First Time Home Buyers

Are you tired of paying someone’s rent and want to start building your equity? Are you a first-time home buyer and not sure where to start?

Purchasing your first home may be your key goal, and you need to be fully prepared for the process and know exactly what homeownership is.

The first and most crucial step is to meet with a mortgage broker or bank to find out how much you can afford to pay for a property. Afterwards, you need to contact a real estate agent who can guide you through the process and ensure that you are professionally represented. You can reach out to the agent who sells the house, but remember that the selling agent works for the seller and not you.

What are your wants and needs in the home? Next, you want to think about your must-haves in the house and your wishes. Making the lists will keep you on track and help narrow down the properties you are looking at so you focus better on your search. Do you want a maintenance-free property? Do you have a neighbourhood in mind that you want to be in? Do you need to be close to public transportation?

Once you find a home that makes the most of the checkboxes, you will present the seller with an offer to purchase. Buyers add conditions, such as financing, home inspection, or condo documents review, to the offer to protect their interest and must satisfy the conditions for the purchase to finalize. Expect a seller to negotiate when you present the offer.

During the last stage of the process, you will finalize the purchase, meet with a real estate lawyer and prepare for possession. Make sure not to overlook closing costs besides the down payment. Depending on the property, closing costs usually run between 3-5% of the total purchase price.

I am here to help! Check out my Buyers Guide for a step-by-step process to prepare you for the home-buying journey. Be sure to schedule your free, no-obligation consultation to go over the most suitable plan fitting your needs.