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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 Mukesh Panda
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Here are some tips for 1st time home buyers,
- The size of the home should be based on your budget, number of family members,etc.
- Builders charge higher rates for apartments on higher floors in high rise buildings.
- Decide the type of home you need - apartment, independent house etc.
- Consider your need for amenities such as gym, pool, etc.
- Location of your home (proximity to schools, hospital, etc.) is important
- Buy a property from a reputed builder.
- Avail a home loan to fund your dream home.
I think this will help you. I have followed above tips to buy my 1st home in Mumbai. I have shifted there by a professional movers in Mumbai smoothly. That was a nice experience.
Reply by hetashap
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