Wednesday, January 19, 2011

Tips for Ottawa First Time Home Buyers

Making the decision to bite the bullet and finally start looking for a home of your own can be a very exciting time in your life. That being said, it can also be a very nerve wracking and apprehensive time for you when you are actually going through the process. It is not an easy feat, that’s for sure, but there are some common sense ways that the first time home buyer should keep in mind along the way to keep things in focus. Focus is the key word. You must keep everything in perspective about what you want and what you really need. You really do need to differentiate between the two.

The first and most important idea you want to keep at the forefront is that you need to live within your means. If you do not honestly evaluate your financial status and know exactly what monies are coming in, compared to how much is being paid out, you are going to find yourself knee deep in debt further down the line. Set your budget for the price range you will look at right off the bat. Do not base that number on the fact that you are expecting to get a raise or a promotion this year. That’s a wild gamble. Go on the facts and figures that you are working with RIGHT NOW. If you don't, it will come back to bite you in the butt sooner than you could imagine.

Don't live on pipe dreams. Know your budget and stick with it. Real estate agents are notorious for telling the prospective first time home buyer that they can afford something much more lavish and expensive. They have a way of tapping into the excitement of it all and pulling you in to believing you really could afford something nicer. Don't fall for it! The agent is not the one who is going to have to rob Peter to save Paul. They will not be the person debating on whether the gas should get paid OR the water, cause you can't swing paying both. And heaven forbid, another child arrives unexpectedly, they won’t be sitting up at night worrying about how you will get enough diapers and food, and a good education for that precious child. It will be you in the middle. Set your budget for the here and now and stick to it.

Keep in mind that, aside from the actual purchase of the home, there will be furniture you need and appliances to purchase, and many other little expenses for moving in that add up very quickly. Make it easy on yourself. After all you don't want to end up buying an overly expensive house that you are   never in enough to enjoy because you had to get 3 more jobs to pay for it. That’s not living. That just exists. Don't fall into that trap. The first house you buy is going to be just that, it’s your first house. It is not going to be your last. Bigger and better things will come your way as you advance in your career or establish better business opportunities.  Everything will change. Your day will come to have that big house on the hill with the white picket fence around it. You want to be happy in your new home and you are excited. Keep that happiness and excitement alive by not overextending yourself. Base your decisions on buying a new home around facts and figures, not fiction. You will be happier in the long run.

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