9 Things to Know Before Buying A House in Niagara Falls

Purchasing a home of one’s own is a dream comes true for many. However, navigating the real estate market for your dream property can be quite a daunting task. Thus, before short listing homes for sale Niagara Falls Ontario, first-time home buyers should consider the following points:

●      Learn about associated costs

Buying a house is a significant financial decision. Consequently, one must have a thorough understanding of all the costs associated with buying a house, such as property appraisal, legal fees, and building inspection fees. This is essential as these costs can increase the overall price of your dream home so it is necessary to learn about these costs before buying. Alternatively, you can also ask your Niagara realtor about these costs.

●      Get ‘pre-approved’ by a lender

First-time buyers should get pre-approved for a mortgage from an authorized lender. Getting pre-approved for a mortgage loan will enable you to devise a budget. The budget will help you to understand the type of property you can afford. Moreover, with a pre-approved mortgage, you can lock in an interest rate for 120 days.

●      Check out incentives for home buyers

Buying a house of our own is a dream of a lifetime for many of us, but it does not come cheap. First-time buyers should therefore consider opting for incentives like Land Transfer Tax refunds, Home Buyers’ Plan, GST/HST New Housing Rebate, and the like. These will enable you to save a significant amount.

●      Ask questions about the house

While checking out houses for sale in Niagara Falls, make sure to ask crucial questions regarding the property so that you are not in for any surprises after the purchase. You need to ask what is included in the sale, the condition of the roof and plumbing, why is the original owner selling the house, and so on.

●      Learn about the neighborhood

Before buying a house, you should always check out the neighborhood. You can go around the neighborhood to check the distance between the house and essential services like grocery stores, cafes, health clinics, and schools. In addition, you should also find out about the crime rate and the time it will take you to commute to and from your work.

●      Check out the cost of utilities

Potential buyers researching homes for sale Niagara Falls Ontario should note that the cost of utilities can vary with each house. Therefore, before buying a house, you should learn about the cost of utilities such as Wi-Fi, phone, water, gas, and electricity.

●      Schedule a home inspection

It is not always possible to learn about the true conditions of a house after visiting it once or twice. In addition, owners may often try to sell a house without disclosing all information such as mold damage, rodent infestation, or lead paint. Hence, first-time buyers should schedule a home inspection before buying a property.

●      Calculate closing costs

Closing costs as the name suggests, are one-time fees that one needs to pay while closing a house purchase. According to Real Estate experts, buyers should set aside around 3-4% of their budget for closing costs.

●      Hire a Niagara Real Estate Agent:

Technically, you can have a full-time job for 5 days a week, and search for your dream house while considering all the above-mentioned points. On the other hand, you can also hire the services of a licensed real estate agent to reduce the stress and hassles of house hunting. A real estate agent will be able to guide you on homes for sale Niagara Falls Ontario. They can also help you with property taxes and scheduling a home inspection.