How do you actually buy a home in Lethbridge? For many first-time buyers, the concept of spending hundreds of thousands of dollars they’ll never actually see is overwhelming.
With a little education, some out-of-the box thinking, and a bit of good old-fashioned sweat equity, first-time homebuyers can find out what kind of homes they can purchase with their hard-earned money and discover that the home-buying process isn’t as intimidating as they think.
Who wouldn’t love to have a brand-spanking-new Cadillac, fully loaded fully paid for, sitting in their driveway? Most people wouldn’t turn it down, but most people wouldn’t expect that to be their very first vehicle, either. It works the same way when it comes to buying your first home.
While it would be great to have a place with a gourmet kitchen, gas log fireplace, home movie theater, three-car-garage, and a guest house, that’s just not realistic (unless you have a super high budget). It’s crucial to determine what you absolutely cannot live without in a home (large eat-in kitchen, three bathrooms, enough bedrooms) and what can go on the wish-list or DIY list for another time.
Buyers need to know exactly how much house they can afford, and the only way to do this is to talk with someone at your bank or mortgage broker's office and find out precisely how much they are willing to lend you for your mortgage.
This is all determined based on your credit score and your income. Break down that figure into what a monthly payment would look like, and try to include an estimate of possible insurance and taxes into that number so you can see exactly what kind of monthly payment you can take on that won’t break your budget.
Have a couple of different neighborhoods or even towns in mind when it comes to deciding where you want to live. Now that you have a number to consider and budget parameters, you will see that the dollar might stretch a little farther in a different area that might be an extra ten minutes away from work. Likewise, a specific school district might become more desirable than having a larger family room.
Lethbridge real estate agent Jeff van de Bennet knows the city of
Lethbridge, like no else and provides honest advice. Jeff doesn't sell houses, he finds homes for people so they can build great futures for themselves and their family.
Contact him if you want to know how to buy a home.
Bring these ideas and numbers to the table with your real estate agent/broker, whose job it is to find a home for you that matches your lists of needs and wants. Be open to the options that come with each property.
Together with your agent/broker, determine what you would like to offer on the for-sale home. Look at the comparables in the area and factor those against your budget.
Jeff van de Bennet, your local Lethbridge real estate agent/broker, will help draft the written offer and give you guidance and suggestions during the interim waiting (negotiations) period.