Buying a Home? Advice for the First Time Homebuyer
You may already have that dream home on your radar, or you may just be starting the search. If you’re overwhelmed at the process, we have a guide to assist you in purchasing your first home.
Before Officially Starting Your Search
- If done properly, you should have a price of the lowest and highest you are willing to spend on a home. , Check out our Mortgage Affordability Calculator. to see if you can afford to purchase a home.
- Ask yourself what type of home are you looking for; house, townhouse or condo. If more than one, list the pros and cons of each choice.
- List what areas you wish to live and how are you are willing to travel to and from work.
- List what Features you are looking for such as number of bedrooms, baths, fireplace, backyard etc. Next list what amenities (amenities are tangible or intangible benefits of a property) Tangible: Schools, Churches, Nightlife, Community Centre, Parks, swimming pools, golf courses, health club facilities, party rooms, theater or media rooms, bike paths, lifts, community centers, services; and Intangible: Views, Low crime rate, family oriented, singles life.
- Map Out Area that match your list and start to explore the various neighbourhoods. Start looking for ‘For Sale’ Signs, if there are too many signs, it may be a red flag or a coincidence with a great opportunities for choice, so note it to speak to your Realtor (Ah a little bit ahead of ourselves, that’s coming soon, keep reading) Talk to neighbours, see if you can picture yourself living there, visit the parks, go to that area that next time you are shopping.
- Choose a few homes for sale and look them up on MLS and find out the price on the internet when you get home, or better yet, Realtor.ca has a new Mobile App, or visit their mobile site to make your search better.
- Use Social Media and put the word out you are looking for a home and see if there are any deals or good homes they many have information for and while you’re at it, see if they know of a great realtor.
So now you have a good idea the amount you are willing to spend, time to get Pre-Approved. A Real Estate agent usually wants to know you’ve been pre-approved and if not, may tell you to do that before hand anyway. What’s good about pre-approval, it can take the worry out of home hunting and you can rest knowing your are already approved, let you know exactly what you can get for your money and lock in your rate. If you don’t have a mortgage Agent or Broker, we can assist you in getting the best mortgage broker in your area. Also, check out some of our lowest Mortgage Rates.
Choose a Great Realtor
Now that you are Pre-approved and ready, it’s time to choose a great realtor. It’s important to select your realtor very carefully when you’re house hunting. This professional plays a powerful part in the home you purchase. They should be able to get you what you are looking for, the best price and is a good negotiator. Ensure you are protected throughout the process and get references; ask friends or family for a trusted realtor. Take the time to interview several before you start house hunting. Choose someone you are comfortable with and don’t be afraid to ask questions or be realistic with your expectations. Even if you have the very best mortgage rates, you can wind up with trouble getting a home you love, unless you are armed with an excellent realtor.
Start Your Search
Now you should have a great realtor, type of home you are looking for, list of features and amenities and a few neighbourhoods to get them started. Time to get serious and find that dream home. Your realtor will have various tools to try and find properties that meet your specifications. Your realtor can quickly search through numerous properties available for sale in specific areas to find suitable listings; that is, houses that best match your needs, choice of neighbourhoods and price range.
We hope we’ve assisted you with a great start, now you are now well on your way to owning your own home; we hope that you find your dream home and have the best mortgage rates, mortgage broker and real estate agent.