Today, nearly 77% of the population represent the first time home owners and another fun fact is that they are all Millennials. They represent the people born between 1980 and 1995 and they are now on the cusp of becoming first time homebuyers.
Understanding Important Considerations In The Process:
With a wide range of homes for sale in Abbotsford, the millennials can be rest assured that there is a new home for everyone with prices starting at $300,000 only. However, buying a home can be a daunting process altogether and thus everyone buying their first home should keep the following considerations in mind before going through the buying process.
The first and foremost part of the process is to prioritise based on your long term plans and associated benefits of purchasing a house. As you take a step forward to start a mortgage and eliminate rents you are on your way to get something tangible in nature. A narrowed vision will help in taking your process into the right direction.
- Property Type: Understanding which property type would best suit your needs is important. You can choose from a duplex, studio apartment, cooperative housing, condos, townhomes, or even consider multi-family buildings. Every available option comes with its own set of pros and cons which would be assessed better if you have your priorities set from the start.
- Shortlist The Required Features: Total rigidity isn’t recommended, but yes you must have a set of specification in mind whilst making a purchase decision. Shortlist the features you would need in your house and be sure to keep your financial aspects in the mix, with each added feature- the cost of housing might increase. Some important feature considerations can include- neighbourhood size, layout of the home, appliances used etc.
- Pre Approval: The best way to narrow down your home search is by getting a clear picture about the amount of money the lending institutions are willing to give you depending on your credit score and other related factors such as current outstanding debts, job tenure and monthly income. Good lenders will assist you in understanding how much you can afford and the necessary factors involved in the loan approval process.
The best way to get a mortgage is to become pre-approved for a home loan. Even a large chunk of sellers would prefer individuals with a pre-approval for a mortgage. Understand that once you are pre approved, the entire process becomes faster and easier. For more information regarding credit scores, debt-to-income ratios and other related factors visit your nearest financial institution.
- Save Enough Money: Even in case of sizeable mortgages you would be required to make a down payment of the total purchase amount- which is 20% in most cases. Always keep a large chunk of savings in the mix. Make sure you don’t end up broke after purchasing a home, keep some money aside for other related expenses when you move whilst keeping the basic necessities in mind.
- Professional Assistance: Well qualified real estate agents will help you look for the right place within your stipulated budget constraints. They are aware of the ongoing trends in the market and can also assist you in purchasing property for equity purposes. They will not only help you in finding the right place, but will also assist in completing the necessary paperwork involved.
With a professional by your side you can stay clear of several pitfalls during the process. Feel free to explore a wide of options in Abbotsford, Aberdeen, Bradner, Sumas Mountain, Sumar Prairie and other nearby areas only at http://abbotsfordhomeforsale.ca/ and take a leap towards becoming a homeowner.