Buying a home is more than just a financial commitment. Kyle Kerr Realtor knows it’s a major life moment.
Putting a roof over your head isn’t an impulse buy. Purchasing a home is likely the culmination of years of hard work and saving. You’ve devoted countless hours on the path to your dream home, only to learn there are hurdles and obstacles along the way. Owning a home is rewarding, but it also requires you to complete a series of tasks long before you’re handed a set of keys. This process can be especially challenging for first-time homeowners.
Fortunately, Kyle Kerr Realtor can help. In addition to being a licensed Realtor, the British Columbia resident has served on the Victoria Real Estate Board as both a director and president. Using this experience, he has navigated the buying process many times before. Yet, it’s not just listings, showings, and negotiating. He understands the importance of having a plan.
With this in mind, Kyle Kerr Realtor shares six tips for prospective owners looking to buy a home for the first time.
Start saving
Homes are expensive. Costs can add up quickly, so start saving early. Depending on the type of mortgage you choose from a lender, a down payment may be required. Consider closing costs and other fees. While you can request a seller pay some (or all) of these, it’s best to put aside a little extra just in case.
Make a budget
“How much can I afford?” Answering this question should drive any purchasing decisions. However, knowing how much you are willing to spend is equally important. Review your current spending habits, focusing on your lifestyle and any outstanding debt or credit card bills.
Get preapproval
A lender will evaluate your financial information to determine the size of the loan. This limits any surprises down the road, but it also signals to the seller that you are a serious buyer. Research different mortgage options and shop for the best price. As a first-time buyer, you could qualify for additional benefits.
Choose an agent
This is not the time to go “DIY.” Kyle Kerr Realtor and other professionals are willing partners. They can guide you through the entire process. Looking for a new home can be a tedious, time-consuming endeavor. A real estate agent frees you from most of that burden.
Make a wish list
It’s okay to dream big. Yet you’ll also want to set realistic expectations. Write down specific locations, certain amenities, or desired spaces that mean the most to you. This is one of the first tasks that Kyle Kerr Realtor assigns his clients. It’s ideal to separate this list into three categories: needs, wants, and non-negotiables.
Stay on budget
It’s easy to get caught up in the moment. Don’t let emotions drive key decisions. Avoid overextending yourself financially, which will tarnish how you feel about your home later on. Set a price range and stick to it. One of the hardest skills to master is knowing when to walk away. If possible, try to look at properties that are actually below your budget. This leaves more wiggle room during bidding.