First Time Home Buying Part 2/3 : The Buying Process.
Part 2: The Buying Process.
Begin with the end in mind – Steven Covey, The 7 Habits of Highly Effective People. With proper planning and guidance, I have helped millennials succeed in their first time home buying journey. I have put together a 3-part series with tips on First Time Home Buying.
The Buying Process
Congratulations! Half the battle is won. Now that you have started to save up according to Part 1, let’s get on with the next part.
Have a Plan
- Where to buy
- What to buy
Location is KEY. Pick a neighbourhood you want to stay in. Consider the accessibility, amenities, cleanliness and safety as well as future development plans. Next, what type of property do you want? Will it be a condominium, a serviced apartment or a studio ?
Get Help – Engage a registered Real Estate Negotiator.
Too many things to think about? To save time and to get the best deal for your 1st home, it is advisable to engage a registered Real Estate Negotiator. Their job is to serve home buyers and can significantly reduce the learning curve for first time home buyers. Also, you don’t have to pay them a single cent on top of saving you a lot of time and headaches!
Check Loan Eligibility
- Get a CTOS report
- Consult a mortgage advisor
Head over to the CTOS official website to get your CTOS report to check your credit standing. It is also a good idea to consult a mortgage advisor so they can assess your affordability and help submit all the application paperwork to banks that will likely approve your application. This will help reduce the possibility of being rejected.
Stay tuned for Part 3: Deciding to Buy, where I will share the process and tips to ensure a smooth purchase of your first home.
Do check out my Facebook page for other info and tips. Need help with your first home purchase? Let me know how I can help! Self-fill this questionnaire Find My New Home and I’ll get right on it.