Brampton, situated close to the big city of Toronto and having good connectivity, is an ideal place for those who love to live and plan to buy a house. If you are a first-time buyer of a house in Brampton, then here are some important tips needed before you make your final purchase. Here’s my first time home buyers guide in Brampton that will help you navigate real estate in Ontario.
For first-time buyers, there may be some confusion in making a decision and these tips will be of great help.
Decide on your exact requirement: A search for a house should start once you are sure about the requirement of the number of rooms etc, depending upon your family size (keeping in the future family expansion in mind).
Estimate your budget: This is an important aspect when planning to buy a house. First-time buyers need to be more careful to plan before it’s too late.
Know your builder: The credentials of the builder is important in order that you get a fair price and a good house. You must visit their previous projects and get feedbacks from existing purchasers.
Hire a professional real estate agent: For a first-time buyer, it is especially important to have the services of a skilled real estate agent who could guide you with your purchase and keep you within your budget and family needs.
Know the hidden costs: It must be understood that the base price of the house is not the only cost involved in the purchase. There are other costs involved too like insurance of mortgage, the commission of the real estate agent, transfer fee, inspection fee, initial renovations and development cost of a builder, etc. The knowledge of these hidden costs will help you determine the exact money required and plan your budget accordingly.
Scope for negotiation: There is always room for negotiation with the price or getting some perks. So you must explore this possibility to have the best value for your money. This can result in overall savings.
Pre-approve your mortgage: When buying a house, you will require a mortgage. To be eligible for a great interest rate, you need to have a good credit score. You should monitor your credit score in case you need it in the future when purchasing a house. You can even improve upon your credit score, if needed, by minimizing the factors affecting the score like timely repayments of your credit cards.
Comparative Analysis: You should have a comparable analysis report of your area and the neighbourhood. This will assist you in determining your buying price or listing price of your home.
I hope my first time home buyers guide in Brampton was able to help you. I would love to answer any questions you have.