Buying your first home is an exciting milestone, however, it can also be an overwhelming experience, especially for first-time homebuyers. With countless factors to consider and decisions to make, it’s important to start the journey with as much knowledge and preparation as possible. To help kick-start the homebuying process, we’ve rounded up five essential tips for first-time buyers to consider.
Spend Time Researching the Builder & Community
As a home is the biggest investment you’ll ever make, it’s essential to ensure that you’re choosing a builder with a long-standing reputation for integrity and quality craftsmanship. With over 40 years of homebuilding excellence under our belt, the team at Cachet remains committed to delivering exceptional quality homes to families, and leveraging our experience and visionary thinking to continually improve our product and service.
Once you’ve found a builder that inspires your confidence, spend time researching community locations. Discover the new town or city where the community will be built, and ensure that the amenities offered align with the type of lifestyle you envision for your family. Visiting the neighbourhoods that interest you, and familiarizing yourself with the local culture; shopping and dining options; and recreation, employment and education opportunities are also a great way to imagine what life will be like in that community.
Determine Your Budget
One of the most important steps to take before buying your first home is to establish your budget. When budgeting, be sure to factor in monthly expenses — such as your mortgage, insurance, utilities and groceries — as well as how much you’d like to reserve for personal spending and enjoyment.
Get Pre-Approved for Your Mortgage
Getting pre-approved for a mortgage will help ensure that your homebuying process moves as smoothly as possible, and put you in a stronger position to buy. Unlike pre-qualification, which is an estimation of the possible loan size you’ll be able to get, a pre-approval is an official letter from a lender that states exactly how much they will loan you. Begin by going to your bank to get pre-approved; this will require documentation of your income and finances.
Select Your Floor Plan
You’ve found the community you can’t wait to call home, you’ve determined your budget, and you’ve been pre-approved for a mortgage — now it’s time to choose the floor plan that’s best suited to your family. Reviewing the available floor plans prior to visiting one of Cachet’s two New Home Centres will help ensure that you’re completely happy with the plan you choose. Be sure to consider what your needs are now, as well as what they might be in the future; keeping in mind how your family might grow over the years will help you navigate the numerous home designs we offer.
Enjoy The Process
Above all else, don’t forget to enjoy the homebuying process. Purchasing your new home can be daunting, but it’s also an exciting time and a big accomplishment. Find joy in this new phase of your life, and the smart investment you’re making.
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