A Guide For First Time Home Buyers

If you’re thinking of purchasing your first home but not sure where to start, then you’re definitely not alone. Plunging into home ownership will require a lot of research and planning before committing to one of the biggest investments you will make. Whether you’re looking for a condo, house or townhome, owning your first home will come with a lot of pride and mixed emotions - so it is important to plan ahead and ask the right questions. A simple guide to homeownership can make the process smoother during every step.

A Guide For First Time Home Buyers

Budget and Planning:

Before you start shopping for your future home it is important to consider the different factors that will impact your big purchase. Running the numbers on what you will be spending money on will give you a better understanding of your situation. Whether its preparing for the down payment, lawyer fees or renovations needed - a budget plan will allow the process to be less stressful and more successful. There are many great tools online to assist with budget planning for target goals. Or, you can also keep it simple and and customize your own budget plan using excel. Regardless of the method, budgeting will give you reassurance and clarity from start to finish.

budget and planning

Mortgage Pre-Approval:

Your first home isn’t always necessarily your dream home but this is ok. It's important to keep in mind that the home you will purchase will depend on various factors. Whether you earn a six-figure income, more or less, a mortgage pre-approval is a very important step that shouldn’t be missed. Talk with a trusted mortgage expert to understand the limits and mortgage you may qualify for. Once this has been confirmed, it will give you a clearer idea of the type of homes you can look at along with the offers you can put down. If your mortgage limit will not allow you to purchase your dream home right away, just keep in mind your first home is one of the best investments you’ve made. It will help you build equity and bring you closer to your goals.

Your realtor will be your best guide during your search for your home. They will be able to talk to you about the different costs associated with home ownership, present you with homes that suit your needs, and have your back when putting an offer on a house. Whether you’re a young couple, a bigger family, or a first time investor - the process of purchasing your first home can be daunting but your realtor will be there every step of the way.