5 Tips Every First Time Buyer Needs to Know

Buying your first home is a HUGE deal. Its probably the biggest investment you'll ever make so the pressure that comes along with being a first-time home buyer is sure to be monumental. Don't let your emotions get caught up and hinder your good decision-making skills. Follow these 5 tips every first time buyer needs to know, and you're sure to have a clear path in finding the home of your dreams.

1. Get approved
In order to come out of this investment successfully, you need to know the right amount to invest. The only way to find this out is by consulting with your lending institution to find out exactly how much you're approved for. This amount will then be your guide in your house hunt.

2. Budget smart
Just because you've been pre-approved for a certain amount doesn't necessarily mean you'll be able to comfortably afford it.  You need to take things like renovations, new appliances and furniture, bills and incidentals into account as well with your budget. Ensure that the amount you set to spend on purchasing your new home leaves you with enough change in the budget to cover other expenses so you're not stretching yourself too thin.

3. Research location
More times than not, the location of your new address is even more important than the home itself. A home is something you can always customize to meet your personal taste and style; but there's no changing a location. Do your research and make sure the neighborhood of your potential home is right for you in terms of its proximity to stores, activities, work and school; as well as its crime rate and traffic. Once you have the desired location set out, you can then venture freely into finding a home on the market or land where you can break ground on building your own home.

4. Keep your options open
People tend to get stuck into their pattern of thinking and block out amazing opportunities that lie outside what they've ever imagined possible. Don't let this happen to you. Just because you've decided on an existing home in your neighborhood to be yours, doesn't mean its the best possible option out there. Spend a couple weeks exploring other locations where the  homes may be cheaper, sort through foreclosures or maybe even building your own home from the ground up. Take the time to weed through all the options available to you instead of just latching onto one option immediately based solely on your emotions.

5. Save, save, save
When you're in the market for a huge investment like a home, its certainly not the time to make large purchases or any major career changes that can negatively impact your budget. You never know what emergencies may happen while you're in the process of buying your home. As a basic rule of thumb, you should have at least 3 months' mortgage payments set aside in your account in case of any unforeseen emergency that may arise.

Bonus: Don't get hung up on the decor and furniture in homes that you tour. Remember all these things can be changed to your liking. Keep your focus on the space the home provides and the flow, to see if it would suite your needs.

You can get more insight into buying your home from the experienced agents at CPC Real Estate Solutions Ltd.