Five things to know when buying your first home

Buying your first home can be a daunting experience. That’s why your REALTOR® is a great resource and can help ensure it goes as smoothly as possible. Follow these five steps for an unforgettable experience at buying one of the biggest purchases you will ever make:

1) Always have a good down payment. In Canada, it is mandatory to have five per cent of the price of your home for your down payment (with the purchase of mortgage default insurance; 20 per cent without). However, the bigger the down payment, the quicker the mortgage is paid!

2) Always use a REALTOR®. A REALTOR® will be able to help you with things you may not know about when purchasing a home privately including the disclosure of any problems with the home to the community’s amenities.

3) Search for a home with a good school district. Whether you have children, or are planning to, it is important to search for a home with a good school district. This will ensure that you are choosing a home in the right neighbourhood for your family’s needs. This is also great for resale value!

4) Reserve cash for unexpected expenses. Whether your house is years old or brand new, you never know when unexpected expenses will pop up. Making sure you have a good amount of money saved for these purposes is important when buying your home.

5) Have a home inspection done. Buying a home is one of the biggest purchases you will ever make. By having a home inspection done, you are eliminating the risk of those unexpected expenses that could have been found by a home inspector prior to buying your home.

The Nova Scotia Association of REALTORS® represents more than 1,500 brokers, salespeople and affiliate members throughout the province. NSAR serves its members through a wide variety of educational programs, publications and special services. REALTOR® is a trademark, which identifies real estate professionals who are members of The Canadian Real Estate Association and, as such, subscribe to a high standard of professional service and a strict code of ethics.