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Home Buying Tips for First Time Home Buyers in Mississauga

Nov 5

The first time home buyer is a special kind of person. They have worked hard, saved their money and can now purchase a piece of property to call there own. This is the stage at which having a good realtor & a good mortgage broker in Mississauga like Peel Mortgage Broker in Mississauga becomes very importnant. Peel Mortgage Broker in Mississauga can advise you on The First Time Home Buyers’ Tax Credit that gives first time buyers that chance to regain some of the costs they paid while purchasing the home. It mostly applies to closing costs such as legal fees and inspections.

Being a first-time home buyer is exciting, but it may be frightening as well because of the scattered information and alternatives available. 

Here are a few important things that a first time home buyer should consider:

You've been renting for years and have been thinking about buying a house of your own—as a first-time home buyer , you'll have to consider several factors before making any hasty decisions.

While it's important to be well informed about the process, there are some simple steps you can take to get better acquainted with buying a house—from knowing how much of a down payment you'll need to carefully considering your budget.

·          Location. Location is very important, you must consider location in relation to your work place and the community around you. The closer the property is to school and work, generally increases its value. A convenience store or grocery store should also be situated close by for easy access. It is important that the property is close to nature too such as, parks and public areas.

·          The cost of power. This includes gas and water rates, they can fluctuate greatly throughout the state/country so it's best to ask before signing any contracts.

As soon as you find a home that you want to purchase, there are some things that need checking.

1.          Do the people living in it own it or is it rented? If they own and will be selling, why do they no longer want their property?

2.          What condition is the home in? Have any renovations been done? If so, what quality were they and how long ago did they take place?

3.          Is there a survey for it? Make sure you get the most up-to-date copy and that it shows sewerage, drainage and gas lines running through your land. 

4.          Has the property been affected by any mining? If so, look into the current state it is in and what has happened with the land since.

5.          You don't want to get stuck with a lemon, so check the council's records of building inspections and public liability insurance on your proposed dream home.

6.          Get estimates for repairs and general maintenance from local businesses and contractors before choosing who you'll use for renovations and repairs throughout your contract time.

7.          Consult an expert on basic constructions laws that apply to your new house before signing anything!

8.          Make sure you know what the basic construction laws are that apply to your new house before signing anything!

So, when you're ready to become a proud owner of your first home there are some important steps to take.

·          Make sure you have enough for a deposit and legal fees.

·          Clear some time in your schedule because the process of purchasing property can take anywhere from weeks to months depending on what is required

·          Speak to a mortgage broker in Mississauga near you - someone like Peel Mortgage Broker Mississauga. Mortgage brokers can save time for first time home buyers by sorting out all the paperwork involved with getting a home loan. They will shop around to find the best interest rate so you don't have to. You can visit Peel Mortgage Broker Mississauga here: https://www.peelmortgagebroker.ca/mortgage-broker-mississauga. They are very well rated mortgage brokerage in Mississauga.

These are just some things that may be useful for a first-time buyer looking to purchase their dream home. It is important to stay safe while doing this because endangering your own life or finances or life's savings is not worth the price of a house.