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Home buying 101 and helping guide to first time home buyers
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Home buying 101 guide
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Reply by 𝕽𝖊𝖓𝖊𝖊
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Reply by Tavish
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Reply by Junky Punky Patrick
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Reply by Jessika ʕ •ᴥ•ʔ
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Not bought a home before but been with my parents who have. 2nd understanding the land itself first coming from a place with a lot of sink holes + and we lost a bit of our property with road expansion. Knew a person who lost pretty much the entire front yard to it to!
Reply by Kass
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From what I'm learning about buying a home in Canada (Ontario)
First time home buyers you only need to save 5% for a down payment.
You can join a first time home buyer initative where the government will add another 5% for a down payment.
Go talk to your bank and talk to a mortgage specialist they can pull up your credit and you can see what you can fix to make everything look better. While you're at the bank ask them what you may be looking at for a mortgage rate.
Try to keep your credit the entire home buying time at around 650.
ALWAYS DO A HOME INSPECTION. ITS WORTH THE MONEY
remember you not only need to save for your down, but lawyer fees and closing costs as well.
The bank may tell you, you can get a house that worth x amount. Pull up a mortgage calculator, can you actually afford that mortgage on top of your monthly bills and saving?
Now if I'm wrong please correct me but so far this is what I'm seeing when I've talked to people
Reply by Ashneo
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this applies to those in the u.s. but if youre broke and want the "easiest" way to get a house it would be the military. while not appealing for many, service members can qualify for a va home loan which essentially lets you buy a home for $0 down. ik its not applicable to everyone but if you qualify to join the military its a sure fire way to get a house when you dont have other viable options.
Reply by Eva Singh
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A home buying guide helps navigate the process of finding the perfect home, covering budgeting, location, and essential features. Understanding market trends and mortgage options ensures a smart investment. Equipping your new home with quality essentials enhances comfort and functionality. Start with non-toxic cooking utensils for a healthier kitchen.
Reply by bbg dahmer
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Buying a home can be overwhelming, especially with all the hidden costs that pop up along the way. One thing I’ve learned from watching friends go through the process is that getting a solid understanding of taxes and potential savings makes a huge difference. A lot of people don’t realize you can save money long-term through things like cost segregation studies, which help property owners reduce their tax burden and improve cash flow.
If you’re buying a property as an investment, it might be worth looking into https://costsegregationguys.com/can-i-do-my-own-cost-segregation-study/. They focus on maximizing tax benefits by accelerating depreciation, which can free up cash for future upgrades or expansions.
Buying a house was one of the most difficult but rewarding decisions of my life. I was most surprised by how many hidden costs appear even before you move in - taxes, insurance, repairs. The inspection saved me from a house with rot in the basement. Another piece of advice is to immediately install an ong ethernet cable throughout the house, because Wi-Fi is not stable everywhere. And check the documents - I know a person who lost a lot of money because of fraudsters.