Buying a home is most people’s dream - however, the process is not necessarily the easiest. Most individuals think that as long as they have the money, once they see a house they like, that is it - done! Unfortunately, this is most certainly not the case. There are so much paperwork, jargon, and potential challenges ahead, it can quickly become overwhelming. 

If you are a first home buyer, you must get as much information as possible on the process so that you are fully aware and prepared for what’s to come. This article will discuss six things that every first buyer must know, which will certainly help you whenever you are ready to get started on this challenging but wonderful journey. 

1. You Will Need To Check Your Credit 

People are becoming more aware of the need to have a good credit history and the impacts of not having this. Once you decide to buy a home and start the process, you should know that your credit will be thoroughly checked by your bank and any lenders - not just how it is now, but its history as well. If you have poor credit, you are deemed as not financially stable or trustworthy, meaning that the likelihood of you being able to borrow money for a mortgage is very small. Check your credit yourself before others do so that there are no surprises. There are a number of apps that you can use to help you with this. 

2. There Are Many Expenses Involved

Whenever a first-time home buyer starts to think about this subject and prepare themselves, they look into how much deposit they will need on a property and save up exactly this amount. Although having the money for the deposit is crucial, you should also know that there are numerous fees involved with buying a home that you may not be aware of. You have legal fees, surveyors, valuation, brokers, and solicitors which can set you back financially if you are not aware. Make sure that you have the money upfront to cover these costs.  

3. Make Connections with Real Estate Agents

Real estate agents are the professionals you go to whenever looking for a property. They will have the expertise on the subject and should support you in finding your dream home. If you live in Canada for example, it is recommended that you consult with an Edmonton real estate agent as they will be familiar with the local area, if this is where you wish to buy your first home. You will have a number of agencies out there, so make sure to make contact with them and build your connections. 

4. Know How Much You Can Borrow 

People may be delusional when it comes to the amount of money they can borrow. There is a range of factors that go into this - from your credit history to your current salary and expenses. If you speak with a broker, they will be able to gather all this information and advise you of how much you should be able to borrow based on their calculations. It is a good idea to do this so that you know how much money you will need to save for the deposit and additional expenses, as described previously. 

5. Understand What to Look For in The Property

Looking for a home is more complicated than liking what you see on the ads. Properties can develop several issues with time and these are not always visible, and you should know how to spot these before buying a house. Also remember that, evidently, sellers will want to sell their property, so they may temporarily ‘fix’ issues to make a sale. It may be worth bringing a professional with you to look at things accurately, including electricity, plumbing, ventilation, and any potential for structural damage within the property. This will help you save a lot of money in the long run. 

6. You Will Need Good Negotiating Skills

You see a property that you like and how much it costs. You know you can afford it, and you mistakenly think that this is a done deal. However, there will be others interested in the same home, and those who can afford it may be able to offer more than the asking price. On the other hand, you do not want to offer more money than the property is worth, particularly if there are a few issues that will cost money to fix. Make sure to negotiate this with the owner until you both agree on an offer. 

Buying a home for the first time can be chaotic and involve many emotions, but it will all surely be worth it once you find the home of your dreams. The information discussed on this page should provide you with an insight into a few things that you must know, but there is much more to learn.