Dealing with first time buyer anxiety? Don’t be! You may be overwhelmed with the fear of overpaying or buying the wrong property but in order to make an informed decision, you’ll just have to prepare in advance by doing your due diligence and researching each of these factors:

1. Where is the home located?

   Choose a neighbourhood that suits your lifestyle and needs. Consider factors like the commute time to work or school, proximity to public transportation, local amenities, and the overall safety of the area.

2. What type of property do you prefer?

   What type of property suits you? Are you a condo type of person who likes using the pool and gym facilities? Or do you think you’d enjoy gardening on the grounds of a landed property more? Each property type offers its own advantages and considerations such as privacy, security, and shared amenities.

3. Can you afford the home?

   Before you start house hunting, it’s essential to determine what you’re able to spend. Consider factors like your income, debts, and monthly expenses. It’s important to not only consider the mortgage payment but also additional expenses like property taxes, utility bills, homeowner’s insurance, and maintenance costs. If you’re considering a condo, don’t forget to consider the cost of maintenance fees. These fees can cover the upkeep of shared spaces like pools, gyms, or landscaping.

4. How big is the home and do you like its layout?

   The size and layout of your first home will depend on your lifestyle and needs. Consider factors like the number of bedrooms and bathrooms, the size of the kitchen, and the layout of the living areas. Think about how you’ll use each room and whether the home can accommodate your future needs like space for children or ageing parents.

5. What condition is the home in?

   If you’re buying a subsale property, you’ll want to inspect the home for any signs of wear and tear or potential issues like water damage or structural problems. It’s important to consider the age of the home and whether any renovations or repairs are necessary as these will incur additional costs.

6. Where will you be in 5, 10, 15 years or more?

   Do you plan on staying in the home long-term or is it a steppingstone to a larger home? Do you plan to rent it out? If you plan on starting a family, is the home suitable for children? Consider your long-term plans and how the home fits into those plans before you make your decision.

7. What financing options are available for you?

   Money matters might be the scariest part of the entire home buying process. So, make sure to research and understand your financing options before signing anything. Compare interest rates, loan terms and payment requirements from different banks. Don’t forget to also explore first-time homebuyer incentives or programmes that may be available to you.

8. Will the property sell for a good price?

   While you may be planning to live in your first home for several years, it’s important to think about resale value. Look for homes in desirable neighbourhoods with features that are likely to appeal to future buyers. This can help you build equity in your home and potentially make a profit if you decide to sell in the future.

   Happy house shopping!

   Buying your first home is an exciting but complex process. By considering all the above factors, you can make informed decisions and find a home that suits your needs and budget. Working with a knowledgeable real estate agent can also help you navigate the process and find the right home for you.

   In need of more tips for buying your first home? Check out this article and this one too!