Tips for First Time Home Buyers

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.