first time buyer

Are you a first-time home buyer? Congratulations! This is an exciting time in your life, but it can also be overwhelming. There are many factors to consider when purchasing your first home, such as the down payment, rates, location and, of course, the Home itself. One thing you should be aware of as a first-time buyer in British Columbia is the first-time buyer incentive. This program offers buyers who meet certain criteria an exemption from paying the property transfer tax. This can give new buyers much-needed room in their budget to purchase something extra like living room furniture that is really nice to have in the new home. When it comes to mortgages, many options are available to you as a first-time buyer. It's important to do your research and find the best mortgage broker for your needs. You may want to consider a fixed-rate mortgage, which offers a set interest rate for the duration of the loan term. Alternatively, a variable-rate mortgage can be a good choice if you expect interest rates to go down or you are one of those people that constantly check the current rate and your payment amount. The neighbourhood you choose to live in is also an important factor to consider. You'll want to choose a neighbourhood that is safe, convenient, and has amenities that fit your lifestyle. Consider factors such as proximity to work, schools, and shopping. As a first-time buyer, trying to buy the biggest, most expensive house you can afford can be tempting. However, it's important to be realistic and choose a home that fits your budget and plan for the unexpected. People often forget to accurately factor in expenses such as property taxes, insurance, and maintenance costs into their budgets. Some lenders will even add a portion of that property tax to your mortgage payment and then set it aside so you always know you will have enough when that time comes. In conclusion, purchasing your first home is exciting, but it's important to research and make informed decisions. Be sure to explore the various areas in the city and the most important thing of all is to use a Realtor! Good luck with your home-buying journey!

View more