Was one of your goals this year to purchase a home? You still have six months to do it, but you definitely need to read this. We’re going to provide you with a few tips that will help you achieve your goal this year. Here are 5 things to know before buying home in 2018.
1. Keep an eye on the condo market
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Big market cities like Toronto and Vancouver have seen home prices consistently rise over the last five years and it has made it extremely difficult for new homeowners to buy a two-story home or even a bungalow. Condos will continue to pop up everywhere you look, meaning the supply will be available and affordable. Even if it’s not your end goal, buying a condo can be a great introduction to the real estate market.
2. Look Local
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Like we said in the last point, the big markets are not for everyone, and the prices will definitely scare a lot of people away. With that being said, there are many cities that surround these big cities that are much more affordable than the large cities. It may take you an extra hour to get to work every morning, but we think that can be worth it if you’re saving over $300,000 on your home.
3. Interview Your Real Estate Agents
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Just like you would go through a series of interviews when being hired by a company, you should do a series of interviews with your real estate agent. You’re going to be spending a decent amount of time with this person, and you’re also making the largest purchase of your life. Make sure the person you choose is a person you trust and like, they are going to be handling a lot of different aspects of the home purchase for you.
4. Know What You Can Afford
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Do your research! And stay on budget! It’s very easy to spend $10,000 extra for an upgrade that you didn’t include in your budget. It’s imperative that you stay on budget or before you know it your new house will become a liability and not an asset.
5. Don’t Shy Away From A Little Work
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If you find a home that you really like that is in your price range but needs a little bit of work, don’t shy away from it. If it needs some work, chances are you’re saving money on the price of the home, but you can save even more money by learning to fix whatever it is on your own. To have someone come into your home to fix things can get pricey, but if you learn to do it yourself, not only will you have a great feeling of accomplishment, but now you can fix it again if the issue is to ever arise in the future.
