5 things to think about as a Home Buyer

1. Make sure you have the best credit you can. If you plan to finance your home purchase, check your credit history, especially if you’re a first-time buyer. That way, you can correct any errors and take measures to boost your credit score. Order your free credit report in writing from Equifax Canada and TransUnion Canada.

2. Meet with a lender to get pre-approved for a mortgage. Early in your search, meet with a mortgage broker or your bank, who will take a look at your credit history, your savings and investment statements and your current financial situation. They will then give you a better picture of what you can afford and the financing options available.

3. Establish a realistic budget. Whether you’re financing your purchase or paying cash, it helps to establish a budget. This will help you focus your search on great homes within your price range.

4. Make a list of the “must have’s” and “nice to have’s. Buying a home is a process of elimination, not a process of selection. Make a list of your ideal home’s must haves and deal breakers and also a list of things that would be nice to have. Look at items that could be added later such as basement development and a detached garage, especially if you are working on a tight budget. This will help you to narrow your search so that you can find a home that fits your current and future needs.

5. Think about future resale. While you may purchase your home as a long-term investment, keep in mind that you may need to sell it one day. Consider the homes resale value when you’re looking at properties