How to Stop Renting and Buy Your First Home

How to Stop Renting and Buy Your First Home

Do you dream of finally owning your own home? Becoming a homeowner is a big decision, but it comes with some great benefits. A home is an excellent investment, gives you more stability and security, and is a place you can truly put down roots and call your own. If you’re finding it hard to get to a place where you finally feel ready to buy, these tips will help you on your way. Here’s how to stop renting and buy your first home. 1. Get a handle on your financial situation Do an in-depth assessment of your current income, savings, debt, spending habits. You want to have a good understanding of your entire financial picture. It’s important to note that even if you have debt, you may still qualify for a mortgage. For help, speak to a professional such as a Financial Advisor about your position and get recommendations on how to prepare for buying a home. 2. Request a copy of your credit report Your credit score is the first thing banks will look at when considering you for a mortgage, and you need to have a high enough credit rating. A credit score of 700 or above is generally good, and 800 or above is excellent. If you want or need to improve your credit score, here are some great tips. 3. Assess the market where you want to live Do some research so you know how much homes in your area cost, and compare this to what you’d be able to afford. You may need to adjust or make a few concessions to find an...
What to Look for When Buying a House

What to Look for When Buying a House

It’s easy to get emotionally attached to a new home when you think you’ve found ‘the one’. But while it might appear perfect at first glance, the tint of those rose-coloured glasses might cause you to overlook significant problems with a property. When you’re buying real estate, it’s best to take an investment approach and consider the property’s value, keeping in mind the resale value of the house. These tips on what to look for when buying a house will help you determine whether a property is worth pursuing. These tips are meant to help you determine which properties are worth your time in the early stages of buying a home. But even if a home has passed all of your own tests and you want to move forward, you should still have a professional home inspection done. This will catch anything you didn’t and ensure that you’re able to get what you need from the seller to make repairs thrown into the deal – otherwise, it’s probably in your best interests to walk away. It’s also important to work with a licensed Realtor® when you’re house hunting. That way, you can ask them any questions about the home while you’re doing the walkthrough. You are paying for their expertise and guidance, and there’s no such thing as asking too many questions. They can help guide you and point out potential issues that your home inspection should focus on. 1. Roof Take a look at the roof from the outside of the property. Does it look new? Is it straight or sagging? Are there any holes or missing shingles?...