What you should know as a first time home buyer


The purchase of a new home is often one of the largest investments in the life of a person. This is why it should be done carefully and only after having researched the market thoroughly. Fortunately these days, technology allows us to get almost all the information we need online and websites such as http://www.rebate4u.ca/ are essential tools for any person looking to buy a new house. To this extent, these are just a few tips that will help you throughout this process.

Schedule a home inspection with a professional

Many people can fall in love with the first home they see and in their hurry not to lose the deal, they fail to notice the small flaws that will end up making them regret their decision. This is why you should always schedule a home inspection with a specialist at every home you visit. This way you will know for sure that the property you have to buy does not have any hidden problems that will end up costing you a lot of money later on. Even though this may seem a bit expensive at first, you will avoid having to pay a lot of repair costs to mend the parts of the house that you did not noticed when you first visited it.

Always know your credit score

You will get asked a lot about your credit score, so be sure to know it. as a first time home buyer, it will play an essential role in the mortgage you obtain, so if you know it is not as good as it could be, do your best to improve it before applying for a mortgage loan.


Buy within your price range

As tempting as it might be to buy the bigger house, if you know for a fact that you can only afford something within a certain budget, you should do your best to stay within it. Otherwise, you will be forced to get apply for a bigger loan and face bigger monthly payments. Even if you may not be able to afford your dream home just yet, with a little patience you will eventually manage to buy it as well.


Always negotiate your payment schedule

Even though banks will assume that first time buyers will agree with all of their terms and conditions, the fact is that you can negotiate a lot of the terms, including your payment schedule. For instance, you can ask the bank to allow you to make two monthly payments rather than a single one if you feel that this will help you to manage your finances better.


Find out about rebates and other benefits a new home purchase can offer

If you decide to buy a new house, you might be eligible for a considerable rebated. In fact, dedicated companies can help you obtain a rebate of over $25,000 and this service does not have any upfront costs and you will only be charged a small commission, after you receive the payment. Obviously the specialists will do everything in their power to make sure your application process goes as smoothly as possible in order for everyone to get paid sooner rather than later.