I just read an interesting article regarding a survey for First Time Home Buyers performed for the Royal Bank. It states, that 49% of the women surveyed are considering buying a home and only 35% of the men. As well there were the following tips for first time home buyers:
Moffat offers the following five first-time homebuyer tips:
· Balance your books and assess total costs: Owning a home is a big financial decision. Balance the costs of homeownership against your lifestyle. If you like to travel or dine out often, leave yourself with enough wiggle room to enjoy what's important to you.
· Get your (financial) house in order: Start by getting pre-approved for a mortgage, with professional advice that will help you understand the long term costs and choose the right product to suit your needs. This will give you a better idea of your price range before you start your search.
· Budget for extra costs: Don't forget about closing costs, which can include legal fees, land transfer taxes, or a new home warranty. Closing costs are typically one to two per cent of your final purchase price. Build this into your budget along with the cost of new appliances and moving.
· Create an emergency fund: Unexpected expenses can catch you off-guard, such as a leaky roof, a replacement furnace or an increase in fees or taxes. Online tools and calculators along with expert advice can help you build a buffer.
· Add more revenue: Look for opportunities to manage housing costs, either by renting out part of the home or having a roommate. This can help offset expenses in the first few years.
Best regards,
Thilo Biedermann, B.Sc.
Sales Representative
RE/MAX Twin City Realty Inc., Brokerage
thilo@thiloyourrealtor.com
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