What you Need to Know if You’re Buying Your First Home in 2023

Getting ready to buy your first home? 2023 is a great year to pull the trigger. Prices have dropped off their recent highs, and mortgage rates are still relatively low. That said, it’s important to do your homework before taking the plunge into homeownership. Here are five tips to keep in mind when buying a home in 2023.

Get Pre-Approved for a Mortgage

Before house hunting, it’s important to get pre-approved for a mortgage. This will give you an idea of the loan amount, interest rate, and payment options that you qualify for. It may also potentially give you an opportunity to lock in a good deal – interest rates are technically low when compared to a few decades ago, but are set to rise in the coming months. Taking the initiative to lock something in now may equate to thousands of dollars in interest payments saved down the road.

Know Your Budget

It’s easy to get caught up in the thrill of house shopping, but it’s important to stay disciplined and stick to your budget. Consider what you’re comfortable spending on a monthly and long-term basis, and never go over your limit. Remember to factor in added costs like property taxes, insurance and maintenance.

Consider the Neighborhood

Location is an important factor when buying a home, so you’ll want to do your research on the neighbourhoods you’re considering. Consider factors like proximity to work, schools, grocery stores, and other amenities that are important to you. Also, take time to explore the area at different points of the day – you may find that things like traffic noise and parking issues can vary depending on the time of day.

Work with a REALTOR®

A REALTOR® can be an invaluable resource when buying a home. Agents have access to more listings than you may be able to find on your own, and they can offer their expertise when it comes to negotiations and closing costs. Be sure to do your research and find an agent who has experience in the area you’re looking at.

Get a Home Inspection

No matter how well-maintained the home you’re considering appears to be, it’s always wise to get a home inspection. A professional inspector can identify any major structural or safety issues that may be present, and will provide you with a detailed report of their findings. This will help you make an informed decision and potentially save you thousands of dollars down the line.

Buying a home is a major financial and emotional decision, and it’s important to do your research and make sure you’re prepared. By following these tips, you can be confident that you’ll be ready to make the best decision when it comes time to buy in 2023. Good luck!

Interested in buying an Ottawa-area home? Contact me today and let’s get you started on your home-buying journey.