ever make. Review all the floor plans and ask questions as our sales staff are always ready to help you.

Guideline 3: Budget for everything

The cost of living in your new home is going to be different than your current place.

In some instances, things will go up (perhaps yearly property taxes).

And in other cases, the cost of living will go down.

For example, perhaps your new home has a more efficient hydro system.

Plus you’ll want to budget for additional expenses related to your move, such as:

  • Moving costs
  • Ongoing house maintenance (like cutting the lawn)
  • Redecorating

Remember to not include these costs as part of buying the house itself. They’re above and beyond your monthly mortgage payments.

Living and maintaining your new home requires a separate budgeting plan.

Guideline # 4: Shop for a mortgage

Shop around. Visit different institutions and mortgage brokers and look for the term and rate which works best for you.

After all, saving half a percentage point can result in thousands of extra dollars in your pocket. That’s a big help for first-time home buyers like you.

If possible, get some reviews from other people who’ve used the mortgage provider you’re considering.

Guideline # 5: Don’t go on a furniture shopping blitz

Furnishing your brand new home is exciting. The design and style possibilities are almost endless.

You’ll be tempted to purchase the best, top-of-the-line furniture for your house the moment you move in.

Don’t. At least not yet.

Some rooms may not need to be furnished right away (such as a spare bedroom that won’t be used anytime soon).

For the rooms which do need new furniture, shop around. You can find great, high-quality, one-of-a-kind items at many second-hand or liquidation stores.

Perhaps the chairs and tables from your current place can serve as a stopgap solution until you have the budget required to buy the new furniture you really want.

Guideline #6: Help your friends move

Whenever someone needs help moving, make sure to volunteer your services.

Think about it. Just imagine that in the past three years leading up to your move, you helped 6 families switch houses.

That means you’ll have 6 families ready and willing to help you move when the time comes.

When you do ask for help, don’t ask everyone to come all at once. They may not be able to return for a second day. And moving is rarely a one-day job.

Instead, ask 2 friends to come on a the first day and 2 more friends to help on the second day.

You won’t burn them out and you’ll be far more productive too.

Final guideline: Come visit Multi-Area Developments

Now that you have a good sense of what to do, your next step is to put that knowledge into action.

To start, you can: