What do I need to know before I buy a home
- Before you start looking, decide how much you can afford to spend. If you aren’t sure, get advice from your financial institution or your real estate agent.
- Plan how you’ll save for your down payment.
- Set up a loan to pay for your home even before you start to look. This is called a pre-approved mortgage.
- Remember that interest rates go up and down. You can’t always predict what’s going to happen in the short term.
- Know all the costs. Talk to your lawyer and a home inspector or a real estate agent. They can advise you on all aspects of buying a home, including all of the costs. An inspector can make sure the home is in good shape, with no surprise repairs coming soon.
Remember: Buying a home is a big move
Most people think buying a home is one of the best things they can do with their savings. Make sure you invest wisely.