First Time Buyer??? 5 Important Points to keep in mind!!

1. Mortgage Broker/ Financial Advisor; Pre-Approval

This is your very first step, and it is an absolute Must!!! Meet with a mortgage lender to see if you can get a pre-approval for a desired bank loan. Make sure to shop around or contact one that has been referred to you by a close friend or relative, you want only the best for your first time purchase!! If you don’t have any, please contact me and I will connect you to a great team of Mortgage brokers to choose from!! Mortgage Brokers are experts that can easily break down your financial ability to own and show you just what kind of home you can afford! Importantly, Sellers are much more responsive to buyers who are pre-qualified.

2. Know What You Want

Figure out what exactly you are looking for. I know this can be complicated, especially for a first time buyer, and that’s why I suggest making a list!! Write down what you feel you must have in your new home, and also what you want to have!! This takes some careful thinking and planning. Once you have a good idea of what you are looking for, be sure to tell your real estate agent so he/she can begin a proper search for your dream home.

3. Professional Representation

A Real estate professional will ensure that each step in the home buying process is as stress-free as possible. He/ she will be able to provide you with essential market information and recommendations on ideal properties that fit your criteria. Your representative will work in your best interest to not only get you the best deal for your dollar but also to make sure you will be purchasing a good home!

4. Trigger Fear

Purchasing a home for the first time can be an emotional rollercoaster. It is important to keep an objective state of mind and think with your head, rather than your heart. Does this home really meet your requirements? If so, don’t let minor setting imperfections blind you from seeing the big picture. For example, a home owner’s furniture may not be positioned the way you like, or their wall colour may scare you, perhaps even their lack of rear yard maintenance makes you feel worried, most of the time these are the things that can easily be altered, yet these are also the things that prevent many first time buyers from making the final decision. On the contrary, don’t always believe what you see, stay alert and be focused!! Walking into a “Perfect Home” can be misleading; it’s always a good idea to look a little deeper and keep away from emotional attachments; A spiral stairway that reminds you so much of your grandma’s cottage where you spent all your summers may make you fall in love with the property, while taking away from seeing the other aspects to this home that may simply not be worth your while. After all, with a never ending supply of properties on the market, there is no need to rush the decision making process. 

 5. Home Inspection

Acquiring the services of a professional home inspector can save you thousands of dollars in the long-run. A home inspector will evaluate the home and reveal any repairs or damages that need to be fixed. Being aware of any structural damage to the home before closing will prevent you from being liable for any repairs in the future.