Buying a home for the first time is one of the biggest decisions and life steps that you will ever make. It usually means setting yourself up for thirty years of making mortgage payments and means that you finally have a home where you donít have to feel guilty every time you want to put a new nail in the wall. Whether youíre looking at Markham homes for sale or properties elsewhere, this can also be a very stressful and confusing process and you want to make sure that you are fully prepared for everything thatís in store. Here are some tips to get you started before making an offer on your first home.
Start by getting pre-approved for a mortgage. Knowing how much you can spend on Markham homes is definitely going to determine a lot about what your first property is going to be. Plus, many sellers like the security of dealing with a buyer who has already been pre-approved for their loan, as itís less likely they are going to need to back out of the deal. When youíre discussing a loan amount with your mortgage broker remember that you donít have to go for the limit that they offer you. While it can be very exciting to realize that you could get one of the homes in Markham that youíve always dreamed of, you need to be reasonable and choose an amount where you are sure that you can make all of your future payments.
Try to stay open-minded when it comes to home style and location. While you may think that one neighbourhood or type of home is the one for you, try to look at other options as well. Most first-time homebuyers are working with a strict budget and need to make some compromises when it comes to their first property. If youíve been renting Markham real estate in a more expensive neighbourhood, you may not be able to stay there once you choose to buy. But likely there are many great affordable options for those who wish to own a home in Markham.
When you start looking at individual properties, make sure youíre ready to buy. While some people can take months to find the perfect home, the average homebuyer finds what theyíre looking for in two weeks or less. You donít want to walk into the perfect house and not be in a position to make an offer because it will likely be sold to someone else before you can get yourself organized. So, if youíre in the early stages of looking for a home to buy, you might want to just stick to Markham MLS listings to see whatís out there. This way you wonít end up losing a home youíve already fallen in love with.