Whether you have spent years saving and preparing to buy a home, or you still aren't sure if it is something you can even dream of, the questions surrounding a first-time home purchase can feel endless.You can find the answers – and peace of mind – by working with Jenny Kotulak and RE/MAX, the industry leader in experience and service. Here are some tips to help you with the process of becoming your own landlord.
Being prequalified for a mortgage determines how much house you can afford. It also allows you to move more swiftly when you find the right house, especially when you aren't the only interested buyer.
A difference of even half a percentage point can make a huge difference in how much you pay over the life of a mortgage. For example, the difference in the monthly payment on a $100,000 mortgage at 8 percent vs. 7.5 percent is about $35 per month. Over 25 years, that's $12,600.
A buyer agent is legally responsible for representing the buyer's interest in a real estate transaction. Generally, the buyer agent is compensated by the seller at the time you purchase a new home. You will be required to sign a Buyer Agency Agreement before preparing an offer on a property.
In some areas, a swimming pool actually detracts from a home's value and makes the home harder to sell. In neighbourhoods with two-car, attached garages, a single-car or detached garage may impact the home sale and future value. Jenny can point out features that hurt, as well as those that help, resale value.
After touring each home, write down what you liked and didn't like. Develop a rating system which will help you narrow the field down to the house that's the best for you.
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