Your perfect home
Congratulations! You are a
first time home buyer. Buying a house for the first time, can be the most
wonderful experience in the world, but with a first time home purchase, there
are important things to take into consideration.
Your perfect home
Remember that a perfect home is
an ideal that may or may not prove to be realistic for you and your family,
with respect to your actual expectations. Sometimes, the home that you did not
think was perfect, is more suitable than you may realize.
List your needs and desires
Before you go house hunting,
list your needs and desires in that order. You will be glad that you did. Presenting them to your realtor, if you choose to go house hunting with a real
estate agent, can save you time and energy. You may prefer to purchase a house
directly from an owner, in order to avoid extra real estate fees.
Determine your preferred
location
An ideal location may not
exist, but you probably have a good idea where you would like to live. What
city would you like to live in or close to? Why? Is this appropriate for your
employment and your life style? Is it suitable with respect to schools or high
schools? Is it close to places where you like to go, like churches,
clubs, recreation centers and shopping centers? You do not want to be locked
into hours of commuting. Consider the cost of gasoline. Are there
buses in the area? Is there a hospital within reasonable distance? How about a
fire station? What about parks and swimming pools?
Choose your neighborhood,
carefully
The neighborhood you choose to
live in can affect your entire life, as well as that of your family. Spend time
in the neighborhood you have chosen. Speak with your potential neighbors
and see if there are problems or concerns, in the area. Find out if it is good
location for a young family, if you have small children. Is it an area of old
homes, with only elderly people? Do you know anyone in the area? Is there a
family that can assist you in the future, if necessary? What do they say about
the area? Would they recommend it to you? If not, why not? Is it a safe place
to live, work and play?
Find a suitable house
Once you have found a house
that you feel is appropriate for you and your family, there are a number of
important things to take into consideration. Learn why it is on the market. Examine it thoroughly
for possible structural defects or hidden problems. Ask to have a market
evaluation done or have a building inspector assess the house for
you. Take into consideration extra costs for repairs, landscaping and maintenance.
You may be able to have the market value reduced, if you are going to need
extra for repairs or damages. Find out if there are any potential hazards in
the area of your new home or in your home.
Arrange a mortgage
Arranging a mortgage for the
first time can appear to be difficult. Consider a number of different options.
Talk to your bank manager, realtor or finance company to find out what mortgage
rates are available. What is appropriate for your income level? You may be able
to assume the previous owner's mortgage. Look at both short term and long term
options. Once you have filled out the paperwork, the mortgage has to be
approved. You cannot obtain ownership until everything has been finalized.
Remember that you may have to make a down payment on the house. Your bank or
finance company may charge a fee for the mortgage assessment also. Legal fees
will be required.
Take possession of your home
Find out when you will be
able to take possession of your new home. Ask, "When do I get the
keys?" Remember that dates can be important, if someone else is planning
to move into the place where you currently reside. You do not want to place
everything that you own in storage, while you wait to take possession. This can
be an unnecessary hardship for you and your family. It can also be frustrating and time consuming.
Determine the taxes
When you take ownership of a
house, you will be expected to pay the taxes, on an annual basis. Find
out what your taxes will be per annum and if payments can be made in
installments. Learn when the taxes are due and where they have to be paid. Are
there taxes that are long overdue on this property?
Have the heat connected
How is your new house going to
be heated? If it is heated by natural gas, you
need to contact the gas company. Find out what the cost for heating has
been, in the past couple of years. Most previous owners disclose that
information to you. The realtor may be able to give you that information, as
well. Ask what company has been servicing your area, with respect to natural
gas. You may be required to make an initial deposit before the natural gas is
turned on for you. This may or may not include the cost for needed repairs.
Find out if there is a service plan that you can purchase.
Make certain that you have
hydro
Ask the previous owner or your
realtor, about the hydro rates for your new area. Having your hydro turned on
by the time you move in is important, so speak with the local hydro-electric
company. They may require a deposit, before your hydro is connected. If you
have electric heating, take that into consideration. Find out how often this is
billed, so that you can plan your budget accordingly.
Arrange to have your water
running
Having your water running
before you move in is important. Find out which company provides service for
your house. Discuss the rates with them and your payment options. Ask about any
water restrictions.
Connect your telephone
Making certain that your
telephone is working by the time you move in is a good idea, although with the
advent of cell phones, it may not be necessary. Find out which telephone
company you need to contact re connection and what options are available. See
if your cell phone will work in the area you are moving into or if there
are changes that will need to be made for you. Discuss your payment options.
Find out about garbage disposal
When you move into a new home,
you will need to know when your garbage is picked up or if you are expected to
dispose of it at a local landfill site. Your previous owner or your
new neighbors should be able to give you guidelines. Find out who to contact,
so that you know what to expect. Ask about re-cycling.
Arrange appropriate postal
service
When you move, it is important
that you and your family receive your mail, as you normally would. Discuss your
move with your previous post office and arrange for a change of address, before
you move. You will have to pay a fee for this. Find out when and how mail is
delivered in the area that you are moving into. If necessary, take out a
temporary post office box.
Make arrangements for moving
Plan your moving day well to
avoid complications. Make certain that you have a reliable moving company. You
do not want to see them disappear with your belongings on moving day, so make
certain that they have appropriate references. Check them out. You should be
able to obtain an estimate from them, with respect to costs. They may require
payment up front or upon arrival at your new home. If you are relying on family
and friends, make certain that you have worked out the details ahead of time,
with them.
Check all of your locks
Many times, when people are
moving, others may have access to your home. Make certain that you have good
locks on your doors and windows, before you move in, just in case. You can have
your locks re-keyed, if necessary, at a reasonable cost.
Inquire about insurance
coverage
Your current, home insurance
policy may or may not cover you in your new home, so check with your insurance
agent and make certain you have adequate coverage.
There are dozens of other
things to take into consideration, but begin with this list and you will enjoy
moving day. It should be a wonderful experience to move into your home when
you are a first time buyer, whether it is a new home or just new for you and
your family.