Trouble pulling the trigger on your first home?

You’ve made up your mind to buy a place of your own. You’ve saved a hefty down payment. You’ve poured over the daily downloads for months on end. You’ve made open house tours part of your weekend ritual. But months, perhaps years have passed and you find yourself still in your rental, no closer to being a homeowner than when you started. But why?
Perhaps, because your current home is familiar. You know exactly what to expect. You’ve come to accept its shortcomings whether they are loud neighbours, a leaky ceiling or scant street parking. There are few surprises.
For many first-time homebuyers, pulling the trigger can be a frightening experience. Will you be happy there? Will you like your neighbours? Will you be tied down, house rich and cash poor? What if you lose your job? In short, your fears stem from the unknown.
• Get comfortable with your finances: Anticipate the new costs that you will experience such as taxes, homeowners insurance, utility bills, and commuting costs. This will help you determine the maximum price you can spend on a house. Consult a financial expert if you need help. Remember, the first year is the hardest; you will start to receive tax benefits in year two.
• Partner with a Real Estate Agent: Even though the internet gives you access to endless amounts of market information, don’t be fooled into going it alone. Instead, try out a few real estate agents and when you find one who listens to you, stick with him. He or she can line up properties to view, answer many of your questions, and make connections for you in the surrounding Areas. Best of all, real estate agent often have the inside track on a new properties just coming on the market.
• Consider the risk: Realize that there is uncertainty in everything, but no matter what happens, you will deal with it. Ask family and friends about their experiences and learn from them. Be sure to keep some cash reserves in the bank as a safety net. And remember, you have home owners insurance for a reason.
• Your Priorities “must-haves”: Is there a community that you absolutely want to live in? Are you adamant about wanting a garage, a fireplace or a finished basement? Make your list of what’s important to you and look for it. You may find that you are willing to sacrifice one feature, if the rest is fabulous. If you are not crazy about the house, don’t bid. It’s important that you love it at the outset.
• Be ready to bid: Great houses don’t stay on the market long. Sometimes one open house leads to three offers. If you love it, be ready to make your best offer. If you are uncertain, ask yourself, “How will I feel if I don’t get this house?” You might just get it, and if not, at least you’ll you know you tried.
• Reap the reward: Owning a house can be one of the most exciting and satisfying things you’ll ever do in your life. It’s an investment that can pay your personal dividends as well as financial.
Take the first step pull the trigger! “Ready to take the step. Tired of standing on the sidelines. Set a deadline and be ready to bid when you see it. It’s been a long time coming, and you are on your way to becoming a house owner.” Go for it when you see it.
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