Buying a home for the first time is exciting, but it can also seem daunting. It is also one of the biggest financial decisions that you will ever make. That is why it is essential to consult a Realtor, to assess the best strategy for your home purchasing needs.  We pride ourselves on our strong communication skills that provide a superior level of professionalism & tailored real estate services. We believe that a first time home buying experience should be fun, exciting, comfortable, informative and most importantly, as stress-free as possible! 

A few steps to consider, for First Time Buyers..

1. Obtain a pre-approval
This is an important first step in the home-buying process. A mortgage pre-approval can add clarity and assist in establishing affordability, estimating mortgage payments and lock in an interest rate for 60-120 days, depending on the lender.  A mortgage pre-approval  will help in narrowing your search, as you have your price range established.  A mortgage pre-approval can also provide confidence that you are a qualified borrower, in the eyes of a lender. 

2. What is on your wish list?
Before you start seriously shopping for your first home, you should determine what your needs and wants are. Create a list of features that you are willing to compromise on, and ones that you need to have. By doing this, you will also be able to narrow your house hunting down to properties that truly fit your needs.

Keep in mind: Wallpaper can be removed, walls can be painted, light fixtures and cupboards can be changed, etc! The items to take notes on, should be things that cannot be changed (or at least not easily!). This would include: Location, the homes size and layout, the condition of the roof, plumbing, electrical plus, the home, lot & properties condition in general.

3. Consult a Real Estate expert, to guide you through the process! 
A Realtor that you feel comfortable with is invaluable! We are here to provide knowledgeable & strategic market conditions/insights. A qualified Realtor will show potential homes of interest, draft/review offers, the negotiations process, assist with paperwork, recommendations, any questions & more! Our goal is to provide guidance & comfort through-out the home buying process.

5. Ask questions

Don't be shy! We are always happy to answer any of your questions!  

6. Be open & mindful of your needs & budget
One of the biggest things you have to consider in this decision, is your lifestyle. Keep in mind your current lifestyle & factor in a potential mortgage payment. Look at this from a cost approach; How will this come into play for your lifestyle choices. You should also keep that in mind, during your search. Just because a bank approves you for a certain amount, doesn’t mean you have to spend the entirety of it.

7. Don't forget about pre-closing & closing costs!
To list a few examples..

•Home inspection fee 

•Legal fees 

•Property & Land transfer tax 

•Appraisal fee

•Title insurance 

•Interest adjustment or any  Seller pre-paid fees

•Property & fire insurance

8. Know your First Time Buyer Incentives!
As a first time home buyer you are eligible for beneficial refunds, benefits and programs. The First Time Home Buyers’ Tax Credit & the Land Transfer Tax Refund for First Time Home Buyers are tax breaks that could end up saving you in the long run. There is also the RRSP Home Buyer Plan, which allows a first time home buyer to withdrawal funds from most RRSP's in order to purchase their qualified home.

For any questions on the Home Buying process, please feel free to reach out at anytime, we are always happy to assist & provide clarity!