Build a good credit history, if you don't have a good credit score now is the time to clean it up. A lender wants to know that you will pay them back and have a good credit score is an easy way for them to assess this.
Save up your deposit (this will normally be between 10% and 20% of the value of the property you are buying)
Think about how much you can afford to spend on a property. Take into consideration your salary and what the monthly outgoings will be.
When buying property, you have to move quickly so it's important to get a pre-approved mortgage to speed up the buying process
Consider all cost involved, taxes, lawyers' fees, transfers
Think about costs for when you have moved, such as utilities and monthly bills.
Finding a realtor
Look for a professional and trusted realtor. Get a recommendation from someone you know or search online
Have a brainstorm and think about what kind of property it is you are looking for
Explain your dream property to them and what your expectations are so they can help ensure the process of buying your property is seamless
Make sure you understand buyer’s representation and contract agreements, ask your realtor to explain this to you.
Decide what factors are most important to you in the property you're looking for. How many bedrooms do you want to have? Do you need to have access to public transport? Do you want to be in a good school district?
Decide what are your ‘must haves' and what are your ‘that would be nice.' By prioritizing what's important we can ensure you get a property in your budget that meets all your needs.
Start viewing properties – this is the fun bit!
Think about mortgage payments, remember to include taxes, homeowner’s assessments and utilities in your monthly budget
Getting your money in place
Find the property of your dreams
Contact your mortgage provider
Your lender or attorney will then run a search on the property to ensure there are no defects such as debts or unpaid taxes.
Get your attorney or lender to explain all the terminology used so that you are happy that you fully understand
Putting in an offer
You've found your perfect new home so it's time to put in an offer – how exciting!
Once your offer is excepted, have the property inspected by a licensed home inspector. Get a top-notch inspector as he will be able to tell you if there are any major issues with the property that would make it a bad investment (fingers crossed this doesn't happen)
Get insurance for the property title
Sign the deeds
Move into your new home