Before you know it Spring will be upon us, and ‘For Sale’ signs will be popping up quicker than those dandelions you’ll have to mow all summer long!! And for those of you who have yet to purchase your first home, and have no idea where to start- fear not! We are here to help make this process easy, smooth, and informative! If you ask us, it is vital to educate yourself on various aspects of home buying. Here are some key points that touch on where you should begin…
- Do your mortgage homework! You can go dizzy with information regarding fixed rates vs. variable rates, pros and cons to hiring a broker vs. going directly to the bank, and deciding which C.M.H.C. (Canadian Mortgage and Housing Corporation) fee option is in your best interest (pun intended)! It’s important to talk to friends and family regarding what worked best for them when they went through this process- but remember, each situation is circumstantial to your particular needs and condition. Finding a Realtor® and financial advisor that you trust is imperative! It won’t do you any good if you’re not comfortable or honest. So do your research and find a team of people who’ve received positive accolades, who make you comfortable, and who make you feel like a friend.
- See the house more than once! Drive bys are a great way to get to know the neighbourhood. When you walk into a property, do your best to look at it with a critical eye.
- Don’t be afraid to ask questions and inquire about a thorough home inspection. When it comes to making a purchase of this magnitude, don’t undervalue your inquiries and there are no silly questions!
- Identify Your Priorities: Clearly define your priorities and preferences for a home. Consider factors such as location, size, layout, and amenities. This will help streamline your search and focus on homes that meet your criteria.
- Layout and location are often the most important items to consider as those are things that are hard to change!
Research the Neighborhood: Investigate the neighborhoods you’re interested in. Consider factors like schools, safety, proximity to amenities, and future development plans. Visiting the neighborhood at different times can give you a better feel for the area.
- Work with a Real Estate Professional: A real estate agent can provide valuable guidance, help you navigate the process, and negotiate on your behalf. Choose an experienced agent who understands your needs and the local market.
- Budget, Budget, Budget! Once your mortgage homework is done, and you have a team of people (hopefully our team) on your side, now comes the time to sit down and crunch some numbers. Whether you’re purchasing this property solo, as a couple, or a family, it’s so important to be honest with yourself and with each other when it comes to finances. We suggest a spreadsheet with detailed monthly expenses, and if it helps, round the numbers up! For example, if you know you’re heating bill is going to go down in the summer, but you’ve budgeted for a December bill, you come out ahead! Take that little bit of extra cash and put it away in a Christmas fund, or an Emergency Car Fund!
Now I know we’ve thrown a ton of information your way, but we can’t emphasize enough that answering questions to this process is what we’re here for. Questions range from “how do I make an appointment to see this house I saw online?” to “what are the benefits of putting 5% down on a house vs. 20% down?” to “how do I withdraw my contract/conditions if I’m unhappy with the inspection of the property?”
We are here to help in any and all ways we can! Taking the plunge to buy your first home is exciting, terrifying, and can be overwhelming! Trust us when we say you are 100% not alone- despite the feeling you’re having in the pit of your stomach that tells you otherwise.
We promise a consistently honest, friendly service that takes you from that first step into a showing to the process of handing over the keys.
Happy Shopping!