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6 Tips for First-Time Homebuyers in 2021

6 Tips for First-Time Homebuyers in 2021

Read these tips for first-time homebuyers in 2021 to maximize your chances of getting the perfect home that fits your needs and preferences.

There's nothing more satisfying than buying your first home. However, it's a big step, and it comes with big decisions and significant life changes. Putting down roots can have a profound effect on your finances. So, you should be well informed and ready for every step of the process. These 6 tips for first-time homebuyers in 2021 will help you smooth out this process. It can also help you maximize the chances of getting the perfect home that fits your needs.

Determine if you’re ready for a long-term financial commitment

The most important of all the tips for first-time homebuyers in 2021 is determining if you're really ready for a long-term financial commitment. You'll probably have to pay for your mortgage loan for the next 15-30 years. Even though you won't need to stay in your home for that amount of time, buying a property is still a big financial commitment. So, you must be entirely sure that you're ready for homeownership and all that comes with it before you even take on a mortgage.

If you have a stable and solid income and enough savings to cover a down payment, you're already on the right track. You should also have enough savings to pay for the usual closing costs that come with buying a home. If you have all of the mentioned above and an emergency fund that can cover at least 3 months of expenses, it seems you're ready to commit and buy your first home.

Make a list of your priorities

As a first-time homebuyer, you need to determine the type of home that's right for you. Also, prioritize the features you want in your home based on your needs and preferences. When searching for a perfect home, and deciding on its type and size, consider the current life situation, but also make sure to have your future in mind. For example, you might realize that you'll need extra bedrooms if you'd like to have children sometime in the future. Or, maybe you'll need a home office and a home gym? If you have a pet or two (or plan on having them in the future), you'll probably need a big yard and a location near plenty of green spaces.

Take some time to sit down and make a list of everything you want and need in your home. Make sure you know to separate must-have from the nice-to-have features. All of that will make your house-hunting process much easier and much less stressful.

Choose the right neighbourhood

In addition to home type and size, you'll also need to determine the ideal neighbourhood for your home. Some locations are much more popular and expensive than others. So, your budget will play a significant role in this process. Ask yourself if you can afford to live in the center of things, or do you prefer living in a quieter suburb?

Whenever you consider a particular neighborhood, always check the following:

  • Public transportation options and a commute time
  • Local amenities, such as grocery stores, restaurants, coffee shops, etc.
  • Crime rates
  • Access to greenery and open spaces, such as parks, community gardens, etc.
  • Quality of educational facilities
  • Access to entertainment and leisure facilities
  • Access to healthcare facilities, etc.

Find an experienced real estate agent

Real estate agents are experts in the home buying process, and they know everything about the current market. You should look for a buyer's agent familiar with your chosen location and experienced with first-time buyers and their demands. A real estate professional should have a list of your priorities. Therefore, they'll be able to show you only those homes that fit your budget and your needs. They will be helping you decide how much to offer for a property. Also, they'll help you in negotiating a price with the seller, whenever it's possible. And, finally, they will be attending the closing and ensure that everything is in order with your sale.

Schedule a home inspection

One of the most important tips for first-time homebuyers in 2021 is to schedule a home inspection - a thorough assessment of the structure and mechanical systems of the home they plan on buying. So, when you find a home that you like, make sure to hire a professional home inspector and find out if the property is a worthwhile investment. A home inspector should warn you about the specific problems with the home, such as foundation issues, roof problems, etc. If the final results of the inspection don't seem promising, you may give up on buying that particular home, or you may choose to request concessions from the seller. Sometimes inspections can identify major defects not seeable to the eye which in turn can assist in lowering the price to fix the items so you can still proceed with the purchase. It will definitely highlight the potential issues and help you determine which parts of the home need immediate repairs or future updates.

Be prepared for closing and moving into your new home

When you make a deal with the seller, it's time for closing and signing a lot of paperwork. As you go through the process, you should carefully read any documents you receive before signing them. If there is anything unclear or anything you don't understand, ask your real estate agent or attorney to explain.

After the closing, you will finally be able to move into your new home. All that's left is to organize your relocation wisely. To make that process as efficient and stress-free as possible, you should find all the help you need. Relying on professional movers will give you peace of mind. You'll be covered every step of the way, from packing and furniture assembly to storing your items safely and everything you might need in between. When you move in quickly and easily, you'll be able to make your new house feel like home in no time.

There's a lot to keep in mind when buying for the first time, but remind yourself that all will be worth it in the end. If you're informed about all the steps that the process involves and know how to handle whatever comes up, everything will be much smoother. We hope you find these tips for first-time homebuyers in 2021 helpful, and we wish you the best of luck in your future endeavors.

The Tanya Eklund Group

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Partner With Calgary’s Best

Working with The Tanya Eklund Group puts every resource for buying and selling at your fingertips. Our team of real estate experts is committed to an exceptional outcome for your buy or sell transaction. Connect with us, share your objective, and we will provide a strategy that is intentionally designed to help you achieve your real estate goal. You don’t have to navigate this complicated journey alone. The Tanya Eklund Group is the best choice of partner on your real estate adventure.

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The Tanya Eklund Group is a team of highly knowledgeable, skilled, real estate professionals. Our team concept allows us to offer a full-service, elevated buying or selling experience to our clients. But most importantly, we are dedicated to building trusted and loyal relationships with our clients. Connect with us to share your real estate goals, and we will share with you why we are the perfect team to make them happen. 

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