5 Tips for First Time Home Buyers
Demystifying the home buying process
Buying a home is one of the biggest (and most exciting!) purchases you'll make, but it is also one of the most substantial. For many, real estate can be complex and confusing when you don't know where to start once you're ready to begin the search, but it doesn't have to be.
Once you've been pre-approved and know your spending limit, you'll want to jump in and start the search! But before you do, take a look at our top 5 tips for first time home buyers.
- Establish a wish list. Create a list of wants and needs and use that to determine the features of the home that are must haves versus nice to have. Take the list with you when viewing homes and make notes about what features you like in a home, you may love a home while viewing it, but realize afterwards it doesn't have some key features that are important to you.
- Buy with your head, not your heart. It's easy for your emotions to take over the home search, but letting them do so might result in overpaying for a home. While it's a must to love the home you'll be purchasing, always keep common sense in the forefront and be ready to walk should the need arise.
- Do your research. As important as it is to know what you're looking for in a house, it's equally as important to have a solid understanding of your financial situation, how your mortgage will work, property taxes, etc. Luckily, information on these topics and many others can be found online from the Canada Mortgage and Housing Corporation (CMHC), and also from the Canadian Real Estate Association. You can also ask a realtor, which brings us to tip #4.
- Work with a professional. Even though you've done your research, it is still important to work with a real estate agent. Make sure you do your research and find the agent that is the right fit for you and can take the time to guide you through the process. They are the ones most knowledgeable about the area, and can also help recommend other professionals, such as mortgage brokers, lawyers, etc.
- Don't forget about closing costs! So you've found the house - now what?! Make sure you've budgeted for closing costs, these can include, but are not limited to: home inspection, lawyer fees, land transfer tax, home insurance, title insurance. It is estimated that closing costs range from 1.5-3.5% of the total cost of your home.
Are you a first time home buyer? We have years of experience in helping first-time home buyers find their dream home, and would love help you! Contact us today to learn more about our services and to see how we can help you!
Helpful links to get you started: