Top 3 Things You Need to Know Before You Buy a Home

Published August 22, 2019 by The Rise West Grove Estates
Are you looking to buy your first home? Here are some essential tips that all first time home buyers should know. 

For many people, buying their first home is a rite of passage and an extremely significant moment in life. However, being a first time home buyer can be daunting. The good news? When done properly, owning your own home can yield incredible benefits as it will: 

  • Limit your financial risk 
  • Increase your investment power 
  • Save you money over the long term 
  • Give you more control over your living space 
  • Give you greater privacy 

Live in Uncompromising Luxury in West Springs, Calgary 

Nestled in Calgary's Southwest Community of West Springs, the Rise at West Grove Estates offers new and luxurious semi-estate homes for you and your family. The planned green spaces established community, and proximity to a wide number of amenities means that you and your family can enjoy uncompromising value and a high quality of living. 

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3 Essential Tips For All First Time Home Buyers 

Being a first time home buyer is truly exciting, but it can also be overwhelming, and when done incorrectly or impulsively, it can hurt your financial goals. If you want to buy a home that you love and doesn’t hurt your future money goals, here are 4 essential tips to follow: 

1. Take Your Time 

When looking for a home, it can be easy to get carried away and make an offer on any home you’re interested in right now, but it’s important to take your time. 

Taking it slow as a first time home buyer will allow you to: 

  • Shop around for mortgages 
  • Shop around for homeowners insurance 
  • Find a home you love that won’t hurt your finances 
  • Save for a downpayment 

Remember, buying a home is a major investment and you want to make sure that you find the perfect one for your family, as you’ll be living in it for years to come. 

2. Determine How Much House You Can Afford

Before you get emotionally attached to a beautiful house, check your monthly budget to determine how much house you can afford. 

One of the best ways to buy a home is to ensure that you have the 20% down payment, a 10% buffer and savings, and a mortgage that is no more than 30% of your monthly take-home pay. 

In addition, as a first time home buyer, make sure you build room in your monthly budget for additional costs, such as: 

  • Increased utilities
  • Ongoing repairs
  • New appliances
  • Routine services 

Getting all of this ready before you buy a home will ensure that there’ll be no nasty surprises down the road. 

3. Make a List of Non-Negotiables and Look Out For Deal Breakers 

Before you start seriously shopping for a home, consider your lifestyle and values. Make a list of non-negotiables, such as location, square footage, and amenities that you must have in your future home. This will make the process much clearer and help guide your realtor. 

In addition, when looking for a home, you want to avoid one that: 

  • Is in a high-risk flood zone 
  • Has issues with sewer lines and other plumbing 
  • Has strict local zoning rules for home improvement 

Additional Tip

When buying a home in a new development area, be sure to first learn about the background of the developer and home builder. When making a decision as important as buying your first home, having a certain level of understanding and trust is critical for your peace of mind. 

 

Become Part of the West Springs Community 

The Rise at West Grove Estates boasts affordable and luxurious semi-estate homes meticulously crafted by award-winning builders. They represent the highest quality and elegance expected on the hill in the prestigious Southwest community of West Springs. 

To find out more, visit us at The Rise West Grove Estates, 106 W Grove Way, SW, Calgary, AB, T3H, 0S2, or contact us at 403-250-5650

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