If you are thinking about buying your first home, you should be aware that the search process can be somewhat of a challenging endeavor. This is a big decision that will require research, time and effort. Take heed of the tips outlined below to make the process go as smoothly as possible.
Sometimes, It Really is all About Location:
Perhaps you would like to buy a home that is close to work, your family or something else that is important to you. Others prefer a home that is near public transportation services or highway ramps. For some, access to shopping centers, entertainment destinations and other places is the most important factor when taking a look at Ottawa homes for sale.
Consider What You Are Truly Looking for in a Home:
While location is important, you will likely find a number of new home builders who can construct the home of your dreams in your preferred locale. Think about other key considerations beyond where the home will be positioned. Ponder the number of bedrooms you will require, whether a traditional or open design is ideal, the amount of space you need and the types of amenities that the home will need. While it might be difficult to find all that you need and desire in a home that is up for sale, you can have everything you desire. Your new home builder will design your new home just the way that you like it.
Begin Budgeting Now:
If you haven’t yet created a budget for your home purchase, the time to do so is now. Affordability is a big factor in selecting a new home builder or selecting a home that is for sale. Consider all of the costs involved in the home purchase process before actually talking numbers with a home builder or a home seller. Think about how much of a down payment you can put on the home, what your monthly mortgage carrying expense will be, the annual property taxes and the type of interest rate you can obtain for a home loan. Then consider your net income and savings along with that of your partner. Generally speaking, the total cost of a mortgage should not be more than one third of your pre-tax monthly income. Once you crunch all of the numbers, you can make legitimate offers on new homes in Orleans with clear conscience.
Help is Available for First-Time Buyers:
Do not be afraid to reach out for assistance in this important time. Buying your first home can be a strenuous process that requires more time, effort and money than originally anticipated. Take advantage of financial programs for first-time home buyers. There is mortgage assistance provided through CMHC. It will help you save plenty of money off of a high ratio home mortgage insurance cost. At a maximum, you will save 10 percent. There is also a Land Transfer Tax Rebate program available for first time home buyers as well. If you buy a newly constructed house, you can receive a Land Transfer Tax rebate worth thousands of dollars.
Look Into Builder Backgrounds:
Do not commit to the construction of a new home until you have researched builder backgrounds. You can determine if a builder is reliable by checking out reviews, asking former customers and taking a look at their reputation on the Tarion website (www.tarion.com). Click on “find a builder” to learn more. Prospective new home buyers will be happy to know that Tarion has rated the Pemberton Group as “excellent”.