When you are a first time home buyer you're either renting somewhere or living at home with your parents/family. Before starting your search for a home, its important that you do the following:
1. Find out when your lease is terminating - WHY? - Well you need to know that if you find a house and want to make an offer when will you be able to take possession of the property. Are you on a month to month lease or is your lease ending in 6 months. Can you get out of your lease i.e. sublease or will your landlord permit you just to give a 60 day notice. CHECK IT OUT!
2. Get pre-approved by either your bank or a mortgage broker (talk to a few - select the one that your are most comfortable with). WHY? - Well you need to know how much you can afford and is your credit in good standing. There might be a little outstanding balance that your forgot about and it reduces your credit score - clear it up. BE PREPARED!
3. Select a real estate agent that will work you and prevent you from making some costly mistakes. Even when you are buying a new build - WHY? - Well - here's an example: I had a couple that wanted to purchase in a specific area; loved the lay-out; loved the price but were not informed by the builder's representative that there was going to be a transit system running at the back of their property; hydro towers; and low-end housing practically next door. Once I reviewed the offer, I was able to suggest to them that they might want to think about it. What about resale in the future? Exactly.
4. Your real estate agent will review your wants and needs; discuss your budget and make some very informed suggestions. If you are not a resident of a particular city you might not know the good, bad and ugly areas.
5. An informed Buyer is an educated Buyer. Get all the information before making your decision. This is a huge chunk of change that you are investing.
BEST of all your real estate agent's commission is paid by the listing agent's brokerage. This is all pre-determined and those that think that they will be paying less for the house if they use the listing agent -NOPE. REMEMBER THE LISTING AGENT WORKS FOR THE SELLER.
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